Charlotte Area Bucks National Real Estate Trend (sales, real estate market)

[YaYaChick]

This is a great article about the Charlotte real estate market.

Bloomberg.com: News

[CouponJack]

Originally Posted by YaYaChick

This is a great article about the Charlotte real estate market.

Bloomberg.com: News

Yes, you can still find some great value in Charlotte and surrounding towns, but the area is still by far a buyers market. Median sales prices really don't mean much because more "expensive" new homes are being sold, which skews the numbers. The real indicator of how a market is doing is inventory and number of units sold. Inventory is sky high and rising, while number of units sold is down 11% YOY.

Also, what's going on around the northeast, west and midwest affects Charlotte. Many, many people cannot sell their homes from around the country which results in most cases of people carrying two mortgages or not closing at all. The market will not show signs of improvement until long term trends start reversing. Also, the credit/mortgage crunch to find qualified buyers is making things 100x harder also.

Attached is the data from August of '07 compared YOY to '06.

http://www.ncrealtors.org/uploads/Aug07.pdf

[Patsfan20]

I currently hold a RE license with a firm here in Richmond, and will be moving back to Charlotte in the next 6 months. Although I have only been in Real Estate for about 8 months, things have been well for me here, but its time to get out of RIC. Condos are the BIG thing here in Richmond, and was wondering if there is much "urbanized" living moving into the center city? If there is, one can only imagine the costs. Perhaps working for a builder would be a good place to start out there? I believe it is a salaried position, but would need to do my due diligence on this matter. Charlotte is such a nice place to live, and I really think being an agent there would be awesome! Thanks in advance for any help from you RE tycoons out there.

[walidm]

Hmm...interesting theory; however, Charlotte is a balanced market.

[Weedydidi]

I hope this is true, but my home's been on the market for a month and no action. Our realtor told us that the average listing time is 90 days in Charlotte. Of course it doesn't help that someone one street over has listed their home about $15-20k below market value. Grrrrr

[CouponJack]

Originally Posted by Weedydidi

I hope this is true, but my home's been on the market for a month and no action. Our realtor told us that the average listing time is 90 days in Charlotte. Of course it doesn't help that someone one street over has listed their home about $15-20k below market value. Grrrrr

Well, in today's market you need to stand out whether its staging your home extremely well or being ahead of the price downturn. (especially since the market here is getting worse). They have the right idea to get traffic in the door.

gl

[groove1]

Originally Posted by Weedydidi

I hope this is true, but my home's been on the market for a month and no action. Our realtor told us that the average listing time is 90 days in Charlotte. Of course it doesn't help that someone one street over has listed their home about $15-20k below market value. Grrrrr

It depends on how fast you want to sell it. With the current market, you have to do things like this.

[waterboy1]

I hope new home builders don't get too far ahead of themselves or Charlotte is going to end up with way too much inventory.

Charlotte nationally has almost become the "new place to move to", but I don't believe that the jobs can be created fast enough. As mentioned before, it's getting much tougher for those that want to relocate to either find the right job or sell their home.

The newer communities are going to take the biggest hit in the next few years and if I had to bet, those who bought within the last 24mo are going to see neighbors purchase at a 15%-25% discount in the next 24mo

[TomnNC]

I have always been optimistic about the RE market in this area. The condition of the market gives me confidence about the future. I am sure it will have its ups and downs. My strong belief is that the happy times will surely outweight the challenges. I really believe my wife and I bought at a great time, and the value of our home continues to appreciate at a decent clip.

[Weedydidi]

Do y'all think that zillow reflects the true market value?