What Zillow found
Zillow looked at the 50 largest U.S. metros and weighed three things: where home values are heading, how much of a typical household's income goes to a mortgage payment, and how much competition buyers face, using its Market Heat Index.
Charlotte came in at #3. The rest of the top 10: Indianapolis, Atlanta, Charlotte, Jacksonville, Oklahoma City, Memphis, Detroit, Miami, Tampa and Pittsburgh. In Zillow's words, buyers in these markets can expect to see more homes within budget and to have more time to make decisions.
What it means if you're buying
You likely have more room to negotiate than buyers did a couple of years ago. In practice that can mean asking the seller to help with closing costs, asking for repairs after inspection, or taking a few extra days to decide instead of writing an offer the same afternoon.
It doesn't mean every home is a bargain. Well-priced homes in popular areas still move quickly, so get pre-approved first and know your numbers before you tour.
What it means if you're selling
Buyers have more choices, so price and presentation matter more. Homes that are priced right from day one and show well online still sell. Homes that start too high tend to sit and end up selling for less after price cuts.
Be ready for buyers to ask for concessions, and decide ahead of time which ones you're willing to give.
My take
This year I've negotiated more than $200,000 in seller-paid closing costs for my buyers, and that matches what this ranking describes: buyers have leverage again if they know how to use it. For sellers, it's a market that rewards getting the strategy right up front.
Every neighborhood is different, though. Concord, Gastonia, Huntersville and Uptown can each tell a different story, and a metro ranking can't tell you what your street is doing.
Want to know what this means for your next move?
I'll pull the numbers for the exact area you care about.
