So what’s happening in the real estate market right now?
Well, it’s slowing down across the nation which is actually quite typical for this time of year. Also, rising interest rates are most likely playing a role in this trend.
So, sellers, remember as interest rates increase, a buyer’s buying potential goes down by 10%.
And buyers don’t wait. Interest rates have increased about a half percentage just in the past 60 days.
According to CNBC rates could go up by another quarter point before the end of the year, and we’re anticipating another 3 rate hikes in 2019.
A LOCAL market trend that we’re noticing here in the South Charlotte area is that the number of homes that are selling each month is going down even though homes are staying on the market for less time than they were back in July, August and September. Right now the average time on market is just over 40 days.
When we look at the number of homes sold in July compared to now in South Charlotte, the Waxhaw, Weddington, Wesley Chapel area and Matthews, we’re seeing a drop of between 40 to 60 % less homes sold.
Listen…It’s super important for you to keep track of local AND national trends to know how it affects you, especially if you’re thinking about buying or selling. And you can reach out to us because we can advise you on what the best course of action would be for you if you’re thinking about buying or selling in this market. And hey, let’s face it we all love real estate, right? So it’s a good thing to know, even if you’re NOT thinking about buying or selling.
I can’t wait to hear from you! I’m Jeff Steup with Midtown Properties, your KEY to REAL estate RESULTS.