Existing home sales beat expectations in August and reached the best levels since March. Buyers have been drawn into the market by lower prices and exceptionally low interest rates. Sales increased 7.7% month over month to an annual rate of 5.03 million homes, according to NAR (National Association of Realtors). NAR also commented that rising rents push more renters to look at buying their first home.
I have spoken with several local agents that said they saw a drop in activity when the debt crisis came to a head. Consumers and investors seemed to be on hold while waiting to see what Congress would do with the debt ceiling and risk of US default. Activity levels seem to have returned in recent weeks and with interest rates dropping even lower we could be looking at a busy fall!
How does all of this relate to Charlotte real estate? A more important question is, “How will all of this impact MY home purchase?” If you are thinking about buying a home timing can be an important factor. My advice to people is to get started now so you know what your options are and can start planning towards your future goals. You might not be able to buy right now, but working with a lender to find out what you can afford is a good start. Once you know what you can afford you can work with a great Charlotte Realtor to look at what is available and many will set up automated alerts for you so you are seeing new properties all the time! These alerts can go right to your email inbox!
If you would like to learn more about how to buy real estate in Charlotte NC, give me a call at 980-721-7478. I offer a hassle free pre-approval service and would love to refer you to a great local Realtor!