Interest rates are changing the housing market in the Charlotte area

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CHARLOTTE, NC (WBTV) — Real estate agents in the Charlotte market are starting to see the effects of rising interest rates.

This has a ripple effect on how people buy and sell homes in the Charlotte area.

The average cost of a home in the Charlotte area is well over $400,000 as demand for housing has increased.

Buyers say it’s tough with rising interest rates, but real estate agents see the market changing.

“It’s kind of tough, we have a family and all we really want at the end of the day is a house to go to,” said Kelly, who is in the process of buying a house in Charlotte. .

People looking for a house right now admit that it’s no easy task.

“We made several offers on other houses that weren’t accepted, people were bidding $100, $150,000 more than the asking,” Kelly said.

That’s been the trend lately in Charlotte, but rising interest rates are changing that.

Javin Daniels, the owner and broker in charge of Daniels Real Estate Group, said: “So we are definitely seeing a shift in the market, we know that interest rates right now are averaging around 6%, right now it’s still a good time because homes are staying on the market a little bit longer. Number one, buyers are kind of anxious to see what the market is going to do.”

Another change? Some houses are selling below the asking price.

According to Realtor.com, the median listing price in June was nearly $430,000. These median homes sold for $425,000.

Daniels said, “With homes sitting on the market a little longer, you can ask for seller concessions, get seller credits right now.”

This is happening because real estate agents aren’t used to homes staying on the market for a long time compared to months ago.

Daniels said “we haven’t seen any homes on the market, 14 days, 20 days, and a lot of sellers are like oh, I’m freaking out because before it was 24 hours, 48 ​​hours.”

WBTV also found that the median days on market in Charlotte has increased since last month, with the average home selling after 36 days on the market.

“Eastside of Charlotte, Westside of Charlotte, we see they’re sitting in the market, and you can come in without multiple bid situations, maybe ask for a little bit lower price and still get it,” Daniels said. .

This trend is different in places like Matthews, Rock Hill, SC and Fort Mill, SC where things are competitive with multiple offerings.

It depends on where you are looking to live in and around Charlotte.

“I would just say to be as patient as possible and if that doesn’t work, know that others will come, others will be in the market,” Kelly said.

Based on current trends, Javin Daniels thinks Charlotte will be more of a buyer’s market by the end of the year, which means the supply of homes could outweigh the demand.

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