CHARLOTTE, N.C. — Homes are selling faster than ever in Charlotte right now, forcing buyers to pay thousands above the asking price.
But new numbers show the competition could slow down in the near future.
HOT HOUSING MARKET COOLING OFF
If you have been priced out of the red-hot housing market, good news.
Experts say the market may be starting to cool. Let's connect the dots.
APPLICATIONS FALLING PRICES SLOWING
Houses are selling quickly right now, often for thousands above the asking price.
You can blame a big increase in demand and record-low mortgage rates.
But "Realtor.com says things may be changing.
New numbers show fewer buyers are applying for mortgages and price growth is slowing down.
RATES COULD RISE BACK TO OFFICE
The chief economist for Moody analytics has some theories about what's going on.
First, he says mortgage rates aren't going to stay this low forever.
Once prices go up, housing prices will adjust as well. Also, more people are returning to work, meaning the demand for a perfect home office is going down.
NO CRASH EXPECTED PRICES STILL HIGH
Even if home prices drop, experts are not expecting catastrophe.
Most do not believe this is a housing bubble, so they aren't expecting a crash like 2008.
They say prices probably won't plummet, you just might have less competition when you make a bid.
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