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now is the best time in many years to prices will not go any lower. While have been in decades. As consumers
make that Great American Dream of certain local markets may see limited you have exceptional choices, but these
home ownership come true. price declines, our picture remains bright. conditions may not last. August pending
The latest economic forecasts suggest Even with the recent decline in the home sales rose 4.5 percent nationally.
that the real estate market correction is median home price, our area has stayed Real estate is an outstanding
coming to an end, offering consumers in the lead. The Charlotte-Concord area investment. The number of U.S.
a once-in-a-lifetime buying opportunity. decline stabilized during the last quarter households is expected to increase
Conditions are improving for sellers. at an average home price of $201,300, 15 percent during the next decade,
2008 will go down in the record books a 2.9 percent decrease over the prior creating a continued high demand for
as being the third best year on record, quarter. In comparison to Raleigh with housing. While year-to-year fluctuations
and prices are expected to rise modestly a 5.3 percent drop, Atlanta with a 9.8 are normal, real estate remains one of
next year. The time for prospective buyers percent drop and Virginia Beach with the best performing and consistent long-
to enter the market is right now, and a 4.4 percent drop. Media reports of a term investments. Median existing U.S.
here’s why: vast market decline are deceiving, and home sale prices have increased on an
Mortgage interest rates are close to consumers will benefit from purchasing average 6.5 percent each year from
40-year lows. The average 30 year fixed a home now before prices begin to rise 1972 through 2005, and 8.5 percent on
rate mortgage is more than an entire once again. Location plays a big part a national average over the last ten years
percentage point below the 2000 levels. in media reporting. There are areas in combined. For consumers looking for
Low interest rates allow a substantially California, New York and other states long-term and stable growth rates, real
larger population of Americans to own that the price has declined over 10 estate is still their number one choice for
their own homes. percent. There is a large difference investments.
In recent months, there has been a between 10 percent and 2.9 percent.
record inventory of nearly four million Our localized region is at the top of the
REALTOR®, Kelly Hudson will be inducted
homes on the market. However, total game when it comes to housing and we
as president of Central Carolina Association of
REALTORS® in January 2009. Please feel free
housing inventory levels fell 2.4 percent should remain there.
to direct any real estate questions to her at
at the end of September to 3.75 million According to Forbes magazine (using
kelly.hudson@allentate.com or you may contact
existing homes available for sale. As U.S. Department of Housing and Urban
our Association of REALTORS® by contacting
inventory continues to decline, the Development statistics), U.S. real estate
Joy Lane at 704-786-5512 or e-mail us at
selection of homes will once again prices increased more than 56 percent
www.ccar.info.
Parts of the information for the above article was
become limited. For prospective buyers, from the beginning of 1999 to the end
reprinted with the permission of the National
there may never be a better time to buy a of 2004. The S&P index dipped nearly
Association of REALTORS®.
home than right now. Taking advantage 6 percent during the same period.
of the variety of homes available on the Real estate remains the best investment
market today allows buyers the unique available. The average home purchased Congratulations to David Benham of Concord,
opportunity to find the home of their five years ago has appreciated 49
NC. David had an Impressive 471 Closed Real
dreams. percent.
Estate Transactions in 2008 and was named #4
on a prestigious national awards ranking spon-
With the market correction nearing Conditions are now ideal for buyers.
sored by The Wall Street Journal, lore magazine
an end, home prices are expected to Interest rates are comparable to 40 year and REAL Trends.
rise again. Research indicates that home lows, and inventories are higher than they
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