As we approach the end of 2017, it’s time for a real estate wrap up. As a firm, we had a great year, but let’s take a look at the Charlotte market in general.
This year, the $250,000 and under market was probably the hottest it’s ever been. Homes spent 50 days on the market at most.
The $250,000 to $500,000 price range had a killer year as well. However, if you listed your home and hired an agent who didn’t do any real marketing, then your home did spend more time on the market. The average days on market was 60. Homes without proper marketing stayed on the market for 120 to 180 days and went through an average of 2.5 price reductions before selling, if they sold at all.
For homes priced $500,000 and above, the average days on market was close to 80, depending on the area, part of town, and inventory at the time. That is a very good number for this price point.
In fact, these numbers are really good overall.
If you tried to sell your home in 2017 and didn’t price your home appropriately, buyers knew something was up. Those buyers saw your home all over Realtor.com, Trulia, and Zillow. They didn’t come to see your house, and after you went through a price reduction or two, they thought something was wrong with your house.
If you plan on selling your home, it’s important that you price it correctly and work with an agent who will properly market your home.
So, what will happen in 2018?
Money is still very cheap, and 2018 should be another fantastic year for buying and selling real estate. If the interest rates stay low and the economy stays healthy, we are in for a solid 2018. Jump in before real estate goes too high and rates start to sneak up as well.
If you have any questions about buying or selling a home in 2018, just give me a call or send me an email. I would be happy to help you!