By Chuck Graham, Charlotte Real Estate Expert
Chuck is a veteran of the Charlotte real estate market and principal of Newton Graham Consultants, where he directs all feasibility and marketing assignments as well as general management consulting in the areas of strategic development, organizational structuring, control systems and financial management. He holds a bachelor's in architecture, magna cum laude, from The University of Notre Dame and a master's in business administration from Harvard University.
Breaking Down the Data
Chuck Graham
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•This is the best time to consider looking and buying
• We are ear the bottom of the Charlotte market
•Charlotte is the only existing home market with continued appreciation
While the Charlotte housing market continues to resist the major pain experienced in other areas, we are experiencing a softening in the marketplace. The question on everyone’s mind is when will the market bottom out and when is the right time to buy?
This analyst believes the Charlotte market will bottom out 2Q08 with further reductions in total closings and a first drop in median pricing. As previously noted, Charlotte’s residential title transfers never saw the run-up in the investor market, the sub-prime/alt A market, or pricing that has been seen nationally. Consequently its difficulties will be less severe and its return to normalcy quicker. As partial proof, note that Charlotte is the only existing home market of the 20 tracked by Case-Shiller with continued appreciation (1.5percent) for the twelve months ending February 2008.
For home buyers without a house to sell we are near the bottom of the Charlotte market – and the best of times to consider looking and buying depending upon your ability to satisfy desire.
For home buyers with a house to sell consider that good times, average times and difficult times present very similar pricing differentials, what you sell your house for will be matched by a similar value in the house you buy.
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