Sunday, August 30, 2009

Charlotte Market Update from Rich Ferretti: Now is the Time to Buy!

I am happy to report that existing-home sales showed signs of re-birth in the second quarter of '09 up from the first quarter in most states, and price declines have increased many buyer's ability to afford homes in most metro areas, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condos, lept 3.8 percent to a seasonally adjusted annual rate of 4.76 million units in the second quarter from 4.58 million units in the first quarter. However, they remain 2.9 percent below the healthy 4.90 million-unit pace in the second quarter of 2008.

Thirty-nine of the 50 states experienced sales increases from the first quarter, and nine states were higher than a year ago; the DC area showed both quarterly and annual rises.


Do you need help finding your dream home? Just tell me what you are looking for and I will search all of our sources and provide you with a convenient report of all the properties in which you may be interested, complete with photographs of the properties and detailed neighborhood information. Now IS the time to BUY!!

After two years of home price declines, does it make sense to buy again? A new study tries to answer that question by looking at two related issues: the home price-to-rent relationship in certain housing markets, and the likelihood that homeowners in today’s market will gain equity in the next five years. Of course, the answer depends on where you’re looking to live and how large of a home you’re thinking about buying. The bottom line: homeownership in the Charlotte area continues to become more affordable compared to rents in most housing markets. Are you renting and not sure if you consider buying a home or not? Contact me and let me assist you in determining if the right choice for you is to Rent or Buy.

If you would like to know the current value of your home, your potential net proceeds, and the benefits of buying or selling now, please contact me. If you have any friends or family that could benefit from my assistance, definitely give me a call.

Below are the highlights of our area's monthly statistics. If you scroll down, you can see all the detailed charts.

June 6 - July 5, 2009
Contracts Reported 2167
Closings 2024
Avg. Listing Price $223,470
Avg. Closing Price $218,728
Avg. Days for List to Close 144.5
Total Active Listings 28,657

July 6 - August 5, 2009
Contracts Reported 2341
Closings 2223
Avg. Listing Price $238,629
Avg. Closing Price $212,977
Avg. Days for List to Close 145.2
Total Active Listings 28,150

If you would like a Market Analysis on your property to see how the value has changed, please let me know. You can also sign up for the Market Snapshot report on my website. The report will be emailed to you monthly to ensure you are knowledgeable about the activity in your neighborhood. Just go to and fill in your information within the Market Snapshot box on the right hand side of the page, then click the Next button. You can also search for any properties in the MLS from my website.

Whether you're buying a new home in Charlotte, investing in property or selling a house, feel free to contact me, and I will be happy to help you with all of your real estate needs.

Helping People Home for Over 20 Years!

Rich Ferretti
Realtor/Broker NC/SC
Charlotte, North Carolina
704-564-0807 Direct
Listen to us on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am.

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