Charlotte NC Real Estate Update SEPT 2009

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Real Estate Agent with www.AtHomesCharlotte.com | Savvy + Company Real Estate 228209

Charlotte NC Real Estate Update, SEPT 2009


T
Charlotte NC Sept Market Reporthe salability of their home on the market seems to be at the forefront of Sellers' minds during in mid-October.  There are  thoughts that this may be a good time to take their home off the market until the springtime when the “market improves”, but, this year, there are several reasons not to this:

1.  We believe that the market will continue to improve in terms of the number of sales, but that prices will continue to soften until the rate of employment increases.


2.  More people with jobs means more people can afford to buy a home. Estimates by most local and national economists believe employment numbers may begin to improve in mid year.


3.  Prices will soften if interest rates increase. There is no question that current mortgage rates are at historic lows and that sooner or later rates must increase. A higher rate of interest will mean less buying power for homebuyers and this too will have a negative impact on home prices.


4.  Historically, more new listings are placed on the market in the springtime than at any other time of year. More listings equal more supply equals more listings trying to compete to attract the same buyer pool.

Devaluation of property occurs the longer a home remains unsold. If home prices are falling at 4% annually then a $400,000 home devalues at $16,000/year, why not agressively price your property and continue to 'ride out' the market while other sellers are removing their home from the market for the holidays?  As springtime approaches, you'll have far more competition.   By leaving your home on the market during the winter months, you'll surely captuer the buyer that loves to shop in during this time and have less competition than in the spring!

Here are the September statistics for Charlotte single family and condo/townhome sales only, 9/2008 vs. 9/2009:

Charlotte NC Sept Market Report

The median sales & DOM statistics for Charlotte single family sales only, since April, 2009 are below.

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Rainmaker
134,530
Melissa Polce
Allen Tate - Huntersville, NC
Lake to Land, I've Got It Covered!

I agree, but then you tell the seller...and it is a hard sell! Good Morning!

Oct 15, 2009 07:41 AM #1
Rainmaker
146,482
Caren Wallace
Premier Property Group LLC - Tualatin, OR
Portland Caren Real Estate

Deb, I just told a seller the winter months are a good time to sell with fewer competition! This is a very well written post!

Oct 15, 2009 07:47 AM #2
Rainmaker
920,123
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Love the graphs.  And great argument for listing during the winter.  Well done, Debe.

Oct 15, 2009 02:10 PM #3
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Debe Maxwell

Charlotte Homes for Sale - Charlotte Neighborhoods
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