Are You Ready for the Summer Housing Market?

It’s not all beer and skittles in the real estate headlines.

“Stuck.” “Rates surge.” “Major warning signal.”

But while the language gives pause, it’s important to read beyond the headlines: Many of the doom-ish and gloom-ish angles from the opinion pages are focused on two things:

1. Short, month-to-month trends
2. The national real estate market at large

When you zoom out a couple clicks, and then back into the Charlotte market, the outlook starts looking a whole lot better. Here in the Queen City, the market has settled into something healthy, reasonable and dare we even say it: somewhere near the sweet spot. 

Buying a Home in Charlotte is Very Possible

With inventory rising to a ten-year high, some of the national headlines do hold true: Desirable neighborhoods like South End and Dilworth may require some extra legwork, a stronger offer and a willingness to fend off the competition, but there are still plenty of areas where today’s stabilized interest rates can get a buyer farther than they would’ve even one year ago.

There’s a Cost to Waiting

The summer almost always sees an uptick in potential buyers: School out of session and curb appeal is at an all-time high. While it could feel intimidating to jump into the fray, remember that holding tight for lower rates could, in fact, leave you holding the bag. 

The cost of waiting for rates to drop into the 5% range could beckon buyers in and out of state, shortening the market’s current 27-day average and spiking prices right back up again. 

How to Stay Prepared

Whether you’re window shopping or committed to a search, the preparations remain the same in a stable Charlotte market. Here’s how to keep your blade sharp when right house comes along:

Save for the upfronts. Generally speaking, down payments can range anywhere from 2% through assistance programs, all the way up to a more traditional 20% figure. Know how much cash you’ll need in hand to make a sincere offer, and don’t forget about the closing costs that come with: Budget at least another 3% of the purchase price for the big day.

Stay on top of your credit. Pull a free report from one of the major agencies and see where you’re standing. That way, you’ll have a better idea of how you’ll look to the lender’s eye, and can even make a few adjustments to your accounts and spending habits if you need a rapid rescore.

Have a lender in mind. Whether it’s the rapid rescore mentioned above, a broader look at your financing options or securing that pre-approval letter, knowing your lender now could make all the difference for a fast-moving purchase. We’re here, we’re ready, and we’re always a click away to help you away when that dream home finally hits the listings this summer.