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To everything there is a season. Here in North Carolina, it appears that the season for buying a new home has at last returned after several long years of economic somnolence. There are several reasons why the time has once again arrived for investors to get back into the property markets. Here are a few of them to consider.
- Interest rates for both traditional and adjustable mortgages still remain pegged to rates that can only be described as ridiculously low. Inflation is certain to take off sooner or later, and the people who fail to lock in these rates now are going to be kicking themselves sometime down the road.
- Foreclosure rates have finally leveled off. This means that no more distressed properties selling below replacement cost will be hitting the market and artificially depressing prices. In other words, the clearing out of excess inventory means that home prices are ready to resume their traditional annual climb in value. The house you buy today will be worth more tomorrow. For the past several years, that has not always been the case, but this exception to the normal real estate rules has finally faded away.
- The fear factor has finally dissipated. Dire economic conditions have led many people to sit tight rather than make big commitments to the future, such as buying a first home, a vacation property, or trading up into a more desirable locale. The economy is finally gaining altitude once again, as witnessed by the 40% year-over-year jump in home sales here in the Charlotte area. The jobs we have are clearly here to stay and new opportunities are opening up every day.
All things considered, it is high time to take a look at real estate. The bargains remain, the loan deals remain, and the annual return on investment that is the hallmark of owning property has finally gotten back into the game.
For more information on Charlotte homes for sale, contact a professional real estate agent at Henderson Properties.