The graph below shows the inventory levels for Mecklenburg County over the past 12 months. It looks like a sliding board at the playground- a little bump in the middle before the big drop. But there doesn’t seem to be a leveling out yet. Going back to October 3013 through March 2014, our home inventory was fairly level with about the same number of homes on the market each month. Looking at the chart below, that is not what happened the last half of 2014 through the beginning of 2015. Actually, Mecklenburg County hasn’t seen this low level of inventory in years.
So what does this mean for sellers?
Thinking of selling your home? Now might be a good time. Interest rates are still low and buyers are actively entering the market. The less competition a seller has in the market, the more money that seller makes. Homes still have to look good and be marketed well, but those homes usually sell quickly and if priced correctly in some parts of Charlotte, may end up with multiple offers and selling in days.
So what does this mean for buyers?
This data is going to place buyers in a tight spot. Less inventory means more buyers are looking at the same homes. If you find a house you like, your agent needs to write as clean of an offer as possible as you should to be ready to compete with other buyers. Talk about strategy with your agent so you have a plan in place in case you do end up in a multiple offer situation. And have a back up house or two in case the first one doesn’t work out. Be prepared for houses to be under contract before you get to see them. Unfortunately, this is the market we are in, but the Ann Rudd Group is prepared to craft offers that get you the home you want!
What to do?
If you are thinking of either buying or selling, please give us a call. We will be happy to talk to you about the market in your specific part of the Charlotte Metropolitan area and how we can help you reach your goals!