Let’s be frank and say that if you have a house to sell, there’s not much you’re looking forward to. As home prices have fallen, many have struggled to sell and those that are attempting to sell their home are choosing from a smaller pool of home buyers. However, there is a bright spot for those that can take advantage right now.
It is commonly assumed that the real estate inventory in the Charlotte area is at an all-time high and that no one’s house is selling. The truth is that inventory levels are lower than last year, which has helped the market to tighten up.
In Mecklenburg county, housing inventory levels fell 21.7% year-over-year in April 2011 and the overall Months Supply of Inventory (the time it would take for us to sell every home in the county if nothing else appeared on the market) fell 15.3 to 11.4. In addition, the new inventory fell 27.7%.
Union county has experienced a similar trend with 27.9% fewer homes added to the market, inventory levels dropping 19.4%, and months supply of inventory falling 14.7%.
Iredell, Gaston, and Cabarrus county all have similar figures with Iredell reporting a 16.4% increase in the median sales price and 7% of the average sales price.
Homeowners currently on the market should consider lowering their price to take advantage of this incredible opportunity. Price it well and my group has seen a feeding frenzy from buyers and agents engaging in bidding wars on homes…in today’s “bad” real estate market.
Three ways that homeowners can ensure the best bang for their buck:
- Price is everything. While the market has tightened up, we are still having fewer sales than last year. Successful sellers are pricing the home to sell.
- Marketing matters. When buyers are searching for homes online, having the best photos is absolutely key. Professional photography has dropped in price lately so take advantage the opportunity to give your home a standout ability.
- Stage it. Presentation is everything. Paint the walls that need painting, clean the areas that need cleaning and de-clutter.