17 Dec 2012

What’s the Outlook for Residential Real Estate in 2013?

homeAllen Tate President/COO Pat Riley was recently interviewed by the Charlotte Business Journal regarding the outlook for residential real estate in 2013.

The following is a summary of his remarks during that interview.

“Charlotte’s come a long way since hitting the bottom of the housing market, which happened in October 2010 for Allen Tate. That year, Allen Tate ended the year with 12,266 closings.

We expect to end 2012 with 15,500 closings, an improvement of 20% over 2011, and a return to 2008 levels. In 2012, we have seen an average of 55 sales and 43 closings per day. Home prices really stabilized locally. I’ve never seen a year that was so steady.

I expect 2013 to be the Charlotte market’s “second year of recovery” as buyers are no longer afraid to commit because of the risks of an uncertain market. Now we know what the value of homes are here. Whether you like them or not, you know where you stand.

Distressed sales are also less of a factor in determining comps. Corporate relocations and retirees moving to the region are increasing demand. The economic pipeline is as good as its ever been for companies moving here.

High rents are also making homeownership more desirable. As interest rates remain low and consumer confidence returns, we’ll continue to see more people choose to become homeowners.”

To read the full article (subscription required), click here.

Allen Tate Companies
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