CHARLOTTE HOME MARKET: SELLING AND PRICE BREAKDOWN
As some homes sit on the market a bit longer- I am asked often at why??? Why do homes stay on the market? Well for most of us and for most of the larger US markets; homes under $175-199K typically have been selling in less than 45 days with a good majority of those homes going in to multiple offers....knowing the values & what to expect from each a buyer or seller will reduce sellers Days on Market and hopefully help convey a home worth the price...if not- you may end up with longer selling times- for the 3rd straight month in a row- values have decreased -nation wide.
Currently in the Charlotte, NC marketplace; we have 60 homes currently available under $150K...60, our under $75K market from a few years ago has now all but dried up...and rents are at an all time high...these are the only "starter homes" we have left- there is not a builder I know of- building a single family home, under or at $150K any longer-
Homes priced over $250K still need to be in good shape, an ounce of prevention and love can go a long way in listing your home...with Due Diligence Monies being a factor here(money given from buyers to take the home off the market while buyers do "due diligence")- I am astonished at sellers who take little to no upkeep of their greatest investment...only to get a Repair Request a mile long...maintaining a home is just as important as buying a home...who wants to take over your issues you failed to address? Uh, no one...the push for Realtors to urge sellers to do a Pre-inspection is growing...in doing so...you can expect- a higher offer with less surprises and stronger buyers...this is happening at the $250-600K level- this is also the biggest price point where alot of homes fall out of contract.
At the $650- 1M+ home....it has been a mixed bag- in my opinion- if you want your home to sell...it has to have the value of said price...the ones that do...and are honest with themselves on value...Go Quick...that being said; MANY, MANY homes in this price range are just sitting or "price decreasing"...alot of sellers get it in their head that the home they own has increased by 25-50%...in just over 3-5 years....MAYBE a couple of them...but certainly not even the majority of them....alot of homes being pushed in to this price range, should re-evaluate...we have a hot market but to think you will find that 1 dumb buyer who can't figure out you have not improved 1 thing for 2 years ago but want 150K more for the home...just won't work...buyers in this category are usually most comfortable in the $850-925K price range....and most sellers end up selling almost 6-8% off in this category for homes that have sat longer than 60+ days...alot of these sellers are apt to also take their home off market first, not reaching a full 6 months if it is not moving...
The ultra luxury market for Charlotte in excess of $1.2K is thriving, the homes available in excess of $1.2M comes in at 170 single family homes, with current Under Contract homes at 40...we currently have four times the amount of homes in this price range available...in this arena you must have the bells/whistles and upgrades/features buyers are looking for...Just because you live in "the hot neighborhoods" does not mean you can have your cake & eat-it too...it means homes should flow & renovations should have been made...you have a 25% chance of selling right now- so leave no detail unturned...DOM tend to uptick here- most homes staying on market closer to that 6-9 month or more mark....especially past the $2M mark
The writing is on the wall- in conjunction to my discussion is an article written giving further proof of slipping sales for the 3rd month in a row- Rising mortgage rates, sellers trying to go for a "slam dunk" and wages not keeping up all play heavy factors in the market...buyers know they are likely buying at the tippy top and are now rethinking it....sellers need to be aware that the selling cycle is cyclical...better to be reasonable and sell than to hold-out for the impossible dollar the seller may be trying to acheieve...someone once said, " A bird in the hand is worth 2 in the bush"...
Selling or buying? Let's talk- Realtor since 2000
Melissa Polce, ERA Real Estate NC & SC Broker, City Home Group-Owner