Last Updated on April 18, 2024
Allen Tate Companies Chairman Pat Riley predicts “welcome relief”
Traditionally, spring has been the optimal time to list a home for sale, or visit open houses to shop for one. Of course, recent years have been nothing but traditional for real estate, but experts are sensing that we may see a return of the “spring market” this year.
“Spring traditionally brings longer days, warmer temperatures, blooming plants and beauty of Allen Tate yard signs covering Carolina lawns,” said Allen Tate Companies Chairman Pat Riley in the March edition of Carolinas Market Update.
“Call me optimistic, but I’m predicting the coming months to bring some welcome relief to the real estate market on the heels of a challenging 2023,” Riley said.
Interest rates and the ongoing shortage of inventory are two factors that continue to influence market dynamics. Riley feels certain that the Feds will lower the mortgage interest rate later this year, but they are making sure the timing is right to avoid a recession.
“The rationale is to cool the housing market and everything else will follow,” Riley said. “That’s been working for the past nine months.”
Supply and demand dynamics are high, as low inventory continues to perpetuate home price appreciation. But homebuyers are growing tired of waiting, and are beginning to understand that waiting to buy at a lower interest rate ultimately results in paying a higher price for the same home.
“Waiting for interest rates to come down means you are falling behind the curve every month,” Riley said. “And there is always the possibility to refinance at a lower rate in the future.”
Riley suggests this is the perfect time for Allen Tate’s version of spring cleaning: a home physical.
“A Home Physical is a no-cost, no-obligation of your home’s value in today’s market, and recommendations about what improvements your home needs to earn maximum value when it comes time to sell,” Riley said. “Whether you plan to sell or stay, a Home Physical helps get your home ready for when you’re ready.”
For a no-cost Home Physical, contact an Allen Tate Realtor or visit www.homephysical.com.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle, High Country, Highlands/Cashiers, Asheville/Mountain, and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends, and predictions about the real estate market in North and South Carolina.
Allen Tate is the Carolinas’ largest real estate company based on closed sales volume, with 74 offices in the Charlotte, Triad, Triangle, High Country, Highlands/Cashiers and Asheville/Mountain regions of North Carolina and the Upstate of South Carolina. Allen Tate offers the advantage of hometown service with international capabilities and the latest in real estate technology and maximum marketing exposure. Visit www.allentate.com for more information.
