The lack of inventory and the increase in closed sales is a problem for buyers but great news for sellers! Home prices are rising due to this phenomena. It is clear to me that the Charlotte market lags the national trends but in this case, the local market has changed quickly and the local market will continue to shift to a sellers market. I would expect the election, holiday months and winter continue to effect the real estate market.
Remember, the Fed has stated that interest rates will remain low through 2015! However, what is their definition of "low". Interest rates will start to rise and counteract inflation. What happens to your buying power if interest rates are increased by 1%???
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