Charlotte Home Prices Starting to Slow Down

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Charlotte Home Prices Starting to Slow Down

The last couple of months, there has been a national trend of home prices increasing at a slower pace, and Charlotte is not immune to this. Home prices in the Charlotte area had been on a gradual rise, but this changed in October of 2014 when things began to slow down slightly.

real estateBut as the price gains on properties are losing momentum across the country, so are real estate sales in general. Even with declines in current mortgage rates and somewhat lower prices, individuals still are not able to afford purchasing their own homes since their job salaries are not increasing proportionately. Realistically, it does not matter how low home prices drop if potential buyers are not earning enough to feel comfortable making such a large purchase.

However, this may not necessarily be bad news. According to Stan Humphries, the Chief Economist of Zillow, a slow housing market tends to be more stable and sustainable since there is a greater balance between buyers and sellers. Hence, he believes that this slowdown in price growth will aid the economy.

Fortunately, not all hope is lost just yet. The numbers do not lie. The United States economy is improving overall, many new jobs have been created and the unemployment rate continues to drop. In the ideal scenario, this confidence and growth would transfer over to companies, who would then be willing and able to pay their employees higher wages. As the job market continues to improve, this will hopefully transfer over into the real estate realm as well.

Regardless of the numbers and real estate trends, the one positive aspect that remains the same is that Charlotte is a very desirable place for people to live. With new companies being started, existing businesses making the move here and employers flocking to the job opportunities available, our city is still growing. Even though the real estate market may not be perfect right this second, there is a high probability that these people will be buying or selling one day.

Even with home-price growth slowing down, it does not detract from the fact that Charlotte is a fantastic place to work, live and play. Contact the team at Henderson Properties for more information about homes for sale in Charlotte.