Charlotte Homes – Is it Finally Time to Buy Or Sell in 2009?

Posted on May 15, 2009 - Filed Under Business | Leave a Comment

Since the start of the national housing correction, many
participants in the the housing market find themselves on the sidelines, either
by choice or necessity. The participants get their day in the sun? The good news that I
have to report from my business is that it looks like that time is now and we
see signs of life heading into the spring selling season of 2009.

The first observation I have is that we are starting to see
good homes at attractive prices garner offers and secure contracts. Although
the Charlotte real estate market has fared much better than most nationally, it
was hard in 2008 for even these better listings to attract showing traffic and
offers... OK, really hard. Now we are starting to see these listings move. The
key here I think is prices on all homes, even the good ones, have come down
while many listings have been pulled or expired, creating a better balance of
inventory.

Another key piece of the puzzle are interest rates on
Charlotte home loans. Rates on thirty-year fixed loans have dropped
substantially. I am seeing rates at 5% and below here of late for qualified
buyers. And if you are of the impression that only Donald Trump can get a good
loan nowadays, then you are off base. There are loan programs out there for
most borrowers with decent credit and a down payment. FHA loan programs for
homes at or below the price limit in our area allow the borrow to put as little
as 3% down.

A couple of other factors that are probably at play here
include the fact that Charlotte is still growing and attracting newcomers to
our relatively-better job market, great schools, mild climate and
relatively-lower cost of living and taxes. Many have chosen to start over in
Charlotte after losing jobs in other areas or after having enough of booms and
busts in their former states of residence. These newcomers continue to bolster
the Charlotte real estate market into 2009.

These deals I am seeing buyers secure presently will be hard
to duplicate when the news gets out and the data improves. That improvement
process is in it's early stages presently in my opinion. And there is now hope
for sellers who are scared or who were previously unsuccessful... if they have
a reason or desire to sell and have reasonable expectations about value.

John C. Walker, Realtor® is an experienced agent
specializing in ,
contact John or visit http://www.SoutheastCharlotteHomes.com

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