There’s no question that Charlotte’s real estate market, like real estate markets across the country, felt the impact of the Coronavirus. As uncertainty gripped the nation at the start of the pandemic, nervous sellers and buyers, alike, were tempered in their willingness to engage in real estate transactions. However, as the nation emerges from a long period of isolation, real estate in Charlotte has seen a recent spike in activity. As unemployment rates continue to drop and buyers seek to take advantage of historically low interest rates, the momentum that was initially lost at the start of the pandemic has more than returned. In fact, the 2021 real estate market forecast in Charlotte is red hot! As prices are only expected to rise, now is the time for savvy homebuyers to make a move – both literally and figuratively speaking.
Among the major contributing factors to Charlotte’s strong 2021 real estate market forecast are the historically low interest rates available to homebuyers at this time. Smart buyers are taking advantage of the current mortgage rates – which are the lowest we’ve seen in 50 years – as it’s quite literally the real estate opportunity of a lifetime for today’s pool of prospective buyers. While the low mortgage rates are an upside for homebuyers, it’s important to remember that the record-low interest rates will also continue to boost housing demand – meaning it’s imperative for serious prospective homebuyers to act now before competition further increases and prices go up.
While the unemployment rate in Charlotte still remains higher than it was pre-pandemic, it has drastically improved since the onset of the Coronavirus, with an increasing number of workers returning to work every month. As such, more and more prospective buyers are in a position to purchase a home. And as buyer confidence is being bolstered, it’s only adding to the increase in demand. The 2021 real estate market forecast shows no decline in this trend – meaning that now is the time for buyers to act. Those who delay purchasing a home until 2022 will more than likely pay a higher price.
It’s no secret that housing demand outweighs supply right now, both in Charlotte and in many other markets across the country. While it may feel tempting for prospective buyers to “wait it out” until there is a drop in buyer demand, the forecast shows that the opposite is expected to happen. Based on recent trends, it’s predicted that demand will only continue to grow, continuously boosting home prices through 2021 and even into 2022. For this reason, those who are on the fence about purchasing a home in 2021 would be wise to pull the trigger – sooner rather than later.
Despite the somewhat stiff competition amongst home buyers in Charlotte right now, there remain affordable and desirable homes for sale in the Queen City, if you know where to look. Hopper Communities offers an array of brand new townhomes for sale throughout the many historical, vibrant and eclectic neighborhoods in Charlotte, including lively South End, picturesque South Charlotte and the renowned West End, among others. While Charlotte’s real estate market forecast for 2021 is positive and housing demand and prices are only predicted to increase, one thing is clear: now is the time to buy!