Agent2Agent in 28205>Question Details

Khalid  Nafi…, Real Estate Pro in 28205

did the market hit bottom yet ?

Asked by Khalid Nafisah, 28205 Sun Oct 16, 2011

Help the community by answering this question:

Answers

13
Akil Walker’s answer
Ken,

I am not sure if it has hit the bottom but we are shallow water. prices for homes are down statistically in many areas of DC Metroa are. This due to many factors such as obtaining credit, etc. If you have the income and money saved it is a great tiem to purchase and/or add to the your real estate portifolio.
0 votes Thank Flag Link Mon Oct 17, 2011
BEST ANSWER
Possibly, The answer to all real estate questions is, "that depends". Some areas were harder hit than others even within the Charlotte region. Some neighborhoods are overburdened with foreclosures, these are especially located in first time buyer neighborhoods built in the mid 2000's. Until foreclosures diminish in those neighborhoods and all current and soon to be releasd foreclosures are absorbed, values there will continue to decline. The higher priced and more in demand areas such as South Charlotte and farther out in the upscale areas of Union County are seeing a bottom of sorts.

Foreclosures have been on hold for a few months but that is getting ready to change soon and the banks will start more active foreclosures and marketing the ones they already have, Again, until those properties are absorbed prices will continue to decline IN THOSE AREAS.

This is the 5th buyers market I have been through. In each of the other recessions it took 4 to 5 years to dig our way out of the messes we created...some bigger messes than others. We are on the mend now but things are dicey. I do not expect things to get a lot worse then they are for Charlotte area SELLERS, and it can't get much better for BUYERS. This is the best buying opportunity you will ever see in your lifetime. Nothing stays the same. I expect in 4 to 5 years will we be in a much healthier market than we are today but prices and interest rates will be higher.
0 votes Thank Flag Link Mon Oct 17, 2011
Depends on where you are asking about. The Real Estate market is and always has been very locally driven. You are starting to see that several of the major city markets have had their Real Estate prices rise while inventory has began to drop.
I can say that I believe the bottom has already come and gone in Northern Virginia. Although the Fall and Winter season has caused prices to fall slightly due to decreasing demand vs. Spring/Summer. Overall I believe a strong job market (which is something we have here) really helps with improving the Real Estate market.
0 votes Thank Flag Link Mon Oct 17, 2011
Hi Ken, I like the answer and info Daniel Fisher gave where as most of the others danced around the issue he looks young but a go getter I would do business with him to find out how much and offten he sells. EDGAR
0 votes Thank Flag Link Mon Oct 17, 2011
Case Shiller index shows price declines of 3/4 to 1% a quarter for the last three years. As of last report, the trend is continuing. This is a 3 month lagging index. A closing attorney stated that we are seeing 1200 new foreclosures a month in Charlotte. Projections are that foreclosure and short sales are going to be at least at the current or higher levels for the next 2 to 3 years. Most foreclosed homes are in the sub $200,000 range. You should be able to review these stats and evaluate using the CMLS if you are a member.
0 votes Thank Flag Link Mon Oct 17, 2011
I would say that we are bouncing along the bottom. Some neighborhoods will continue to be hit with foreclosure activity and will continue to drop in value. The close-in, highly desirable neighborhoods have stabilized and some are seeing small increases in home values. Until the national home market is stable, ours will continue to be effected, though, with many folks wanted to move here unable to until they can sell their current homes.
0 votes Thank Flag Link Mon Oct 17, 2011
One can never time the market. However, with the low interest rates and high inventory, it is a great time to purchase.

David Proicou,
Realtor, Broker
704-965-3409 mobile
704-377-7304 fax

david@mytownhome.com
http://www.mytownhome.com/agents/David_Proicou
http://www.lifesharecarolinas.org

My Entire Inventory of VisualTours
http://www.visualtour.com/inventory.asp?U=167154
http://www.mytownhome.com
http://www.maisonproperties.com
http://www.myhomeleasing.com
0 votes Thank Flag Link Mon Oct 17, 2011
Ken,

I being an agent in Charlotte, NC. I think the question should not be have we hit the bottom yet so much as is this the new norm? I do a lot of statitistacal numbers for clients on a daily basis and try to trend market conditions based on present and past sales... I am not sure if we have hti the bottom as much as we might be at a new norm for price levels.
As an economy we cannot afford to go back to the way it was before the crash. Consumers and home buyers would love that; but we would be back to where we are at right now in 4 to 5 years if that happened.
Everyone talks about the market going down...Well going down from what level? what was a feasible level to maintain where mortgages were given out responsibly and people took them responsibly and home pricesd were not inflated....I think if we go back to that level we might not be that far off from what the "real norm" is
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Mon Oct 17, 2011
If we knew that we would all be making a lot of money ;) In our area, North Carolina, we are seeing 'pockets' of homes appreciating. We cannot tell you if we have hit bottom or started on our way back up, statistics locally are showing a good steady market, we are also seeing bidding wars on some homes. Inventory down to 3-4 months would be a strong indicator like certain price points in Cary,Morrisville, Raleigh,Durham and Chapel Hill.
If you are waiting for the bottom to buy, don't, also note the interest rates, under 4% is incredible. How much is it costing you to pay rent? Real Estate is local, local markets differ. There are areas in Charlotte that are doing well, other areas are still struggling though.
0 votes Thank Flag Link Mon Oct 17, 2011
Hello Ken,
Real estate must be viewed on a local level. We can't say that the nation as a whole has hit bottom as some areas are fairing better than others and some are not showing improvement.

Time will tell...

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sun Oct 16, 2011
I sure hope so. The bottom has hit in several towns in my area, but there are some towns that are riddled with short sales and bank owned properties still, and until that mess is cleaned up, the values in those towns will continue to fall... So since it is town specific, the answer is yes and no! With that said, I think we are close, if not already behind the bottom. As long as nothing major on the world platform happens, i.e. A new war/conflict, a country's bankruptcy,, or a general stock market meltdown, the bottom should be behind most of us.... Either way, people will always have to buy and sell houses. So, focus on that and not the national real estate market place or media news. Remember, everything is great, if you believe in it. Be positive and let the other realtors be negative. Happy selling!
0 votes Thank Flag Link Sun Oct 16, 2011
Hello Ken.

Thank you for your question. As a Realtor who specializes in market trending and annual market predictions, I must say I really love your question. The problem with answering it is twofold, first, we need to specify the market area because the market as a whole is not only geographical, but also cyclical, meaning depending on the area, time of year, even if it is an election year, it will have an impact on market trends and predictions etc...each market will have a different outcome. Second, until we have a clearer idea of the intentions of lenders with the current inventory of foreclosures that have not hit the market yet, we canonly spectulate on what the effect will be based on our best assumptions.

There are areas, particularly in the Southern and Mid Western States, that have HIT BOTTOM. They are seeing inventory numbers falling off to normal timeframes (for example, instead of 14 months of inventory they see 4 months).

One of the key factors I try to educate buyers on is that the COST of buying a home now verses next year with a current interest rate as low as 3.6 percent is if that rate increases just a half a percent, even if home prices fall...the cost of buying that house a year from now at a lower price will actually cost you more money then buying it now with a higher price and a lower interest rate...

I hope this information helps you. Thank you again, and have a great day.

Regards,
Charlene Weston
Realtor
Smith an Associates
charlenetamparealtor@yahoo.com
0 votes Thank Flag Link Sun Oct 16, 2011
Not quite sure, the fall winter- season is usually a slower time, and with so many more foreclosures in the pipeline. I wouldn't count on it.
0 votes Thank Flag Link Sun Oct 16, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer