Real Estate Market Conditions

March 2012 Weddington Real Estate Market Conditions

March 19, 2012

Let’s take a look at the latest market conditions in Weddington, NC.

Active Homes (currently on the market)

Total: 35

Average Days on Market: 216

Average List Price: $702,880

UNDER CONTRACT Homes

Total: 6

Average Days on Market: 22

Average List Price: $484,300

SOLD Homes (from 2/08/12 – 3/19/12)

Total: 6

Average Days on Market: 264

Average List Price: $641,928

Average Sales Price: $607,151

These figures are from the local MLS and a macroscopic view of the Weddington Real Estate market.

Since my last report, we are showing 10 more homes on the market with a total of 35. This is good news for buyers as they have a larger inventory to choose from. The spring market usually provides the buyers with more options (and savings!). Looking at the “Under Contract” numbers, it appears that about 15% of the inventory is Under Contract, but at a much lower price point. I’m excited to see how Weddington, NC real estate well fair in the spring market!

Thank you for taking the time to read this update on the Weddington real estate market. If you wish to receive any further information, I am always available via phone at 704-502-7744 as well.

I specialize in selling homes and land in the Union County area – if you’re considering selling or know someone who is, don’t hesitate to contact me!

February 2012 Weddington Real Estate Market Conditions

February 8, 2012

Let’s take a look at the latest market conditions in Weddington, NC this month!

Active Homes (currently on the market)

Total: 25

Average Days on Market: 1151

Average List Price: $856,766

UNDER CONTRACT Homes

Total: 7

Average Days on Market: 168

Average List Price: $581,553

SOLD Homes (from 1/27/12 – 2/08/12)

Total: 1

Average Days on Market: 111

Average List Price: $444,313

Average Sales Price: $444,313

These figures are from the local MLS and a macroscopic view of the Weddington Real Estate market.

It appears the average list price has gone up by about $40k and the average sales price has gone down by about $80,000. However, in this month’s data there is only 1 sold and it was just for a short period, whereas I had 33 homes worth of data from last month’s blog. Wedding, NC real estate appears to be doing fairly well based on these numbers.

Lots are selling! I have put one of my larger tracts of land in Waxhaw, NC under contract this month as well. As we all know – now is definitely a great time to buy and lenders are lending for construction to perm loans. I have some great lots listed in the South Charlotte/Weddington/Waxhaw area – all are great buys.

January-2012 Weddington Real Estate Market Conditions

January 27, 2012

Happy New Year to all!

I hope everyone enjoyed their holiday season and are getting back into the groove of our normal (and maybe not so normal!) routines. I've done a new search for Weddington Real Estate. Here's what I've found:

Active Homes (currently on the market)

Total: 28

Average Days on Market: 2272

Average List Price: $814,559

SOLD Homes (from 7/1/11 – 1/27/12)

Total: 33

Average Days on Market: 140

Average List Price: $568,336

Average Sales Price: $528,632

These figures are from the local MLS and a macroscopic view of the Weddington Real Estate market.

Sometimes you can look at this data and think "What does this mean?". While this is basically a bird's eye view, it does tell us that listing prices, and of course, sales prices are going up! This is great news for anyone contemplating selling their home in this area and aren't sure that they can break even. We all know how the Real Estate market is affect by the economy, but it appears prices are going up in this area.

Please keep in mind - Real Estate is local in nature. While the Weddington, NC Real Estate market is on the upturn, that doesn't necessarily mean it is everywhere.

Thanks for taking a look, if you have any specific questions, don't hesitate to email me - I don't bite!

-Holly"would" Pasut

And remember, "Who WOULD help you with all your Real Estate needs?...Holly-would!"

November-2011 Weddington Real Estate Market Conditions

November 14, 2011

Let’s take a look at the latest market conditions in Weddington, NC.

Active Homes (currently on the market)

Total: 38

Average Days on Market: 221

Average List Price: $708,267

SOLD Homes (from 7/12/11 – 11/14/11)

Total: 13

Average Days on Market: 159

Average List Price: $555,585

Average Sales Price: $505,150

These figures are from the local MLS and a macroscopic view of the Weddington Real Estate market.

While it appears the average list price has gone down, the average sales price has gone up by about $10,000. This is telling us that higher end homes ARE selling. In fact, there are 2 homes in my sold data that have sold for over $1,000,000 in the town of Weddington – both in the beautiful Highgate neighborhood (and one spent a paltry 37 days on the market!).

There are also great buys on lots in the Weddington/Waxhaw area. As we all know – now is definitely a great time to buy and lenders are lending for construction to perm loans. I have some great lots listed in the South Charlotte/Weddington/Waxhaw area – all are great buys.

July 2011 Weddington Real Estate Market Conditions

July 11, 2011

Let’s take a look at the latest market conditions in Weddington, NC.

Active Homes (currently on the market)

Total: 39

Average Days on Market: 230

Average List Price: $747,951

SOLD Homes (from 6/22//11 – 7/11/11)

Total: 5

Average Days on Market: 149

Average List Price: $508,940

Average Sales Price: $494,400

These figures are from the local MLS and a macroscopic view of the Weddington Real Estate market.

The term short sales have become more and more part of everyone’s vocabulary. In fact, roughly 40% of the homes in today’s market are short sales and foreclosures! Although these properties are known for their value (which is sometimes accurate), they also have a reputation for causing buyers to become distressed as well.

So instead of avoiding these properties altogether, get educated about the most common dramas that go down in these deals, and how you can avoid falling victim.

Banks won’t take a lowball offer.

Banks owe their shareholders and investors a duty to get as much as they can for these properties. Just because you see it’s on the market and listed as a short sale or a foreclosure doesn’t mean they’re going to give it to you for a fraction of its worth. The bank’s goal is to get a purchased price as close as possible to the home’s fair market value, as determined by the by the recent sales prices of similar, nearby homes, with some adjustments made for the property’s condition. Fact is, many banks would rather see the listing agent reduce the price by a moderate amount, and wait to see what offers come in, than to accept an offer 30% below the asking price just because there are no other offers on the table.

Avoid the drama by working with your agent to make a realistic offer, based on recent comparable sales in the neighborhood, not just on what you think you can get away with. You can waste a lot of time, spin a lot of wheels and lose out on a lot of properties making lowball offer after lowball offer on distressed homes. Sit down with your broker or agent, review the ‘comps’ and make a smart offer that reflects a good value for you, is within your budget and is not bizarrely out of the realm of the fair market value of the property.