We’re into March 2009, and some of the trends in Charlotte NC’s real estate market so far this year are:
– Elevated real estate inventory levels (which isn’t a new development)
– Charlotte NC real estate buyers are focused on VALUE. Value is about more than price it’s a focus on what a given real estate listing has as a whole and how that compares to other similar Charlotte NC homes for sale
– There’s a continued trend of successful real estate sales in Charlotte NC weighted below the $250,000 price point. In general, Charlotte NC real estate inventory levels increase as price range increases – more homes for sale with fewer buyers
– Charlotte NC homes that enter the market priced competitively, in excellent condition and appealing to buyers sell MUCH more quickly while other homes for sale remain on the market and continue to languish (the substitution principle at work in Charlotte NC real estate)
– Many buyers are seeking “BEST house for the money” which doesn’t focus exclusively on size
– Buyers searching for a home in Charlotte NC have options and they know it. A “nice” house just isn’t good enough anymore, buyers are focusing on and choosing the “best of the best” when it comes to available Charlotte NC homes for sale
– Pre-approval, pre-approval, pre-approval. Even though buyers are favored given current Charlotte NC real estate inventory levels and conditions, the buyers who are truly positioned to maximize opportunity in current conditions are those who are solidly and fully qualified financially to buy successfully. Financing is one of the top reasons real estate contracts fail to close.
Based on the Charlotte NC real estate market activity in the first couple of months this year, I’d expect the 1st quarter of 2009 to show a decrease in the amount of successful sales compared to last year. The continued focus and predominance of Charlotte NC real estate sales below the $250,000 mark doesn’t appear to be changing.
So when it comes to the Charlotte NC real estate market so far in 2009 the home buyers with a true need, desire and ability to buy a home in Charlotte NC will find numerous opportunities and I don’t expect those conditions to shift dramatically in the immediate short term.
Should everyone buy a home in Charlotte NC now? Absolutely NOT!!!! If you don’t have a need, desire, ability and long term plan for owning a home successfully, current real estate market conditions don’t matter. The decision to buy a home is always a personal decision, if it’s not right for you it won’t matter what current real estate market conditions in Charlotte NC are doing.
Related Articles: Charlotte NC Neighborhood Real Estate Market Reports
Copyright©2009 by Diane McDermott, All Rights Reserved, “Trends in the Early 2009 Charlotte NC Real Estate Market”