Are you contemplating going with the maximum conventional loan ($417,000) and dropping the remaining balance in cash? Think again - jumbo rates are incredibly low right now, affording home buyers the opportunity to hold onto their cash.
Home prices in Charlotte have (hopefully) stabilized a bit with Charlotte remaining in a strong seller's market. Single family home inventory in Charlotte is at a 10-year low with a 3.9 month supply and condo/townhome inventory, also at a 10-year low with a 3.8 month supply.
Not surprisingly, Charlotte is #5 on the list of hot cities for jobs - our diverse economy has proven year after year, that Charlotte can withstand any national economic turmoil that may be in place at the time.
New construction is definitely even ahead of the national trend. Even with the Feds announcing tapering at the end of the year, we're still selling new construction like hot cakes here in Charlotte! Here's to a fabulous New Year in new construction across the nation too!
The Dilworth real estate market has gone from a 29.7 month supply in January, 2010 to what is currently now, a 3.6 month inventory. Note: In November, 2005, we were at our lowest supply of inventory in Dilworth at 3.9 months; today, we’re below that level at 3.6 months! What that means for Dilworth homeowners, is that we ARE experiencing a strong Sellers’ market in our community. A home supply of less than 6 months is considered a Sellers’ market so, 3.6 months of inventory indicates our Sellers’ market since 2005.
I realize that this is ia national article but, there is truth for us locally in this one! In a recent conversation with a local builder, in his opinion, new construction will not be able to keep up with the CURRENT demand for 5 years.
The James A. Blakeney House is a splendid representative of a vitally important part of our cultural heritage, and these days, a more rare one. Its preservation insures that we would always retain a strong sense of our own history and development; who we are and where we have been.
"With unemployment falling from 10% in 2009 to 7.4% today, and with fewer homeowners carrying underwater mortgages -- 850,000 homes exited negative equity in the first quarter of 2013 -- people are more willing and able to pick up stakes.
The Census Bureau says nearly 5.1 million people moved to a new state last year -- up 17% from 2010 and the highest level since 2006. And as real estate has recovered, demand has outstripped existing supply: Only 5.2 months' worth of homes were on sale in June, down from 9.4 in 2010."
"The Charlotte Regional Realtor Association, citing preliminary figures, said Wednesday there were 3,527 sales of existing homes in July, up from 2,651 a year ago. It was the largest year-over-year increase in sales since April’s 35 percent gain."