How Do You Know the Market You’re In?

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How do you know what market we’re in? Markets change weekly, monthly, and quarterly. Today, we’ll cover the things you should look at.

Is the market flooded? What’s the inventory like? In the past two years, inventory has been below average. It’s been more of a seller’s market. With that, you need to examine your competition. There’s a possibility there isn't a lot of selection. Analyze the market’s supply and demand.

Look at interest rates. If interest rates were closer to six percent right now, the market could be a bit more flat and still where it’s easy for folks to acquire a loan.

Consider the average days on the market. Traditionally, Charlotte’s average has been 120 to 125 days on the market. It’s been like this for several years, even in surrounding areas. However, as inventory decreases, the average drops down to seventy or eighty days on the market.

Pay attention to the cost per square foot. Many homes have pools, extended decks, covered porches, and different floor plans. In general, the average cost per square foot has been $112 to $125. Ultimately, the cost per square foot has been increasing in the area.

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