Its Official; since December 2007, we have been in a recession. However, according to the National Bureau of Economic Research, this is the ninth recession in the past half century. While we plod through our current economic downturn and financial crisis, mortgage interest rates are at its lowest they have been in decades. Rates have dropped to the low 5% range. The savings can be dramatic on the home you purchase and your affordability. Contrary to headlines, lending institutions have mortgage money and are willing to lend to good borrowers but with greater conditions and documentation being required. Most buyers with a good credit score, stable and steady income, and reasonable downpayment should do well in being approved a loan. On some loans, the seller may contribute up to 6 percent to help with closing costs.
Home values in the Carolinas especially Charlotte still lead the nation. According to the S&P/ Case-Shiller Home Prices Index of the top 20 metro markets, Charlotte area home prices declined 3.5 percent for the last 12 months compared with Las Vegas and Phoenix that saw declines of over 30 percent. If you have the money and want to invest in your dream home, now is the time to make the move. Low interest rate, great buys/bargains and tremendous choices will leave you smiling on your purchase of your home.
For additional information on Homes for Sale in Charlotte, contact the Carolina Home Pros Team who will assist you with all of your Charlotte Real Estate needs.
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