If you have been watching TV, reading the paper or talking to your next store neighbor you must think the housing market is doomed and the world is coming to an end. Thanks to media momentum the housing market has taken a pretty good blow nation wide. Although certain parts of the market are on a decline the media has been feeding snow to the snowball and it is now rolling down hill if you know what I mean. The truth is, its not as bad as everyone thinks it is. If you are comparing to the last couple of years the numbers are down in almost all areas of the United States but overall the market is still fairly healthy looking at the big picture. If fact the Charlotte area, Lake Norman included is one of five cities in the U.S. that actually gain home value from June '06 to June '07. Interest rates are still in the mid to low sixes. As a REALTOR in the Charlotte / Lake Norman area the biggest problem I have been faced with is that buyers from out of state are unable to purchase the Lake Norman homes they are interested in because they are unable sell the house out of state. The Lake Norman market remains strong but has been effected by the majority of markets outside the area. As with all financial markets, the housing market is going through a natural cycle that will level out the steady climb that has been going on for years and years. Were it has been a sellers market for a number of years, it is now swaying back towards a buyers market. Listings have been staying on the market for about 100 days in the Lake Norman area which is a bit longer than months past. If you compare that to other markets that is'nt too bad from a sellers point of view. Do to the market slow down nation wide the Lake Norman market is also experiencing the transition to a buyers market. That is obviously good for buyers but touch on the selling side. If you were thinking of buying a new home this may be the time to start looking.
If you would like more information about the Lake Norman area contact Craig LePage, Broker, Realtor
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