Allen Tate’s Pat Riley talks about market recovery in latest Carolinas Market Update
It’s blue skies once again for real estate in the Carolinas, with rising home prices, multiple offers and sellers regaining equity. And the region is standing out nationally in terms of real estate recovery.
“We were the last into the recession because of job and population growth, and we’re the first out,” said Allen Tate Company President and COO Pat Riley.
What’s driving the recovery here is a shortage of homes on the market. Riley explains this trend in the May-June edition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate.
Riley says the market is experiencing a 40-year low in new home starts and an 8-year low in inventory of resale homes.
“This shortage is causing home prices to rise more quickly than expected, which is great for seller equity recovery. Multiple offers are happening daily on homes that are priced right, memorable and decluttered,” said Riley.
Interest rates still at historic lows are bringing buyers who are now in a better position to sell their homes. Still, Allen Tate is seeing an inequity of buyers and sellers. In the first four months of 2013, the company is averaging 73 home sales per day and just 49 listings.
“Never in history has there been a better time to enter the marketplace and get where you want to be,” said Riley.
While today’s buyers and sellers have the convenience of online tools at their fingertips, Riley recommends the professional advice and guidance of a Realtor®.
“Where we choose to live and what we choose to live in needs to be aligned with a professional. A Realtor can provide perspective regarding amenities, resale value and more,” 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 or contact any Allen Tate Realtor®.