Even as August sees a year-over-year increase in new listings, we are still experiencing an inventory shortage across the Charlotte Metro area. Experts are hopeful that the increase in inventory will stimulate more buyer interest as we move into the latter part of 2017. "While inventory remains lower than the previous year, we're not experiencing the same downward trend in contract activity that's being reported nationally," said CRRA President Roger Parham, to the Charlotte Business Journal. "Also, the recent uptick in new listings that's occurred over the last four months should help fuel buyer interest."
Here's a snapshot of what has been going on in the Charlotte area during the month of August.
Need a little help breaking down the numbers?…
If you are in the market to sell or buy a property, you may have some incorrect misconceptions. We decided to debunk some real estate myths that may be impacting your search. Consider these as guidelines for buying and selling.
Myth One: Listing your home for more than what you expect to receive will net you the price you want.
This is often considered room to negotiate. But it’s a mistake you don’t want to make. Listing too high may actually net you a lower price. Why? Because buyers and agents often won’t even look at homes priced about market value. You always have the option to reduce the price after a few weeks, but that’s not a situation you want to be caught in. A price reduction can signal to buyers that there are problems. Even in a low…
As of the end of July 2017, the median price for a Charlotte area home rose again. The increase this month was 9.8% to a new average of $236,000. In the last year, that is an increase of $21,000. Inventory continues to be low, dipping almost 20% as compared to last July. This equates to a 2.6 month supply of home for buyers. Thus, the decrease in inventory seems to be informing the higher purchase price.
If you have any questions related to this data, or are ready to list, get in touch.
How to Make Your Unit Stand Out
If you're considering selling your Charlotte condo or townhome, you may find it hard to differentiate your property. Most units within a neighborhood have the same layout. The only difference may be the size and number of bedrooms and bathrooms. The amenities, location and exterior are all the same. So what will make your unit stand out? How can you get the best price?
Most condos and townhomes aren’t spacious. But there are different elements you can add to maximize functionality. These elements can also add design and style. This can make all the difference in selling your Charlotte condo or townhome.
Barn doors are very popular right now. They are a great blend of function and style. Use a barn…
Don’t spend a dime until you talk to an agent
If you’ve made the decision to list your Charlotte property that’s great. Now please don’t spend a dime on renovations until you talk to an agent.
You may be a great DIYer and have ideas about what to improve, but a real estate agent understands all the nuances of a market. They can tell you improvements worth doing or if you should do anything at all.
An agent will give you an honest assessment about the condition of your home. There’s no sugar coating the realities of your property – whether that be worn out carpet or outdated bathrooms. Every buyer wants a move-in ready home. But few homes are really move-in ready. If you’ve lived in your property a short time or 20 years, there’s going to be…
When you enter into an agreement with a real estate agent, the agent becomes a fiduciary. A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Real estate fiduciary duties, in simple terms, define how an agent should work on the behalf of a client.
The National Association of Realtors (NAR) identifies six main duties of a real estate fiduciary:
- Reasonable care
This simply means that an agent should always be working for your best interests, not anyone else’s or their own. This also means avoiding any conflicts of interest. An agent’s duty of loyalty prohibits him or her from accepting employment from…
Errors Can Be 8% or Higher
Sites like Zillow and Trulia have revolutionized the real estate market. They combine technology and ease of use to get consumers more active in their journey to buy or sell a home. While technology has great benefits in modern life. That doesn’t mean it doesn’t have its challenges.
The reality of Zestimates
Zillow uses data to create Zestimates to estimate the value of property using many sources of public data. They use algorithms, which are mathematical equations that calculate and process data. Machines are processing the information. That may lead you to believe it’s more accurate; unfortunately, that’s not really the case here.
Because these are strict parameters there’s not room for the outliers of real…
Even though it’s considered a seller’s market right now that doesn’t mean you shouldn’t make some upgrades before listing. If you want to sell your Charlotte home for top dollar, every little thing you do could yield a better selling price.
We recommend you always consult with a real estate agent before doing any work, as they can provide insight into what buyers want. Based on our years of experience, we do have six ideas that you can probably do yourself!
Scrape popcorn ceilings
Popcorn ceilings immediately date a property. They often look dingy and cobwebs are harder to control versus a flat ceiling. Scraping ceilings is a relatively low cost option for updating and increasing your home’s value. According to Home Advisor, the cost is…