With mortgage defaults and foreclosure filings declining nationally, and in the Charlotte, NC area, could it be that real estate prices have reached bottom? As more foreclosed homes are absorbed into the market and fewer bank owned homes replace them, the downward pressure on real estate prices may be subsiding. This appears to be particularly true in Uptown Charlotte, where the glut of luxury highrise condos appears to finally see signs of price stabilization. There simply are fewer Fannie Mae and Freddie Mac foreclosures entering the market to replace the ones that have been sold. A simple search of the Charlotte Mecklenburg multiple listing service for these areas confirms this.
South Charlotte and Matthews have also seen some real estate price stabilization in recent months. Foreclosure filings are down in these areas as well. And historic lows in mortgage interest rates create the "perfect storm" for buyers. Lenders' underwriting guidelines are still difficult, but for those who have the ability to purchase a home, great opportunities abound.
For those who regularly read my blog, you know that my motto is "Solid analysis identifies great opportunities." As I have said before, the simple fact that a Charlotte area home is bank owned after foreclosure is not an automatic indication of great value. This is even more true in the case of short sales. There is no substitute for doing your homework. And whether you are researching Charlotte area short sales, foreclosures, Fannie Mae, Freddie Mac, HUD homes or simple resales, there is no substitute for having the right tools at your disposal, and a solid understanding of how to analyze the data those tools unveil.
South Charlotte and Matthews have also seen some real estate price stabilization in recent months. Foreclosure filings are down in these areas as well. And historic lows in mortgage interest rates create the "perfect storm" for buyers. Lenders' underwriting guidelines are still difficult, but for those who have the ability to purchase a home, great opportunities abound.
For those who regularly read my blog, you know that my motto is "Solid analysis identifies great opportunities." As I have said before, the simple fact that a Charlotte area home is bank owned after foreclosure is not an automatic indication of great value. This is even more true in the case of short sales. There is no substitute for doing your homework. And whether you are researching Charlotte area short sales, foreclosures, Fannie Mae, Freddie Mac, HUD homes or simple resales, there is no substitute for having the right tools at your disposal, and a solid understanding of how to analyze the data those tools unveil.
