Charlotte, NC: I recently had a conversation with the owner of a Charlotte home for sale who wants to stick to her asking price even though the Charlotte real estate market just doesn't support it. We have a low offer on the house which is in line with the comparable sales. Below is part of the conversation:
Attached are the BEST comps I can find for your house. I don't know if an appraiser will use these since they are farther away than some others that are much, much lower. Except for the house across the street from you which needed a lot of work, these others were renovated and very nice as you can see from the photos. Although they may have sold for the prices listed you can see that the SELLER paid some of the buyer's closing costs which lowers their net return.
I do not think that this buyer is playing games. I think he is serious and really likes your house. I will go back with your cpunter offer and see what they say. I suspect they will walk way. So think about it. I am quite serious in telling you that the market is not going to return to where it was when you bought the house until 2017 or so.
If I was you and I wanted to go to Florida, I would go. Life is too short to waste it waiting for money, especially waiting 6 years for it. Yes, you will lose on this end, but the Florida market is just as bad and maybe much worse than Charlotte real estate ...for sellers. As the new foreclosures come on the market over the next year or so a huge percentage of them are going to be in Florida. That, if nothing else, should be incentive enough for sellers and banks to take an offer on the house you like. You will make up the loss on the buy side. If you can get the Florida house you like for $40,000 less then you have made up the loss on the Charlotte home for sale. The Florida market will return a lot faster than the area where you live now which is probably going to continue to go down as long as there are so many apartments, low end housing and a high crime rate.
Your choice is to stay in the house and wait 6 to 10 years, rent the house out and go to Florida without the money that is tied up in it, or sell the house at the current market value and buy the Florida house which is worth more anyway and ride the real estate market recovery up. In 6 to 10 years you will have a beautiful home worth a lot more than this one will be worth at that time.
I do have connections through our national network of agents who specialize in short sales and foreclosures. They are especially good at getting the lenders to talk to them and be reasonable not to mention quick. Okay, quicker. For Charlotte Short Sales and Foreclosures call me. I can help you.
TO SEARCH FOR ALL CHARLOTTE HOMES LISTED FOR SALE WITH ANY REAL ESTATE COMPANY INCLUDING SHORT SALES AND FORECLOSURE PLEASE VISIT MY WEBSITE:
WWW.COVINGTON.ALLCHARLOTTEHOMESNOW.COM
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