Saturday, November 28, 2009

Charlotte NC Housing Market

The Charlotte market has greatly improved within the past couple of months. Housing inventory has decreased, and sales have risen. Also, the continuation of the Home Buyers Tax Credit should further to stabilize the market. Experienced Charlotte appraisers should be studying the supply/demand of homes in the market area. Also, Charlotte NC appraisers should be looking at the amount of REO properties on the market. Normally, these types of sales should not be used as comparable properties. These types of sales are stigmatized by the market and the "condition of sale" has been affected. Real estate appraisers in Charlotte, NC, should only use REO sales if these types of sales are driving the market, and there is no distinct price difference between normal market sales and REO sales.