For most of us, our homes are the largest assets we’ll ever own-so you are right to want to understand this asset and the market you are in. You deserve an expert guide. Here are the top things you need to know this week.
Google has reported an increase of approximately 2500% of “When is the next housing crash going to happen?”.
Here are four reasons why we are NOT in a Housing Bubble.
- The housing supply is minimal.
- The housing demand is actual.
- Households have plenty of equity.
- The long-term decline in new construction.
Freddie Mac VP and Chief Economist, Sam Khater, stated earlier this week, ” The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes…That decline has resulted in the decrease in supply of entry-level single-family homes or, “starter homes.”
Khater continued to note that the U.S. housing market “should have almost four million more housing units if we had kept up with demand the last few years.”
Economist Robert Frick with Navy Federal, also suggests it may take three years before we are back to a normal supply/demand.
Look for my next Blog as we talk more about how this is not a housing bubble.
In the Charlotte Region, for the week ending April 17:
• New Listings increased 34.0% to 1,282
• Pending Sales increased 52.3% to 1,298
• Inventory decreased 68.1% to 3,005
*NOTE: COVID-19 Lockdowns started in March time frame, resulting in people not being able to put homes on the market or removed them from the market.
For the month of March:
• Median Sales Price increased 12.7% to $306,500
• List to close decreased 18.8% to 78
• Percent of Original List Price Received increased 2.9% to 100.1%
• Months Supply of Homes for Sale decreased 66.7% to 0.7 months
MOST PREVALENT MORTGAGE RATES FOR TOP TIER BUYERS
• 30 Year Fixed – 3.00% – 3.250%
• 15 Year Fixed – 2.375% – 2.625%
• FHA/VA/USDA – 2.625% – 2.875%
You’ve worked hard for what you’ve earned, and you’re right to want the best experience. With ROI-based updates, highly targeted pre-listing marketing, and a systematized approach, you can rest easy knowing you are in good hands.
If you are thinking about selling your home in the next 6 months, call me today for your strategic marketing consultation. 708.995.7444
Local Data and content was obtained from CanopyMLS and Current as of April 17, 2021. Data is refreshed regularly to capture changes in the market activity. The Charlotte Region Report includes Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanley, and Union Counties in North Carolina and Chester, Chesterfield, Lancaster, and York Counties in South Carolina.