Allen Tate’s Pat Riley discusses details in latest Carolinas Market Update
CHARLOTTE, N.C. (November 5, 2012) – Historically, real estate is known for its ups and downs. Even in good times, month-to-month or seasonal fluctuations are common. But not so in 2012, according to Allen Tate Company President and COO Pat Riley.
“We have been steady, steady, steady since January,” said Riley. “Allen Tate has consistently had 55 sales per day and 45 closings per day across its markets in the Carolinas throughout 2012.”
Riley talks about factors influencing the market in the November-December edition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate.
“Interest rates are at an all-time low. Rents are at an all-time high. And inventory is the lowest it’s ever been,” said Riley. “A good property, at any price, will sell if it’s in top condition and memorable.”
New construction will soon begin to offer competition for the resale market, as builders are buying up lots and will be offering a good product at a low price, said Riley. But he’s confident that the market has turned the corner.
“We expect to end the year with around 15,500 closings. That’s up about 20 percent from the past three years, and well on par with 2008,” said Riley.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by Allen Tate Company and features information, statistics, trends and predictions about the real estate market in North and South Carolina.
To access the latest Carolinas Market Update, go to the Allen Tate YouTube channel (www.youtube.com/theallentatecompany) or contact any Allen Tate Realtor®.