Getting Cold in Mint Hill

Interesting how the housing market is responding to the economic meltdown. It seems that Mint Hill is still holding about 15% below market from this time last year, but other areas of Charlotte are in extreme meltdown. One of my agents today explained about a client whose house was worth $45,000 less than what the market would bear. The poor couple had been transferred to San Antonio- with no relocation help from his company. So they cannot sell, they could qualify for a short sale, but because they are not in default, the bank told them it could take up to 9 months to process. I think they are going to end up doing a deed in lieu of foreclosure.

What a mess!! My predictions are that after November the housing market will go into a major slump and that we are going to be looking at an interest rate increase the first of December. The stock market will crash as consumer spending reports will be the lowest in 18 years, and Christmas will absolutely kill retail. We will see tons of businesses close. I don't mean to be a "downer" but my job is to educate my clients as to the reality of where we are.

RIGHT NOW, if you are an investor or have 'cash on the side" - there has never been a better time to buy a rental property.

I can help you, by showing you areas that are appreciating and finding a home that will yield positive cash flow.

JOHN