It seems like the Spring selling season has started early for South Charlotte! At the end of 2006 there has appeared to be a slight upswing in the market. Usually this time of year has a noticeable lull but this year has seen a change. The market is busier, homes are selling, multiple offers are being made on good properties?
It seems that there is an influx of relocation home buyers coming into the Charlotte market, most preferably South Charlotte and Northwest Union County. This has been fueling the prices in South Charlotte and it seems that we will be experiencing a very fast paced Spring selling season.
The relocation has been occurring from the Northeast, West Coast and the far Southeast. The buyers from the Northeast and West Coast are very successful in selling their properties and finding good properties at good prices in South Charlotte. On the other hand, the far Southeast is having some difficulty and are needing to sell before they relocate to our area.
There is a shortage to some extent of homes on the market at the time of this writing, end of January. There will be homes coming on the market in mid February and this will fuel the market of buyers waiting for these properties. I predict by the beginning of March this year, South Charlotte area homes will see an increase in home prices by as much as 5% from what they were in Fall '06.
There are properties to be found at good prices but it will depend on who finds them first. Also if a home is found, the price is right and there doesn't seem to be much apparent repair needed, it will be necessary to pay close to full price. If purchased between end of January to mid March 2007, there stands a chance that the property will have automatic equity by May/June.
So if you are thinking of buying in South Charlotte, you may want to decide to do something within the next month. Or if you wait, just be prepared to deal with more than one offer on a house.
William Owens ABR, ASR, CRS, ePro
Broker/Owner South Charlotte Properties
