I don’t often take too much stock in real estate news sources top ten lists because they tend to make gross generalities that sometimes contradict reality for our Lake Norman real estate market. However, this recent article in Forbes: Best Cities For Bargain House-Hunters , caught my attention because Raleigh NC was #2 and Charlotte #4.
Well, what did they consider when ranking for “bargain house-hunters”?
They were looking for markets with:
- Strong job growth
- Relatively low foreclosures
- High inventory of active listings both new construction and resale
So, a buyers market, healthy job growth and more inventory than buyers…that sure sounds like Lake Norman AND Charlotte!
When I first saw the headline I thought of locations that have large foreclosure rates and unemployment like parts of Michigan, Florida and California. But, truly, those may seem like bargains yet they don’t have the strong foundations of jobs that we do here in Lake Norman and Charlotte and they have too many foreclosures.
Here is what Forbes said about Charlotte: “Just like in-state neighbor Raleigh, Charlotte has expanded quickly as the result of an economic boom that has drawn many residents from the North and Northeast. The financial sector is largely responsible and this is something to keep an eye on as banks’ woes continue. While the city continues to growl, building activity has supplied plenty of inventory on the market keeping thing in the buyer’s favor.”
Just like the Three Bears, we are not too hot or too cold but just right for buyers!