Paul Slaybaugh's recent featured post, prompted me to expand on the comment that I made on his blog. Often, the consumer is the last to know what is truly happening in their local market. During the past year, numerous Charlotte buyers, who were under the impression that because local newspapers were printing national statistics, this same data applied to our local market. This misinformation resulted in missed opportunities due to the fact that the buyers were convinced that they were going to be able to purchase property for up to 50% off of list price. The 50% off price purchase was never an option in our market but, buyers were fearful that they would not get the 'deal' that they had heard that they would.
The moral of the story - act on fact, not fear or false/misleading information. Consult your local real estate expert for the data that you need to guide you in your home-buying and home-selling process. Don't rely on national news and averages to make this important financial decision; inaccurate could will cost you in the long run.
Fact: Charlotte NC real estate is not only local but, hyper-local, neighborhood-specific.
Fact: Charlotte NC unemployment is currently at 11%, down from last month
Fact: Sellers are getting an average of 95% of their list price.
Also, factual year-over-year data is provided below.
*This data was obtained from Charlotte MLS and is deemed reliable but, not guaranteed.
Consult your local Charlotte NC real estate expert for more hyperlocal statistics. It will guide you in the direction that you need to be going to secure the best property for the best price that fits your specifications.
(THE best Charlotte home search available - no kidding!)
Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310
Bravo -- this is just the post Ihave hoped for... so many buyers are confuse by what they read in the national press.. or see on TV. Most does not apply to NH either.
Hi Joan! I started to make this a challange post for AR members to do the same for their area. Then, I thought I would make it public so that other members could re-blog and post their own FACTS! It's tough convincing some buyers--even when they have factual statistics/data--that our market is not 'average' as reported in the media. We have to be so proactive where buyers are concerned these days.
Hope you have a fabulous Thanksgiving!
So very, very true. So many buyers are stuck in the 'drama' of the national news when in reality real estate is so darn local. Local even down to a community. It pays 'big time' for a buyer to work with, listen to and learn from an agent who works the market they want to live in.
Debe - funny you should post this right now. I am in the beginning stages of a post of similar subject except it's because what the local media is reporting and it's driving me nuts - LOL. Media is saying home prices are up and have been increasing... really??? I can just here the seller in the next listing appointment saying that they now should get this, that and then some for their house - sigh. ~Rita
Oh this is all so true - and we should all be doing one of these for our local area!
Debe,
Great stuff! I know that every market is different...what a great idea to do something regional. I know in our area we are definitely unique...and even our town has micro market areas...
I have buyers at the lower end of the market here who can't get in on the scramble to buy when something reasonably priced comes on the market. I don't mean under-priced, I mean reasonable. I have barely told them about the listing when it is already in escrow. Yet people are still looking for bargains because of all the hype.
Re-blog away, Girls! Post your local information in the post and get the WORD out about your areas! I have been 'fighting' this for over a year now and am in negotiations with a couple who are on their 4th contract! They have been given all sorts of information regarding the market and will read something published in the local paper about real estate being down 35% and think they can OFFER 50% less and work up to 35%! The fact is, the sellers are already PRICED at the reduced 'rate!' They can't and won't respond to these insulting low-ball offers! Fortunately 99% of my clients understand the market and trust me to give them the skinny on it, responding accordingly!
So, spread the word about your areas--factual LOCAL information is ALWAYS better than the national average statistics!
Have a wonderful Thanksgiving!
Great point Debe, Real Estate is local and you seem to have a grasp of your local market. . .If I was investing in your area, I would be calling you!
H-m-m-m, Act on fact... Kinda reminiscent of a children's book where a piece of the sky hit some chicklet on the head...
Happy Thanksgiving to you and yours ☺☺☺
Many homebuyers in our area understood that there was some local flexibility, but most are still amazed that 95-98% of list value is still VERY TYPICAL. There are no 50% off homes. I had a "cash offer" for 25% of list price, and carefully explained what the market is truly like, and what they could typically purchase in this area for $75,000. It's not appealing, and I wouldn't buy it, ever.
Hey Debe! I bet I repeat that to BUYERS & SELLERS and in just general conversation EVERYDAY regarding our Lynchburg Marke - Great Post - It reminds me that when I send out my stats this month to expand a bit and hit them over the head with it's Real Estate is always LOCAL!!!
Have a Great Thanksgiving!
Debe, this is so true for our market also. I'm not to sure where this $.50 on the dollar comes from other than old list or sales prices from years ago. Then, maybe in some very local places.
Hi Debe:
The same holds true in our market here in Southern NJ...
Buyers hear about these stories and feel that they can get the same 50% off deal on any property.
If anybody wants 50% off deal around here, they'll need to go to the local Home Depot for their after Christmas sale!!!
Great post Debe. It really points out the pitfalls of depending on the news to learn facts! Have a great Thanksgiving
There is a reason why they say all Real Estate is local....it is TRUE!!!
Excellent points. The media has a way of presenting a one size fits all storyline. You have inspired me again!
Our market tanked over 50% and you still could never get "50% of list price". Awesome use of stats to prove your point too!