After watching the most recent real estate update by Steve Harney (a respected national real estate expert) there is some information that is important that the public understands. First we need to look at who is today's home buyer. It is the first time home buyer and investors. The volatile stock market and employment uncertainty has definitely affected the high-end market.
In our office, consisting of 96 agents that covers the entire Charlotte market, our average sales price to list price is up to 91%....it was staying around the 87% mark for several months but we are finally seeing this number creep back higher. Our average days on market is now 130 days.....down from this time last year when it was 146 days.
So what is causing this shift...
Part of the sales price to list price percentage increase is due to the higher buyer demand during the summer months...but mostly these numbers have changed because the home price index has gone up in the past 6 months...this is because the percentage of the national real estate market that is in foreclosure has dropped for 5 consecutive months. The number of home owners who are 90+ days delinquent on their home loans is dropping...which means we will start to see less foreclosures hit the market in the next 6 months.
Foreclosures are selling at a 40% discount.
Short sales are selling at a 21% discount.
Until we get rid of the high number of distressed properties this real estate market will remain in a slump.
Nationwide there are still 14,000 real estate sales every single day. The buyers are focusing on resales and distressed properties...not new construction...the best deals are not going to be new construction for a while. Builders may not admit this but look at their inventory and you can tell that they know it is true. They have sold their spec homes and are not building new inventory.
Real estate is still a great investment and from January 1st, 2000 to September 1st, 2011 its' return on investment was 6 times that of the Dow Jones.
| Purchase Price | Down Payment | Estimated Closing Costs | Property Taxes | Home Owners | Estimated Monthly Payment | Total Monthly Payment |
| (Includes Prepaids and Reserves) | (Monthly) | Insurance | (Including Mortgage Insurance) | (Principal + Interest + Taxes + Insurance) | ||
| (Estimated on High Side) | (Monthly) | |||||
| $100,000 | $3,500 | $3,000 | $105 | $25 | $557 | $687 |
| $150,000 | $5,250 | $4,500 | $157 | $37 | $772 | $966 |
| $200,000 | $7,000 | $6,000 | $210 | $50 | $1,022 | $1,282 |
| $250,000 | $8,750 | $7,500 | $262 | $62 | $1,255 | $1,579 |
| These numbers are based off of a 30 year FHA loan with a 4% interest rate. Zero origination fees and zero discount points. | ||||||
| I am also assuming that the tax value of the house is equal to the purchase price. |
Houses For Sale in Charlotte | Myers Park Homes | Myers Park School District
Houses for sale in the Myers Park School District get a lot of attention from home buyers in Charlotte, NC. Myers Park is located just south of Charlotte's center city which allows for short commutes for those working Uptown. Houses in the Myers Park school district stretch beyond the Myers Park neighborhood. Throughout the real estate downturn, houses located within the Myers Park school district seem to have held their prices better because of the popularity of Myers Park High School.
View a map of the Myers Park School District
Getting Your House Ready To Sell Faster In Charlotte, NC
If you have a house for sale in Charlotte, NC then you know that there is a lot of competition and buyers are being very picky. There are some things you can do to get your house ready to sell without going out and spending a lot of money. You need to think about how a buyer will perceive your house when they view it for the first time.
Curb Appeal
Begin with the front of your house. Make sure that you keep the yard cut, trimmed, and fresh flowers planted in outside planters or flowerbeds. You want the buyer to pull into your driveway and be excited about seeing the inside of the house because they are already happy to see a pleasant exterior.
Clutter Free
De-clutter and depersonalize your house. The average seller needs to remove 50% of their "stuff". You may need to get a storage unit while your home is on the market. Remove all family pictures from the house, religious items and political items. Keep the house cleaned and blinds open...a fresh scent with soft music can never hurt.
Color
This one is easy but many sellers can't seem to get it. Neutral colored houses sell!!! You don't want to lose a buyer because they can't imagine living in your house that has green, blue, pink, or striped walls....and yes, most buyers do not want to have to paint a house as soon as they move in and you will lose offers or receive lower offers. Paint your walls a soft baige and then bring splashes of color into your house with decorative accessories.
Fix Basic and Noticable Problem
Go ahead and repair all of the noticeable items in your house and any other basic repairs that the buyers are going to ask for after they perform their inspection. You don't want to give the buyer the impression that the house has not been cared for or that it may have many other issues that should scare them from making an offer.
Don't just put your house on the market and hope that it sells. There is a lot of competition in Charlotte and as agents we are having to market houses more than ever in order to receive showings. Take advantage of the showings that your house receives by doing some of the basics.
3 Bedroom Townhouses in South Charlotte
Townhouses in south Charlotte are popular for those who want to live a maintenance free lifestyle and who want to have a short commute to Uptown Charlotte. 3 bedroom townhouses seem to fit the needs of most south Charlotte townhome buyers. Garages are popular and so are communities with swimming pools. Today's townhouse buyer wants the convenient drive to work, the community social atmosphere that the community pool offers, and the maintenance free living that is found in most townhouse complexes in south Charlotte.
Search the townhouses in south Charlotte and let me show you the lifestyle that the different townhome complexes offer.
Every townhome complex in south Charlotte will have different home owners association regulations and dues.
Search for Townhomes in South Charlotte
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Full-time North Carolina Real Estate Broker. I specialize in the south Charlotte market in Mecklenburg and Union County. I enjoy working with buyers relocating to Charlotte, NC.
Realtor Brandon Farmer, is a Residential, Relocation and Investment Real Estate in the Charlotte, NC area and across Mecklenburg County and Union County.
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