If you’ve recently found yourself asking “Has the market peaked? Should we wait? Is now still a good time to buy?” trust us, you’re not alone. To cut to the point, now is still a great time to buy. According to a recent Fortune Magazine report, housing prices will go up 6.1% in the Charlotte metro area by next summer. But that’s not all… check out these top 3 reasons why buying a home now is the right move for you.
1. Build Value
Yes, inflation and interest rates make buyers nervous, but when considering buying a home in a growing market, your down payment and mortgage are manageable. The value of homes in Charlotte isn’t likely to drop when demand is high and while the area is seeing so many new residents heading this way. In fact, a new Zillow study has found that home values are expected to go up 2.4% through the end of July 2023 nationwide.
2. Buy vs. Rent
The decision to rent or buy isn’t always an easy one and can often create great internal conflict. While there are pros and cons to either, the decision often comes down to the specifics of your financial situation. Rentals may offer up front savings opportunities by providing access to amenities, maintenance at little to no cost, no real estate taxes, and no down payments. However, investing in a new townhome in Charlotte, NC allows for greater stability, possible tax benefits, and the chance to build equity that could be accessible through home equity products.
3. A Growing Charlotte Market
Charlotte is on a growth trajectory since making a splash in 2019 by debuting as the 3rd-fastest growing city in the U.S., according to Forbes. The area continues to remain popular for both Millennials and their Baby Boomer parents.
Charlotte’s real estate market was rated as one of the best nationally and the best market in the Southeast overall in 2021, according to WalletHub and Realtor.com. Both 2020 and 2021 were huge years for home sales, and forecasters expect that even more homes will go on the market this fall and into 2023 as sellers who were nervous during the pandemic take action.
The 2022 American Growth Project explains Charlotte’s growth as a reflection of the area’s major banking center and the addition of tens of thousands of jobs and hundreds of millions in manufacturing investments. The report measures cities’ economies based on consumption, investment, government spending, as well as household and business incomes. Having a housing market that can welcome new buyers to Charlotte is a critical factor for continued growth.
Buying a new townhome in Charlotte this fall is like boarding a train that is picking up speed. It’s going to be an exciting ride! All signs point to the area as a robust market that will keep home values high, allowing new buyers to quickly build equity.
At Hopper Communities, we offer beautiful move-in ready townhomes for purchase in the lively Charlotte, NC area. Click here to view all of our available homes at The Nolen, LoSo Terraces, Davidson Walk, and 5West Terraces.
For a limited time we are offering $7,500 towards closing costs when you purchase a new home at LoSo Terraces and up to $5,000 towards closing costs at Davidson Walk and 5West Terraces. Contact us today to learn more and to schedule a tour.