This past week our listings saw an average of 3.6 showings each. Not only has the showing traffic increased since the winter months, but we have seen that buyers are finally starting to get off the fence. My office has seen a consistent influx of offers on our listings in the last few weeks. Most of the offers are from investors and first time buyers. The higher priced listings are still slow to sell, but I am expecting that to change over the next year. If the lower priced homes are selling, many of those sellers will be willing to trade up which then begins to impact higher priced real estate sales.
Recently the National Association of Realtors reported that in February, existing home sales rose nationally. This is terrific news especially considering that February sales reflect the contracts that buyers wrote in December and January. Given that I am seeing an increase of offers that began toward the beginning of this month, my hunch is that we’ll start to see the Charlotte home sales data improve in Late May, June and July. Wise investors know that once the data has reportedly improved, the market bottom has already passed. My recommendation to those buyers still on the fence is to take advantage of the currently low rates and home prices now. There’s no telling how much longer this perfect buying opportunity will last.