This week our listings saw an average of 3.25 showings each, continuing the increased traffic pattern that started last week. Still, the averages are skewed as the aggressively priced listings are showing more often than average.
In last week’s blog I reported that Fannie Mae and Freddie Mac had been taken over by the federal government. One week later, Bank of America announced that it will be purchasing Merrill Lynch and that BofA’s choice not to buy Lehman Brothers left that brokerage with the decision file bankruptcy. There is no doubt that the market is volatile and less than a few hours after the announcement the question everyone is asking is ‘what’s next’?
It is certainly too early to tell, but in my humble opinion, the move that Bank of America made today is yet another tribute to its strength in the market. Headquartered right here in Charlotte and with Bank of America being one of the largest contributors to our local economy, wouldn’t it make sense that ultimately this move will help the real estate market around here?
Time will tell and this latest news is too recent to allow us to look at the numbers for answers. However, the Charlotte real estate market data is showing signs of stabilization. Our monthly E-Newsletter will be released later this week and will report the numbers for sales in August. In the meantime, the national media is still reporting that Charlotte is one of the safest places to be from a real estate investment standpoint considering the national turmoil. Check out this latest article at Forbest.com putting Charlotte at number two for cities where home prices are likely to rise.