Here’s why now may be the best time to invest in real estate.
Is now a great time to purchase a home or invest in a property? It all depends on time. How long do you plan on keeping that property? If you’re going to sell it again in a year, now may not be the ideal time to buy. However, if you plan on living in that home or hanging onto that investment for the next decade or two, it is a fantastic time to invest.
I know this from personal experience. I bought my first house in 2002 for $177,500. Fresh out of college, I was lucky to have an excellent seller who gave me a great deal on the home. Fast forward to 2007—the bank said my property was worth $250,000. I decided to get a home equity line of credit and max everything out.
“It all depends on time.”
In hindsight, this was not a good idea. When 2009 hit, we lost our family car dealership, and I owed almost double on a house whose price dropped to $150,000. I had no choice but to hold onto the property. Today, my home is worth $450,000.
Here’s an apt adage: The best time to plant an oak tree was 200 years ago; the next best time to plant an oak tree is today. If you’re thinking about buying or investing right now, it’s a great time.
Here’s what buyers and sellers need to know about our market.
Do you know what’s happening in our housing market? Things are shifting, but how? What do recent changes mean for buyers and sellers? Today I’ll share the latest numbers and answer these questions.
Three factors determine whether we’re in a buyer’s or seller’s market: median sales price, number of showings, and the average days on market. In 2021, the median sales price in our area was about $270,000. Just a short while ago, our median sales price peaked at $370,000. However, prices have recently begun to trend down.
“Buyers and sellers both have options in this market.“
I believe that prices will continue to fall, and it’s because of our showings. The average listing had 14 showings in February; in July, that number was 7. Not only that, but our months’ supply of homes went from 1.9 in February to 2.7 in July. So prices are going down, inventory is going up, and showings are down.
What does this mean for you? It looks like our market has peaked. If you are thinking about selling, you need to list your home as soon as possible. The longer you wait, the less money you’ll receive. Meanwhile, buyers have a lot more options now than in recent years. It could finally be the time to find your dream home.
If you have questions about this topic or anything else, please call or email me. I am always willing to help!
Our new multiple-offer program could be the solution you’re looking for.
If you’re a home seller, you’re probably hoping for multiple offers. Having options is great, and the competition between buyers can get you a fantastic deal. However, creating a multiple-offer situation is easier said than done. How can you do it?
Fortunately, our team has a new multiple-offer program. We’ve partnered with big-name companies like Opendoor and local investors who are willing to make an all-cash offer on your home. Then, we’ll compare what these buyers are willing to offer to what you could likely receive on the open market.
From here, the choice is yours. If speed and convenience are important to you, you can go with our cash investors. If receiving top dollar is your main goal, we can discuss a marketing strategy for the open market. We also have a flexible commission menu; you can end up paying as little as 1% commission.
If you’d like to learn more about this program or have any questions, please call or email us. We are always willing to help!
Our market has shifted, so now is the time for renters to purchase homes.
There’s a lot of conversation about interest rates right now. They’ve gone up, but 6% is still historically low, so they shouldn’t stop you from transitioning from renting to homeownership. When you rent, you pay 100% interest.
The rent for a one-bedroom in Charlotte is about $1,490 per month. Over 30 years, that would add up to $536,400 for something you’ll never own. You have to gross about $2,000 per month to bring home $1,490 per month net. That means the price of your one-bedroom is closer to $700,000, and you’ll never own it.
If you’re thinking about buying a property, now is the time. The market has started to shift back to a balanced market, so we don’t see 30 offers per listing. Now is your opportunity, so reach out to me by phone or email to schedule a free, no-obligation consultation. I look forward to helping you reach your real estate goals.
Happy Taco Day, everyone! Tacos are delicious any day of the week but especially when you’re eating them at a discount. As part of this month’s theme, “Where To Go in Charlotte Series if You’re Into Tacos,” my team and I dropped by different taco places in the area and enjoyed our favorite snack!
Cabo’s. It’s one of my favorite places. Their flautas are picture perfect crispy rolled-up tacos with beef or chicken, and they’re very delicious! We enjoyed their chips, especially with their tres compadres dip as a starter.
Margaritas Mexican Restaurant. They have two locations in upstate South Carolina and two locations in North Carolina, which makes them a great option for reliable, delicious food no matter which area you live in. They have some of the best queso around, and you can enjoy $2 off any taco platter for their Taco Tuesday specials.
Sabor. They have 16 locations in the Greater Charlotte area. Their $2 Tacos every Tuesday gives you a selection of chicken, beef, and veggie tacos. They are all available with a plethora of salsa options to add some extra heat or flavor.
Que Onda. They have four locations all around the city and on Tuesdays, you can order $2 tacos and $3 beers if you dine in.
White Duck Taco. They are known for a more unique and less traditional selection of tacos, and you can enjoy a $2 beer with your meal for their Tuesday special.
If I missed your go-to Mexican spot in the area, I want to know about it. Email us at Marketing@hprea.com. We’re always open to the chance to eat MORE tacos and spotlight your favorite places in the area.
The average homeowner sells their property after about seven years. Do you know what goes into the selling process? Many homeowners are wondering, “When I sell, how can I get the most amount of money and still sell in the desired time frame?” We have great news for you.
We’re going to be launching a series of virtual seller workshops that will answer these questions for you. These workshops will guide you through exactly what to do to get the most money for your property in the least amount of time, with the least hassle. You will have access to all of our resources, including stagers, painters, movers, and landscapers. In this free webinar, we’ll guide you through the process step by step, and it is completely free and without any obligation to you.
We’d love to see you there, so register today. If you have any questions, please feel free to reach out to us by phone or email. We look forward to hearing from you.