There’s a lot of talk about Charlotte NC real estate and a buyer’s market but that term isn’t always fully explained.
Charlotte NC real estate is local right down to the neighborhood level which is really where the current Charlotte NC real estate market trends can be found. County/city/region wide statistics are far too general and can’t accurately be applied to a single home or neighborhood.
Whether a real estate market is balanced or weighted in favor of buyers or sellers has to do with how much inventory is currently on the market. Typically, around 6 months of inventory is considered balanced – not significantly in favor of buyer or seller.
When inventory is below 6 months, in general sellers are favored because homes for sale are moving on and off the market at a faster pace.
When inventory rises over 6 months, in general that favors buyers since there are more homes for sale than there are buyers ready to buy.
So when a Charlotte NC neighborhood is experiencing a buyer’s market, it means that there are multiple options for buyers considering purchasing a home in that neighborhood.
What it doesn’t mean is that homes would sell for 1/2 of the list price or that every home will meet a buyer’s needs.
For buyers who have a need and desire to purchase, are financially qualified and prepared for home ownership there are many neighborhoods that offer Charlotte NC real estate options and are either experiencing balanced market conditions or a buyer’s market right now.
To see how current real estate inventory and market conditions are faring in some local Charlotte neighborhoods, visit: Charlotte NC Real Estate Market Reports.
If you’re looking to purchase a home, ask your agent about current neighborhood inventory levels, since each Charlotte NC neighborhood is different it’s important to know what the neighborhood real estate market is doing while searching for your next home!
Copyright©2008 by Diane McDermott, All Rights Reserved, “What Does A Buyers Real Estate Market Mean?”