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The median home cost in Huntersville is $280,000. Home appreciation the last year has been -3.45 percent.>>
After talking with several builders in the past month, I've gotten the feeling they are starting to see a drop-off in sales. Some have lowered prices and there are lots of incentives. However, I've noticed that "pre-owned" homes are still listed as though they've been continually appreciating. This seems conflicting!
What's your take?
Last edited by Cornerguy1; 10-14-2007 at 10:49 PM..
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Wow, take an area that has been overbuilding like the rest of the entire nation and couple that with a slight slow down in people moving at the moment and you get a....cooling effect?
I hate to break it but this will be the story for the next few years as new home builders in the area have overbuilt like crazy and they are much more willing to discount than an individual owner as most builders have to move inventory even though it might not be as profitable. It's either move it at a smaller profit or go bankrupt.
I know this is a different area, but I've been tracking The Palisades (Lake Wylie)development and in just the past 4 weeks I've seen a new home builder reduce the price from $450k to $412k to $391k. Something tells me I could easily get it at $375k or maybe less.
Be smart about your purchases and don't rush into anything. Nobody is going to be priced out of Charlotte in the next few years, and you have a much better chance to save $ by lowballing now or just being patient.
I hate to break it but this will be the story for the next few years as new home builders in the area have overbuilt like crazy and they are much more willing to discount than an individual owner as most builders have to move inventory even though it might not be as profitable. It's either move it at a smaller profit or go bankrupt.
I know this is a different area, but I've been tracking The Palisades (Lake Wylie)development and in just the past 4 weeks I've seen a new home builder reduce the price from $450k to $412k to $391k. Something tells me I could easily get it at $375k or maybe less.
Be smart about your purchases and don't rush into anything. Nobody is going to be priced out of Charlotte in the next few years, and you have a much better chance to save $ by lowballing now or just being patient.
I'm concerned about this, especially since my new employers have been dragging their feet about completing my paperwork and setting a start date....
We missed the NY housing boom by about a year. I have been worried that by the time we are comfortable and ready to buy here, the homes will have reached the 550+ mark for 1600 sq ft (just like NY). Feels like we will be apartment bound forever! LOL
I'm concerned about this, especially since my new employers have been dragging their feet about completing my paperwork and setting a start date....
We missed the NY housing boom by about a year. I have been worried that by the time we are comfortable and ready to buy here, the homes will have reached the 550+ mark for 1600 sq ft (just like NY). Feels like we will be apartment bound forever! LOL
Stokes, I think you might have missed Waterboy1's point. He's saying that real estate is NOT going to boom in the area in the next few years due to an over supply of homes relative to the number of buyers. My honest opinion is that prices have pretty much leveled off in Huntersville and might even fall slightly more. I've been surprised at how many homes builders need to unload!
amploud, That is exactly my point. RE in the suburbs of Charlotte will not boom due to the huge supply of new homes and existing owners that need to move for one reason or another.
I think it is funny that in places such as CA, NV, FL, & AZ that people have the preception that some areas are down 20% from their peaks and that makes them a great buy. Too bad they don't understand why it is wrong that those places rose by 100% + over the last 5-6 years.
Its really not a surprise. Builders here made huge profits, got fat and happy, and now are paying for all the excess inventory. The banks want their money and many are in trouble. (That's why you are seeing firesales around the country).
Building needs to slow down so inventory can shrink....just part of the cyclical process.
No, I understood what he was saying. I took it as good news and was commenting that I had been worried about being priced out, as I was in NY.
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