Charlotte, NC, is an exciting place to buy a house. This is true whether you’re chasing down a great job offer, seeking out a perfect place to own your own home for the first time or just looking for a change of scenery.
While Charlotte might once have been considered a hidden gem of a city, the secret is out. The real estate market in the area is hot, and people are relocating to the southern city at a rapid pace. Amid all the hallmarks of high-demand conditions, from limited inventory to bidding wars, how can you find your perfect Charlotte house?
There are a few strategies that can help you when buying a house in Charlotte. The first is to do your research carefully — by selecting an area and house type that fit your needs, you can avoid buyer’s remorse. The second is to make sure you’re going through the right channel. A service like Bungalo® can make house hunting easier and less stressful, even in a hot market.
As you begin searching, it pays to consider where the Charlotte real estate market stands, to help you find your place in it.
Limited inventory, elevated demand, plenty of buyer interest: These are a few of the prevailing trends in Charlotte housing. As with many cities drawing new arrivals, Charlotte combines several different traits buyers are looking for.
First of all, Charlotte is home to many businesses, especially in finance. When these large banks and other corporations hire new employees, they move to town and lay down roots. Even in an era when remote work is more widely accepted than ever before, being close to the office can be an alluring prospect.
There are reasons for moving to Charlotte that go beyond work. For instance, the cost of living remains low compared to larger and more densely organized cities. That affordability will help a family budget go further. If you’ve been freed up to work remotely from anywhere, Charlotte is worth a look, especially if you’re planning to settle down for a long time. After all, a low cost of living keeps paying dividends month after month.
The demand for Charlotte homes stayed high through the strictest pandemic-necessitated lockdowns in 2020. The Charlotte Business Journal reported this was due to waves of newly remote workers arriving from all over the country. The suburbs, with roomy houses and yards, were especially popular during this period.
While those patterns have abated somewhat, you’ll still have to deal with intense home buyer interest. When asked to project future trends, Kelly Marks, president of the North Carolina Realtors Association, told WCCB Charlotte inventory will remain low. There are more people moving to North Carolina than leaving, and new businesses are consistently opening their doors in the state.
This steady demand has also made Charlotte homes good investments. Holding property in a hot area has been potentially lucrative for real estate investors who bought in before the present period of demand.
People are moving to Charlotte instead of away, both to work from home and to take in-person jobs. That is causing consistently low inventory. Where does that leave you? Fortunately, you don’t have to give up on your homeownership dream.
When you’re working with a simplified real estate buying channel such as Bungalo, you can circumvent some of the headaches of a high-speed housing market. The easy-to-navigate map interface lets you find homes worth investigating, and the home prices quoted are clear and fair, based on other properties in the area. You don’t have to engage in bidding wars with other potential buyers, simply submit your offer online.
When you’re studying the map of the Charlotte metro area, you’re likely looking for a little context. Which part of the city will give you the best access to the amenities and Mecklenburg County destinations you’re most interested in? Alternately, you may be wondering which parts of town deliver the most square footage for your dollar.
If you’re in the market to buy a home, you’re probably looking for an area with tree-lined streets and single-family homes rather than the skyscrapers of Uptown. With that said, you should think about your ideal proximity to the hustle and bustle of the city.
Do you plan to commute to a job in the urban core? Maybe you expect to take in Carolina Panthers games? Or, perhaps you’re visiting the NASCAR Hall of Fame? The highly developed area in the center of the city is home to both family attractions and office towers, so even if your new home isn’t there, you may want to make sure you’re near a light rail station for easy access to the core.
As you move west from this hustle and bustle, you’ll get closer to the airport, a feature worth thinking about if you expect to come and go often. The west is also home to a massive park featuring attractions like mountain biking and whitewater rafting.
To the south of the city, you’ll find leafy green spaces. This is where some of the city’s expanding suburban neighborhoods are located and a potential place to lay down roots and start a family. It’s not the only place with greenways and walking trails, however — these are common throughout Charlotte.
You’ve probably got a few traits in mind for your ideal Charlotte house beyond where it’ll be located. For example, the number of bedrooms and the balance of indoor and outdoor space play a huge role in determining whether you’ll be happy and comfortable in a home. You can also consider whether you’re looking for a historic house, new construction or something in between.
You likely have a solid idea of how many bedrooms you need. Of course, you may want to add to that number for guest rooms or to convert some rooms into office space. In an era of remote work, having a dedicated professional area is valuable.
There’s also the option of buying a house that your family will grow into if you plan on staying for a long time. The bigger the home, the more costly, naturally. You can offset the expense by potentially moving farther from the city center — and the relatively low cost of living doesn’t hurt.
A big yard is good for both kids and pets, or just for you to enjoy the fresh air. During the height of COVID-19 lockdowns, yard space was an especially valuable commodity as people sought relief from staying indoors all day.
Old vs. new construction is a matter of preference and practicality. When looking at old homes, it’s especially important to make sure no structural problems have set in over the years, and to negotiate a price decrease if so. With that said, there are ways to avoid the uncertainty around potential renovations. For example, Bungalo Certified homes are extensively repaired and inspected before buyers move in, guarding against surprises.
Using a modern, streamlined service such as Bungalo to browse for a home is a useful way to circumvent the trickiest parts of the real estate process, especially when you’re dealing with a hot market. From competitive bidding to extensive appraisals, these time-consuming steps have been removed, allowing you to move into your new Charlotte home quickly and confidently.
Even touring a property is easier with Bungalo, handled via app and on your schedule. You can make the most of your house hunting days, making visits to the likely homes you’ve picked out online. When you find one you want, you simply make an offer backed by a mortgage preapproval letter from a lender. It’s either accepted or not, with no haggling or competition.
Closing follows a simplified checklist, and you can be confident in the house’s condition. If a covered issue with the home does pop up within 90 days of move-in, it’s simply handled at no cost to you.
Once you’ve taken the stress out of the real estate process, you can sit back and indulge in your Charlotte house hunt. Getting ready to move to this Southern metropolis can and should be a fun time for you, whether your primary objective is business or simply enjoying life.
If you’re prepared, get started with Bungalo now.
*This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Bungalo always encourages you to reach out to an advisor regarding your own situation.