Charlotte, North Carolina was one of the last areas of the country to feel the housing collapse. Mainly becaue home prices did not skyrocket as quickly here as they did in other parts of the country. When other parts of the country were reporting double digit price increases each and every year during the boom; Charlotte was holding rather steady with inflation at a conservative increases. This made Charlotte one of the few areas of the country that economists agreed would probably rebound the quickest.
I was reading an article that was talking about existing home prices. The article was very informative and was talking about the statistics of sellers lowering their home prices in terms of a percentage of sellers who actually reduced the price of their home on the market. Back in the collapse of the market over 30% of the sellers were discounting their price. Now across the board the average for the period of March 1, 2010 to April 1, 2010 saw less sellers discounting prices. The number has dropped to a national average of 19%. Meaning a little less than 2 out of every ten sellers are lowering their asking price. That is a good sign that the housing market on a antional basis seems to be stabilizing itself.
The great news for Charlotte North Carolina area among major cities; we have the HIGHEST drop of all cities in regards to sellers lowering their home prices. Charlotte North Carolina saw a decline of an astounding 28% of sellers lower their home prices between March 1, 2010 and April 1, 2010. This lays claim to the fact that sellers and buyers seem to be more in agreement on what fair market value of homes in Charlotte are.
Even as we get closer to the end of the tax credit projections seem to be showing that sellers and buyers are agreeing more on what fair market value for a home should be. As the article and the study pointed out; with the tax credit due to end by the end of this month sellers are not panicking and buyers seem to be agreeing that home prices are fair.
Now to be fair this study does NOT include foreclosures in their numbers. These numbers represent actual home owners who have their homes actively listed on the market.
So, if you are a seller you should feel relieved that the market seems to be stabilizing itself. Buyers who are waiting to see if prices are going to dramatically fall before the deadline of April 30, 2010 may see themselves lose out on the house they want......
Dave diCecco
Realtor/Broker
www.davedicecco.com
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