Posted by: Roby Robertson | November 12, 2008

Lake Norman Real Estate;Some Facts and Some Tough Talk

Closings are down 31 Percent from Last Year in the Charlotte/Lake Norman MLS Area

Pending home sales are down 37%. While home prices compared for the same period last year are only down 1%, the equity growth we have grown accustomed is probably gone for quite a while. Some experts are saying we may not see real equity being built until 2012. However, our market is definitely faring better than most markets across the United States.

Suffice is to say that this market is not for the faint hearted.  On a postive note there are Lake Norman agents getting out of the business, some of which should not have been in the business.  This is not a personal slam on anyone but is a stark reality.

So what homes are selling in this market?  Right now the only homes that are consistantly moving are bargains or those priced generously. 

Here are some direct results from the current market:

  • Sometimes multiple appraisals are needed to get loans funded and deals done
  • Buyers incentives are abound throughout the market
  • There are a huge number of vacant homes on the market
  • Builders are giving huge incentives and are even offering lease to own options

Sellers:

  • Sellers should hire an agent and help them do a comprehensive market analysis and pay close attenting to just the past few months. 
  • Sellers should interview multple agents to see how they market on the internet.  The Web is now King and Queen all wrapped into one and the sellers home needs maximum exposure.
  • Sellers need to be realistic and open minded about the price and creative ways to entice buyers
  • Agents should be open to discussing commissions

Buyers

  • Rule a lot of the negotiations up to a point but must be realistic
  • Don’t be afaid of affending the home owner or the lisitng agent.  This is business!
  • Get pre-qualified.  It gives you leverage.
  • Buy for future gain.  Don’t buy thinking your going to make a quick buck.  Equity is going to take much longer to achieve and you should make the decision for the long term. (Investors excluded when the great deal is found)

 Don’t let this market discourage you from doing what is best for your family.  Living at Lake Norman is awesome.  Just be make to hire a Realtor to represent you and your interests and make sure he/she is looking our for You.

If you have questions about any of our fantstic Lake Norman Communities, please contact your Lake Norman Agent at 704 451 7051 or by email.

See Also:

Be The First To See Lake Norman Hot New Listings as soon as they become available.

What would my Lake Norman Home Sell For?

Lake Norman Relocation, You Will Want to Consider It

Why Lake Norman is such a great Destination

Roby Robertson

 

Saving My Clients Thousands

Broker/Owner

 

Real Living In Style
Davidson NC

 

roby.robertson@realliving.com
www.LakeNormanRealLiving.com

 

Ph: 704 451 7051
Fax: 704 892 9766

Committed to Saving My Clients Thousands When Buying and Selling Real Estate


Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: