I'm Looking For A Great Foreclosure Deal In Charlotte!

"I'm looking for a great foreclosure deal in Charlotte."

I hear this from home buyers at least once a day. Home buyers seem to think that all foreclosure properties are great deals. And not only that they are great deals, but that the city is swimming in foreclosure properties. Not so, unfortunately.

According to CoreLogic, nationally, bank-owned property sales showed a 35% decline in October 2012--a 60% decrease from their peak in April 2009. The price of bank-owned properties has also risen 3% from a year ago. And while non-distressed home sales increased 11% in 2012, REO sales fell by more than 20%. In Charlotte, North Carolina as of today we have only 149 foreclosure single family homes listed in our multiple listing service equal to less than 7% of our inventory. And unless you are willing to buy in a third rate neighborhood with third rate schools, there aren't many deals to be had. This 7% of inventory holds across the entire Carolina MLS, which encompasses two states and more than eight counties.

Home buyers still seem to think that the world is swimming in foreclosure properties and it simply isn't so. The average asking price of Charlotte bank-owned properties currently listed in Carolina MLS is $224,984. The average home sold in Charlotte in 2012 at $225,866. When you look at it this way, you can see that banks are pricing their homes not too far off market values. And my experience has been that when foreclosure homes are priced significantly below market value a bidding war will ensue driving the final sale price up close to market values.

I've been telling my clients for at least a year now that they need to look at everything on the market that suits their criteria and budget... that sometimes a better deal will be had on a non-distressed property, which may also be in better condition and have seller-paid repairs as well. A foreclosure is not always a great deal.

Looking for a great deal on a foreclosure property in Charlotte? You might get lucky, but don't count on it these days! You're better off working with your agent to find you the right home at the right price in the right neighborhood.

Want to stay on top of foreclosure and short sale home listings in the Charlotte metro area?

Contact Carolinas Realty Partners and we'll send you a list of homes as they come on the market.

SEARCH ALL CHARLOTTE REGION HOMES FOR SALE 

This update on distressed property sales in the Charlotte region is brought to you by Nina Hollander and Carolinas Realty Partners, Coldwell Banker, your Charlotte metro area residential real estate experts.

If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."