It is incredible to see that the great Charlotte Real Estate market remains very stable. What does stable mean in today's world? Good question. Real Estate statistics are often published but the real meaning takes a deeper analysis. First is the stability.
Our market continues to sell, albeit slower than in 2006, nonetheless, the demand for our climate and social environment continues to grow. The Charlotte Real Estate market is currently largely based on locals buying and selling homes since the national housing market has seized up. Our Charlotte Homes have not appreciated over the past several years but nor have the prices plummeted. Yes, there are subdivisions that are not doing very well. Developers and Builders had their rose colored glasses on and thought they were going to dramatically change the demand in a given location. Location, location, location. Location dictates demand and value; not developers or builders.
First their must be an economic environment to support the homes. If the median income of an area is $30,000 then building million dollar homes within this area are not going to sell very well. There are also schools (which are a reflection upon the community) and local crime. We can try to ignore these realities but the local home owners are well aware of their neighborhood. For example, an ill informed buyer may buy a home in a given neighborhood but in a few years, they will be leaving and accepting a loss on the home if necessary. Thus, the values of the neighborhood balance to the natural level based on the true demand. Homes in the million dollar homes are also selling at a great price. These homes were often leveraged very high and the current owner just can not keep up the payments. Also since the mortgage industry has changed, people can not readily obtain financing. If the current owner relocates with a position and can't find a buyer, the home may likely end as a foreclosure. There are many great deals in these neighborhoods. How about the reported appreciation in Charlotte?
I am not one to believe numbers. The figures are correct but you must understand our market. If the high dollar homes are being foreclosed upon, then the median sales price will definitely be higher than it was a year ago (since these homes were not being purchased). As a larger ratio of these homes are sold, the homes will appear to be "appreciating" but in reality the high dollar homes are selling at deep discounts.
How about our future? History shows that when ever there is a bad winter up north, Charlotte NC has a great spring and summer home sales market. Too many people up north will just say "enough is enough" and sell their homes. Increased demand will mean increased prices. The bargains are going quickly so if you are considering a Charlotte homes, it would behoove you to buy before the northeast thaws and those people begin their migration (I was born and raised up north so I am very familiar with life in those climates).
Let me know how I can help find that ideal Charlotte home for you. I am very familiar with our area and would love to help.
Thanks and have a great day!