Historically, Charlotte NC real estate has not followed market trends as closely as other cities in the U.S. primarily due to our constant influx of banking transferrees and many other Fortune 500 Companies (we have over 300 represented right here in Charlotte). Charlotte NC real estate has not experienced quite the problems that other cities have in the recent past or are currently experiencing. This could very well be as a result our conservative rate of appreciation in recent years, not giving rise to the 'bubble' effect, thus we have no 'bubble' to burst!
Charlotte, known as The Queen City, has been extremely popular due to economic growth and job growth. Charlotte Chamber of Commerce VP of research, Tony Crumbley, feels that it is 'fact that we are creating jobs and our quality of life' are other draws to our beautiful city. The fact that our region enjoys a full four-seasons is also a big draw to the Queen City.
Charlotte's newcomers have reached about 80,000 per year!
Charlotte homes are being listed for slightly extended periods of time and Charlotte Buyers are finding GREAT buys on resales and even getting a break on new construction (which has not been seen the past 20 years in Charlotte)! Not only do Charlotte NC real estate buyers have the selection of a lifetime, but, mortgage rates remain at 40-year lows!
Builders are dialing back their construction prices, offering buyer and agent bonuses or buyer amenity incentives. Builders and their sales agents are confident as those builders who remain feel that the 'panic' is over. Their goal is to sell their specs at 'wholesale' prices and move forward to building when the specs are sold.
I am very bullish for 2010 for buyers and absorption within the Charlotte NC real estate market!
Buyers, motivated by price, will continue buying (with encouragement from the federal tax credit extension); homes continue to sell at approximately 96+% of list price across the Charlotte area, both in new construction and resales.- The investors who bought (and continue to buy) will win in the short and long terms. They are finding tenants who have lost homes to short sales and foreclosures and continue to secure positive cash flow.
- Those who have lost their homes as a result of the sub-prime crisis, have to have a place to stay, so I expect more investors to purchase these short sales and foreclosed homes as long-term investments, utilizing the cash flow to continue to build their real estate portfolio.
- Sellers have already seen that their homes need to be marketed in tip-top shape--Sellers simply must use a Realtor® who offers full-service and will be attentive to their needs. Listed homes must be well-maintained, in mint showing condition, allow ALL potential Buyers to see their property (WHEN the Buyer wants to see it!), have a listing agent who provides follow-up for each and every showing, and must be PRICED RIGHT. Average days on the market have risen but, are leveling off here in late 2009. I think that those Sellers who have been on the market for awhile need to step back and 'diagnose' the problem--chances are, they're overpriced!
So, if you're interested in previewing homes for sale in the Charlotte area or a complimentary market analysis on your property or one that you may be interested in purchasing, email Debe@DebeMaxwell.com. View ALL Charlotte listings that are currently available at www.SoldByDebe.com and get in on the BUYER'S ACTION IN CHARLOTTE NC NOW !
