27 Jan Charlotte; One Of 2014’s Fastest Growing Real Estate Markets
2013 may have brought many changes to our standard housing market but Charlotte, North Carolina has made every effort to make sure it will stay one of the fastest growing real estate markets for 2014. While looking at our local economy and growing employment, Charlotte is near the top of many real estate market lists. As the headquarters to many large corporations, Charlotte’s metropolitan area is a major financial, medical, and educational sector in the Eastern part of the country.
Freddie Mac says long-term rates have fallen for the second consecutive week. 30 fixed-rate mortgages averaged 4.39%, down from 4.41% the previous week. A 15-year fix averaged 3.44%this week, down from 3.45%. Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.
But overall, 2013 was the best year for housing in seven years. The National Association of Realtors reported Thursday that sales of existing homes edged up slightly in December, helping lift sales for the year to the highest level since 2006. Most economists expect home sales and prices to keep rising this year, but at a slower pace. They forecast sales and prices will likely rise around 5%,down from double-digit gains in 2013.
“Consumers are getting used to more realistic mortgage rates, which still remain favorable on a historical basis,” said David Crowe, chief economist for the National Association of Home Builders. “As household formations and pent-up demand continue to emerge, we anticipate that 2014 will be a strong year for housing.”
When you combine all of Charlotte strong economic factors you have a recipe for a rapidly growing real estate market. Right now is one of the best times to consider all of your home buying or selling options and making sure that you find the right real estate agent. Whether you are buying a new home or looking to refinance your current home, you can trust Fairway Independent Mortgage of the Carolinas to make your home loan as stress-free as possible. Call one of our offices today to get started or schedule an appointment with you to really look at your financial plans and help you make the best home loan decision or show you how the path toward ownership. Call us anytime. We have locations across the Carolinas to make meeting convenient, or simply fill out our online application to get started.