2022 has come to an end, and potential homeowners and investors alike are already looking forward to the real estate market of 2023. There’s a fair amount of data to be gleaned, even this early in the year, as experts look at past trends and make predictions for the calendar year ahead. For those looking to invest in the rental property market, especially here in Charlotte, things are looking up.
According to Zillow, Charlotte will be the site of 2023’s hottest housing market across the entire country. This prediction is based on a number of factors, including the projected increase in home value and the job-construction ratio. Charlotte has consistently ranked among the nation’s best places to live, considering factors such as economy, growth, and job potential. The housing market has always done very well in rankings, and this year is no exception.
2022 saw a very hot, fast-paced market, in which houses were snatched up and under contract within days of going up for sale. The national trend for this year is a slower, cooler, more stable real estate market. Demand for houses and property is still high, however. Charlotte is one of the fastest-growing cities in the country, and the Queen City is on pace to reach a population of almost 2.75 million in the next 20 years.
The increase in mortgage rates and the overall cost of owning and maintaining homes has pushed many families to consider renting as a viable alternative. With higher home values, investors are able to successfully dictate higher rental prices without scaring away potential clients. Investors who own rental property in Charlotte will see a significant return on investment in the upcoming year. If you’re looking to purchase property, now is the time to get in the game.
Maybe you have your eye on some property, or perhaps you’re already a landlord but don’t know how to get a good return on your investment. Rental properties require a fair bit of time, effort, and knowledge before they can become profitable. Not to mention, your duties as a landlord include tenant screening, rent collection, and regular maintenance and repairs.
2023 is shaping up to be a fantastic year for the real estate market, so don’t let lack of knowledge or experience get you down. Let Talley Properties help you out! As Charlotte’s top property management agency with 40 years of experience, we can do all the heavy lifting for you. Contact us today to learn more!