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I'm relocating in two weeks and while I have temporary housing, I will be looking to purchase a home soon. I would really like to stay away from areas that are unstable due to foresclosures/short sales. I don't want to purchase a house only to have my new neighbor foreclosure and reduce my house value.
Any areas I should stay away from would be appreicated.
There are no safe areas. There are foreclosures in all neighborhoods and in all price ranges. My recommendation however is to stay out of any of the high profile older neighborhoods, downtown, or any new subdivision that is less than 10 years old. Your best bet is to get a local map, look for Charlotte Route 4, and stay near it.
There are no safe areas. There are foreclosures in all neighborhoods and in all price ranges. My recommendation however is to stay out of any of the high profile older neighborhoods, downtown, or any new subdivision that is less than 10 years old. Your best bet is to get a local map, look for Charlotte Route 4, and stay near it.
Why not any subdivision less than ten years old?... I could see less than 3-4 years old, but it would vary by neighborhood. Another option for the OP would be to buy a foreclosure and hope the reduced price results in equity 5+ years down the road.
Up to 450K but I think I can find what I want for less than 350K
I don't think you can completely dodge foreclosures at any price point... Even if there haven't actually been any in a particular area/subdivision today, there's a significant amount of people underwater and falling behind on their mortgage. There's going to be no assurances.
IMO - it's more important then ever that you really get to know the area before you buy. Gone are the days of a long weekend to find a home. Many folks did this during the boom and they're paying for it now.
Commute requirements? Schools? Amenities? What are you looking for?
South Charlotte. Make sure its an established neighborhood (no new construction or areas where they can build a new development nearby). Stay north of Highway #51. Buy one of the least expensive homes in the neighborhood. Make sure the neighborhood looks well maintained. You should have a few choices in your price range but I recommend staying well under $450,000.
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