With the slowing real estate market across the country and Mint Hill’s tip out of the seller’s market favor, trends today mark another fluctuation in an ever-changing market. However, a few new factors make buying Mint Hill houses a much different process than in the past decade. The power of technology is much more widespread, and it’s a powerful tool for buyers and agents. Shifts in the age of home buyers also impacts inventory and home sales. Read on to learn how buying a home in 2023 is much different than it was in 2013.
Mint Hill – then and now
Mint Hill remains one of the highest appreciating areas across the United States. In the past decade, Mint Hill real estate has appreciated more than 138%, for an annual average of 9%. Compared to ten years ago, buying in the area is still a very good investment; however, properties are more expensive, which can make buying more challenging.
With the increasing challenges of homeownership, many people skip over buying a home for a rental alternative. Rather than risk fluctuating home values, potential job instability, and large down payments, renting is much more popular than it used to be. Even Mint Hill has a notable renter rate, with 21% of its population renting a property.
As for desired features in a home, many buyers today search for walkable communities outfitted with amenities and some type of public transportation. These neighborhood types are popular with retirees and millennials alike. Although areas like Mint Hill have always been desirable for these reasons, trends today mark an increased demand for this community type.
The power of technology
Searching for Mint Hill houses has become even more accessible to home buyers with the growing power of technology. Although real estate listing sites have been around for ten years, the type of devices used to access them, the advances in high-speed internet, and the media used in home listings have all progressed. For example, 2012 marked the release of the iPhone 4, while the newest iteration today is the iPhone 14.
High-quality devices, websites that are mobile friendly, and marketing tactics on popular social media platforms give buyers more access and exposure to home listings. Since so much information about properties is available online, homes tend to sell faster than they used to. Because information is more accessible, buyers are more informed, which also has an impact on the buying process and the buying season itself.
For agents, the surge in technology has created a more consuming workday, as buyers can more easily contact an agent they’re working with. The access to information creates a more level playing field, which means agents must excel in areas like negotiation and marketing. Proficiency in multiple types of technology is also a must, to both find properties and meet clients where they are.
Surge of millennials
Baby boomer home sales
Fluctuating mortgage rates
Coming out of the housing recession in 2010, mortgage rates began dropping, making homeownership more attainable. In 2012, the average rate for a 30-year fixed mortgage was 3.65%. This dipped to an average of 2.96% in 2021, which was a large factor in the housing frenzy that year.
However, mortgage rates today have skyrocketed to combat extremely competitive seller’s market conditions, and they are expected to remain high throughout the rest of next year. In North Carolina, the average rate for a 30-year fixed mortgage is 6.37%, while 15-year fixed mortgages have an average rate of 5.94%. Although rates aren’t close to the all-time high, they do impact buyer power today.
The home buying process has changed drastically compared to a decade ago. As the younger generation transitions into adulthood, millennial buyers searching for homes are changing the buyer scene. Even with shifts in the past decade, Mint Hill real estate is still an extremely sound investment. When you’re ready to start your search for homes in the area, contact trusted local agent Pamela Roberts to help you find the perfect property.
*Header photo courtesy of Pamela Roberts