Year End 2009 Market Report for Lincoln County, NC

2009 Condo/Townhomes Statistics ⁺⁺

  Condominiums & Townhomes, more prevalent in the eastern part of the county, are available fitting a buyer's budget through out the county. The tax credit has moved many buyers off the "fence" to buy now instead of waiting later. The ongoing foreclosure, real estate owned, & short sales are still influencing the equity of homeowners' properties in order to sale or refinance. While the intent of the financial stimulus package was to increase home loans, the banks are still very critical in who gets the loan. Though toward the end of 2009 credit requirements were being loosen, the process is still taking longer than buyers anticipate, especially ones who bought & sold in 2005/2006, and requiring more documentation to prove ability to qualify for a home loan or refinancing. Most sellers are willing to negotiate both price and/or terms as properties are staying on the market longer but most sellers want proof that the buyer has the means to buy before taking homes off the market. Mortgage brokers recommend that buyers interested in purchasing a home should get prequalified first as this helps to speed up the loan process when they find their dream home.

 2009 Multi-Family Statistics ⁺⁺

  Most multi-family unit owners are keeping these homes for rental income due to the present economy but homes are available fitting a buyer's budget. The tax credit has moved many buyers off the "fence" to buy now instead of waiting later and use the other unit as income producing or for extended family members. The ongoing foreclosure, real estate owned, & short sales are still influencing the equity of homeowners' properties in order to sale or refinance. While the intent of the financial stimulus package was to increase home loans, the banks are still very critical in who gets the loan. Though toward the end of 2009 credit requirements were being loosen, the process is still taking longer than buyers anticipate, especially ones who bought & sold in 2005/2006, and requiring more documentation to prove ability to qualify for a home loan or refinancing. Most sellers are willing to negotiate both price and/or terms as properties are staying on the market longer but most sellers want proof that the buyer has the means to buy before taking homes off the market. Mortgage brokers recommend that buyers interested in purchasing a home should get prequalified first as this helps to speed up the loan process when they find their dream home.

 2009 Land Statistics ⁺⁺

  Vacant land sales both inside & outside established subdivisions are still a viable method for buyers who cannot find their dream home among existing homes being offered. Like home sales, sellers are eager to negotiate as days on the market continue to increase as long as buyer can prove they have the means to buy, whether cash or home/land package. Several types of construction loans are still available for the qualified buyer and with construction of new homes slowing, a buyer can shop for a deal in building their new home using local builders. 

 2009 Commercial Statistics ⁺⁺

  Even though several large and small local businesses have closed their doors, there are several stand alone commercial buildings for sale along with new mini-malls being built. These buildings range from warehouses w/office space to gas stations to restaurants w/land. Some national chains are looking at commercial land to build on instead of leasing existing buildings to reduce their overhead with consumers spending less. One example of this type of expansion is Wal-Mart, working with the city & county zoning departments to obtain land & permits in order to build a new "super center" within the Lincolnton city limits. Other building projects within the city limits include a new county hospital, several new private medical clinics, and ABC store. In some cases the buildings previously occupied by these businesses have been sold or rented to new businesses moving into the area. There are also new construction buildings opening up for lease options. These businesses are providing jobs for some of the laid off labor market and students looking for part time employment. As with residential loans, investors & small business owners should expect the loan process to take longer and require more documentation than a year ago.

 ++ Data Source: Carolina Multiple Listing Services, Inc.