Hot housing market in Charlotte, low inventory

Hot housing market in Charlotte, low inventory

CHARLOTTE, N.C. (WBTV) - The Charlotte housing market is hot right now. So hot, many people are finding properties they like – only to compete in bidding wars to lock down those properties.

“I had not anticipated it being this difficult at all to find a house in Charlotte,” said Huck Broyles.

He and his fiancé Mary Helen have been looking for a home in the Charlotte area for nearly six months.

“Initially, we were looking for something that was single family that had a yard. But we have since kind of trimmed that back to both town homes and condos,” said Broyles.

Why? He says it has to do with availability and pricing.

They set out to find properties between $300,000 and $400,000, inside I-485 and preferably closer to uptown, Elizabeth, South Park and other similar locations.

“We found actually a good bit in East Charlotte. But they seem to be priced right in line with things that were closer into town in South Park.”

They looked at 20 homes total and found ones they really liked.

“We submitted an offer and within a day they had come to another determination,” Broyles said, “we got outbid.”

It’s a frustrating process their realtor, Michael Nester, has come to know well.

“It’s the hottest I’ve ever seen it. It is sizzling,” said Nester.

According to a report released by the Canopy Realtor Association, the number of homes for sale in Charlotte dropped 70% since last March from 9,183 to just 2,733.

“Most every offer I’ve written since January has been basically above list price. If not 10 to 15 to in some cases, even 20,000 above list price.”

He says Charlotte is a destination with more people moving to the city every day.

That, in addition to low interest rates, could be reasons people want to buy right now.

“You know, it’s almost like if the rates went up a little bit, that probably would change things slightly. But they’re at historic lows as it is.”

With factors so enticing, the competition is unavoidable.

His advice, like Broyles, is to temper expectations.

“To be open, because what you have in your mind might not be available,” said Broyles.

For four homes, Broyles and his fiancé put in offers $15,000 over the asking price.

Finally, this April, they found a condo which was an off market listing in South Park, and they put in more than the asking price.

It worked out in the end, but you have to temper those expectations.

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