Allen Tate’s Pat Riley talks about economic recovery in latest Carolinas Market Update
Believing you can achieve is half the battle when facing any challenge. It’s that same kind of confidence driving buyers back to the Carolinas’ real estate market in 2013.
Appreciating home values, realistic comparables, and a modest increase in interest rates are all reasons consumers are asking “when do I pull the trigger for my next life move?”
The “confidence factor” is key to a stable and healthy real estate market, says Allen Tate Company President and COO Pat Riley in the July-August edition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate.
As home values continue to appreciate, Riley says buyers have a returned confidence in knowing that they can sell their home at a certain price, and buy a home that will increase in value at the same or greater pace. The 40-year low in new housing starts and eight-year low in resale inventory continues to cause a housing shortage in some markets, resulting in competition from buyers and even commanding multiple offers at some price points.
“Never in history has a seller had so little competition. If you have a home that is not selling now, you need to look at price and condition,” says Riley.
Confidence is also buoyed by a healthy stock market and a steady in-migration to the Carolinas because of job creation, says Riley.
While a pent-up demand for new construction will still keep some waiting, a steady rise in interest rates over the next 18-24 months will continue to nudge buyers “off the fence.”
“Breathe in the confidence that housing is bringing back the overall economy,” says Riley. “In any economic recovery, housing comes out first. “
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®.