For someone who works downtown Charlotte, North Carolina, would a first time home purchase in Peachtree

Asked by Safeway, Alabama Mon Nov 26, 2007

Estates off I-77 exit 16B and Sunset Road be a wise investment? Are homes in that area likely to appreciate in the next 4 or 5 years? I plan to live in it and then hopefully trade up.

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Jonathan Osm…, Agent, Charlotte, NC
Mon Nov 26, 2007
We're experiencing a very interesting trend right now in Charlotte. While there are pockets of foreclosures where prices are hurt by this trend, mostly in areas where there are starter homes, the overall picture is quite good. The builders, who are most affected by this trend, are buying less land and starting few projects that they even did this time last year. Plus, people keep moving to Charlotte at the tune of 50,000 a year. Now, this may slow due to some having trouble selling where they are moving from however this is still a very good thing.

So more demand + less new construction = higher price for existing homes. That's what we're expecting right now but anything could change that like a LOT of loss of middle income financial services jobs or real estate markets improving in other areas like Florida, the north east, and the mid west.

Specifically to that area where you are looking to purchase, there's a lot of new construction. If in 4 or 5 years there is a lot of new construction, that could negatively affect your appreciation. What I've seen for years is that anytime you're selling against a builder. you will lose since they can decrease their profits by lowering the price down a little bit on each one to get a sale. Since you only have one unit, you can only hope the they don't lower their price in 5 years down to today's prices. That does happen. If you're really concerned about future value, you can purchase a newer home in a completed neighborhood that is either a foreclosure or just a seller needing to get out. You can sometimes get a home 20% below market value, which is instant equity. This is what smart investors do.

Also, if you ever want to see a complete trend on the values for any area of Charlotte, you can check out my blog. I post the local area stats for areas around Charlotte on a monthly basis. That way, you can see what's happening with values. You can read it at http://charlottehousehunter.featuredblog.com/ and tomorrow, I will post the numbers for Area 9, where Peachtree Estates is.

Finally, get with a Realtor that knows this market and will help you make a wise decision.
1 vote
Matthew Trin…, Agent, Charlotte, NC
Tue Feb 3, 2009
If your goal in purchasing is to maximize appreciation in a 4-5 year window I think there are some far better alternatives than the geographic location you have described.

I work with a lot of investors and homebuyers and pride myself on finding great deals that will represent great value and appreciation over the years.

I would love to talk with you about some other areas in Charlotte that may help you attain your goals in this regard.

Thanks,
Matthew Tringali
matthew@kristinedearmon.com
704.517.3906
0 votes
Suzanne Whea…, , Locust, NC
Tue Feb 3, 2009
HI, I just relocated myself!! I would love to help!!


As an ERA Real Estate professional, I pride myself on offering the most state-of-the-art tools and services to my customers. These include the most current technological innovations for selling homes in a timely and profitable manner, and the most established strategies of what works best for home sellers and buyers.

One essential and longstanding service I can offer you is a Comparative Market Analysis or CMA. If you are thinking of selling a home, this service can give you unsurpassed insight into the best time and price for doing so. As your Realtor®, I want you to know that this service can give you unsurpassed insight into the best time and price for selling your home.

The CMA determines a home’s value based on a review of sale prices for similar homes that have recently sold in your area. We review about three homes with features similar to yours which have sold within the past 12 months; we also review the sale prices of homes in your area that are currently on the market, to determine your present competition and customers’ choices, and we review any area homes that failed to sell and why. Often the latter were priced too high for the context of your market – but we also want to avoid pricing your house so low that it will sell at less of a profit than you could have made.

Please contact me at your convenience to set up a time for
your FREE MARKET ANALYSIS!!


Suzanne Whealan
suzanne.whealan@era.com
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