The news was reported late last week that Wachovia was in discussions with several potential suitors as they looked to get back on stable ground following the recent mortgage meltdown we’ve been reading about on the news. Well, this morning it was made official, Wachovia is selling their banking business to Citigroup, the country’s largest bank holding company.
While the AP reports say the new combined retail bank will remained headquartered here in Charlotte, one has to wonder if it’s only a matter of time before Citigroup will begin moving operations back to their current headquarters in NYC.
Regardless, a stand-alone company that will retain the Wachovia name will remain here in Charlotte. It will include Wachovia Securities brokerage firm, the Evergreen asset management arm and insurance services.
So, what exactly does this mean for the Queen City and the surrounding areas like Rock Hill SC and Fort Mill SC?
Well, there will undoubtedly be some uneasiness for a time. It is projected that some 20,000 Wachovia employees in the Charlotte area will end up losing their jobs, which is a huge number.
The real estate market will certainly feel some of the after effects of this transaction, but the Charlotte business community remains a great asset to the region. I suspect there will be some reprocutions from this sale and that we’ll see our real estate market remain a strong buyers market.
However, I still expect our market to remain strong when compared to other areas of the country that have been hit hardest with the current financial rollercoaster ride. I think property values will continue to appreciate and if you have a house you MUST sell, while it’s unrealistic to expect the huge amounts of appreciation this area enjoyed 5 years ago, it’s still not out of the question to expect to see a fair amount of appreciation for your property.
As always, it goes back to making sure you have your home priced correctly and that you do as much as possible to make it stand out from the crowd of other available properties.
In terms of buying a house, again, it’s a buyers market right now. You can find some great values if you put in the time and effort required. Or, you could hire a real estate agent that knows the Rock Hill SC and Fort Mill SC markets and what’s available.
Give me a call today and let’s chat about either buying or selling your Rock Hill SC or Fort Mill SC home today!
