Welcome back to #MarketinAMinute, and today is my special YEAR-END review for 2023 for Cabarrus County!
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The market dynamics have shifted due to interest rates, making homes less affordable, but there were still good sales in the county. Buyers are eager, but limited inventory is holding them back, leading many to stay in their current homes. In 2024, a significant challenge is homeowners’ hesitation to sell and move within the same county due to uncertainty about available options. The silent marketplace is a crucial factor, with people reluctant to give up low fixed-rate mortgages. A shortage of desirable homes exacerbates the dilemma, as perfect houses are occupied.
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2023 Sales Details
2,886 homes were sold, which is down 17.7% over 2022
The average sales price was $359,590
There was an average of 7.6 showings per listing
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I will make a prediction here; I anticipate an upward trend due to lowered interest rates and the Fed signaling potential cuts. In a presidential election year, the Fed favors stability, aiming for policies that benefit the administration in power. Rate cuts could boost the real estate market. However, global conflicts, stock market vulnerabilities, and election challenges pose uncertainties. Price increases of around 3-4% are expected, with now being the best time to buy to avoid bidding wars later.
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Financial decisions matter as a Mom, business owner, and someone planning for retirement. Ensuring that expenses align with income is crucial, a principle I’ve upheld in my real estate business for 24 years. If elected as your Congresswoman, I’ll bring this fiscal responsibility to my role. I encourage you to assess your finances, contact your trusted local REALTOR, and strategize together. Let’s ensure your money works for you and plan for a secure future.
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Check out my full video here https://youtu.be/BWLemUFY74E and don’t forget my team and I are here to HELP!
CALL me today! 704.507.5500
