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Time to Get Off the Fence - Charlotte Real Estate Opportunities

By
Real Estate Agent with Coldwell Banker United, RealtorsĀ®

Charlotte and Lake Norman property values have held stronger than any most other markets in the country. Initially, our region escaped the housing downturn while continuing to ride the influx of newcomers to the area. During the first quarter prices remained steady in Charlotte as other markets took big hits with dramatic drops in housing prices. Recently, though, the region's biggest wage producer, the financial industry, took a hit. With forecasts for a slower economy, the stock market's fall and continued job losses, the housing market in Charlotte, too,  has seen a decline in the price of homes. With the days on market for homes increasing and inventory levels higher than in the past, these are times for motivated sellers.

 Here's the silver lining:  With interest rates near historic lows, an abundance of homes on the market to choose from, there are some very good opportunities out there right now for motivated buyers ready to jump into the real estate market. Local analysts are optimistic that the third quarter of 2009 will see some improvement with pent-up demand growing. The expectation is that North Carolina's economy will begin some modest recovery later this year, particularly if the credit markets begin to flow freely again and if the incoming administration provides the necessary proposed stimulus package.  In short, if you take a 10% hit selling your $200,000 home, you still come out ahead if you get 10% off when you trade up to a $300,000 home.

Once the clouds of uncertainty disappear, the Greater Charlotte area has great potential to bounce back and recover. The most recent census figures released show North Carolina as the nations' fourth-fastest growing state with a 2% population growth of about 181,000 residents.