Mixed Messages and Market Trends
Allen Tate President/CEO Pat Riley says real estate market is constantly changing
Is it a seller’s market – or a buyer’s market? Neither, or maybe both, depending on who you ask.
One thing is certain when it comes to real estate, says Allen Tate Companies President and CEO Pat Riley – and that’s change.
In the July edition of Carolinas Market Update, Riley talks about the mixed messages in today’s market – and what homebuyers and sellers need to know:
- The market is moving from a post-recession seller’s market, to a more normalized market.
- Inventory is increasing, so appreciation rates are slowing. But 42 percent of homes listed for sale are not moving, because of price or condition.
- Sale price and list price gaps are widening.
- Interest rates are slowly rising.
- Developers are continuing to build apartments and will not build condos and townhomes until in-migration slows and apartments are absorbed.
- Both buyers and sellers have unrealistic expectations.
“For most sellers, an instant offer is not the best option. Both buyers and sellers need a professional to help them navigate today’s changing market,” Riley said.
“97 percent of Allen Tate clients say they would recommend us to their friends or family. We can help you ‘unmix’ those mixed messages as we accompany you on your homeownership journey,” Riley said.
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.