When COVID-19 first took hold of the country in 2020, many predicted that the housing market would have a massive and potentially catastrophic drop. Now almost two full years later, the North Carolina housing market, like many across the country, is experiencing the exact opposite. Many realtors cannot remember a time in which houses moved so quickly. Both new and old builds are in high demand, creating a competitiveness that hasn’t been seen in quite some time. Let’s dive in and take a look at what this could mean for those looking at the North Carolina housing market.
When the pandemic began almost two years ago, most forecasts concluded that we were likely to see another major recession, something along the lines of what the country experienced in 2008. It seemed the prognosis for the real estate market was bleak, especially with the memories of the Great Recession fresh in everyone’s minds. While assets did take a downturn initially, low interest rates have enticed buyers of all kinds. Now, people are relocating to North Carolina from all over the country. North Carolina as a whole was recently listed as the number 6 state for inbound movers, with major cities such as Charlotte highly ranked in their respective lists for inbound buyers as well. Offering a little bit of everything at a more affordable rate than many comparable northern states, NC seems to catch everyone’s eye at least once.
As we mentioned in previous articles, buyers of all ages are ready to call the Tar Heel State home thanks to all it offers. Charlotte in particular is a thriving location. A prosperous job market combined with seemingly endless recreation help Millennials create their ideal work-life balance, and the various neighborhoods offer options for every lifestyle. Whether buyers prefer a community that makes their commute to Uptown more convenient or being close to green spaces and leisure hotspots, there is a neighborhood for every need. Millennials’ Baby Boomer parents have also been loving southern living, not just as a chance to be closer to their family but because North Carolina provides them easy access to whatever they may want to fill their time with, whether that be beach or mountains, city or country. Lower real estate prices in comparison to other states allow retirees to relocate without compromising their quality of life.
This influx of new potential owners combined with the current housing demand means that properties are being snatched up, and quickly. Folks in and out of the real estate business have noticed that the current market is not only fast-paced but costly. Many sales are happening within a week of a property hitting the market. One recent home buyer noted that sellers are frequently receiving bids several thousand dollars above the listed asking price, in addition to offering additional bonuses to current owners to further attract them to one potential buyer or another.
While there is competition for buyers, low interest rates on homes offer hope to those who wish to own in North Carolina. These rates allow potential homeowners to buy homes that may have otherwise been out of reach, putting a proverbial floor on the current market. Homes are being sold easily at all price points, and greater flexibility in price is always helpful when on the hunt. With a market moving this quickly, however, it is important that prospective buyers come ready to apply. Finding the perfect home can be a process, but once found it is important to strike while the iron is hot, and having finances and paperwork in order is the key. Being prepared can save a lot of stress and make you the perfect buyer.
If you’re looking for a property in this hot market, Hopper is happy to help fill your needs. With communities in flourishing neighborhoods like the Lower South End, Myers Park and FreeMoreWest, there is a place for everyone.