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October might offer brief relief for potential Charlotte homebuyers

On Flashpoint, a leading Charlotte real estate expert says October may provide a housing market sweet spot for buyers.

CHARLOTTE, N.C. — Fresh off a blazing-hot housing market this summer, and just before the market slows down for the holidays, realtors say October might prove to be an opportune time for buyers who've stayed on the sidelines.

"Go for it.  Don't be afraid to negotiate," David Kennedy, president of Canopy Realtor Association, said. 

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Kennedy anticipates a seasonal slow down this winter which means fewer homes will be coming on the market.  Already, the inventory of homes for sale in the Charlotte metro area is down nearly 42%, comparing August 2020 to August 2021.

"There might not be much out there," he said, referring to winter months.

In the last year, the Charlotte real estate market has been booming. Over the summer as families looked to move, the competition was fierce. Many potential buyers were forced to give up after getting burned in bidding wars, and first-time homebuyers avoided the market altogether, intimidated by soaring prices.

"There's never been a more difficult time to buy a home in Charlotte, yet there's never been a more important time to buy a home in Charlotte," he said.

Has the market peaked? Kennedy doesn't think so.

"As long as the interest rates are as low as they are, people can afford to pay more, because their ongoing servicing of the loan will be less, based on their record low-interest rate," he said.

That's why he thinks this fall might offer slight relief for buyers. It's true for most years, but especially in 2021.

"Early October is one of the more favorable times of the year for buyers to buy," he said.

SEE THE FULL FLASHPOINT INTERVIEW SUNDAY AT 11 A.M. ON WCNC CHARLOTTE.

Contact Ben Thompson at bthompson@wcnc.com and follow him on FacebookTwitter and Instagram. 

Flashpoint is a weekly in-depth look at politics in Charlotte, North Carolina, South Carolina, and beyond with host Ben Thompson. Listen to the podcast weekly.
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