Across the U.S. the housing market has been a mess. We have all heard about or even witnessed the bankrupt home builders, bank failures, and foreclosure plagued neighborhoods. A housing bust seemed impossible back in 2006, but here we are and many people are wondering when will all this end?
I think there is reason for hope! Certainly there are still obstacles to overcome but if you stand back and look at the big picture I think NOW is the becoming the TIME TO BUY! Here’s why…
First of all, I think home prices are near bottom. According to CoreLogic research, North Carolina home prices are only off .9% from a year ago and if you take out distressed sales then prices are actually up 1.4%! New construction is at a near stand-still so inventory is not going to continue to climb. Moody’s predicts that distressed sales will begin to fall in 2013, so with pent up demand and a housing investory that is starting to normalize, prices will not stay low forever.
Owning a home today still carries the same benefits it did 5 years ago. You can create your own style without worrying about getting permission for a landlord. You can write-off the mortgage interest on your taxes, and with interest rates near 50 year lows your monthly payment will be affordable. In fact, homes are more affordable now that at any point in the last 20 years! In many markets, it is actually cheaper to buy than rent.
The biggest benefit of buying a home in Charlotte now is still the long term investment. Reaching retirement age and having a house fully paid for will allow you to live rent free and provide a nice chunk of equity to play with! I have also witnessed an uptick in investors buying homes for a rental investment. It is easier than ever to make a profit on rental properties.
If you are thinking about buying a home in Charlotte or anywhere in NC or SC, please take 15 minutes and complete the online application above. I offer a FREE pre-approval service that will allow you find out exactly what you can afford and what loan programs might save you money!