Market Report; Crestdale Crossing Matthews, NC. 28105 May 2012

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from June 1st through May 31st. 3 years ago there were 5 homes that sold for an average sale price of $117,150. They were on the market for an average of 58 days. 2 years ago there were 4 homes that sold for an average sale price of $113,500. They were on the market for an average of 54 days. Last year there were 10 homes that sold for an average sale price of $82,793. They were on the market for an average of 101 days. Currently there is one homes for sale for $109,900. There are two under contract right now. The average asking price of those two under contract is $84500 and they have been on the market for an average of 81 days. A balanced market (one which does not favor the buyer or the seller) is considered one that has six months worth of inventory avaialble. Based on the last years sale numbers and what si currently availble on the market right now the market is favorign the seller. David diCecco Realtor/Broker www.davedicecco.com

Why You Should Consider A Short Sale In Charlotte, NC.?

We have all heard the horror stories of dealing with Short Sales in the Charlotte, NC. market and across the country. The banks never respond back, it takes way too long to not get a response; the prices are higher, etc...But has the tables turned that short sales are becoming a better option now? It depends. First, the major banks and the government have worked together to help streamline the short sale process. Short sales caught the banks off guard and they did not have the proper tools in place to handle them and analysts that were working on them were overwhelmed with the amount of files that they had. Then once you got the bank to accept a short sale and the reasoning behind it; then it has to go to an investor who decides whether to accept the number the bank has agreed to. In a lot of cases that added weeks and months to the process. Now, most banks are being aggressive upfront in regards to short sales. They have packages pre made and as long as the seller and the Realtor fill them out properly the process can run a lot smoother. As long as an offer is fair the banks tend to move the process along more quickly now and the response time seems to be a lot faster. Second, according to a recent study from core logic (a leading market analysis site) short sales are starting to outnumber foreclosures in terms of sales. This is a positive sign for the market and buyers and sellers as a whole. Banks are getting more aggressive in getting these transactions closed and pushing them through the system rather than taking them back on foreclosure. This has helped the housing market in many ways. foreclosures tend to be priced less and because of the lag time and sitting around to be put on the market are costing the banks more money than they would get if the house were sold through a short sale. banks have begun to realize it and are making more efforts to get the short sales approved and closed. This has helped pricing in areas as foreclosures tend to drive neighborhood prices down and run the risk of making a neighborhood look abandoned. Third, you can buy the house you want at a fair market price based on the current conditions of the neighborhood. A lot of times people will look at a short sale and say I love that house and it is one I want. But are afraid of not getting an offer accepted or not hearing form the bank for what feels like eternity. That has changed and has more people looking at short sales and moving forward with the purchase of them. Now, are short sales right for everyone. NO. Unless you have a pre approval for a short sale with a negotiated price form the bank up front the process can take anywhere from 30 days to 90 days or more. I do a lot of short sales in the Charlotte, NC. market and have noticed the trend being in the 45 to 60 day window for a short sale answer and then another 30 days to close (typical of what a buyer would need to go through the loan process). If you do not have to be in something right away it can be a great option to look at... But if you have the time to wait and begin the process early enough a short sale is a great option for purchasing a house in Charlotte, NC. Dave diCecco Realtor/Broker www.davedicecco.com

How Does Your Charlotte, NC. Buyer's Agent Present Your Offer To Purchase?

How an offer is presented to the listing agent in Charlotte, NC. can have an impact on the way it is negotiated and how much you end up paying for a house. Is there a right way or a wrong way to present an offer? NO. But there are certainly certain things your realtor should not say or do when presenting an offer on your behalf. I was inspired to write this blog post because of a recent situation where I had offers come in on two of my listings and each was presented to me in a different light. I am a believer of notifying a listing agent that i am preparing an offer for your listing on X street and how would you like me to communicate it over to you...i.e. via e-mail, fax or in person. However; I am not a believer of saying I am preparing an offer for you on X street and I know my client is coming in really low on the price; but they will move up. Thanks...you just told me to reject your offer before I even get it. Because I am going back to my Charlotte, NC seller and telling them let's reject the offer or give a token discount to see what they are going to come up. Now, I support the fact of sending over comparable sales with an offer if you realize the listing agent has overpriced the Charlotte, NC house above what fair market value is. This can only help you with your offer and give some validation to the seller of here is what the comparable in the area have sold for. I do not support writing in an e-mail that your house is priced a little high but my clients really want it and if the appraisal came in lower than what we agreed upon would your client negotiate down on the price of the house to the appraised value? Really, you are going to write this with an offer. (personally I have not had this one; someone in my office did and shared it with me). Anytime I am presenting an offer on behalf of a buyer I want to make sure they are making an educated decision on the initial offer and what they are realistically looking to pay for the house and whether that price can be justified. I had a buyer recently walk away from two homes we negotiated on because I could not support the best price the seller provided us as being fair market value with others that sold. In both cases the listing agent did not disagree with me but said that was the bottom line they could accept because of what they owed on the house....Okay; thanks and we moved forward. presenting the offer correctly can make a difference in how the transaction for the Charlotte area home is negotiated and what the seller is going to accept for the house...make sure you have all the facts and ask how does your Buyer's Agent present offers? Dave diCecco Realtor/Broker www.davedicecco.com