Charlotte Real Estate -- An opportunity in Charlotte Real Estate

We have a new President but the US economic news is, not surprisingly, still grim. The nation's housing is in its 2nd year of pain, falling prices, increasing foreclosures, sub-prime and the Alt A fiasco still unwinding- and more recently, disturbing increase of unemployed workers. The new President and Congress are likely to pass a massive economic stimulus- historic in size, up to 1 Trillion Dollars designed to put Americans back to work. These are momentous times in the US, what does this mean for Charlotte, NC? What does it mean to home buyers and sellers in Charlotte NC?

Sales were consistently off by atleast 28-30%, so contraction is the word that best describes our market as 2008 home sales are around 2003 levels. Two well regarded firms recently merged, many of the multiple office companies are closing offices, real estate as an industry is growing smaller. It is tough on the less experienced Realtor,and extremely tough on the new home builder with inventory. Jobs have been lost, some firms won't survive. These are hard times in the realty business no doubt about it. But Home Prices? What the consumer really cares about? These are much better times.

We also have a surplus on higher priced homes here in Charlotte- the over $750K category is flush. As you move closer to the city the prices are stronger, and inventory's lower. There are going to be some great deals here. The city is actively attracting and recruiting business relocations, and the city expects to add jobs in 2009. If you look closely at the PMI results, you will see that Charlotte's affordability ratio is increasing. This is both an anchor to today's housing prices- and a sign as we increase affordability, home prices will again grow in the future with increases in employment. Sorry Jim, no 20% price drop here, and, I'm still researching the exact number, but in atleast 50 other MSA's in the US.