2013 Projected as “Another Turnaround Year” for Carolinas’ Real Estate

7 Jan

Allen Tate’s Pat Riley talks about what to expect in latest Carolinas Market Update

 

CHARLOTTE, N.C. (January 7, 2013) – Home buyers and sellers in the Carolinas can look forward to 2013, according to Allen Tate Company President and COO Pat Riley.

“2012 was a turnaround year for housing – very consistent, with very little seasonality,” said Riley. “Our final sales were up nearly 30 percent, rivaling 2008. Our closings were up 28 percent. And we need good listings, because we have buyers looking for them.”

Riley takes a look back – and a look ahead in the January-February edition of Carolinas Market Update, a bi-monthly real estate video series produced by Allen Tate.

“In 2013, we can expect home prices to rise, about 3 percent on average, with interest rates expected to hold for at least six months. New construction will be big, with lots of options. And rents will remain high,” said Riley. “Steady and healthy will be good words to describe what to expect from the market.”

Real estate industry leaders will speak for homeowner interests, lobbying Washington for mortgage interest deductions to continue. It will also be a year where “lots of people with good credit and jobs will decide to pull the trigger to purchase a home,” said Riley.

Riley also predicts the investor market will be strong. “Investors are scouring the inventory, as the next decade will prove to be a good time to invest, rent and sell property. We can be a resource to investors regarding pricing and rental rates.”

Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by Allen Tate Company and features information, statistics, trends and predictions about the real estate market in North and South Carolina.

To access the latest Carolinas Market Update, go to the Allen Tate YouTube channel or contact any Allen Tate Realtor®.

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