This past week our listings saw an average of less than one showing each. Traffic has gotten very slow overall all. What’s to blame? Too hot? Summer vacations? Falling stock market? Tax credit expiration? Maybe all of the above.
At present, the real estate market in Charlotte is slowing down tremendously and its hard to predict what direction its heading. There certainly has a been a lot of negative press lately; a lot of it has been centered around a falling stock market. Are things really so bad? Is a double dip recession coming? Is it 2008 all over again?
Pending home sales are down and over the next few months the home sales figures will also show a decline. This should come as no surprise and was predicted months ago. The challenging part is the uncertainty around whether the current activity levels represent a longer term pattern or a simple valey that follows a mini-peak. I’m hoping for the latter.
Speculating or trying to time a market bottom is a losing game. However, rates are still historically about as low as they can get and home prices are extremely attractive.