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Current Trends in Independence, NC Real Estate

2020 has been a challenging year, to say the least. With everything that’s happening in Independence, North Carolina and around the country, you may wonder how the real estate market will be affected. Surprisingly, median home prices have risen since the beginning of the year. Will the next few months bring similar results? How will the state’s housing market fare in today’s economy? Whether you’re moving in, moving out, or staying in place, here are a few of this year’s most important real estate trends to consider.
Home Prices are Still on the Rise
We’ll start by discussing home prices. In April of this year, the median home price rose by just 0.6% compared to last year, which is much less than the 4% growth rate we saw in March. The decline in growth is attributable to market uncertainty amid the COVID-19 crisis.
Near the end of May, however, prices grew by almost 3%, so there’s a small chance that the state’s housing market may regain some of its forward momentum. We’ll probably see housing prices continue to rise, but the growth won’t be as rapid as it was in the past.
Home Loan Interest Rates are Low
Mortgage rates were on a downward trend even before the coronavirus crisis. In May, the average rate for a 15-year fixed loan was just 2.69%—which is the lowest number experts have seen in more than seven years.
Economists and real estate specialists think mortgage rates will stay low until the economy recovers. Unfortunately for borrowers, interest rates won’t hit rock bottom because current homeowners still want to refinance their home loans at reduced rates.
It’s a Buyer’s Market
Because home prices have risen rapidly over the last few years, some buyers aren’t being as picky as they may have been in the past. Independence isn’t far from Charlotte, which makes it quite popular among commuters who want easy access to the big city. If you believe that buyers won’t want your home, it may be a good time to re-evaluate those thoughts and consider selling.
In Closing
This year has been difficult for everyone, but home buyers and sellers have faced unique challenges. These are just a few of the trends affecting the real estate market in Independence, North Carolina. Whether you are buying or selling, though, you can capitalize on these trends by working with a local real estate agent.