Allen Tate Co. President and Chief Operating Officer Pat Riley says all signs point to a powerful second quarter when it comes to home sales in the Carolinas.
Riley says it’s now a seller’s market in many areas. Buyer activity and pending home sales are up, and inventory is at an all-time low.
“Home appreciation continues and properties that are memorable and priced right are selling with multiple offers, due to the lowest inventory in history,” he says.
His company is selling an average of 80 homes per day across all its markets in the Carolinas. Listings are averaging 56 per day.
The improvements in homes sales are under way in counties that are also seeing an increase in jobs, Riley says.
Population growth and corporate relocations continue to drive demand for rentals, he says, as does the number of individuals who are working to restore their credit. Construction of new homes has been minimal during the past four years, As a result, Riley says, the trend is for institutional investors to buy single-family homes costing less than $300,000 as rental properties, with the intent to sell in four to six years.
Riley's comments come from the recent edition of the Carolinas Market Update, a video series produced by Allen Tate.
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