the Real Estate Market— where do we stand?

THERE IS SO MUCH BUZZ AROUND WHAT IS happening in the real estate market these days. Is it still a good time to sell? Should I wait to buy until interest rates drop? My rst response is that the best time to make a move is when you are ready.

e Charlotte Region MLS service, known as Canopy MLS, shows the market has declined as the interest rate increased. In January Iredell County home sales were down from 273 homes sold in January 2022 to only 171 homes sold in 2023. Pending contracts dropped 6.4% and new listings are up 14.7%. Inventory is now at a two months’ supply. However, even at this level home prices are still increasing. Both the median sales price ($390,000) and the average sales price ($453,664) increased 8.3 % and 2.4% year-over-year respectively while the average list price declined 3.3 percent to $465,168. Additionally, days on the market increased dramatically; homes are averaging 59 days on the market compared to 27 days on the market in January 2022.

What this means is that buyers waiting for that “crash” are still waiting. ere is good news for buyers. We have increased inventory. Less competition and multiple o ers. Plus, although all homes are sold “as is” in North Carolina, sellers are agreeing to more repairs. When working with an experienced REALTOR® a buyer will nd they do more than just show you homes. A REALTOR® works with lenders, inspectors, transaction coordinators, and many other vendors to help negotiate and navigate you through every step of the process.

We are seeing educated sellers that are pricing their homes according to recent comparable homes with the understanding that the market has reverted away from a sellers’ market. So, waiting 60 days to sell a home is understood to be normal. I have also seen an increase in sellers taking more time to prepare their home to sell. ey are making repairs and sprucing up more before they go to market. A talented REALTOR® knowledgeable in the local area will help price the home competitively and help prepare the home to sell. Staging, prelisting inspections, open houses, and professional photography are all important details to discuss before you choose an agent.

Karen Moravus of Fairway Mortgages says the best thing any homebuyer can do in any housing market is to rst reach out to an experienced mortgage specialist to have an honest conversation about their nancing goals and how the loan could be structured to meet those needs before they begin their home search. is preliminary step will not only allow the homebuyer to see realistic nancing numbers for their desired price point, but it will allow them to reevaluate their plans if the initial payment goal does not align with the reality of the market and the speci cs of the homebuyer’s overall nancial pro le. w

Repeatedly rated as a top agent in the area, Michelle Peck is the owner of Opulence Group Real Estate, a boutique real estate rm that is dedicated to giving great service to the Lake Norman area real estate market. Connect with Michelle and her team at 704.761.8453 or via ndlakenormanproperties.com.

Michelle Peck