There are always challenges and opportunities for buyers and sellers of real estate in Charlotte NC. What those opportunities and challenges are just depends on current real estate market trends and conditions.
Opportunities right now for BUYERS of real estate in Charlotte NC:
1. Inventory levels mean more homes that may meet your needs and multiple options in several neighborhoods that appeal to you
2. Motivated (and serious) sellers are more likely to consider helping with buyer closing costs, including personal property, offering home warranties and negotiating with ready/willing/able buyers
3. Fewer buyers to compete with for the prime and most appealing homes (especially this time of year)
4. Historically low interest rates – really, current interest rates are incredibly low right now which truly works in favor of anyone looking to buy real estate right now
Challenges right now for BUYERS of real estate in Charlotte NC:
1. Financing rules have tightened, having strong credit, down payment/reserves are key, pre-approval isn’t optional it’s an absolute must for buyers
2. Having to decide between multiple homes, now isn’t that a great challenge to have!
Opportunities right now for SELLERS of real estate in Charlotte NC:
1. Even if selling conditions aren’t heavily in your favor, you may be able to take advantage of opportunities on a move-up home
2. Pricing competitively, maximizing property condition, knowing current market trends relative to your home wil help you successfully appeal to available buyers
Challenges right now for SELLERS of real estate in Charlotte NC:
1. Smaller pool of ready/willing/able buyers due to time of year, economic conditions and changes in finance industry
2. More competition within neighborhoods as well as between nearby neighborhoods – buyers will substitute a better house for the money in a nearby neighborhood if they feel they’re getting more for their money!
3. Pre-approval is critical, window shoppers won’t get you to the closing table, serious buyers who are well qualified are the key to a successful sale
4. Price, condition and location are more important than ever
5. Knowing the market trends relative to your house is critical – it may not be pretty but it’s time to face reailty, if you have a need to sell knowing the current trends and how to position your house to stand out from the crowd is a must
6. Maintenance isn’t an improvement. Buyers right now expect fresh, clean, move-in ready. If you paint, that won’t necessarily add any value since buyers already expect that to be done but the flip side is if it’s not done it can detract from the value
Real estate market conditions shift and change over time, in any real estate market there will always be both challenges and opportunities, it just depends how they relate to you and whether your goal is to buy or sell real estate in Charlotte NC.
Mortgages and real estate in Charlotte NC
Copyright©2008 by Diane McDermott, All Rights Reserved, “Opportunities and Challenges in Charlotte NC Real Estate”