Anyone looking to purchase residential property in the Charlotte market knows (or quickly finds out) that it is not for the faint of heart. How did we get here and how can anyone purchase in a market that is on the verge of, if not already, in gridlock?  These are just some of the question’s buyer agents are facing as the challenge to successfully place clients in their dream home have become next to impossible.  The answer essentially boils down to one thing- how much are you willing to sacrifice? Seasoned agents will tell you what you see going on is simply supply and demand at work.  On one hand, the amount of readily available housing inventory has dwindled to historic lows, pressuring prices skyward On the other hand, the explosion of buyers searching for their next home has led to extreme competition as multiple offers and bidding wars have become the new normal. In many cases, buyers are going to extremes, offering upwards of $30k+ over listing price and stripping themselves of protections afforded in due diligence periods just to secure their offer over others’.  Alternatively, buyers seeking new construction, in attempt to side skirt this madness, are now faced with rising material costs as well as delays in construction, curbing the hopes for any relief there. With mortgage rates now on the rise, the purchasing power they once had over the past winter is dwindling, further decreasing affordability These factors have, in turn, cycled back around to potential home sellers as fears of selling will lead them with nowhere to go This reluctance has greatly aided in inventory shortages.   As these factors merge on our region, it’s safe to say, the perfect storm is upon us. So, when will it end?  Unfortunately, it looks like it may be a whilebut for those who are brave enough to tango, be sure to pack an abundance of patience and resilience, you will absolutely need it. 

(Sources:  MM Blog, Redfin, Housingwire)