Charlotte Real Estate Market (Davidson, Norman: low crime, homes, transfer)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was just going to say that, Weis. The National homebuilders (along with other home builders) have taken huge hits in the Phoenix, Florida and D.C metro area markets and have a glut of unsold homes. The National homebuilders ( several of whom have twice cut their projections in the last year) recently did massive lay offs in the D.C. metro area. They are also either walking away from or trying to renegotiate land deals. It's possible that they are doing the same in the other two areas, but I have no insider information there.
Plus there is a glut of re-sale homes on the market in all of those areas.
Everybody is competing for buyers. The market also typically slows down after the start of the school year.
'Twill be interesting to see what happens in the months ahead
Cassie
Quote:
Originally Posted by Weis02
Also, a lot of these builders build in other areas and are losing money there so they are trying to sell anywhere they can - they are in a lot of debt so are trying to reduce that.
I can a lot now offering 1-2 years low financing, (for ex 3.75 yr 1 and then is goes in the 5 range for yr 2 and then a fixed rate of around 6.3 or so for the remainder) if you use their mortgage person, they get a kick back from this too -
I also think a lot of them give free upgrades rather then lowering in price because of accounting purposes, same money different line item.
Lastly, not only are a lot of these builders sitting on homes ready to go, a lot are sitting on land too with nothing yet built.
I have recently seen some houses come market on the market with the note: owners plans fell through (i wonder if this is a sign of something to come)
Last edited by Cassie; 08-26-2006 at 01:28 PM..
Reason: spaces and clarity
There are those who have nothing to sell, younger couples who will buy.
There are also nerves about mortgage rates, so this fall and the spring season which is usually the busiest will tell alot ...
Talking about the sales agent at one of the builders, he just gave me another call. We're finally releasing the lot that you were interested. Before he had told me that I would have to select another model because the developer was building the same model across from that lot. Now it's free and clear and I can build anything I want.
I'm renting now with a one year contract. I'll be waiting at least 4-6 months before I could begin to build. Fortunately, I sold my house in July 2005 and I'm not in a hurry. I think I'll wait a while and see what happens. The great thing about Charlotte that there are houses available at different price ranges all over the city.
I'm curious. What builders have been calling you? I received calls from Ryan, Shea, Niblock, and Orleans. All have reduced the interest rate or are throwing in some kind of upgrade incentive.
Yeah, charlotte's increases over the last few years have been moderate (have remained slightly under the national average), so there is no bubble here. I moved from NYC/NJ a few years ago, and it was crazy there. Friends/family there say the market has totally collapsed and there are tons of houses on the market at the moment.
Bottom line, people will continue to want to move to NC for the same reasons I did. Better quality of life, cheaper housing costs in comparison, cheaper property taxes, better way of life and no winter snow!
Yeah, charlotte's increases over the last few years have been moderate (have remained slightly under the national average), so there is no bubble here. I moved from NYC/NJ a few years ago, and it was crazy there. Friends/family there say the market has totally collapsed and there are tons of houses on the market at the moment.
Bottom line, people will continue to want to move to NC for the same reasons I did. Better quality of life, cheaper housing costs in comparison, cheaper property taxes, better way of life and no winter snow!
Are you talking about resales or new homes? If there is a lot of demand, is it a seller's market? If there is a lot of homes available, is it a buyers market? Or it somewhere in b/n in Charlotte? I see a lot of homes that have been on the market for a long time. I initially started looking at the beginning of the year. Many of those homes are still on the market.
I do have to say. I wasn't impressed w/ my agent. I'm now renting and taking time to learn the neigborhoods myself. I'll maybe try again next year now that I'm locked into a year rental contract.
Are you talking about resales or new homes? If there is a lot of demand, is it a seller's market? If there is a lot of homes available, is it a buyers market? Or it somewhere in b/n in Charlotte? I see a lot of homes that have been on the market for a long time. I initially started looking at the beginning of the year. Many of those homes are still on the market.
I do have to say. I wasn't impressed w/ my agent. I'm now renting and taking time to learn the neigborhoods myself. I'll maybe try again next year now that I'm locked into a year rental contract.
Re-sells from what I have seen are coming down a little in the area as they are competing with new built homes. Also, remember when you see a house listed on line you do not know some of the negatives that may be seen first hand and is another reason why many homes still remain on the market for months. I have also seen some come off and come back on as new -
I think "certain" resells have been dropping. I live in a desireable neighborhood (my house was built in 1998--others were built b4 and some later) and people want to be here because there is a golf course/country club (I belong to neither) and there are heaps of mature trees, big lots (I have over an acre), houses not built one on top of eachother, full brick, and solid schools (Providence HS).
New builders are not giving you that these days at a reasonable price anymore. Unless you are buying an 800k+ for a new house round here, you are mostly getting 1/4 acre or less, few to zero trees, etc. So, what I'm saying, is that if you buy in the RIGHT existing neigborhood--you will never lose money. I bought my house 2 years ago, and the houses around me are selling for $150k+ more than what I paid for mine. But I knew that I was invensting in an area that people want to be (So. Charlotte).
Does Anyone Have Any Info Regarding The Davidson Community?
I Just Purchased A Lot In The Area
THANKS
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The National homebuilders (along with other home builders) have taken huge hits in the Phoenix, Florida and D.C metro area markets and have a glut of unsold homes. The National homebuilders ( several of whom have twice cut their projections in the last year) recently did massive lay offs in the D.C. metro area. They are also either walking away from or trying to renegotiate land deals. It's possible that they are doing the same in the other two areas, but I have no insider information there. 
New To Davidson
