LET THE FLAG FLY HIGH - WEEKLY UPDATE

As we head into a Memorial Day weekend we’re reminded just how blessed we are, and that is in large part due to the sacrifice of the many men and women who made it possible. Before we embark on that 3 day weekend, here are the 3 things to know for this week. 

Hit the Gas and Drive: Housing inventory across the Charlotte region was up to 1.9 months of supply in the month of April.  

 This is a 36% increase from a year ago, but still well below 6 months of supply which indicates a balanced market.  There are 16 counties that make up the Charlotte region and as of early May there were over 1,200 more properties for sale that same time in 2023.  Gaston County experienced the greatest percentage increase (52.4%) in homes for sale, and Mecklenburg County had a 21.5% jump over that same period.  Along with existing inventory, new listings increased by 17% from last April.  This is a much different selling climate than we experienced in 2023 when many would-be sellers chose to stay locked-in to favorable rates, and avoid the competitive/multi-offer landscape. 

FSBO-jangles: In 2023 7% of all home sales were For Sale By Owner (FSBO). This represents an all-time low and is the same rate we saw in 2021. 

 While they may not have shared Bo-berry biscuits and sweet tea the majority (57%) of FSBO sellers knew the new buyer of the home. The location of these homes mattered to a large degree, rural areas had a 14% sale rate via FSBO, and urban areas saw 3% of homes sales through FSBO.  The real question is did those owner-sellers drive more value for themselves?  According to median sales prices last year’s FSBO homes sold at $310,000 and agent-assisted homes closed at $405,000.

Compromise on the Rise: 85% of recent home buyers compromised on their priorities when purchasing a home.  

 In a recent survey from Clever Real Estate home buyer survey, buyers outlined the compromises they made: 40% say they exceeded their budget,  38% said they wish they had more options to choose from, and 37% still felt they overpaid even after closing. Despite the challenges 77% of potential buyers say they are actively saving for a downpayment with 59% waiting for mortgage rates to drop. Respondents said on average they plan to purchase a home that costs $483,490 on average, but 52% of Americans who have purchased a home since 2023 spent more than $500,000…so we can expect the compromises to continue. 

Have a great Memorial Day Weekend and God Bless America!

Steve

Post a Comment