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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