Many people from across the nation are seeking foreclosure homes in Charlotte with a lot of equity. People hear about the weak housing market and hear TV shows preaching about the easy money in flipping homes. There are many things not shared on these TV shows.
First off, real estate is always local. What this means is that the market in southern California is far different than up-state New York, New Orleans or Charlotte NC. As the media preaches of the weak housing market, Charlotte homes have averaged appreciation rates of 7.9% ending in January 07. You may find it hard to believe but the media does not typically provide the whole picture. Again, Real Estate is local and the Charlotte market is unlike any other. Our population and market is still growing.
Yes, there can be opportunities in foreclosures. I personally receive at least ten people a week looking for foreclosures with equity. People fail to realize that when you are trying to purchase property in a growing market, everyone is looking for the same thing.
Are there foreclosures? Yes, of course. The Charlotte Real Estate market is similar to every other market in that each part of Charlotte is unique and is appreciating at different rates. When a home owner has financial troubles, if he has a home with equity, he will either sell his home to get the money or take out an additional loan. If he loses the home, it is because he has no equity and /or the home is in a neighborhood that has no demand (the home value is based on buyers desiring to buy a specific home in a specific location).
Yes you can buy the home that has depreciated (buyers think they are getting equity) and then discover that they have purchased a home that will not sell.
I am writing this because I can not spend the time sharing this with every inquiry. I now ignore the inquiries since I can not afford to share all of my time for free.
If you wish to purchase a home in a declining area, yes you can probably purchase the home at a discount. The Charlotte Real Estate Market is strong and you may want to try your luck in one of the depressed areas. There is more to know about a city and Homes in Charlotte than you can learn from a TV show.
Rentals in Charlotte: Real Estate in Charlotte is still reasonably priced. Buyers can purchase New Charlotte homes with almost no down payment. People relocating to Charlotte are not renters. They are home buyers. Investors want to purchase a home and rent it for a profit. BUYERS CAN BUY THERE OWN HOME AND PAY LESS MONEY BY BUYING!
Charlotte Investors may want to reconsider their strategy. Yes, our homes will still continue to appreciate. They will not appreciate too rapidly because Charlotte still has a lot of vacant land to be built. Yes, the national builders and hundreds of small builders are purchasing all buildable land to construct their Charlotte Homes. There is a huge demand for any land that is for sale. If you find inexpensive land in Charlotte, there is a reason.
Be careful out there and a wrong home purchase is a mistake that few can truly afford to make.
