No "Irish Luck" In Finding A Charlotte Foreclosure Or Short Sale Home?

By
Real Estate Agent with Coldwell Banker Residential Brokerage

 

Foreclosure And Short Sale Homes Hard To Find In The Charlotte, NC Region

 

Having trouble finding a foreclosure or short sale home to purchase in the Charlotte area and thinking the Luck of the Irish has abandoned you? You'll be glad to know it's nothing to do with the luck of the Irish. Foreclosure and short sales as a percentage of total home sales in the Charlotte, North Carolina region remained very low at 1% of total sales in February 2019, down from 2% in February 2018. As a percentage of closed sales for the past 12 months, it's even lower at 0.8%.

 

Why Foreclosure Bargains Are Almost Impossible To Find In The Charlotte Region:

                                          

  • Foreclosure sales were down 43.6% in February 2019 compared with February 2018.
                                                                                                                  
  • Short sales were down 61.1% in February 2019 compared with February 2018.

  • Inventory of foreclosure and short sale properties stood at 1% of total number of homes for sale in the Charlotte region.

  • Median selling price for foreclosure homes was up 89.6% in February 2019 versus the same period one year ago. Median sale price for non-foreclosure homes was up only 2% in February.
      

 

 

FEBRUARY 2019 SHARE OF DISTRESSED PROPERTY SALES IN THE CHARLOTTE REGION

 

Charlotte Distressed Property Sales February 2019

 

 

Foreclosure/Short Sale Home Sales In Charlotte Region At Their Lowest Levels Since 2016 

 

 

 

Average Selling Price of Charlotte Region Foreclosure/Short Sale Homes At Its Highest Level Since 2016
 

 

 

Steady Decline Since 2016 Of New Foreclosure/Short Sale Listings In The Charlotte Region

 

 

 

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 distressed properties 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."

 

Great Homes In Charlotte

 

  

 

 

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2019 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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2019 Market Reports
Tags:
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Rainmaker
1,604,277
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

A good economy does have many benefits and number one is people can afford to stay in their homes Nina Hollander . 

Mar 19, 2019 05:51 AM #3
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Bob "RealMan" Timm hi Bob... Charlotte area's unemployment rate is below the national average and even when the market went sideways, we didn't have as much of a foreclosure issue as many other markets.

Mar 19, 2019 06:00 AM #4
Rainmaker
1,917,152
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Nina - with your rising values a short sale is hard to find.  No flipping shows from Charlotte.

Mar 19, 2019 06:16 AM #5
Rainmaker
1,677,600
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

I am not surprised that there are few foreclosures and short sales in the Charlotte market - you have been showing us for a while that prices are on the rise in charlotte! 

Mar 19, 2019 06:24 AM #6
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider hi Grant... it has been hard for flippers to find much in the way of properties to buy and flip for a couple of years now.

Mar 19, 2019 06:43 AM #7
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lise Howe good morning, Lise... we never had quite the distressed property issue at the same levels as other parts of the country, but now it's virtually non-existant and when they do come up... the prices are not bargain basement.

Mar 19, 2019 06:44 AM #8
Ambassador
1,850,107
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

They are as rare as a four leaf clover. With that said, I was looking at potential homes today for a relo buyer and came across a 700K house that will sell as a short sale. Surprised me, first because they are so rare, and especially at that price point. 

Mar 19, 2019 08:00 AM #9
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debb Janes EcoBroker and Bernie Stea JD hi Debb... kill me now, girl! I wish I'd thought of that four leaf clover analogy! I'm not totally surprised you found a $700K short sale home... when I see short sales or foreclosures these days in Charlotte area, if they aren't at the lowest end of the market, they will be at the higher end of our market.

Mar 19, 2019 08:13 AM #10
Ambassador
3,799,711
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina we still have a few foreclosure's and short sales, but we are also way down from what they were a couple of years ago.

Mar 19, 2019 08:16 AM #11
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto hi George... I would think that the increase in home prices, however gradual, is helping eliminate more short sales including in your market.

Mar 19, 2019 08:21 AM #12
Rainmaker
2,543,937
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Anyone will feel like they are the luckiest person in the world, if they choose you to help them with their real estate needs!

Mar 19, 2019 08:21 AM #13
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England Well! Okay, Brian! I'll take that compliment today and any day!

Mar 19, 2019 08:21 AM #14
Rainmaker
3,331,541
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Nina - sometimes "the best deal" is not a foreclosure or a short sale but it may mean purchasing a home/property that it is right for you and available. In the Charlotte,  NC area you have the real estate knowledge and skills to make it happen.

Mar 19, 2019 08:47 AM #15
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Michael Jacobs hi Michael... funny you should say that. Because that's what I tell my own clients all the time. And at the end of the deal a deal is not a deal if it's not the right home for someone.

Mar 19, 2019 09:17 AM #16
Rainmaker
5,376,239
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is great information to share.

In Maryland, the trustee sales at the courthouse steps in each county are the source of forclosures for investors.

Mar 19, 2019 12:53 PM #17
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley hi Roy... we have those courthouse step sales here too... and they are mostly for investors with cash. But we have plenty of REO properties sold through the MLS and for years now we haven't had too many of them to offer and certainly not at bargain prices.

Mar 19, 2019 12:59 PM #18
Rainmaker
756,245
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

We always seem to lag behind, and whilst we are not seeing lots of these distressed properties they are there if you are interested in them. At the same time prices are quite high for condition of the properties as well.

Mar 22, 2019 06:18 AM #19
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Nick Vandekar, 610-203-4543 hi Nick... distressed properties here as you can see, are very hard to find. But the banks started ratcheting up their prices several years ago... no bargains in Charlotte.

Mar 22, 2019 06:49 AM #20
Rainmaker
1,320,419
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I'm guessing the low inventory of foreclosures is partially due to a strong local economy and to the hot market, allowing homeowners to sell their homes quickly before they get to the foreclosure point.   

Mar 23, 2019 11:52 AM #21
Rainmaker
3,089,189
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Carol Williams hi Carol... you hit the nail on the head in that regard. Also, since Charlotte housing market was never highly speculative when the market went sideways it did not hit us as badly. So we never had quite the same percentage of distressed properties sales as many other cities did... and when the recovery began we were one of the first to start recovering.

Mar 24, 2019 04:15 AM #22
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