Charlotte House Prices are still going down but Interest Rates Rise
Charlotte house prices have not shown any appreciation or recovery in 2010. The dropping list prices were enough to incent many to purchase their first home or to upgrade into a larger house. In south Charlotte, we were hopeful that the area would bottom out and begin to see appreciation growth of a couple percentage points but this never happened. The list prices continued to drop throughout the year and are now sitting at very attractive prices with interest rates that seemed to have hit bottom last month and on their way back up.
30 year interest rates flirted with the 4% mark but are now around 4.625% and they seem to still be going up. Home buyers need to be aware of what the interest rates are doing because this effects their real cost of buying a house. The interest rate can be just as important as the list price and I believe this has caused several of the buyer clients I have been talking to for the last 6 months to get serious about making a move during the 2010 holiday season.
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