Charlotte Region Foreclosures Still Coming, but Overall Inventory Still Low
This morning I checked out www.CharlotteObserver.com, and one of the articles caught my eye. It was entitled “’Steal a mansion’ at foreclosure auctions”. The article describes how some buyers are getting some great deals relative to what the property used to be worth when they are buying at a foreclosure auction. Though an auction is certainly not for everyone depending on the buyers’ level of experience with auctions and their knowledge of the true market value of the property they are bidding on, auctions can certainly provide an opportunity for savvy buyers.
We are still seeing a lot of foreclosures and short sales on the Multiple Listing Service (MLS) as well. Since most foreclosures end up going back to the bank, many of those homes come on the market at a reduced price listed with a real estate agent. This weekend we showed one of our clients a foreclosed condo located in Uptown Charlotte that is now listed for $219,000. That same condo sold for $455,000 in December 2005.
Despite the continued presence of foreclosures and short sales, buyers are beginning to recognize that the huge glut of inventory that used to be on the market is no longer there. Inventory levels have dropped significantly since the same time last year (see my recent market report) causing many slower buyers to miss out on the home they want or a bargain deal when they don’t move fast enough. Some of our sellers are seeing multiple offers again or buyers will place an offer on a home just after the Seller accepts a contract.
If you are thinking of buying a foreclosure, know that they are still available. More foreclosures appear to be on their way as well. As many foreclosures are priced to sell quickly, you need to move fast. If you are thinking of selling a home, now is a good time to put your home on the MLS. With inventory at a low level and many buyers not wanting to deal with the potential hassles of a foreclosure, having a home in good condition and price well will put you at an advantage over your competition.
– Don
Photo from: Flickr Respres
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Don is the Owner and Broker of Don Anthony Realty. Over the last two years, Don sold more homes than 99.3% of the real estate agents in the Charlotte Region, while saving those clients thousands. He has perfected a low cost yet full-service home-selling program that is revolutionizing the way people get their homes sold. His hybrid approach and Flat Fee MLS Listing Service combines the best of a Discount Realtor and Full-Commission real estate agent with the freedom of a For Sale By Owner (FSBO). For more information please visit our website, www.DonAnthonyRealty.com.
Don Anthony Realty helps clients buy and sell real estate in the entire Charlotte, NC Metro Region. Counties served include Mecklenburg, Union, Cabarrus, Iredell, Lincoln, Gaston, Rowan, Catawba, and Alexander Counties in NC as well as York, Chester, and Lancaster Counties in SC. Some of the cities served include Charlotte, Huntersville, Mooresville, Matthews, Concord, Weddington, Wesley Chapel, Waxhaw, Monroe, Marshville, Pineville, Gastonia, Cramerton, Belmont, Statesville, Hickory, Claremont, Kannapolis, Salisbury, Union Grove, Lincolnton, Mount Holly, Fort Mill, Tega Cay, Rock Hill, York, Clover, Catawba, Indian Trail, Mint Hill, Davidson, Sherrills Ford, Cornelius, Troutman, Harrisburg, Midland, Mt Pleasant, Terrell, Crouse, Wingate, Maiden, Denver, Lancaster, Stanley, Dallas, Newton, Cherryville, China Grove, Indian Land, and Chester
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