Hello,
As Broker/Owner of South Charlotte Properties I welcome you to my blog. I've studied the South Charlotte Real Estate Market conditions for over 16 years being in this business. For the past 10 years I've seen a trend for this time of year. This year being no exception.
The market in South Charlotte remains strong but slows down somewhat. Usually you have your investors out at this time of year looking for a "Deal" because the normal market is stagnant. We are in what's called the "Holiday Slump." Most everyone wants to keep their homes off the market during the holiday season. They will be having family visits, parties and festive gatherings. To get a call to show the home will be aggravating during this time. These home sellers don't have to sell right away and can wait until the first of the year.
Then you have your relocation sellers, these sellers have been transferred and have to sell. Here is where the investor can pick up one of his "Deals." If the seller's company buys him out, the house will become "Corporate Owned." The corporation will want to get the house off of their financial debts before the end of the year and will be willing to sell at below market, thus taking any tax deduction for a loss.
The other sellers are the ones that are building a house and it is about to be finished. They've waited to put the house on the market because they don't want to move twice. This seller wants to sell so they don't have to carry two mortgages. This is another "Deal" where a home-buyer or investor can get a property below market value. The seller thinks if they stay on the market through the winter, and first of the year, it could cost them up to 4-5 months of mortgage payments. Take in consideration what their mortgage payment is, add a reasonable discount of time on the market and a buyer could get a decent purchase.
The time of year between November and February is a great time for a home-buyer. If the home-buyer is able to purchase a property at a below market price during this time, they can have automatic appreciation for the spring. During the spring in South Charlotte, the homes in good neighborhoods sell at a very swift pace. If the property is in good condition, priced right and marketed sufficiently, they can be sold within 20 days on average. In some spring markets in South Charlotte, the homes have appreciated considerably from the previous spring market, giving the winter buyer even more appreciation.
Don't get me wrong, there are homes on the market that you simply cannot negotiate that strongly on. In South Charlotte there are many good neighorhoods that if a property comes on the market, it is quickly sold to buyers who are waiting for them. There are buyers who have chosen to sell their homes during the spring/summer and have moved into rentals. Those buyers know which neighborhoods they want to be in and wait. As soon as a property comes on the market in those popular neighborhoods, these buyers are ready to make an offer. In a lot of cases, the home sellers in those neighborhoods could get as much as 2-5% more during the spring, but feel it is worth while for them to sell at this time of year in order to move into their upsizing or downsizing homes.
South Charlotte is a great area to invest your Real Estate money if your planning to move to Charlotte. Of all my years in the Real Estate Industry, I've never experienced any of my clients loosing money if they purchase in South Charlotte, stayed a couple of years and sold. They always had a good amount of equity and appreciation to put down on a newer larger home. You can take that to a South Charlotte Bank!
William Owens ABR, CRS, ePRO