Posted by: Todd Long | September 3, 2008

Lake Norman Real Estate Market update

From time to time we have to look at what is happening to the National Real Estate Market to really understand what is affecting our Lake Norman Real Estate market.  We don’t live in a vacuum in the Charlotte region because there are so many people moving to this area for jobs and to be close to family  that have moved here in the past.  Often, those individuals and families have to sell property in other parts of the country to purchase a home here. 

Over the past several months the national Real Estate economy seemed to be hitting a bottom and showing a little strength as buyers came back into the market.  Last month (August) the West saw a 9.7% increase in number of homes sold, the Northeast saw 6% increase, Midwest 1% increase and South .5% decline.  I’m not so concerned about .5% decline in number of homes sold for the South because Charlotte has still seen a slight rise and Florida is bunched in with the South.  Florida hasn’t seen a rebound as of yet.  The Northeast having a 6% increase is encouraging  because we have had a lot, and I mean a lot of people relocating from the Northeast to our Charlotte Region.  Many of them had to make the move for jobs and have been sitting on property in the Northeast.  Others, such as parents of grand-kids here, want to make the move but must wait until they can afford to sell the home there.

If I had a crystal ball this would be a lot easier but I will go out on a short limb here and say that if we see this trend continue into the fall and past the presidential election we could be out of the woods on this Housing downturn.

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Responses

  1. Lake Norman is a great place to work and live. That along will cause the prices to eventually rebound.

  2. Custom built homes are the best way to go in my opinion. That way you get exactly what you want from your new home and you won’t need to spend all of that extra money on remodeling.


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