11 Dec Fairway’s Monday Charlotte Real Estate Review
While Charlotte, North Carolina watches the real estate market surge out of the slump of the past half-decade, it is going to be crucial for lenders and real estate agents to educate buyers. After all, they trust us to guide them through the largest financial transaction they will likely ever make. But the way that buyers are finding lenders and agents is increasingly online and the reports coming out in the past week are indicating that to compete in this market, agents are going to have to step up their online game.
The Mecklenburg Times reports:
“Metro Charlotte’s residential real estate market continues its streak of steady and strong improvements as home closings increased 35 percent in November from the same time last year, according to the Charlotte Regional Realtors Association’s monthly market activity report released Monday.
Closings in the 10-county area totaled 2,276 last month, up from 1,686 in November 2011, the report states.
That’s a continuation of a positive trend for sellers. In October, Charlotte area home closings were up 36.8 percent year-over-year.”
The National Association of Realtors’ latest Profile of Home Buyers and Sellers has been released as well. This is the annual survey by the NATIONAL ASSOCIATION OF REALTORS® which asks recent homebuyers and sellers to give their feedback on recent real estate transactions. There is much to be learned from this report; especially how important the Internet continues to be in the process of buying a home.
The survey finds that the typical homebuyer is married and age 42. Their median family income is $78,600. The typical U.S. home costs $215,000 and is 1,900 square feet, with three bedrooms and two baths. Other interesting statistics about buyers are:
- 39% of recent homebuyers were first-time buyers
- 65% of recent homebuyers were married couples
- The average age of last year’s buyer was 45
- 52% of homebuyers looked for houses online first
- 16% of homes bought were new homes
- 90% of buyers look online at homes
- 96% of buyers younger than 44 look online
- The typical home buyer searched for 12 weeks and viewed 10 properties
- 89% of buyers purchased their home through a real estate agent or broker
- 88% of sellers were assisted by a real estate agent when selling their home
2013 promises to be a very successful year if trends and rates continue. At Fairway Mortgage, one of our strengths is leading our industry in online information. Let us know how we can partner with your business in the New Year to create success for all of our clients.