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Old 07-18-2008, 03:33 PM
17 posts, read 41,485 times
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Hi everyone forgive me if you feel like you've read this question before but I can't seem to find where it has been asked recently. I am planning to relocate to Charlotte but not until next summer. I am however, already doing my research in terms of schools for my daughter and areas that are nice to live in. I currently live in the DC area. Right now the housing market here is truly a buyers market and we have been effected by the so called "mortgage crisis" homes are in foreclosure at record amounts and things are selling for much cheaper. Is Charlotte being affected by this? Are there more foreclosures there now then there used to be? Are real estate prices in CLT much cheaper now then say 1 year ago? Or are they just taking longer to sell? I am wondering if I need to be in a hurry to purchase something or if homes will still be affordable in Charlotte next year. By affordable I mean getting into a home for less than $200 or even $250. Any thoughts out there?
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Old 07-18-2008, 03:42 PM
Location: Cornelius
3,662 posts, read 8,674,101 times
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We have not seen quite the dramatic drop like the rest of the country, but we are certainly affected. We have mostly been affected by people not being able to sell their homes in other parts of the country, thus preventing a move to purchase a home in Charlotte. We do have our share of foreclosures, but we're not swamped.

We are in a buyer's market here as well, I'm not sure what part of the country wouldn't be. Having said that, I don't think you'll need to worry about a price increase anytime soon. I don't think we've seen the bottom yet, and the more the government meddles, the worse it's gonna get.

So I say continue your research and there is no need to be hasty. You'll likely get an even better deal if you wait, imo.
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Old 07-18-2008, 07:46 PM
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I agree Carolina Guy. People who say the Charlotte market hasn't been affected are being realistic. Prices have dropped and sales are slow. Our feeder markets are drying up.
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Old 07-19-2008, 06:33 AM
Location: Ayrsley
4,714 posts, read 8,465,121 times
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Sydney - we just moved down here from your neck of the woods. I'll second what Carolina Guy said. As Charlotte never had the huge bubble we had in Baltimore / DC, the situation seems to be a lot less extreme down here (of course, that perspective may be entirely relative to where we moved down from).

I don't think you'll have a problem finding something down here for under $250k by next Summer - there are a lot of nice houses you can find under $200 and I don't see the prices here skyrocketing 25% in the next year. Although I don't know if they would drop that much either - the CLT market seems to be on a pretty even keel, and I get the impression it has been for a while.

I have noticed that, in our new neighborhood, several houses have been up for sale for a few months now - but I think that's because the sellers are asking for the same price that someone would spend on brand new construction right down the street.
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