Charlotte, North Carolina has been placed in the top 10 hottest real estate market which is good news for Charlotte homeowners. However, the real estate market can be very volatile; which is why it is great to have an experienced realtor. Here are 5 questions every client should ask their realtor when selling their home.
Is it a buyer’s or seller’s market in my area?
Sometimes it’s a buyer’s market and sometimes it’s a seller’s market. Understanding your local market can be very beneficial; particularly when you are thinking about selling your home. For example, if a seller has some flexibility in timeline then waiting for a strong seller’s market would be ideal. However, these signs of a buyer’s or seller’s market can be confusing or difficult to spot. A skillful realtor will know what to look for and be able to advise you on the best time to sell.
What is the housing inventory in my area?
Knowing the housing inventory will help you identify the right time to sell. Housing inventory refers to the number of homes for sale in an area. A high housing inventory implies that the real estate market is a buyer’s market because a high number of homes for sale means that homes are not selling quickly. In contrast, a tight inventory, or an area with few available houses, means homes are selling quickly and often for higher prices.
Because of this relationship between inventory and selling times, housing inventory is reported in months. For example, Charlotte’s real estate market in December 2018 had a tight inventory of 2.2 months, which means that the average home in Charlotte would sell in just over two months.
What do housing prices tell us about the market?
Housing prices testify to the performance of the local real estate. Home prices are affected by a lot of factors, but a market with high closing prices is obviously more of a seller’s market, whereas a market with low closing prices is a buyer’s market. However, a well-staged home can help improve home prices.
What information can be gained from rental prices?
Surprisingly, rental prices can provide a lot of information about the current market. Areas with higher rental rates typically have higher incomes and better economies typically produce homes with higher closing costs. Comparing the rental rates in your area to the national average for residential rent rates can help you better understand your local real estate market.
How can I most effectively market my house?
One of the most effective ways to market a house is to post your home on online real estate sites. These sites can be viewed by thousands of people daily and can frequently reach people who wouldn’t be able to see your home, otherwise. If they like what they see online, potential buyers can contact your realtor and schedule a tour or, if you are lucky, put in an offer site unseen. This is why great photos are so crucial when selling your home. Invest in a good photographer and make sure to show your home in its best light.
So if you live in the Charlotte, North Carolina Area and are considering selling your home this year, you may want to hire an experienced realtor who can answer these 5 questions and many more.