Is There a Real Estate Slowdown in Charlotte?

We were the last to feel it, but it does appear that the bubble has finally hit Charlotte a wee bit. It's not that people don't want to move here and buy a house, what's holding them back is that they're having a hard time selling their homes where they're living now.

Charlotte's house prices have always stayed level with the national average, unlike some places around the US. And, if you ask me, the rest of the country was long overdue for a correction. I mean, when did we ever think that buying a 1,800 square foot house that is 80 years old and has a backyard the size of a postage stamp for $600,000 was normal?

Personally, I think flippers did huge damage to the market everywhere. These money hungry individuals never intend on living in the home they are buying--just profiting from it in the shortest amount of time possible. There's TV reality shows that sprung up thanks to this phenomenon, and you could see for yourself how they buy ramshackle homes and put in some cheap flooring, paint over sins and hang some cheesy drapes up and then turn around and sell the darn thing for another $80 grand more than they bought the place 3 months before. Clearly, there's something very wrong with that picture.

To make matters worse, there were lots of flippers who knew nothing of home construction or repair engaging mediocre labor to put lipstick on a cosmetically challenged pig of a house. Work that should be properly done in a matter of weeks or months is crammed into days so another mortgage payment does not have to be made. The corners that I have seen cut are not only inappropriate, but also can make the home unsafe for its future inhabitants who have payed good money for the home.

I can assure you that when you paint directly over freshly hung drywall that has not fully cured--that that paint will be popping off the walls in less than 6 months. Of course, by that point, the flipper has long moved on. You also cannot lay tile AND grout it in the same day, yet I've seen that done as well. Anyone buying a house from an investor should tread cautiously and definitely use a home inspector. I'd also insist on a home warranty as well. Unfortunately, any structural issues won't be covered by a $399 warranty, so be ready.

I'm not sure why people feel the need to move into a perfectly immaculate, move-in ready home. I purchased a mid 1980's house that was in serious need of a facelift. I was able to get her at a great price and her bones were solid. The home is in a great neighborhood with lots of trees and huge lots; plus the schools are some of the best in the state. I managed to do some critical messy repair work right before we moved in like getting rid of the popcorn ceiling and replacing the carpeting. But I've been having work done over the last 5 months that I've been here, and its happening at a reasonable place by some talented folks that aren't ripping me off. I got to pick the granite I liked, the finish on my cabinets and how big I wanted my deck. The house now feels like its been custom built by me and to my taste without being in a cookie-cutter insta-neighborhood.

Has it been a pain to have workers in my house for the last few months? Sure, but they've also become like part of the family. I was having my master bath ripped out by our terrific contractor Kevin Scally (KDS Construction 704-507-3091), and one evening my 4-year old had a wheel come off his toy truck. I offered to fix it for him, but he advised me that he would be asking Kevin to fix it the next day. If anything went wrong, my son said Kevin could fix it. And he's probably right!

In the end, instead of paying someone else to present me with a move-in ready house with their materials, I'm controlling the process and making sure it's done right. And my 25 year old house is looking quite pretty again these days, just as she must have on day one.