#1 - Salt Lake City, Utah. Builders simply built too many houses!
#2 - Raleigh, North Carolina. Again, builders built ahead of the growing spurt. The economy is picking up so take advantage of the deals while they are available!
#3 - Orlando, Florida. It's a great time to take advantage of the "buyers market" in Florida. Orlando has so many houses on the market that you can pick and choose and deal to your hearts content.
#4 - Charlotte, North Carolina. The financial industry continues to move to Charlotte. This is adding jobs to the area but not quick enough to keep up with the unsold homes.
#5 - Phoenix, Arizona. This city has a high foreclosure rate.
Source; Matt Woolsey from Forbes February 2008
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( 3 / 156 )Charlotte Housing Market
Recently Charlotte experience a housing “boom” with a strong and steady housing appreciation…other areas in the country experienced dramatic increases in home prices. Now, Charlotte’s market is slowing and is facing drawbacks because of the more difficult economy and the influence of resale conditions in other cities.
Price appreciation has leveled and home sales have decreased compared to 2006, but not far. The current levels are similar to those of 2004… which was one of the top three years to date.
Permits for new homes decreased recently in Charlotte, leading to job losses and other cutbacks for local builders. However, the setback for new start permits will help moderate the market’s supply and demand as will the 65,000 new residents a year that come to Charlotte, which improve home absorption rates.
Experts believe the Charlotte market will bounce back by the summer or fall, the next five months will be one of the best times to buy. Once the market starts to recover, prices and interest rates will slowly increase as we sway from a buyer’s market to a more neutral position. The current Charlotte market provides an excellent opportunity for homebuyers with low mortgage rates as well as builder’s offering excellent incentives to heighten sales.
Charlotte’s market remains strong because of job and household growth, stable home appreciation, small foreclosure rates, and low investor sales.
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( 3 / 233 )Union County is the fastest growing county in North Carolina and one of the fastest growing counties in the United States. Indian Trail retains most of the county’s growth and is predicted to be the home of 90,000 residents by 2030, which will surpass Monroe in population.
Many of the residents living in Indian Trail and Monroe work in Charlotte or Mecklenburg County. Past statistics show it is important for Indian Trail to undergo timely strides to keep up its infrastructure with the growing population to make Indian Trail a first-rate town.
Charlotte is one of the few places across the United States with home values on the rise. Home prices rose 4.3% in October in 2007 when compared with October of 2006. Charlotte’s strong economy lends itself to the rise in home values. An average of 14,000 jobs were created in 2007 when compared to the 12,000 new jobs created in 2006. Many home sellers are not willing to make price-cuts to their homes to speed up the sale; most home sellers leave their homes are the market longer, which has led the average time of a house on a market to increase to almost 124 days.
Home prices may fall 10% over the next 12 to18 months nationwide, but will rebound in late 2008.
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( 3 / 220 )It is important for homebuyers and sellers to keep up with the most up-to-date real estate news and home buying information. Through our blog we intend to engage in topics, tips, trends and the latest news in real-estate, mortgages, the housing market and more.
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