What effect has the sub prime mortgage market had on the Charlotte Real Estate market? It has created a buying opportunity! First you need to consider the sub prime market. The sub prime market was developed to provide "less than perfect" credit loans. In the Charlotte Real Estate market, these buyers were buying a reasonable new home. There are certain builders that focus on the first time home owners. So where are they now? Well, as the sub-prime loans dried up, many of these specific builders now have an abundance of inventory homes available. The builders that are hardest hit are slashing prices to move the inventory. How does this affect the neighborhood?
As a builder offers deeper discounts, the overall values decrease (in the short term). As long as the builders keep the investors from further devaluing their neighborhoods, you can do very well. There is one builder in Charlotte that has over 75 inventory homes located throughout the area. This weekend they are offering a 30 year fixed rate loan at 5.5%! There will be many great deals to be had.
These discounts will go away very soon. The only reason these inventory homes are available is that people initially qualified with a sub prime mortgage. Now the borrowers no longer qualify! There are deals to be made. Visit http://www.FindMyCarolinaHome.com for additional information for Charlotte Real Estate. If you are ready to make a deal, let me know and I will help you select the home of your dreams!
