Buy now or later (Charlotte: days on market, sales, real estate)
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It looks like we will be getting a job offer next week and should be in Charlotte within a month. We came out a couple of months ago and really liked the Ballantyne area. We found that we liked Providence Country Club and Ballantyne Country Club neighborhoods the best. I know that there is disagreement on how the market is going but I would like some insight. Should we look at buying right away or rent for a few months and see what happens with home prices?
We sold our place a few months ago and have more than 50% for a down payment so getting a loan shouldn't be a problem. Thanks for any advice.
Location: Wesley Chapel/Weddington, Union County, NC
125 posts, read 376,580 times
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IMO, it seems to be a great time for Relocators to Buy right now. There is a large inventory of resales and new construction in the area. I believe it is harder on the sellers because of the large inventory. Market seems to need a push of the first domino (relocators) to get the resales sold, so these sellers can move on for whatever reason be it, relocation themsleves, upgraade, downsize, etc. Builders are also sitting on a lot of inventory and offerring some great incentives. You seem, from your post, that you are in a great position to buy. There have been some other threads prompting to rent first so I would search those. But with renting you will have the hassle of moving at least twice and it looks like you are financially sound for an investment. Also, you have narrowed down to some great areas.
I believe it is alway a great time to buy!! The market might be at a stand still here in the Charlotte area but nancy4mom is right there is a large amount of inventory which allows the buyers better position. You have to way out all angles, Tax Benifits, rent, etc. If it is a house that you will be staying in for more than 5 years I would say make the easy transfer and find a house right away. That way you will give time to allow for some good appreciation. Ballantynes a great area.
Maybe do corporate housing and leave items in storage.
The market is not at a standstill. We are still doing well down here in South Charlotte.
Yes, there is more inventory and days on market a little longer than the past. Otherwise there is still plenty of market activity, even for this time of the year. I actually was shocked the other day when looking over our office sales board for last month.
However, I do think now is a good time to buy. From the research I've done over the last few months, it's very evident the market here has "leveled off" if not "slowed down."
This is not due to a shortage of people who want to buy. It's due to a shortage of people who can afford to buy. (Actual "demand" is price-dependent for homes.) Thousands of people move here each year. Many of them still own homes in their previous towns and can't afford to buy here until they sell their houses. Requirements for mortgages are a little more strict (and realistic) than they were during the bubble. That has made the purchase of a home in Charlotte impossible for many until they sell their previous home.
The good news in all of this is simple. When the national real estate market improves even slightly, the number of qualified buyers in the Charlotte area should increase significantly. This bodes very well for people who can afford to buy now. I am very happy to be in this position!
I agree...best time to buy right now. While it's not really going down in Charlotte overall, I have seen many houses on the market and the sellers have dropped prices thousands of dollars since the summer.
I agree just from my own observations it would appeared the market here has bottomed out and is slowly starting to rise again.
I know one home builder is putting all their prices up on Monday.
Everything I've read in the last six months indicates the Charlotte market is better off than the rest of the country, and still remains a "hot" real estate market. There are inventory homes, but you might not get as great a deal as you might in another part of the country.
Having bought a home recently (not inventory), I can't really say, but that seems to be the indication. But the inventory homes in my new neighborhood are moving slow...
Anyone find it ironic that the first few replies are from real estate agents and all urge to buy homes?
They were pretty informative even if their opinion is a little biased. I like this answer the best:
"You have to way out all angles, Tax Benifits, rent, etc. If it is a house that you will be staying in for more than 5 years I would say make the easy transfer and find a house right away. That way you will give time to allow for some good appreciation."
That makes the most sense to me. if you only plan to be in the house short term now is not the time to buy.
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