We presently have 12. 2 months inventory of homes for sale in the Charlotte region. According to his reviews that using this suppy as a future indicator, we are probably looking at another 10% downward correction. Therefore, if you can sale you property now, you will more likely recieve a greater sale price now than in the within the next year.
Every neigborhood is different. Some may increase, but more likely most will follow the downward trend.
Presently, I manage over 100 rental properties for just this reason. Many sellers can't or do not want to sale their property in this market. They are taking a wait and see attitude to see if they can find a better future. They can make their property an asset by renting it. This can be part of your future assets just as valuable as stocks that you may own.
Thanks for the opportunity to have this discussion. Call me if I can be helpful.
We would all love to project what the housing market is going to do in the next couple of years. I have heard anything from a decrease as great as double digits in the next 12 to 18 months before we start the climb out to prices are at the bottom and will start a gradual increase of 2% to 3% a year over the next few years.
It is really tough to say. I know some neighborhoods and areas of charlotte are seeing price increases and other areas are seeing flat line pricing....I have not seen any areas where the prices this year have dropped dramatically from the past year or so.
If you would like to get a more detailed anaylsis you can give me a call or drop me an e-mail. I will work up what the average has been over the past four to five years...This should give you an idea of whether prices are still falling or have stabilized and what to expect over the course of the next couple of years.
Most economists vary on the when with the housing market...Some predicted it would be the second half of thei year and others say it can be as far out as 2014...The problem is noone really knows...A lot of it is predicated on the job market...As the economy goes with jobs so does the housing industry. Auto sales are up (which historically is a good sign of the economy rising) and homes are usually the last to increase.
Based on projections of another 2 years of foreclosures and short sales making up 30-35% of all sales, and Case Shiller index regional trends for the Charlotte MSA which have averaged 3.5% annual declines since the market peak in mid 2007 we could expect to be down another 5-7% by the end of 2014. The wave of foreclosures should begin to decline in 2015 and prices will eventually stabilize. John Burns Real Estate Consulting has some good national data on this.
Changes to banking regulations, especially giving banks the ability to lease/purchase option their real estate owned properties, could change the foreclosure patterns and affect values. Foreclosures impact smaller properties and those under $200,000 more than those over $300,000. Newer homes on the east side of Prosperity Church may fare a little better than west. The construction of I485 may also exert a downward pressure on values of properties that are very close to it. Communities with good amenities like Highland creek continue to sell better than other neighborhoods.
The University in general took a big hit over the past 3 years. It is still a desitable area and a lot depends on where your house is located, how that location has done over the past years and what condition your home is in currently. There are a lot of variables. If you would like to email me back confidentially and let me know where your house is located, I can at least give you a little more detailed and specific information.
Happy holidays! Lee Ann Miller Allen Tate Realtors 704 562 2922
-Continued falling prices through 2012
-Prices stable with little ups and downs in 2013 for areas where foreclosure inventory has cleared.
-Possible VERY slight appreciation in 2014 and 2015.
The better answer is very dependent on your specific neighborhood. There is a lot that goes into this answer and I almost hesitate to put it as simply as I have above because there are a number of factors that could change when the 'bottom' comes.
Would love to give you the better more detailed answer and explain all the factors in play.
Allen Tate Realtors
I have been seeing a slight increase in real estate, which is positive & I pray it continues, but it is truly too earlier to be for sure. It is still a buyer's market out there. Tons of homes out there for sale/inventory to sell & get sold. Rates remain low, which is another positive... Buyers are needed & wanted! Charlotte is a great place to live! Need help selling and/or buying real estate, please give me a gmail or a call!
Laura L. Miller/RE/MAX Executive Realty/704-661-4166
Home values in the Mallard Creek area of the University have been affected by all of the new construction in near by Cabarrus county, the University Business Park, UNCC, the Mallard and Clark Creek greenways, Northlake Mall, Concord Mill Shopping, and the public schools. Real estate is profoundly affected by banking. Surges in pre-owned real estate sales coincide with the season of year, the interest rates, and the competing new home market. Many economists are forecasting a flat real estate market in 2012. I personally think that the market may change the most in 2013 when politicians begin to act instead of react. Fannie Mae and Freddie Mac are going to change in the near future. Investigation has just begun into these two lending entities. We do not know what impact the layoffs planned by Bank of America will have on the Charlotte economy.
By the way, I look forward to my fellow realtor and mortgage brokers comments on this.
Robin Faison, broker