Nationally, are home prices declining? No, the rate of increase has declined, in some areas more than others. And the slowing, units sold, is significant with new home sales off 22% and resales off 10% in September.
Why the slowdown? Everyone is familiar with rising mortgage rates, they've been steadily rising since 2013, adding a full percentage point in the last 12 months.
The other big reason? Home prices have been rising, broadly speaking, since 2013, and at a certain point, buying a home is just less affordable.
Redfin chief economist Daryl Fairweather (real name!) “Buyers can only stomach so many price increases until it gets unsustainable...” Home “Prices reached a breaking point where buyers were fed up and started to consider other options.” The last 5 years have seen income gains, in some areas as high as 20%, but when matched with 45% increase in the price of housing over the same period, we get a slow down.
In Charlotte, October was the 6th consecutive month of declining units sold, October was 400 unit less or 9.8% over October 2017.
Here is what the Charlotte Realtors reported:
In Dilworth, Inventory is Down 33% over last year, and it had an affect on closings too... Closings are less than half in October 2018, vs October 2017.The Median price per sf was virtually unchanged, in 2017, 297.22/sf, and in 2018 $298.01. The October price per sf represents a 7% drop in June's median price per sf of $321/sf.
Out in Ballantyne, zip code 28277, there is a different story. There, inventory is way up, 33% over last year. How about sales and home prices? Closings are down about 12% and the price per sf is unchanged year over year in October.October's median price per sf of $142/sf is 4.6% off June's median price per sf $149.
Whats it all mean? The best time to sell a home is coming in a couple months... The Best Time To Buy a home is right now... prices won't be lower!
The McDonald Group at EXP Realty is a group of professionals, dedicated to helping our Clients win in real estate. Expert and honest advice, local area knowledge, and seriousness of purpose but with folks who don't take themselves too seriously. The founder Terry McDonald, was a builder for 20 years, and has been a broker for the last 13 years. Buying a home or selling, first home buyer or relocating to Charlotte,the McDonald Group is here to serve. Our client list includes first home buyers to luxury homes, professional athletes, business owners and physicians. From in town to South Charlotte, Lake Norman too, we know Charlotte.
The Group's core values are all about integrity and market expertise. We look out for their clients interest above all others. We are a learning organization, and big believers in train ing and lifetime learning. Sellers know us for our technological savvy, our aggressive marketing, and the ability to consistently beat the averages in Days on Market. Buyers love us, we never pressure anyone, yet were able to save our Buyer clients 44% off the market average in 2013- and now that the market has changed we win more than our fair share of multiple offer situations.
Reviews on Zillow
"It was a great pleasure to work with Terry McDonald. English is not my first language so forgive any mistakes. The first time we met Terry was 5 ... more "
by polina katz
"I worked with Bobby on both buying and selling my home in Charlotte. He is so personal and cares about finding the perfect home for his clients! I ... more "
"Terry was exactly the agent we needed for our relocation from the New York area to Charlotte. We first explored a move to Charlotte a couple years ... more "
Better than new, lightly lived in, thoughtfully updated, this 5br
"Here are our favorite things about Terry:
1) He lets you guide the process as much or as little as you want, but always offers helpful suggestions at the right time. He did not guide us to the most expensive house -- he was focused on getting us the *right* house.
2) He is a strong but reasonable negotiator.
3) He is extremely responsive.
4) He has good judgment. Terry will not hesitate to steer you away from a questionable purchase. For apartment-dwellers who have never dealt with houses, this is especially important.
5) He's fun to be around during a process that is inherently stressful. Don't underestimate the importance of a pleasant partner in this process.
I hope we never have to move again, but if we do, Terry will be our first call!"