What's Our Nation's Market Outlook?

I wanted to drop by with an update on the state of the market in Charlotte, the nation as a whole, and a few other specific areas.

Nationally speaking, we are on an eight-year uptick in the market. Typically, the real estate market runs in seven-year cycles, so by most indicators, we're on borrowed time for this cycle. I'm no pro when it comes to economics, but our economy is strong. Outside of the uncertainty due to the election, I think there is some pent-up demand and some people are waiting on the sidelines to see what happens.

For Charlotte locally, we are back to where peak pricing was during the 2006 to 2007 period. The market shifted here in mid-2007, and we didn't really realize it until the end of 2008 when the financial crisis hit. When it comes to our local market, though, I do think we're headed toward a cooling of the market and a shift. I don't think this shift will be a monumental crisis or debacle like it was in 2008 and the following years, but I do think a slowdown is on the way.

I also think we'll be OK for 2017. We can look to indicators like the average days on market, the percentage of list price that sellers are receiving, and the number of homes on the market as the big factors that are driving the prices up. Simply put, there is more demand than there is supply.

With that said, your home may be worth more than you thought it was. In fact, some of the lower price points are appreciating more than the higher price points. That makes now the perfect time for trade-up buyers to sell their homes in the $250,000 to $400,000 range and take advantage of the high appreciation, then, turn around and buy in a higher price range where appreciation is slower, giving you a great chance to get a deal.

If you have any questions about the Charlotte real estate market or you're thinking about taking advantage of this market and selling your home, give me a call or send me an email. I'd love to hear from you!