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Old 04-09-2007, 08:01 AM
 
Location: Charlotte, NC
523 posts, read 2,604,966 times
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I am considering moving to Charlotte from CT. I had another posting and learned a lot about Charlotte that way but am interested in understanding the housing market more... Is it a buyer's or seller's market in Charlotte right now? How about with new homes, is it easy to negotiate upgrades? Are any home prices coming down? I think the prices are ridiculously cheap (compared to other places I have lived) so I'm assuming there wouldn't be a real estate crash/dip in Charlotte like in other parts of the U.S. Does anyone have thoughts on this?
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Old 04-09-2007, 08:04 AM
 
Location: Cornelius
2,314 posts, read 2,106,371 times
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Quote:
Originally Posted by Anu2 View Post
I am considering moving to Charlotte from CT. I had another posting and learned a lot about Charlotte that way but am interested in understanding the housing market more... Is it a buyer's or seller's market in Charlotte right now? How about with new homes, is it easy to negotiate upgrades? Are any home prices coming down? I think the prices are ridiculously cheap (compared to other places I have lived) so I'm assuming there wouldn't be a real estate crash/dip in Charlotte like in other parts of the U.S. Does anyone have thoughts on this?
Charlotte's market is hot. The last week I was taking a client around and 3 of his Fav's were pending within 10 days of being on the market if that's any indication. Some on here will say its slowing down because of the mortgage industry and it maybe true. I just speak on what I am seeing still.
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Old 04-09-2007, 08:10 AM
 
478 posts, read 1,877,850 times
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We're working with two realtors and they both say the South Charlotte market is definitely slowed, even in this expected Spring-sale time.

But of course, they are very proud of the Charlotte areas they are showing to us and not everyone is looking at a family home from purely investment potential.
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Old 04-09-2007, 08:29 AM
 
Location: Charlotte, NC
523 posts, read 2,604,966 times
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I'm not looking at it as purely an investment, as I would live in the home if I do move to Charlotte. I simply don't want to buy something, though, that could drop in value by 10% or more. There are many thousands of homes on the market so it just seems that it is more of a buyers market than sellers market. If that's the case, I obviously want to get the best deal possible. It would also be nice if I don't have to make a decision about a house within hours of seeing it (like the last house I bought in another part of the country) just to make sure I can get a contract.
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Old 04-09-2007, 08:43 AM
 
543 posts, read 1,632,793 times
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In our development here in Huntersville, resales seem to be sitting for a little bit but the new stuff they're building is selling almost as quickly as they put it on the market. I think they have about 20 houses to go and then once the hood is complete the resales will start moving and the prices will go up
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Old 04-09-2007, 09:16 AM
 
1,735 posts, read 4,220,991 times
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Quote:
Originally Posted by Anu2 View Post
I'm not looking at it as purely an investment, as I would live in the home if I do move to Charlotte. I simply don't want to buy something, though, that could drop in value by 10% or more. There are many thousands of homes on the market so it just seems that it is more of a buyers market than sellers market. If that's the case, I obviously want to get the best deal possible. It would also be nice if I don't have to make a decision about a house within hours of seeing it (like the last house I bought in another part of the country) just to make sure I can get a contract.
IF youíre worried about the possibility the house could lose value you should not buy. No one can predict with certainty the future of the housing market. Too many variables to consider. If you are going to live in the house I would definitely buy as opposed to renting. Just as there is a high potential for appreciation there is also the small chance that the property can lose value. Itís a risk you take, but over time a well maintained property should increase in value.
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Old 04-09-2007, 09:17 AM
 
Location: Concord, NC
189 posts, read 525,561 times
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I am moving from CT to Charlotte as well and have been lucky enough to have made some money in the CT real estate market over the past 5 years in CT.

I am moving because of financial reasons, job oppotunities, climate, my parents have moved south, and most importantly I love the Charlotte area.

As far as a home goes, I would not expect to flip a home and make money (similar to the past 5 years). I don't believe anyone can accurately predict the real estate market in terms of months, but historically the market appreciates on average.

The home is an investment. It can fluctute up and down in price. If you are that worried you can rent (you lose some benefits of ownership), but you have zero downside risk. Personally, I would buy the home you can afford on your budget and negotiate the best deal possible based on the property that you desire.

Good luck.
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Old 04-09-2007, 09:29 AM
 
Location: Charlotte, NC
523 posts, read 2,604,966 times
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Apparently I came across as a little ignorant of the real estate industry and sound more like a flipper than someone who wants to live in the house. I actually am a former mortgage banker so I follow the real estate market pretty closely. I DO want to live in the house and would be buying it both as a place to live and as a mid-long term investment. I'm not expected unrealistic returns of 20% or more a year and I do NOT have the mentality of a flipper. I understand that house values can go up or down. I guess my point is that I don't know the Charlotte real estate market but if I moved there I would like to buy. I'm just trying to prepare myself for what type of market I can expect (crazed, laid back, good values, buyer incentives, multiple offers on same house, etc.). Also, it does concern me that much of the U.S. is crashing in terms of real estate. As far as I can tell, though, Charlotte hasn't been affected. If the real estate market is looking "bubble-like" in Charlotte, I would want to hold off on buying. However, from what I have read about the market, it doesn't appear that way but I wanted to get other people's perspectives who know more about the market than I do so I know what to expect before house hunting, that would be great! Thanks for everyone's help!
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Old 04-09-2007, 10:14 AM
 
1,735 posts, read 4,220,991 times
Reputation: 1437
Quote:
Originally Posted by Anu2 View Post
Apparently I came across as a little ignorant of the real estate industry and sound more like a flipper than someone who wants to live in the house. I actually am a former mortgage banker so I follow the real estate market pretty closely. I DO want to live in the house and would be buying it both as a place to live and as a mid-long term investment. I'm not expected unrealistic returns of 20% or more a year and I do NOT have the mentality of a flipper. I understand that house values can go up or down. I guess my point is that I don't know the Charlotte real estate market but if I moved there I would like to buy. I'm just trying to prepare myself for what type of market I can expect (crazed, laid back, good values, buyer incentives, multiple offers on same house, etc.). Also, it does concern me that much of the U.S. is crashing in terms of real estate. As far as I can tell, though, Charlotte hasn't been affected. If the real estate market is looking "bubble-like" in Charlotte, I would want to hold off on buying. However, from what I have read about the market, it doesn't appear that way but I wanted to get other people's perspectives who know more about the market than I do so I know what to expect before house hunting, that would be great! Thanks for everyone's help!
Iím not a realtor, but I have been watching the Charlotte market for two years so hereís my unprofessional prospective.

Prices seem to be up about 5-10% from a year ago for new and resales.
New homes are being offered with upgrade incentives. Most are @50% off upgrades anywhere from $20k to $30k.
Resales are harder to nail down. I have seen properties sell right away and others are sitting 60 days or more and it doesnít appear to be a pricing issue. I have had my realtor run comps on properties Iím interested in and it appears that prices are in line with recent sales.
I have seen new homes affected by the slow down in other states. Several previously sold homes are being re-listed as these buyers have had to back out when their homes in other states didnít sell.
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Old 04-09-2007, 02:37 PM
 
297 posts, read 1,043,482 times
Reputation: 51
Here are two quotes that I have to agree very much with. On the side I volunteer time to help people in financial distress in one of the local churches. Over the past several weeks I have talked to several middle class families that have taken a turn for the worst with local layoffs in the mortgage industry and banks. All families have large houses and have lived life to the edge of their finances. Now they are lost as employment is difficult for them to find and they are clawing through what saving they have. I looked for another quote but I will just say it DON'T MOVE TO CHARLOTTE WITHOUT A JOB.

Quote:
Originally Posted by stmaarten View Post
Sorry, but if you're intention is to move merely for economic reasons, you're moving for the WRONG reasons. Sure, housing costs are a driving factor, but shouldn't be the only reason for such a major move.
Quote:
Originally Posted by muse1110 View Post
We're working with two realtors and they both say the South Charlotte market is definitely slowed, even in this expected Spring-sale time.

But of course, they are very proud of the Charlotte areas they are showing to us and not everyone is looking at a family home from purely investment potential.
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