Local News

N.C. housing industry not out of clear

Posted December 30, 2009 7:17 p.m. EST

With a recent upswing in home sales, homebuilders say they are cautiously optimistic that the industry has hit bottom.

November numbers indicate a step in the right direction.

But, according to local real estate expert Stacey Anfindsen, it could be at least another three to five years before the industry booms again.

Major concerns, including high unemployment and the lack of credit to builders and buyers, still linger.

Anfindsen said new and existing homes below $300,000 are selling. New construction on homes above $500,000 have essentially stopped, unless it's a pre-sale.

If builders can find appropriately priced lots, he thinks they will do well.

"We have plenty of lots that are priced at $80,000, $90,000 $100,000, $150,00, which would produce a $500,000, $600,000 house. We don't need any more of those," Anfindsen said.

"It'll be a while before we get out of that. If we can find a way to get those existing lots priced down in the $30,000, $40,000, $50,000 range, we can meet the demand for the $300,000-and-below detached house."