22 Apr Charlotte Real Estate Market Review from Fairway Mortgage
Where did April go?!?! Nearing the end of month, Charlotte North Carolina’s real estate market shows no plans for slowing down. Charlotte continues to experience a seller’s market with prices starting to increase and availability slowly decreasing. If you were considering selling your home – now is the time! At Fairway Independent Mortgage of the Carolinas, we have seen a huge surge in home loans, especially for first time buyers.
What has been in the news this week?
Realtytimes reported, “Charlotte has been experiencing rising home prices over the last 18 months.” People continue to move into the Charlotte area while few home have been built over the last 5-7 years. “So homes are moving faster, selling at consistently higher prices and now that demand is outpacing availability, it’s turned into a seller’s market.”
Even though home prices are on their way back up, Charlotte Business Journal released that, “Long-term mortgage rates have fallen for the third straight week, and that the average rate on a 30-year fixed-rate mortgage is again nearing an all time low.” While the record low was 3.31% in November 2012, according to Freddie Mac, this past weeks 30-year fixed-rate average is 3.41% down from last week’s 3.43%.
Charlotte home buyers, interests rates are down for now so if you are on the fence about purchasing a home, there is no better time than right now before rates go back up and prices continue to increase! Things are heating up in the Charlotte real estate market for the summer and that could potentially create challenges for buyers. If you are prepared with a great buyers agent, a great home mortgage company like Fairway Mortgage and our real estate partners that can help guide you through Charlottes hot real estate market, it’s the perfect time to buy!