Selling Your Charlotte House in 2010
Selling will be easier in 2010 than 2009, but it will still be difficult. It is harder to qualify for loans, low consumer confidence remains. Folks with homes to sell are still unqualified home buyers. And how long will it be until someone says to you Agents, “Well home prices rise, right?”
Those are the big changes, but there are key smaller changes as well. Two sides of the same coin are home premiums aren’t so premium anymore, and Small flaws are now Big Flaws– both perceptions are caused by too many homes on the market. Lets look in detail.
Premiums aren’t so premium any more. The nicer gated community in south Charlotte used to command a large premium… not any more, well maybe a small premium. Why? With so many homes on the market, there are “low comps” everywhere, including the gated community, driving prices down. In 9 out of 10, since they have further to fall, they a fall at a faster pace than those outside gated heaven, narrowing the gap, or premium typically associated with gated communities. There will remain a premium for waterfront, and a few other cases, however, premiums for school districts, lots, neighborhoods, these are all diminished by overall market declines that translate into lower prices through surplus. The surplus of supply diminishes the value of each. “Old” Premiums have already declined throughout the Charlotte area.
Small flaws are BIG. The flip side to Premiums, is fear of making a bad choice, PLUS the lack of demand and surplus of homes means that minor flaw get magnified in the quest to find “perfection”, or perfect safety. (Which of course doesn’t really exist.) The search for “perfection” has always been fueled by fear, at the very least fear of making a bad decision… Expect that to be larger, way larger, in the future. homes with flaws are only bought when there are few other choices.
So what does this mean to Charlotte Home Sellers?
If you have an issue that buyers may not like, do your best to fix it. Landscaping? Bad Sight Lines? Plant privacy? Hardwoods need refinishing? Put signs up- Refinish Included, choose your color.
You paid a premium for that lot? Don’t expect a similar spread on the Sale- this is just unrealistic. Price it at the top of the lower priced market, and see if you can get that. You will be fortunate to achieve this.
All house sales are unique. These are general guidelines, but important to the valuing of your home in a way that will get it sold in a reasonable time.
