James, Home Buyer in Charlotte, NC

I forgot to mention seeing numerous ads re foreclosures in this area. Does anyone know the back story?

Asked by James, Charlotte, NC Sun Mar 31, 2013

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dave’s answer

withrow downs is a subdivison that was designed for first time home buyers. I have had a few homes listed in there and sold and a couple of buyers that looked inthere as well and one that bought. Like any other area of the country it got hit with the market recession. parts of Charlotte helpd out longer than other parts and since that neighborhood is newer construction, I think the home owers worked harder to keep their homes maybe than other older neighborhoods.

Also check the information you are looking at. There are two withrow downs. One is being finsihed by Ryan homes (which based on lexington is the one i think you are talking about) and the other one is withrow downs II which is a lower priced starter neighborhood that has families looking concnerned with the proximity to the lowes motor speedway and making it harder to sell in there. That one I know becuase the builder has dramatically cut the price of the homes from when they first started is making it almost impossible for anyone to resell their home in there if they did not put a large down payment down....

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Sun Mar 31, 2013
Good evening, James:
These areas were developed and built at about the peak of the Greater Charlotte real estate market. Prices fell 22% regionally and people who bought near the peak were upside down. If they bought with little money down or were credit challenged to begin with, then experienced a hardship, the factors combined to result in a few more than normal foreclosures. But the market is changing and it is no longer a buyers market. Interest rates are still low, but they have ticked up a bit in the last months. If you can qualify for a loan, and find a house you like and can buy it on terms that fit your finances, you should not hesitate. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
1 vote Thank Flag Link Mon Apr 1, 2013
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