Charlotte NC Market Update :: February 20, 2010
I am hearing conflicting reports nationally-some areas are booming with a 2-3 month market absorption trend and others are 2-3 years. The Charlotte NC Market update is different for nearly every neighborhood-we're definitely VERY hyper-local in the Charlotte Metro area!
I've heard many reports that the interest rates are going up. The school of thought regarding the opportune time to purchase is this: Picture a U - the interest rate goes up and down on one side of the U with the home prices on the other. The best time to purchase, obviously, is when both are at rock bottom:
The problem with the Charlotte NC housing market, just as in the stock market, is that we unfortunately do not have a crystal ball and won't know if this is as low as we're going to go. I will say this-interest rates ARE creeping up and our home prices are as well. We spent quite a few months at the bottom of that U and both sides are creeping up now.
More homes have come on the market and they're not selling as quickly but, sellers have priced them to sell and they're being a bit more firm on their prices than they were two years ago. Here's the most recent general Charlotte NC market absorption trend analysis report (single family homes only):
We obviously don't know if there will be another ‘fall' in home prices or not but, we are confident that the interest rates will go up-they too, have already begun that trend.
This is the entire Charlotte area report, just for an overview. We can be more specific regarding neighborhoods-again, real estate in Charlotte is hyper-local (a neighborhood can be down 3% that is right next door to one that is up 5%).
Is it time for you to search for homes in Charlotte NC ?
(THE best Charlotte home search available - no kidding!)
Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310
