Allen Tate’s Pat Riley talks trends, opportunities in latest Carolinas Market Update
CHARLOTTE, N.C. (March 19, 2013) – It’s easy to make bold predictions going into a new year. But when the forecast begins to play out, it’s time to get excited and optimistic.
Increased buyer activity, low inventory and improving pending home sales are all strong indicators that real estate is trending well in the Carolinas, according to Allen Tate Company President and COO Pat Riley.
“Home appreciation continues and properties that are memorable and priced right are selling with multiple offers, due to the lowest inventory in history,” said Riley. “The Carolinas can boast, in many markets, that they’ve flipped from a buyer’s market to a seller’s market, with prices appreciating.”
Riley cautions that positive gains in housing are most prevalent in counties that are enjoying job growth. In the March-April eidition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate, Riley shares his insights.
“The pending home index in January 2012 was 96.7 and in January 2013, was 101.3 – the highest level since 110.9 in April 2010, when the Federal Government’s first-time homebuyer credit was near expiration,” said Riley.
Allen Tate Company is selling an average of 80 homes per day across the company’s footprint, with 56 listings per day, said Riley. While there’s still a great selection of homes available, it’s the right time for sellers who have been waiting to move forward with listing their property.
Institutional investors are continuing to purchase single-family homes under $300,000 to rent now and sell in four to six years, said Riley, because there is still a demand for rentals due to population growth; lack of new home construction in the past four years; corporate relocations; and homeowners in the process of restoring their credit.
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 or contact any Allen Tate Realtor®.