Charlotte NC homes are now experiencing some of what the rest of the Country has been going through for the past 3 years – a glut of short sales and bank owned properties on the market. This over abundance of inventory and the negative impact short sales and bank owned properties are having on appraisals, are dragging down home prices.
The good news is that Charlotte has escaped the brunt of the down market and I believe Charlotte will come out of this ‘Buyers’ market just about the same time as the rest of the Country. Why? The big hit to the Charlotte market were the dire conditions of the banks. Yes, a few more banks will still go under, but the bulk of that is over and banks are now starting to sort things out and make some headway. Some have started to pay back TARP Funds and others are streamlining their short sale process and hiring more help!
OK, what does this mean to you? It is time to buy, of course! The rest of the country has had 3 years of down turn…but the Charlotte market will have much less. Therefore, we do not have the luxury of sitting around – the time to take action is NOW! Buy at the Bottom! Although you may not realize as much money on the sale of your home today, conversely, you will be much better off on the home you purchase. FOR example: let’s say you want to move up into a better, larger new home. You sell your current home for $180,000, $10,000 less than you wanted. However, the new home you want costs $220,000 (down $30,000 from the original price of $250,000). You made $10,000 less on the sale of your current home, but you also paid $30,000 less for a new home – a net gain of $20,000! You may not ever have been able to afford a $250,000 home but, because of the Market, you are able to make the most of it and realized your dreams.
The Richards Group at Keller Williams Charlotte Real Estate offers a wealth of knowledge and experience in real estate transactions and homes for sale in the entire Charlotte Metro area. We have the most comprehensive real estate website for your home search and if you are searching for Charlotte homes, townhomes or condos or Rock Hill SC real estate you’ve come to the best place!
Let us help you find a home or sell a home! Give us a call at 704-604-6115. We look forward to hearing from you!