The real estate market in the Charlotte area is still hot, hot, hot, especially if you’re a seller. What trends are we seeing for real estate this year, and what do they mean for you?
Yeah, you read that right. We’ve written recently about an uptick in M.U.D. developments, but there’s something else afoot. Experts are calling it Surban – obviously a hybrid between “suburban” and “urban” and it’s basically the idea of dense, walkable communities in the suburbs. As more people look towards the suburbs for affordable, safe housing options, we’ll continue to see much of the mixed-use development growth a little farther from town.
Millennials are finally back in the housing game. The National Association of Realtors says more millennials are expected to buy homes in 2017 thanks to record-low interest rates and a trend towards smaller square footage. What is this group looking for in a new home? There’s that term – “Walkability” – again, along with open floor plans and low-maintenance homes. Whippersnappers also want technology-enabled houses to boot.
Yes, across the board. Home prices are, on average, still going up – here in Charlotte they’re up 6% over this time last year. Since 2015, rising home prices have doubled the amount of home equity most owners have. Is it a bubble, and will it burst? Most experts thankfully agree we’re not in a bubble, but that eventually, prices will stagnate. 2017 could the be the last year prices continue on an upward trend, and there are signs things are already slowing down, so it’s going to be a good year to sell.
Did you know that 2016 was the first year since the recession that the average square footage of new homes actually went down? We’re not talking tiny homes – the average square footage only fell by about 73 square feet – but in general, builders and buyers are thinking “smaller.” Less square footage is better for the environment, more appropriate for today’s small lots, and easier to outfit with upscale finishes. They’re also more affordable for buyers in every bracket.
Drones are cool! Anyone who says otherwise is wrong. Realtors are using them for everything from overhead shots to aerial video, and they’re only getting more popular.
Inventory Stays Low
In so many markets around the country, including here in Charlotte, low inventory is keeping home prices high. In the Top 100 metropolitan markets in the U.S. inventory is down over 11% this year meaning there are fewer houses to satisfy just as many, if not more, buyers. The average time it takes to sell is only 68 days, over 10% faster than in years past. Another good reason to sell your home in 2017 if you’ve already been considering it.
Want to talk through what some of the predicted trends in real estate mean for your home sale or search? We’ve got you covered.
Call Hendrix Properties today to speak with your helpful, no-pressure friend in the real estate business.