Homebuilders in Charlotte are struggling to keep up with the demands of homebuyers. According to CNBC.com more buyers prefer the amenities that new construction has to offer.
Bonnie Papandrea, an agent with Wilkinson ERA Real Estate in Charlotte, said "Our new home construction sales are stronger than they have ever been since I have been in the real estate market. The buyer wants the open-floor plan, big island in the kitchen, high-energy efficiency and very low maintenance with a private yard. Everyone is working more and want more time to enjoy what time they have off."
Moreover this high demand often delayed closing because the homebuilders could not deliver fast. Consequently, shopping for an existing home in the market is getting even more frustrating than the waiting time. CNBC says that the listing service CarolinaMLS has recorded that the July inventory was 22 percent lower even as the new listings were up 6 percent.
The said listing service also reported that homes in Charlotte are selling more quickly. July sales were 17 percent higher than last year, the days on the market fell to 59 days from 69. Because of tight supply, the median price has become $202,500, 5.5 percent higher than 2014 The rate of price increase may be slow by buyers are still feeling overwhelmed.
In addition, Papandrea said, "I also do believe that we still have some skeptical sellers. Most sellers are more informed to the home market value of their property, and even though the market is going up they are waiting for the right time and the right price".
As a consequence, the increase in home sales have encourage the demand for rental properties to increase and the supply of apartment, too, cannot keep up with the demand. If you were to settle in Charlotte, would you rent or would you buy a new home?
