21 Mar 2014

Snow No Problem for Real Estate

Market Update for CarolinasLike much of the rest of the country, the Carolinas have had more than their fair share of winter weather this year – snow, sleet, ice and very cold temperatures. I love our usually moderate year-round climate, and I join you in longing for consistently warm days and more evidence of spring.

But while the unusually harsh weather has been a “distraction” to homebuyers and sellers throughout the Carolinas, listings, sales and closings have remained steady in the first two months of 2014.

We closed out a strong year in 2013, up 26 percent over 2012, with 20,083 closings. And while we felt some seasonal effects in early 2014, we are seeing lots of market activity as we move into spring.

As I shared in the March-April edition of Carolinas Market Update, our bi-monthly real estate video, Allen Tate Company closed out the year with 41 listings per day, 63 sales per day and 55 closings per day. Nationally, sales of existing homes were up 9.1 percent from 2012, with the mean price up 11.5 percent at $197,100. Both the Carolinas and national markets saw double-digit sales increases for the second consecutive year.

This year, prices in the Carolinas will likely increase 3-5 percent, which is back to the “normal” pace since 1950. While inventory is steadily increasing, so are interest rates. People ask me every day about when to buy, and I tell them it makes sense to buy now rather than later. Call an Allen Tate Realtor® for specific advice and data about market trends and activity in your neighborhood.

Not currently looking to buy or sell? We’re pleased that you are a happy homeowner. But you still need a Realtor – yes, that’s right. I strongly recommend that every homeowner maintain a steady relationship with their Realtor between transactions, for sound professional advice and guidance regarding refinancing, remodeling, insurance and tax assessments.

Pat Riley
President and Chief Operating Officer
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