As 2008 comes to a close, Charlotte NC is in a state of change (technically that’s always the case but some major shifts are happening right now).
With the sale of Wachovia to Wells Fargo set to officially close and Bank of America’s purchase of Merrill Lynch also imminently near, change is quite evident in Charlotte NC.
How will all of this affect Charlotte NC and real estate in Charlotte NC? I don’t have the answer – and anyone who claims to know specifics is really still just guessing since we don’t know how it will all play out just yet. What we do know is that 2009 will bring changes, for better or worse we just don’t know yet.
With regard to real estate in Charlotte NC, many neighborhoods are experiencing increased inventory levels, particularly over the $250,000 price point – Charlotte NC Olde Providence real estate is a pretty clear example of that trend.
To reduce that inventory, it will take buyers deciding that there’s value in those homes. Without ready, willing and qualified buyers, that inventory isn’t going to be absorbed. Many buyers right now are being highly selective, what they might have accepted (condition, updates, etc) a year ago is no longer good enough….they can go get a better house 5-10 minutes away and in their eyes get more for their money….value!!
Charlotte NC has for many years been a relocation destination for many home buyers coming from other areas. Until those buyers can successfully sell their homes in other areas, there’s an additional “stop” put on our own Charlotte NC real estate market (so yes, even though real estate is local, outside forces do have an impact locally). Even locally, move-up buyers who aren’t successfully selling their current homes are “on hold” from purchasing their next Charlotte NC home.
In my opinion, in 2009 education and attention to hyper-current and hyper-local real estate trends and conditions is an absolute must for both buyers and sellers of real estate in Charlotte NC. Knowing, learning about and heeding current trends and conditions simply isn’t optional.
So if I had to take a guess at what 2009 will hold for real estate in Charlotte NC, I’d say that there will still be both challenges and opportunities but buyers and sellers who are well informed and prepared will be best equipped to successfully navigate the challenges and take advantage of any opportunities.
One thing’s for sure, 2008 has brought a new landscape to real estate in Charlotte NC. Good or bad? That of course depends on your perspective. Some homeowners aren’t too pleased that they can’t get “what we want” for their house, some buyers are enjoying a multitude of choices when searching for a home, more than they would have had a year ago.
As is always the case, things change and the one constant is keeping up with how those changes relate to you and making the most of opportunity while navigating the challenges.
With most sincere wishes to you for a healthy, happy and prosperous 2009, HAPPY NEW YEAR!!!!
Copyright©2008 by Diane McDermott, All Rights Reserved, “What Will 2009 Mean for Real Estate in Charlotte NC?”