Real Estate Market Update - January 2019
So, here we are - the first month of 2019 is nearly over and cold weather in Charlotte has officially set in. The New Year is filled with many dreams, and for many Charlotteans that dream includes buying or selling a home this year! Whether you're downsizing, need more space, or are just ready for a change of scenery, here's a quick update on what we know so far of the 2019 Real Estate Market.
How are Interests Rates?
If you're looking to make that move and you're wondering what kind of financing rates await you, things are still looking pretty great for Homebuyers in 2019! According to the National Association of Realtors and Freddie Mac, 30-year fixed rates increased to 4.87 percent in November from 4.81 in October. This may be a slight increase but is still well-below the historical average of 8.9 percent.
According to the same reports, the new median home price is around $257,700, which is an increase of 4.2 percent from November of 2017. This is around a $10,500 increase in the median price of homes in the country.
Are Consumers Buying Homes?
Overall, there are many good indications that buyers are stepping back into the market this year! According to the National Association of Realtors, existing home sales started experiencing an increase back in November and are expected to continue to gain traction in the upcoming months. A seasonally adjusted annual sales pace of $5.32 million was reported in November. This is up from $5.22 million in October and slightly lower than the rate of 5.7 sales pace a year ago.
How Many Houses are Available?
One of the biggest fears in selling your home is hoping to find your new house quickly. The last thing that you want is to get an offer on your home and not feel comfortable taking it. Well guess what? Things are looking pretty good!
According to the same reports, the total number of available homes has increased by 11.4 percent, compared to November of last year. This is great news for Homebuyers and Sellers.
Are You Looking To Buy?
If you're looking to take that big step this year and put your house on the market, or if you're looking to move to the Queen City, we completely support your decision! Redbud Group would love to work with you this year in your housing needs. It's a wonderful time to live in Charlotte, with many incredible opportunities awaiting you and countless fun activities ready for you to experience! If you'd like to take the next steps with your next move, click on the link to contact one of our amazing Agents! Click Here!
Much inspiration and statistics for this article were taken from "This Month in Real Estate, " from Keller Williams. Here's a link to read the full article by KW. Click Here!
This article is meant for information and educational use only. This article is not meant to be investment advice or to be used to make investments. You should not use this article to make any investment decisions and you should always seek professional advice before making an investment decision. Redbud Group does not take responsibility for any financial or investment decisions based off of this article. All information has been taken from trusted sources in real estate, but we do not take responsibility for any inaccuracies of the stats above.