As the weather continues to heat up, so are the home sales in the Charlotte area. To be exact, home sales increased by 20.4% when you compare this May to the numbers from last year. This is great news for the Charlotte real estate market, especially sellers.

For those who are looking to purchase a home in the Charlotte region, it is time to move quickly. Inventory is low, and homes are selling fast this year. As rental rates continue to increase and Charlotte residents are feeling more financially secure, many people are finding that it makes more sense for them to buy rather than rent right now.

But it’s not just Charlotte. Home prices throughout the country are steadily climbing. With the economy improving and unemployment rates going down, individuals everywhere are finally able to save money again for a down payment. While buying a home may not be for everyone right now, it is a smart decision for those who are prepared. Realistically, if you are going to be paying a rental price that is close to the cost of a monthly mortgage, you might as well choose the investment that will allow you to build equity.

Charlotte residents are clearly taking advantage of this opportunity, as the housing inventory in the area has dropped by 22.9% from last year. Additionally, homes sold in May of this year were only on the market for an average of 119 days, and sellers received an average of 95.4% of their original asking price.

As homes continue to sell quickly and inventory gets depleted, the competition is going to increase even more. To avoid potential bidding wars and paying even more for the home of your dreams, it may be wise to make the purchase sooner rather than later if you are ready for the commitment.

According to the Standard & Poor’s/Case-Shiller 20-city home price index, the cost of homes in the Charlotte metro area increased by 5.6% when you compare April 2015 to April 2014. We have always known that Charlotte is a great place to live, but the numbers are truly backing us up this summer.

The real estate market in the Charlotte region is hot these days, so you may want to consider joining the party if it makes sense for you. There are even many fabulous suburbs in the area to consider. Take a look at Fort Mill, SC to get all of the benefits of south Charlotte, without the price tag. Or check out what Huntersville has to offer, since it’s only 20 minutes from uptown and provides access to Lake Norman.

Contact the professionals at Henderson Properties to buy or sell while things are booming in Charlotte. We commit to excellence in everything that we do.