Charlotte NC Tops Forbes List of Best Cities to Buy Real Estate Now
Are you are a renter? Should you become a home buyer? A new study may give you some answers.
According to Forbes Magazine, now may be the best time in years for Charlotte NC renters to become home buyers. 
Forbes created a list of top cities that are the best places to buy real estate and Charlotte NC came in at Number 2 on the list.
How did Forbes identify the best cities to buy now?
First, the Forbes study looked at the premium to buy, which is the difference between what you pay monthly to own a home versus renting. The premium to buy has dropped dramatically. Forbes then looked at future appreciation from the five-year Case Shiller home price outlook. A low premium to buy combined with excellent future appreciation prospects identified ten cities as smart places to buy a home now.
Here are the numbers for the Charlotte NC metropolitan area from the Forbes study.
- Premium to buy, 15 year average: 56.9%
- Premium to buy, Q3 2009: 48.2%
- Five-year home price index forecast: 12.55%
- Median rent: $671
- Median home price: $199,600.
The First Time Home Buyer Tax Credit gives Charlotte NC renters another reason to buy now. Contract for a home by April 30, 2010 and close by June 30, 2010 and you may be eligible for up to $8000 in tax credits from the federal government.
Click here to learn more about tax credits for first time home buyers and repeat buyers.
Copyright 2010. Carol Fox. Allen Tate Realtors. *Charlotte NC Tops Forbes List of Best Cities to Buy Real Estate Now*
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