2011 is over and 2012 is off to a great start for Cabarrus County real estate. The first two weeks of the year have been strong out of the gate. Something that we hope will be the beginning of an upward trend in the real estate market and the economy.
This week Team Honeycutt hosted a Real Estate Forecast for 2012 with Pat Riley, President of the Allen Tate Company as the presenter.
Pat is known throughout the real estate industry as a visionary and someone with great knowledge of the market and how to interpret all of the data.
One of the things we have said before is that there is so much conflicting data out there that it is hard to know what to believe. In addition, knowing that real estate is local in nature how do you know if what you are hearing pertains to your area or not.
With that being said, we wanted to share with you some information on the Cabarrus County real estate market. Here are a few key points from Pat’s presentation:
- People with money have determined that we have hit bottom and are out there purchasing real estate. They get that now is the time to buy. 28% of all homes sold are cash. 18% are investors and 34% are first time homebuyers.
- We will probably see another 1 to 2% depreciation this year due to the distressed home sale market. After that the feeling from many is that there will be a slow but steady appreciation to begin.
- For those folks thinking about a real estate transaction and have been afraid to move forward, 10 years from now you are going to look back and see what a mistake that you didn’t move forward. With the best rates ever and most recent low home prices, it is the time to “sell low if you have to in order to buy low” and take advantage of this market.
- We have the lowest supply of homes for sale in 3 years.
If you would like to know more about the Cabarrus County real estate market for 2012, check out the video below. It is about 8 minutes but very informative if you have an interest in what we are seeing in the real estate market and what we think the future will bring.
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