Are some cities bust-proof?

You may be surprised to find out that there are some cities, Manhattan, Austin Texas and our own Charlotte North Carolina that have been weathering and even growing in the current market.

The real estate downturn has spread across the country ever since the credit crisis first began eight months ago. But there are some areas where that seem to be immune to the crunch or at least resilient—places like Charlotte, NC.

This is a natural cycle and right now we have a healthy buyer’s market as well as positive property value growth. This area has done really well, because it never got over-inflated, the economy here is strong and there are many great places to live.

While there have been changes, less new builds and increased sale sell times, Charlotte continues to show promise as a city which can not only survive but grow in the coming months.

So what if you aren’t looking to move? Smart investors can get in on some great opportunities right now. Since Charlotte remains a hot-spot people are still moving here at a record-pace. That said, many are coming from areas of the country where they are having problems selling their homes. This causes an increase in time a house here will be on the market and will lower the sale price. As the market strengthens around the country, there will likely be an influx of newcomers in the coming years. An investor who can sit on or rent out a home may stand to make a tidy profit.

Charlotte is one of the best cities to live in the US. The economy is good, the weather is near perfect and the people are welcoming—and it is still a great place to buy (and sell!) real estate!

Read more about bust-proof real estate markets.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Understanding Charlotte's Buyer's Market

Understanding a Buyer’s Market: Six things you need to know.

Today we are in a buyer’s market in Charlotte. While currently the Charlotte market doing well for sales and values (it is the only one in the country still showing gains of more than 2%), we are definitely in a situation where a buyer can get a great house at a good price. As a home buyer, you may read or hear some numbers and phrases thrown about, so here are the translations and some things you should know if you are buying your new home in the Charlotte area:

1) The average home in the Charlotte area (metro and suburbs) is selling for 95% of the list price (down from a peak of 98%). Meaning: The buyer can get more for less.

2) Homes in the Charlotte are for sale about a month longer – up to 90-120 days on average, than they were at this time last year. Meaning: The seller is more eager to buy and the there isn’t as much competition for houses.

3) The price per square foot is low. Meaning: The buyer can get a bigger house for less money than they could a year ago on average.

4) Interest rates across the country are low. Meaning: If you have good credit, now is the time to consider buying or refinancing.

5) Lots of inventory. Meaning: The amount of houses on the market in the Charlotte area is high. A buyer will not have to settle, since there are a variety of homes in many styles, sizes, areas, neighborhoods and price ranges.

6) Property in Charlotte is a “safe investment”. Meaning: The Charlotte area has head steadily increasing property values, and continues a conservative growth. Other cities in the US in the last few years saw record-breaking and excessive growth and now their bubble has burst. Charlotte’s property values have, and continue to rise without being over-valued. If you buy in the Charlotte area today, generally you can expect a rise in value over time with little risk.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com