How has Charlotte been affected by the real estate downturn?
Charlotte has not been spared from the slumping real estate market that this country has been experienceing in the past 2 years. The bright spot is that we are not getting hammered like some other parts of the country (California, Florida, Nevada) because our market was not feasted upon by all the speculators looking for the quick buck. Charlotte is a conservative banking town and while property values have certainly increased over the past years, they have not run out of control. Is our market down? Yes. But even though sales are off about 35% from last year our property values are not taking a nose dive but have decreased slightly. There are some good opportunities in the market with forclosures and builder discounts, however those sellers who have a good home priced correctly are having good success in moving these properties. Now is a great time to be buying a home. With mortgage rates still in the 6% range and the best selection of homes that this market has seen in quite a few years..... Buy! Buy! Buy! I will caution though not every seller in this market is going to accept your low ball offer for their quality home in a good neighborhood.