Buy now or wait until later in the year? (Charlotte: sales, real estate market)
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I'm moving to Charlotte in a couple of weeks and my thought the whole time has been to buy as soon as possible. The more I look at the real estate market nationwide, the more nervous I get about house values. I'm sure there won't be a crash in Charlotte but there could certainly be a softening (maybe already happening?) Also, I think I might be in a better bargaining position in the fall/winter since there won't be as many buyers out.
The thing is that the thought of renting an apartment, moving in/getting settled in just to move out within 6 months kind of sucks. On top of that, I would end up having to break a lease and there would be costs associated with that. I know that a lot of you will recommend that I rent for a while to get to know the area before buying but at the same time, this will be my 5th move in less than two years. Half of my furniture is falling apart from the moves and it takes so much effort and expense to move. I had been thinking that I could simply rent a room from someone month-to-month and keep everything in storage but this idea is only good if I'll be there for three months or less. Anything more than that will be difficult to do without any belongings!
I am not a forcaster but I can just tell by all the new plans for the area that the market is going to stay strong in the Charlotte area at least til 2010. I was looking at this investment house to flip later last year and it was for 119k and now I go look at the exact model of the house in same neighborhood and they are around 135k
So, assuming Charlotte is not going to go down in value overall, will I be in a better negotiating position for houses if I wait for the Fall since there should be less buyers on the market then? Does anyone have Charlotte housing inventory figures--historical and current? Also, what data supports that the market should be strong until 2010?
No-one can predict the future. I can tell you between October and the end of Jan. of last year was some of my best months if that helps. Slowed a little around Feb but looks to be back in full swing.
My opinion rent for a year. Evaluate the market and learn the area. If you find you like the area and the market is okay buy when you find something you like at the right price. The prices in some developments in Charlotte appear to be coming down others are give away a ton of incentives which is now becoming a problem nation wide and effecting the appraisal/loans. Crack downs on incentives will becoming as more reporters are starting to dig into the earnings numbers for true cost and book value of builders. Add to this the fact that commercial real estate, which Charlotte has a huge over supply, is now becoming a problem (see link below) and is held ( along with many houses) by many RE Brokers, Banks and M&Ls. Toss in the foreclosures which by the way Charlotte has the highest number in the state. I think if you hold out for a while there will be penny on the dollars sales in Charlotte along with the rest of the country. Of course this is only my opinion.
Alarm raised over U.S. commercial real estate lending
Location: Sunny Phoenix Arizona...wishing for a beach.
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Quote:
Originally Posted by Anu2
So, assuming Charlotte is not going to go down in value overall, will I be in a better negotiating position for houses if I wait for the Fall since there should be less buyers on the market then? Does anyone have Charlotte housing inventory figures--historical and current? Also, what data supports that the market should be strong until 2010?
Add up what you throw out the window on rent and what you think may happen to home values in a few months. Unless we have a terrorist attack or something unforseen I don't think much will change in the Charlotte market this year, as far as prices falling. I guess it all depends on the area too. The people are coming here from other states is a major impact. The bad markets in other states have slowed what would have been happening to Charlotte and I think that is a good thing. I don't think the people from the NE will stop trying to get out of there anytime soon. It's a matter of survival for them not really a luxury. I also think the Floridians will continue come in full force.
I really don't think 6 months or so will make or break your choice. It's a pain moving twice though.
I would rent first. Not only because housing costs might decline but it will give you a much better idea of where you really want to live. It's so hard to decide that after just looking around for a few weeks. I don't see housing prices rising much this year, in fact inventory is way, way up over this time last year and it's still rising.
Please realize that about 1/2 the people who post here are divorced women, oops I meant Realtors , so you probably aren't soliciting unbiased opinions.
One of the funniest things I have read this week. Totally un PC but funny none-the-less.
Seriously OP - I was going to say, in my previous post, that you have to know who you are getting advice from. Realtors are going to have a different perspective on the market than those waiting to buy. Two totally different ends of the spectrum.
Location: Sunny Phoenix Arizona...wishing for a beach.
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I'm not a Realtor in NC, I was in AZ years back. This place reminds me of Phoenix before the boom. It has all the tell tale signs.
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, so you probably aren't soliciting unbiased opinions.
