The average selling price of a newly constructed home in the US is $315,000. This is much higher than the average resale price of approximately $237,000. Great! I will buy a resale and save some money and be in an established neighborhood with my landscaping already completed……that maybe a little easier said than done. if you have searched for a resale home in that average price range as of late you better bring your offer sheet to your showing or you just might miss it. Low inventory has produced a new metric in Charlotte. Hours on market rather than Days on Market (I’m only kidding a little bit). Well, according to a recent story on CNBC.com help may be on the way for all those millennials who have finally decided to move out and buy a place of their own. New home builders including DR Horton, Lennar and even Toll Brothers are reportedly beginning to roll out slightly lower end products targeted at the millennial mover. But, When?…..
After the Great recession there were lots of starter homes and resale homes that fit the average price point, however large and small investors have bought them and are continuing to rent them today making excellent returns on the higher rents they are able to command. When will the market swing back to one which has more inventory and less pressure on the buyer to offer within hours? Nobody can tell for sure, however markets are cyclical and trends don’t go straight up or down forever. Do you need a strategy to navigate this market when buying or selling your home? I can help , click on the link and start the process today