While the real estate activity nationally decreased in 2014 after a strong comeback in 2013, the Carolinas fared better, staying on par with the previous year.
This year, Carolinas’ real estate could once again mirror the growth and activity of 2013. In the January-February edition Carolinas Market Update, a bi-monthly real estate video series produced by the Allen Tate Companies, President and COO Pat Riley shares his vision for 2015.
“Homes will appreciate about 2.5 to 3 percent on average, with some neighborhoods appreciating more. The market will be busy, with empty-nesters downsizing; move-up buyers finding their next home; and Millennials buying their first homes,” said Riley.
Strong economic development activity will continue to positively impact the region, said Riley, resulting in job creation and ultimately, more qualified buyers in the marketplace. Buyers who have been waiting the past few years are expected to finally make a move, potentially prompted by a slight rise – maybe one point – in mortgage interest rates by summer.
“The Carolinas remain in the sweet spot when it comes to real estate in 2015. Our demographics, economic development and attractive markets – combined with interest rates and low inventory – all point to 2015 as another year of growth like 2013,” 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 the Allen Tate Companies 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®.