Buyers and sellers in the Charlotte metro area are faced with very important decisions in the current housing market. Home mortgage interest rate loans are inching up as Freddie Mac announced that the average rate on a 30-year, fixed rate mortgage was 4.4%, up from 4.31%. A 15-year, fixed mortgage rate averaged 3.42%, up from 3.32%, while a one-year, adjustable rate mortgage averaged 2.44%, dipping from 2.49%.
I want my wants buyers to understand the current competitive landscape of Charlotte's current real estate market.
It is important to review historical inventory levels and compare them with our current experiences here in Charlotte. It's also the time to consider whether now is the right time to list your home, as supply is so low. Ordinarily, having 5-6 months of inventory is a "normal," or balanced real estate market.
The Charlotte real estate market is returning to normal. In recent past years when there were no buyers, the market had 8-9 months of inventory. However, January to April of 2013, when we had an abundance of buyers and every home has multiple offers at or above list price, we only had 4 months of inventory on the market. The first quarter of 2014 shows signs that we are in a sellers market and that buyers have been having trouble finding homes.

There is a lot of competition between buyers right now. That means these market improvements are bringing Charlotte closer and closer to a "normal" market. Even with inventory being below desired levels, we are seeing balance.
Buyers may face some competition for the house they love, so it is good to put in their best offer as quickly as possible.
It is crucial for sellers to know that NOW is the time to list their house as well as alerting buyers that they can have a significant leg up in the buying competition!
Fairway provides clients with a Certified Pre-Approval that allows sellers who are comparing offers, be sure that our loans
will close. Having this extra level of certainty provides a competitive advantage over another buyer who does not have this level of guarantee. If you are buying a home, be sure to talk with me about the benefits of a Certified Pre-Approval.
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