Monday, March 6, 2017
The real estate market in Charlotte may be the hottest it’s ever been. With low inventories and interest rates, buyers have found themselves in bidding wars. Some advice for those thinking of buying or selling.
Following a national trend of rising home prices, Charlotte reached an all-time high in December, according to the S&P/Case-Shiller U.S. National Home Price Index.
One trend has continued from last year - a tight market. The city's inventory is at an historic low, causing the average home price to rise. Local realtors say it's not unusual for sellers to receive multiple offers and find themselves in the middle of a bidding war.
That's great if you're selling, but what if you're the buyer? Mortgage rates are still low, but they're on the rise, and with higher home prices, buying a house is becoming less affordable.
Local experts join Mike Collins for a look at the region's residential real estate market now, get an outlook for the rest of the year, and hear advice for those in the market to move.
Mark Vitner - Managing Director & Senior Economist, Wells Fargo Securities
Roger Parham - President of the Charlotte Regional Realtor Association; Broker/Leadership team member at Allen Tate Realtors
Bob Zweier - President of Saussy Burbank, a home builder based in Charlotte