Thanks primarily to an unexpected rise in mortgage rates, which increased affordability challenges, the spring home-buying season has yet to spring to life. Though newly built home sales are thriving, sales of existing homes, have stagnated. On the bright side, tepid demand for existing homes is helping boost the country’s low housing supply

Yet, despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower increase in home prices over the course of 2024 compared to recent years. However, price fluctuations will continue to vary regionally and depend strongly on local market supply.

Charlotte, NC Housing Market Predictions: “Buyers Are Putting More $$$ Down, To Help Their Mortgage Payments.”

Charlotte real estate market shows more people are buying with cash rather than financing their homes. Charlotte-based real estate agency Redfin says buyers are doing what ever they can to pull together a downpayment. And it’s not just to lower their mortgage. Sky-high home prices and interest rates are incentivizing people to put more money down upfront.

This cash-buying trend that I am seeing, peaked last fall when more than 30% of homeowners were ditching traditional mortgage loans to buy with cash. That was the highest share of homebuyers paying upfront in nearly a decade. There is a downside, though. Homebuyers who don’t have hundreds of thousands on hand can be squeezed out of the market making it even more difficult in competitive markets like Charlotte. Luckily, I have a single family home just waiting for its new owner. Oh, and not to mention there is no competition for this purchase! Click the link below to view your future home.

     Investors, First Time Home Buyers – This is what you are looking for in Charlotte!

Are you looking for a South Charlotte SFH? Low HOA? Take a look at this stunning single family home nestled in a peaceful cul-de-sac in desirable Hamilton Green. Recently updated, this home has been equipped with brand new flooring and carpet throughout! The spacious, open floor plan offers ample room for comfortable living and entertaining with a private backyard. Did I mention…This home’s walls, baseboards, AND doors have been freshly painted May 2024. Every corner of this home has been meticulously painted to perfection, creating a seamless and inviting atmosphere that you won’t want to miss out on!

Instant Reaction: Mortgage Rates May 28th, 2024

Depending on one’s outlook, mortgage rates from Freddie Mac today are either a bright spot or a weak spot. Fact: the 30-year fixed mortgage interest rate averaged 7.02% over the last week. At 7.02%, a mortgage payment on a $400,000 home with 10% down is $2,400 and $2,133 with 20% down.

Positive: Mortgage rates eased for the second consecutive week and remain below the historical average of 7.74%. Negative: Mortgage rates are still above 7% for the fifth week in a row, and higher rates are hurting first-time buyers, causing a lock-in effect on homeowners, and eroding affordability…continue reading