You’ve likely heard over the course of the past few years that we are in a seller’s market.
And it’s true. Historically, a balanced market is one in which there are six months of inventory available. For example, if a neighborhood has 12 homes for sale and two homes sell per month, that is a six month supply of houses.
I don’t know about you, but six months for a house to sell sounds like a long time! That’s because we have become accustomed to being in a seller’s market for the past several years. Currently we have somewhere between 2 to 4 months of inventory available in the Greater Charlotte market depending on the neighborhood, zip code, and price range you are looking in.
High demand – which we have – and low resale inventory often lead to multiple offers, bidding wars and home price appreciation.
That all sounds great if you’re a seller, but what if you are buying a house? How can it also be a great time to buy if things seem to be stacked in the seller’s favor?
Have you seen mortgage rates recently? According to NerdWallet.com, today’s rates as of May 2, 2019 are “4.127% for a 30-year fixed, 3.57% for a 15-year fixed, and 3.918% for a 5/1 adjustable-rate mortgage (ARM).”
Those rates are down 0.613% for a 30-year fixed, 0.69% for a 15-year fixed, and 0.912% for a 5/1 ARM, compared to a year ago.
Money is cheap and we are in an appreciating housing market. How could it not be a great time to buy or sell real estate?
At the end of the day, most people buy real estate for shelter, security, permanence and a place to call home. Most people sell real estate when their needs change and they need to expand, downsize, or relocate.
Ultimately, those are the most important reasons most people buy or sell a house, but the financial component is obviously a crucial piece of the puzzle, as well.
If you are wondering whether or not the timing is right for you to buy or sell real estate, then we should talk. Give me a call or email me to schedule an appointment so we can go over your current scenario and help you make an educated decision that is right for you and your family.
JimmyGrappone.com | Jimmy@CostelloREI.com | (980) 298-9385
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