Charlotte continues to be an anomoly in the United States and Metropolitan market. According to the Chamber of Commerce, new businesses continue to relocate in the Charlotte Metropolitan area which is responsible for the continuous influx of people relocating here. Approximately 7800 per month are moving into the area. We do have our share of layoffs but again new businesses seem to be picking up the slack in jobs.
Speaking from 20 years experience, the Charlotte market has had its ups and downs but there seems to have emerged a general rule of thumb in regard to sellers. In this market sellers are getting approximately 3-5% of their asking price. The 3-5% can be categorized by an adjustment in price or contribution to closing costs. Another factor could be a seller consession of one large priced item such as new carpet or roof. Sellers will not however yield to a buyer asking for all three types of concessions. A buyer should consider what is the most important and helpful to their needs. For example: if this is a company relocation and the relocating company is offering closing costs as a perk, then a buyer could ask for a 3-5% reduction in price. Another example would be: if a first time buyer needs help paying for his/her loan costs then a full price offer with closing costs paid would be the better way to go. The point is a seller WILL NOT do all three: lower price, pay closing costs, and pay for one high dollar item. When you look at it, it makes sense.
Education is the key. What I have run into more recently is people from all over the US where their market is down expect this to be true here and it is not. Educate your buyers especially relocation people, as to how this market functions.
donna
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