Thursday, July 30, 2009

Weak Charlotte Job market still making homebuyers nervous

In 2008, Charlotte, NC was the 9th largest market in the US with 7,303 single-family permits. But then a recession hit and home sales have plummeted.
Then, this past June, the weak demand for homes and the and higher-than-normal home inventory lead to lower home prices. And home prices continued to fall and foreclosures added to the already-high inventory levels--adding to the decreased home prices.
Agents reported that their home buyers were unsure if the were were at the bottom of the recession and were waiting for better deals despite the current home price lows and the available $8,000 federal tax credit for first-time home buyers.

One of the newest concerns seems to be job security. So many people have watched friends and family laid off in the last year, and the uncertainty about their own jobs has made them hesitant to commit to a new mortgage, despite all the incentives.

Things are looking up, but many agents are finding that they can't get home buyer to to commit. We are finding that home buyers have the time, or are undecided, they wait for better deals.

What does this mean to you? Are you holding off buying a home because of a job concern? We would love to hear from you. Email Rich at

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