MINT HILL, NC – Home prices have gone up in nearly every market across the US for the first quarter. The prices going up as many buyers scared and not willing to enter the market. With the median sales price going up each quarter, it can be rather scary.
The pandemic has completely reshaped the market and where many people want to live. With remote work causing buyers to look for extra space and move out of the bigger cities, many suburban areas are seeing a massive surge.
Vacation homes are also becoming rather desirable with the uncertainty of the pandemic restrictions. Low mortgage rates have helped to keep some buyers coming into the market, but first-time buyers are struggling to keep up with the higher prices.
When you decide it’s time to look for a home for sale in Mint Hill, NC, you might be worried about the prices. Many first-time homebuyers have a limited budget and simply cannot compete with the surge in cash buyers.
It doesn’t help that there’s a shortage of homes on the market right now.
Not the Same as 2008
While home sales rose to a level not seen since 2006 last year, many people are worried it will be a repeat of 2008. However, economists believe it’s not the same risk and borrowers are more financially qualified to buy homes right now compared to back then. It’s also predicted that the price increases may slow down later in the year. This could be good news for first-time buyers wanting to enter the market.
Rates May Go Up Causing the Market to Slow
If mortgage rates increase, it’s likely that the market will slow a bit. However, it’s already such a hot market, slowing a little might not make a massive difference. With the median existing-home sales price going up more than 16% for the first quarter, a slowdown is welcomed by buyers, but may still leave many first-time buyers unable to enter the market.
While some buyers may be scared off due to the home prices going up, it’s possible to buy a home in several markets with a little patience. Depending on your market, you might be able to buy a house with the help of a good real estate agent.
If you’re ready to consider buying a home for sale in Mint Hill or the surrounding areas, you should better understand the local market. Demand for homes is very high, but it’s still possible to find a home for sale with a little bit of patience.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com