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NC homes: Charlotte houses, realtors, housing, mortgage, taxes, insurance.

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Old 02-06-2009, 05:49 PM
 
251 posts, read 499,820 times
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I am looking for some realistic input from realtors on the forum. Last year, my fiance and I began considering a move to the Mooresville / Cornelius area. We were looking for homes around the $190-200K range. Something like a 4 bedroom, 2 story, 2 car garage, relatively newly built home on 1/3 - 1/2 acre in some nicer neighborhoods.

We had no problem finding these homes as we looked online and what not, but it seems that some of these homes that were for sale a year or 6 months ago are still for sale and at the same price ( maybe slightly lower 2-3% ). Are people still holding out for much higher prices when they obviously are not coming?

At this point in the economy, I was thinking that we could easily find the homes we wanted now around $165-170K, when they were near $190-200k last year.........but it doesnt appear that way....yet.

Perhaps in another 6-12 months or so the reality will set in and the housing prices will come down to earth even in the Charlotte region? We are egar to move down, but we obvioulsy want to get the best price possible.

What do you realtors think about the situation?

Thanks,

Lee
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Old 02-06-2009, 06:55 PM
 
1,163 posts, read 1,960,373 times
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I'm not a Realtor, but I've been looking for homes "off and on" for over 18 months in the Lake Norman Area: Huntersville, Cornelius, Davidson & Mooresville. I've made "fair" offers on a total on 5 homes. All but one of these homes had been on the market over 100 days and 2 had been on the market for 180 days. Four of the sellers would not work with us on price despite ridiculous list prices. Many sellers in the area simply don't "get it" in regards to the economy and availability of credit. Many don't understand that the Lake Norman area is quite overbuilt relative to the current demand.

Others can't afford to sell at a "fair market value" because they were lazy consumers and paid too much for the home in the first place, financed far too high a a percentage of the homes value, have little cash, and literally can't afford to pay the bank the difference between the loan balance and "fair market value", not to mention Realtor fees. The marketing plan for these sellers completely depends on finding a "sucker."

Thankfully, there are a few out there who do "get it" and price their home to sell. They don't last long, so you have to be here and act fast. Recently, my wife and I were lucky enough to snap up a great property for an unbelievable price. (We close soon, wish us luck!) As you learn the areas and the market, you'll begin to identify "good deals" as soon as they hit the market. It's almost like practice: when the "good deal" sells fast, you were correct! When the "good deal" does not sell quickly, you need more practice! When you are ready to buy, move fast on the "good deals!"

I don't recommend buying a home before you move here. You simply are not going to understand the market well enough by only visiting a few times. My advice: Get jobs in the area, find a place to rent for 6 to 12 months, and spend your weekends researching, looking, and driving around different areas and neighborhoods. When you are ready, interview Buyer's Agents until you find someone who's patient and willing to work on your time frame.
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Old 02-07-2009, 12:16 AM
 
251 posts, read 499,820 times
Reputation: 164
Quote:
Originally Posted by amploud View Post
I'm not a Realtor, but I've been looking for homes "off and on" for over 18 months in the Lake Norman Area: Huntersville, Cornelius, Davidson & Mooresville. I've made "fair" offers on a total on 5 homes. All but one of these homes had been on the market over 100 days and 2 had been on the market for 180 days. Four of the sellers would not work with us on price despite ridiculous list prices. Many sellers in the area simply don't "get it" in regards to the economy and availability of credit. Many don't understand that the Lake Norman area is quite overbuilt relative to the current demand.

Others can't afford to sell at a "fair market value" because they were lazy consumers and paid too much for the home in the first place, financed far too high a a percentage of the homes value, have little cash, and literally can't afford to pay the bank the difference between the loan balance and "fair market value", not to mention Realtor fees. The marketing plan for these sellers completely depends on finding a "sucker."

Thankfully, there are a few out there who do "get it" and price their home to sell. They don't last long, so you have to be here and act fast. Recently, my wife and I were lucky enough to snap up a great property for an unbelievable price. (We close soon, wish us luck!) As you learn the areas and the market, you'll begin to identify "good deals" as soon as they hit the market. It's almost like practice: when the "good deal" sells fast, you were correct! When the "good deal" does not sell quickly, you need more practice! When you are ready to buy, move fast on the "good deals!"

I don't recommend buying a home before you move here. You simply are not going to understand the market well enough by only visiting a few times. My advice: Get jobs in the area, find a place to rent for 6 to 12 months, and spend your weekends researching, looking, and driving around different areas and neighborhoods. When you are ready, interview Buyer's Agents until you find someone who's patient and willing to work on your time frame.

Thanks for the advice. We have already been down there about half a dozen times. One of my best friends lives in cornelius and has been there for about 5 years, so we use him often when comparing areas and he is quite knowledgeable about the whole lake norman area.

My theory is to just wait a little longer, with more bank layoffs ( as well as layoffs as a whole ) on the way, prices should be coming down a little more over the next year or so. Like you said, I just have to find those who are asking a realistic price. We plan on moving down within the next two years, so we are not very concerned about prices shooting back up any time soon either.
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Old 02-07-2009, 05:39 AM
 
1,163 posts, read 1,960,373 times
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Quote:
Originally Posted by noupf View Post
We plan on moving down within the next two years, so we are not very concerned about prices shooting back up any time soon either.
You are absolutely correct. There's no need to rush, this economy is going to sputter a few more years before things get "good" again.
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Old 02-07-2009, 07:39 AM
 
Location: Charlotte, NC dreaming of other places
983 posts, read 2,170,891 times
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Just keep your eyes on the homes you are interested in and couple more in the same community. See how they compare when/if they sell. I am house hunting and found that homes are selling within 5% the listing price when they hit the price a buyer wants to pay. The Real Estate market is not black and white, it's what a buyer wants to pay for a house even if someone else thinks it's not worth it. Spring and Summer tend to be a better time to watch since it's the time when people are ready to move because of schools and such. Good luck with your hunt..
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Old 02-07-2009, 12:12 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,639,458 times
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The sellers who haven't lowered their prices much in 1-2 years fall into either one of two categories:

1. They do not have to sell and just want to put "feelers" out. (Hoping they find a sucker buyer, or hope that the market comes back).

2. They are too emotionally attached to their Taj Majal and refuse to listen to what the market is telling them (that they are grossly overpriced)
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Old 02-07-2009, 08:59 PM
 
251 posts, read 499,820 times
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Quote:
Originally Posted by CouponJack View Post
The sellers who haven't lowered their prices much in 1-2 years fall into either one of two categories:

1. They do not have to sell and just want to put "feelers" out. (Hoping they find a sucker buyer, or hope that the market comes back).

2. They are too emotionally attached to their Taj Majal and refuse to listen to what the market is telling them (that they are grossly overpriced)
These two point are along the lines of what we have been thinking. People who sell for more realistic prices will unload the homes quickly. Those who keep the price higher will simply be stuck with the home until the lower the prices.
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Old 02-07-2009, 09:01 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,639,458 times
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Quote:
Originally Posted by noupf View Post
These two point are along the lines of what we have been thinking. People who sell for more realistic prices will unload the homes quickly. Those who keep the price higher will simply be stuck with the home until the lower the prices.
bingo...
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Old 02-08-2009, 04:34 PM
 
Location: Up above the world so high!
45,270 posts, read 88,302,020 times
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You buyers can circle around like buzzards for as long as you want to looking for the carnage to feast on, but it's not going to be quite as easy pickins' as you might think.

This article confirms what I already knew was true:

Your home's worth | CharlotteObserver.com
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Old 02-08-2009, 11:05 PM
 
251 posts, read 499,820 times
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Unfortunately, as with other parts of the country its only a matter of time for even the charlotte region to have their housing prices fall too. Last year, everybody on the board was saying something to the effect of "other areas are seeing terrible declines in housing prices and job losses, but not charlotte".

Now Charlotte is sitting at or about a 4-5% decline VS. last year as per the article. The article goes on to say that the real estate enviornment will probably worsen as more and more job losses are expected........even around Charlotte with its bank job cuts. The pickens will be relatively easy over the next year or two as people who are forced to sell are forced to come to grips with the reality that their houses are worth less. I personally dont think its hard to see price declines of 10-15% from their highs too far around the corner.......its the recession and credit crunch that will make this a reality.
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