After the frenzy of spring and early summer’s record-high prices, multiple offers, and virtually zero days on market, late summer and early fall represent a real estate market shift. It’s a time of year when activity slows a bit and we start to see some price adjustments. It is a small seasonal shift we consistently experience every year (outside of 2020).
I remind my clients that we experienced this same “slow down” in years past. I talk with other peers in the industry who are seeing the same thing, some refer to it as back-to-school season, and I remind my team that in fifteen plus years of selling real estate, we typically close about seventy percent of our annual business by the end of July. Hence, spring market!
This shift doesn’t mean that it is a buyers’ market or that the bubble has burst. We are not in a bubble! It’s just a small seasonal change the market experiences seasonally. Plenty of other industries have their busy times of year and their not-so-busy times. The correctly priced and marketed properties are still going to sell fast and this seasonal change is by no means an indication of a slow down for 2022.
In fact, Goldman Sachs investment bank just released a report projecting another 16% growth in home prices in 2022. Sounds crazy, but, in the past year, we have seen 20% price growth because of the inventory crisis across the country and because homes are still relatively affordable due to historically low interest rates.
What does this mean if you’re trying to buy and/or sell? If you are trying to buy and sell in Charlotte, then you are really just making a trade within the same market and taking advantage of low rates. If you are just a buyer in Charlotte, the growth of the city itself is so attractive to the rest of the country that we will continue to see price growth. And if just selling, then talk with us about the right timing and presentation to the market to capitalize on your property.
As always, thank you for your business and referrals. We truly have the best clients in Charlotte! If you have any questions about what is happening in the market, your specific neighborhood, or even home project questions you know how to find us.