Cash is King! Or good credit and 15 to 20% downpayment is King too! There are plenty of deals to be found in the South Charlotte area and if you want to find them, all you have to do is look. Right now banks are dealing and they do not want to hold onto the properties that they've had to take back. In the Ballantyne, Marvin, Weddington, Arboretum, Park Road and even the SouthPark areas there are bank foreclosure homes for sale.
I've been selling real estate in Charlotte for 18 years and everytime there is a slow down like this, it's an opportunity. Charlotte's real estate market has always had ebb and flows. There hasn't been a time I've experienced it to tank. I look at it like the stock brokers do,"future earnings are a reflection of past results." Charlotte has always had steady results with hills and valleys, but not sink holes.
There are plenty of upscale homes for sale that are affordable now. These homes held by the banks are the best to go after. On average if you make a decent offer, the banks will work with you here, as long as you are solid. If you're trying to move up in order to gain 1000 more square feet but you have to sell your house first, "forget about it"...as some of our new residents from the north would say.
If you want to find bank foreclosures, go to this hyperlink BankOwnedProperty This link has a list of banks home search websites. All you need to do is go to the sites and search for the city to find bank owned property for sale.
If you can, don't let this opportunity slip by. When the market turns around, Charlotte home prices will most likely do what they have been for the past 5 years, go up.
Please contact me if you want a Bulldog to negotiate for you in the South Charlotte area.
Good Luck!
William