Real Estate Experts: Charlotte is in Recovery Mode
CHARLOTTE, N.C. - The "spring rush," as Weichert broker Tommy Williams calls it, came early this year. "December was about the busiest month I've had in about five years." After the mortgage meltdown that annihilated consumer confidence, things are consistently starting to look up. The days of submitting a low ball offer on a home are nearly history. Williams says, "In fact, it's quite the opposite. We're seeing multiple offers on several houses."
Sales prices are up about five percent, too. Homes had been fetching about 90% of their list price. Williams says now, that number is about 95%. Williams also says bank colleagues tell him higher than usual numbers of people are seeking pre-approval loan letters. "Extremely high numbers. Very high numbers. I think people want to be in a position to buy," he says.
One obstacle the Charlotte housing market still faces is the number of days a home is on the market before selling. Our number is still higher than the national average. "For Charlotte, it's somewhere between 115, 120 but on a national basis, we're looking at somewhere around 70, 73 days on the market," says Wells Fargo senior economist Anika Kahn.
She confirms prices are increasing and sales activity, while a little volatile month to month, remains promising. Kahn says, "We expect that the next home buying season should be really good for the overall Charlotte housing market."
Inventory is one more obstacle both experts mentioned. Charlotte has about a five month supply, which is low. Williams says if you see a house you like, be prepared to make an offer that day because the good ones are going fast.