Is the Real Estate Market Cooling off? (Charlotte, Raleigh: sales, houses)

[rbusgc]

Just came to know about couple of single family homes in 400+ range getting sold for 30K to 50K lower than asking price here in Ballantyne area... Is this a true indicator of real estate market cooling off here in Charlotte (and nationwide)? or is it just a one-off kind of scenario? ... just your thougts.. as a fellow CLTian.

RB

[Charlotte485]

I think the Charlotte market, in general, is just warming up.

Complete opinion from someone not from the real estate industry.

Just my *perception*


There was an article the other day in the CBJ saying the housing rate can't keep up with the jobs created in Raleigh/Charlotte

[lauralaylin]

Asking price could be anything. Maybe these houses were overpriced to begin with? Many people think their homes are worth more than they actually are.

[chb119]

Asking Price vs. Market Value? That's the question.

I know in my neighborhood three homes just sold withing the past 2 months for about 3-7K under asking, but overall price has been slowly moving higher and higher.

[businessperson]

Medium priced homes are selling quickly and showing an increase in price while the more expensive homes are on the market longer and usually selling for less than list price. Inventory is low and homes under $300k are scarce in Ballantyne.

[pattyms81]

I know folks who bought in the stone creek ranch area of ballantyne at a price $12k-14k higher than the asking price, due to the seller getting multiple offers resulting in a bidding kind of situation. Cant comment on other areas of charlotte, but there sure appears to be a lot of frenzy on 28277 zip code real estate listings.

[Suncc49]

I can say that anyone buying new construction right now is crazy in my opinion and going to get hosed when interest rates rise and the market tanks again.

[Inna Radko]

I heard some numbers today. I think sales are down 6% from last year. But last year was really hot so I would say it is normalizing

[TeamMorrell]

Average sales price is up 6% year over year, and pending sales are up 6.5% year over year. The market is still buzzing.

[LLN]

We sold our home in Charlotte area in 2007. Our neighbors begged us not to "low ball it, just to get out." Homes are now about $120K less than then. His is on the market, now.

If the market is cooling off further, God bless you folks!