Sunday, December 20, 2009

Homebuyers...May Want to Wait to Move Up

While home prices in the Charlotte area are showing signs of recovery on the lower end of the market with the government's first time home buyer incentive bringing in new buyers, higher end home prices will likely take a while longer to rebound.

Why? There is an unfortunate, but large supply of homes that have, and will be hitting the market in 2010. Foreclosures caused by continued and rising unemployment and adjustable rate mortgages will soon be flooding the market, and affecting the larger and more expensive homes.

So if you are a first-time home buyer, or in the market for the mid to low-end home, now is an excellent time to take advantage of low interest rates, incentives and low-prices. But if you are looking at moving up into that big beautiful high-end dream home in Charlotte, you may do well to wait a year until the market has bottomed out, and home prices for that range at at their low!

If you would like more information about whether now is a good time to buy for you, contact Rich Ferretti at 704-564-0807.

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