Charlotte Real Estate appreciation is important to most Charlotte home buyers. As you begin to understand Charlotte you must understand the Real Estate factors that drove and drive our market. Charlotte has historically had strong and steady appreciation over the past 20 years. After the hurricanes hit Florida our market changed.
The Florida Hurricanes dramatically altered the over inflated Florida Real Estate Market. As a direct result of the hurricanes, Home Owners Insurance, Property Taxes and Home Owner Association dues sky rocketed. This tip the scales and made the Florida homes unfordable and less desirable. The people that planned on retiring to Florida changed their plans. Investors that were making so much money in Florida Real Estate had to seek opportunity elsewhere and they had to move fast (they were losing everything they had in Florida due to the market rapid depreciation).
Welcome to Charlotte NC Homes For Sale. Charlotte became the next hot market. Charlotte home prices and Charlotte Property taxes made Charlotte Real Estate an ideal option. The Charlotte NC Climate is moderate and this was also appealing to both the Florida crowd and the northeast. Just add baby boomers and you have Charlotte Real Estate.
Our property values continued to rise even though the rest of the nation was declining. This occurred because the few home selling nationally had owners relocating to Charlotte North Carolina. Finally the bottom fell out nationally and the Charlotte NC Real Estate market slowed.
The sub-prime market further fueled the disaster. The Government orchestrated the sub-prime disaster but tried to blame everyone else. First Fannie and Freddie, then the big bad mortgage brokers (that merely followed dictated Government policy), then Wall Street and Bank Executives. Now the financial crisis is the result of "Toxic Assets". These toxic assets are the Sub-prime loans.
Charlotte Real Estate will weather the storm better than most of the nation and we will definitely recover prior to the rest of the nation. This is because Charlotte North Carolina still has the best blend of location and climate. As the housing market begins once again (retirees are still retiring) and residents of the northeast are still tired of snow. It is only a matter of time. Now is actually the best time to purchase Charlotte distressed properties because the opportunity for discounted homes in Charlotte will be short lived.