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OK...when we first went down to Charlotte from NJ in April, we fell in love with the area and purchased a home at the Point in Mooresville. It seemed the area (Charlotte and suburbs) was going to experience 10% + annual growth for a long time to come while most of the country was relatively stagnant. We wanted to purchase a home before the prices escalated any further.
We had a small house on great piece of property in NJ which should have easily sold (for the price we paid for our home in Mooresville) within a month or so of listing but then the reality of the current market set in. The house is finally in contract (fingers crossed!) and ended up selling for $175k below our original asking price. In hindsight, we never should have purchased in NC before selling our NJ property.
We are seeing a slowdown of homes purchased in our community in Mooresville, much of it due to the difficulty that people are having selling their homes in other markets. These people are smarter than us as they are delaying their NC purchase until they have money in hand to do so.
I'm glad we're moving to NC but it appears (from the news and discussions on this and other forums) that the growth may finally be slowing in Charlotte (still positive but less than 10%) due to the inability of people to sell their homes in other markets and perhaps a declining number of job opportunities (unless more big companies move into the area).
OK...when we first went down to Charlotte from NJ in April, we fell in love with the area and purchased a home at the Point in Mooresville. It seemed the area (Charlotte and suburbs) was going to experience 10% + annual growth for a long time to come while most of the country was relatively stagnant. We wanted to purchase a home before the prices escalated any further.
We had a small house on great piece of property in NJ which should have easily sold (for the price we paid for our home in Mooresville) within a month or so of listing but then the reality of the current market set in. The house is finally in contract (fingers crossed!) and ended up selling for $175k below our original asking price. In hindsight, we never should have purchased in NC before selling our NJ property.
We are seeing a slowdown of homes purchased in our community in Mooresville, much of it due to the difficulty that people are having selling their homes in other markets. These people are smarter than us as they are delaying their NC purchase until they have money in hand to do so.
I'm glad we're moving to NC but it appears (from the news and discussions on this and other forums) that the growth may finally be slowing in Charlotte (still positive but less than 10%) due to the inability of people to sell their homes in other markets and perhaps a declining number of job opportunities (unless more big companies move into the area).
Comments?
From your lips to God's ears
(We need for things to slow down around here a bit - though I think it is just very temporary - maybe 18 months)
Location: Wesley Chapel/Weddington, Union County, NC
125 posts, read 376,221 times
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According to CMLS figures, Charlotte is at almost the same as last years figures for Sept. There is always a little decline in #'s during Holidays w/ market picking back up in latter Dec/Jan-company relocations. Union County has a little more inventory than last year with all the new construction and slowly turning to more of a Buyer's Market. Things sure seem to be picking up now.
RE is slowing down big time in Huntersville. RE is slowing down in across the northern half of the Charlotte metro area (with a few exceptions.)
You won't see it reflected in this MLS listing prices yet, but the builders are feeling it. Of course, builders have to react to current market conditions faster than individual homeowners in order to stay afloat. I've talked to 11 builders in the northern metro area. They seemed anything from "slightly concerned" to "afraid" of the current market conditions. For now, it looks like the annual price increases of 10 to 20% are over.
You've hit the nail on the head: There are many people that want to buy homes in the area, but they can't afford a home until they sell the homes they left behind. Many of those homes are in very soft RE markets. Until the housing market improves in the US, the Charlotte metro area will slow due to lack of qualified buyers. As a result, builders will continue to lower prices and offer many incentives. Eventually, the prices of pre-existing homes will fall do to the pricing pressure from builders. After all, why would you buy a 2-year old home when you can get the same thing brand new for 20% less?
Unfortunately, real estate markets don't exist in world apart! The national real estate picture will continue to affect Charlotte.
Music to my ears! I dont think it will slow up too much, though. People will continue to move to the area because of the economy, weather, cost of living, etc. I know is some areas of the country, sellers are in rough shape. I dont mind fewer transplants in the area.. Maybe we can breath for a little bit
Praise The Lord. I Hope We Slow Down A Lot More!!!!!!!
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