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Has anyone ever taken the time to see how horrible the data is in MLS? There's no true oversight as far as I can tell (I've been told that "oh! they could get in trouble for that!") and I'm going to assume any data mining is going to have a pretty hefty error margin.
Just an FYI that I read on Forbes.com the other day, Charlotte was ranked (I forget the actual rank #) as one of the most overpriced real estate markets in the country at the moment.
I don't know if Forbes even knows what they are doing, they seem to contradict themselves by the week. I am not an investor either, but I was intrigued by what you wrote since I am looking to buy soon. I didn't see what you were referring to, but did see these:
I don't know if Forbes even knows what they are doing, they seem to contradict themselves by the week. I am not an investor either, but I was intrigued by what you wrote since I am looking to buy soon. I didn't see what you were referring to, but did see these:
They probably should be ignored. Didn't they recently come out with a 'happiest states' report showing most of the southern states as being the happiest then in less than a month almost totally reversed the order in the exact same report. I wouldn't use their reports to make any decisions.. they have only become more and more ridiculous.
Everywhere has taken a hit in this crisis, and Charlotte is not alone. However, as a real estate investor who is 'in the trenches', it is my opinion that Charlotte has not taken quite the hit that most markets have. I think it's a great time to buy, but buy low, low, low. Do not do speculative investing (I never do). If you buy something, it better be a fantastic deal right now--not hopefully 6 months or 2 years from now. I think it'll be a good 5 years before we see improvement in the markets anywhere, including here, so you'd better be in it for the long-haul, and you'd better know what you're doing. Aim for 50-cents-on-the-dollar, and you're probably be safe.
@FMYankee... check out Do something, Learn something, Share something, Change something - Meetup.com as well as Metrolina REIA or Charlotte REIA my investment group is also buying hot and heavy right now in the Charlotte metro area as well as NY since both of the areas have recently experienced depressed prices but are poised to recover quickly. We are currently starting to see an uptick over the last few months in prices and rentals rates are quite high currently and are increasing about 3-5% per year.
Over biggest CAP rate properties tend to be single family homes above $400K and solid shorts and fannie maes. We are also seeing excellent rental rates for homes older then 6 years and below $140K
Westbury84, thank you for the link--definitely something I will investigate. And I completely agree with you--there are tons of money to be made in higher-end homes, as well as good rent to be had under $140K (have several rentals myself). I think, all-in-all, the Charlotte area is a very good and secure place to invest. You and I should connect. I'll PM you.
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I wouldn't use their reports to make any decisions.. they have only become more and more ridiculous.
Well they were right about Cleveland being one of the most miserable cities!
But I agree, they have lost a lot of credibility in my book. Sorry to go off topic.
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Ignore Them
