Happy New Year!!
First allow me to wish all my clients and friends a Happy New Year as we enter 2009.
I always look forward to New Year’s Day…..not sure why, but it seems a bit refreshing. It symbolizes a brief moment in time when we reflect both the events of our past year, yet reach out for the hope that our next year will be filled with positive experiences in both our personal and professional lives.
Reflecting on the housing market of the past year, 2008 was a challenging time for all realtors and their buyers or sellers. Many are asking what will 2009 have in store for our buyers and sellers?
I am an optimistic by nature, but there are several positive facts already in place as we begin 2009.
· Interest rates are at the lowest levels in recent history for qualified borrowers with rates hovering around 5.00%..
· Sellers are more savvy….They are learning in order to move their properties within a reasonable time they must price to the current market conditions.
· Inventory levels of homes on the market has been declining since July 2008.
· Buyers are watching for deals in neighborhoods they feel confident in investing for their future.
While I don’t see the activity returning to the levels of 2005 & 2006 within the next year, we do see tremendous opportunities for those buyers or sellers armed with knowledge and research.
As mentioned in an earlier post to my blog this month, the media tends to paint the Charlotte area with the same brush as Las Vegas, California or Florida. Those areas tragically saw huge declines after huge value appreciation in the 2004-2006 time period. The Case-Shiller Indexes was released this week, and it shows the Charlotte market the second best major market in the country, recording a 4.4% decline in housing prices during the time period of October 2007 to October 2008. Charlotte is second only to the Dallas market which saw a drop of only 3.0% compared to Las Vegas, Phoenix, Southern California and South Florida, which saw declines in the 27-32%.
Savvy buyers realize 2009 will bring opportunity to capitalize on finding a deal on a that property which serve their needs for the years to come.
If you are thinking of purchasing a home or land in the coming year, we will be happy to assist you in researching the market for your “best” deal.