It’s always good to keep up with the real estate market trends in your area. Here in the North Charlotte and Lake Norman area we were told it was going to be a great spring in the real estate market this year. Boy were the experts right! We are having an amazing year! We are still seeing good gains in value and we are still suffering from not having enough homes for buyers to choose from. The basic laws of supply and demand are in full force in our real estate market. In fact, I have spoken with several agents in different locations in the Southeast and it seems that most of the major towns in the Southeast are experiencing the same type of market.
What type of market is it? It’s a seller’s market! If you aren’t really sure what a seller’s market is (most of us haven’t seen one in quite some time), it can be explained by simply stating that sellers are more in the driver’s seat of transactions. There are fewer homes for buyers to pick from and the demand from buyers is high, very high in fact. Seller’s who are ready to sell are finding that they are able to sell very quickly and are getting more for their homes than they were just a year ago. In fact, the overall transaction is better for the sellers as buyers are not able to put as many demands on sellers.
For the buyer, it’s game on time! Buyers are having to be far more competitive in their actions to be able to purchase a home. They have to be ready before they ever go out looking (pre-qualified with a lender and no home to sell). A buyer must be ready to act quickly in this market too or risk loosing the home they like. If they find the home they want, they really need to go ahead and make an offer on it and have it be a good offer or they can risk loosing the home to another buyer. We are seeing multiple offer situations which can be much worse for the buyer than if the buyer just made a good strong offer right from the get go. If they try to get a better deal out of it, those negotiations take time. During that time, other buyers may very well come along and quickly turn it into a bidding war.
Let’s take a look at the overall Charlotte market from April 2014 to April 2015. We see that the median sales price has jumped in one year from $170,000 to $181,000. That’s a rise of 5.5% which is very good and would make any seller jump for joy!
Now let’s take a look at the Mooresville area market from the same time period of April 2014 to April of 2015. We see that the median sales price has jumped in one year from $215,000 to $236,000. That’s a rise of 8.0%!! One can see that our Lake Norman market is just on fire right now!
Whether you are a buyer or a seller you need to be aware of the market conditions and what that means to you as a buyer or seller. Lisa Alford with Alford Realty Group stands ready to help you understand the market and navigate your way to the best deal possible. Lisa truly believes in treating each of her clients like she would want her family member treated. Any of her former clients will confirm that, see her reviews here. She also puts a high priority on client education. She believes that educating the client is the best way to help them make smart decisions. Contact Lisa today to get started!