What will 2012 bring to our local home buying market? I’m hopeful that it will be a positive and productive year for all of us, and here’s why…
According to the Home Buying Institute, the low point in the Charlotte housing market has already come and gone. While home prices fell over the past few years, the number of sales has risen. The Home Buying Institute predicts a turnaround, with changes happening after the first quarter of 2012.
Charlotte has a small summer surge from July to August of 2011, with prices nudging up by 0.2 percent. Not a huge increase, but a positive sign and certainly better than the decline experienced in many areas in the same time period.
Says the Home Buying Institute, “Bloomberg expects the Charlotte area to be one of the strongest housing markets in North Carolina by 2012. They have forecasted a four-year price increase of nearly 14% for the metro area.”
There are more positive signs, according to the Home Buying Institute: “Home sales in Charlotte have risen for the last two years, leading to a much-needed reduction in housing inventory. This also improves confidence among home builders, who have suffered from credit restrictions and weak demand in the past. Permits for new home construction are about one-third what they used to be before the housing crash. Builders have adjusted to this over the last few years by reducing staff and limiting production. They now say that homes are selling faster — a sign of stronger demand.”
That’s great news! Check out the Home Buying Institute’s complete report here: http://www.homebuyinginstitute.com/news/charlotte-north-carolina-197/