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All I have to say is PRICE is the only thing that matters right now. You could have the nicest house in the best neighborhood and if it is not priced right, then it will sit on the market. There are over 27,000 homes on the market in the Charlotte Metro area. With that amount of inventory, the only thing that matters is the PRICE. Did I already mention that? I can't remember but I think it is important.
There is something to be said about how banks are marketing their homes. For the most part, they are not cleaning them up, painting, putting in new carpet or anything else that is cosmetic. What is the one thing that is making their listings attractive and sell quickly? It is PRICE! They are creating an excitement by listing the home well below market value and that is causing the buyers that are ready, willing and able to flock to that home. In many cases, there are multiple offers that result in a selling price of above the list price. This is what every seller needs to be aware of right now.
Here is an example of one neighborhood and what the last 6 months looks like: Savannah Way in Monroe, NC.
Of the 8 homes that have been on the market since March 1, only one has sold. It was listed at $305,000 and sold at $275,000. This house says it was on the market for 51 days, but in actuality it has been on the market since the Summer of 2008, with a list price starting at $359,000. That seller actually got an offer for $339,000 after 27 days on market and refused the offer. They stayed on the market for almost another 2 full years and sold for $64,000 less than originally offered. So instead of the 90% of their list price, they actually got 76% of their original asking price. There are currently 7 active homes on the market. All of them are fabulous all brick homes with 4+ beds, 2+ baths and have at least a half acre lot. This neighborhood is gorgeous with lots of trees and a community pool.
| |
| # |
MLS # |
Type |
Area |
Address |
Subdivision |
BR |
FBths |
HBths |
Total HLA |
List Price |
Sales Price |
SP/LP |
Sold Date |
DOM |
| 1 |
920183 |
1.5 Story |
10 |
3531 Savannah WAY |
Savannah Way |
4 |
3 |
0 |
2349 |
$305,000 |
$275,000 |
0.902 |
05/27/2010 |
51 |
| Minimum |
4 |
3 |
|
2349 |
$305,000 |
$275,000 |
0.902 |
|
51 |
| Maximum |
4 |
3 |
|
2349 |
$305,000 |
$275,000 |
0.902 |
|
51 |
| Average |
4 |
3 |
|
2349 |
$305,000 |
$275,000 |
0.902 |
|
51 |
| |
| # |
MLS # |
Type |
Area |
Address |
Subdivision |
BR |
FBths |
HBths |
Total HLA |
List Price |
DOM |
| 1 |
934455 |
2 Story |
10 |
3216 Oglethorpe LN |
Savannah Way |
4 |
2 |
1 |
2000 - 2400 |
$259,000 |
134 |
| 2 |
952311 |
Ranch |
10 |
2805 Monterrey LN |
Savannah Way |
4 |
2 |
0 |
2000 - 2400 |
$259,900 |
54 |
| 3 |
939183 |
1.5 Story |
10 |
2803 Vidalia CT |
Savannah Way |
4 |
3 |
2 |
2900 - 3500 |
$286,900 |
112 |
| 4 |
965578 |
1.5 Story |
10 |
2804 Vidalia CT |
Savannah Way |
4 |
3 |
0 |
2200 - 2700 |
$299,700 |
26 |
| 5 |
939065 |
2 Story |
10 |
3005 Monterrey LN |
Savannah Way |
5 |
3 |
0 |
2600 - 3100 |
$359,000 |
113 |
| 6 |
939750 |
1.5 Story |
10 |
3514 Savannah WAY |
Savannah Way |
5 |
4 |
0 |
3100 - 3800 |
$399,900 |
107 |
| 7 |
929513 |
2 Story |
10 |
2809 PULASKI DR |
Savannah Way |
5 |
3 |
0 |
3400 - 4100 |
$419,990 |
140 |
| Minimum |
4 |
2 |
1 |
|
$259,000 |
26 |
| Maximum |
5 |
4 |
2 |
|
$419,990 |
140 |
| Average |
4 |
3 |
2 |
|
$326,341 |
98 |
Are you looking to buy, sell, rent or know someone who is? Contact Team Ludlow Realty. We know you have been promised a lot in the past, look forward to our delivering in the future.
