According to realtor.com news and insights, the national housing market slowdown may soon be coming to an end. Now, of course, each market is its own beast. Not every community is going to respond the same to changes in the market. Charlotte, for instance, is currently a seller’s market. That distinction may just be deepening.
Why? Well, the main reason for this is falling interest rates. Mortgage rates have fallen below 4% again. This creates a huge incentive to purchase properties now before rates go back up. One single base percentage point can add a significant amount to a monthly mortgage payment, and potentially tens of thousands of dollars over the life of a 30-year, fixed-rate mortgage. Rates went all the way down to 3.75% as of July 3, according to Freddie Mac.
Overall, fewer homes are being listed nationally than months prior. When rates fall, demand goes up. But with less supply, prices can rise dramatically. This demand, however, is still being met better than January of 2018 when available homes hit the lowest numbers in recorded history.
Is the real estate market heating back up?
Regardless of markets across the country, one thing remains the same: much of the fate of the housing market relies on mortgage interest rates. If they stay low, buyers have more money to spend on homes. So prices have more room to rise.
“It’s still going to be a good time to sell as prices are near record highs. And with mortgage rates staying low, that might bring in more buyers,” Chief Economist for realtor.com Danielle Hale says.
Ready to sell in the Charlotte-metro? Let us list your home and help you move on to your next place. We understand the market and are ready to work for you!