08/15/2024
The real estate market in Charlotte is cooling down, slowing a bit.
And yes, I'm a broker and I'll say it. Happily say it, because the longer you work in this industry the more rises and falls you'll see. You'll begin to see them coming. Or really *feel* them coming.
Some of us will be honest about this, and others will deny like that will somehow make a difference. Screaming clear skies all the while dodging the rain.
Now, do I think it's a big stop or stall? Nope. It's common end of summer entering into fall for things to slow, during more "normal" years it was almost definite. Busy springs, slower summers, fall bump and then winter slooowwwww. But I do think the crazy times that we've had in Charlotte are paused for a while. But, IMO, just a while - if people still move here like they have been our market will be demand based, which will keep us moving along.
It just might take a bit longer to sell a property. It might lower prices just a bit - I've seen longer "Day on Market" and prices being lowered for homes recently that just 1 or 2 years ago would have flown off the market and asking or over. Great time for sellers. Tough time for buyers.
If you work in the industry long enough you plan for this. You never set your budget, or needed income since you are commissioned, on the high marks. You set your life up to live off the median years, even the slower years if you can. And those big years, the busy ones with lots of sales? That's bonus time, savings time, not "buy a new car" time or jack my lifestyle into orbit time.
You also learn to coach your clients, set realistic expectations, especially if they are selling. When I started, early 90's, an AVERAGE marketing time to sell a home was 30 to 90 days. No one blinked an eye for a home to take more than a week or two to sell. We've come to expect a weekend open house and multiple offers, but that's not the way it always was nor will it necessarily turn back to that. In actuality, there is no normal since the market changes constantly.
How do I know this? By easy and hard lessons in real estate over 33 years.
The Fed may lower rates next month - economic indicators show inflation slowing and there is a lot of expectation that this is their next move. If that happens we'll likely see some of the fence-sitters in the market hop off and buy and the market will move more quickly again. If not, so be it, this is how markets work. Ups and downs, better for sellers or better for buyers. Balance is really what I'd prefer since I work with both.
Best thing to do, if you work in the industry, is always be ready to shift and change and always be aware. Always give your clients the best advice, an honest take on the market will allow you to price correctly, choose your timing correctly, and survive the ups and downs, whether big ones or small ones.
Anyway, cheers! :)