Thursday, May 29, 2008

My view of the Housing Market

So many things to talk about: movies, Nascar, politics, gas prices, the weather and other things. What is on my mind today are home prices and the Charlotte Market (Charlotte Metro Area- Mecklenburg, Cabarrus, Union, Iredell, Gaston and York Counties). I am a news junkie- it drives my wife crazy with all the news I listen too. I feel so disconnected from the world if I have not heard the news for the day. I spend a lot of time listening to Fox News Channel in the morning as I work out, 1110 WBT AM in the mornings and Fox Talk radio on Sirius. As I write this I am listening to Britt Hume on the Fox News Channel. This is probably more information you desire to know, but I want to use this to make a point.

There is a lot of information out there about our housing market in Charlotte; however the places you go to get your information seems to be giving us 2 different stories. Our local media reports about our high foreclosure rates and the housing slump. I get so frustrated with Al Gardner and the Charlotte Morning New on 1110 WBT AM. The interviews he has seemed to always be negative towards the housing market. It is true the housing market nationally is slumping pretty badly in cities like Philadelphia, Las Vegas and Miami. Many reports say this is one of the worst in 35 years. BUT, there is a great positive side to our market here in Charlotte that is rarely reported on from our local media.

According to, Charlotte home prices have risen by 2.1%. Also according to, Charlotte continues to buck the national trend of declining home prices while other markets are declining by 2% - 5%. I wish we could hear more of this from our local media.

There are many factors as to why the housing market stays steady in Charlotte: 1) the mild climate, 2) the diversity of jobs and the continued growth of jobs in Charlotte, 3) North Carolina is the sixth fastest growing state and one of the greatest reasons, 4) According to Forbes Online, Charlotte is one of the cheapest places in the United States to buy a home. Where is this information reported in our local market?

I believe nationally we have hit bottom and it is all up from here. As you can tell, I am a positive thinker or at least I try to be. Now is absolutely the best time buy a home: prices are good, there is a lot to choose from and interest rates are great.

What do you think?

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