Real Estate: #1 Reason to Sell Your Home NOW


Its as simple as one little word…PRICE

The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. Putting your home on the market now instead of waiting for the increased competition of the spring might make a lot of sense.

Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory available in most markets currently, a seller will be in a great position to negotiate.


Contact The Lee Ann Miller today to get your home Sold!




Posted by the KMC Crew on January 13th 2013
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Real Estate: 5 Reasons to Sell Now

Audrey Cir
Many sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now.

1) Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers’. The lookers are at the mall or online doing their holiday shopping.

2) There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. The choices for buyers will be limited. Don’t wait until the spring when all the other potential sellers in your market will put their homes up for sale.

3) The Process Will Be Quicker

One of the biggest challenges of the 2013 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.

4) There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 25% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.

5) It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

Contact your favorite Lake Norman real estate team today to get your home on the market. 


Posted: 19 Nov 2013 04:00 AM PST — Written By The KCM Blog
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Real Estate Market: The Spring Market Recovery

It is looking like the long-awaited real estate recovery has taken off!  While the past few years have presented a few challenges to sellers and buyers alike, 2012 has come out of the blocks very strong – exceeding our expectations.  According to the January report from the Carolina MLS service which serves Charlotte and the surrounding counties, the MLS closed transactions increased 9.2% January 2012 as compared with January 2011.  However, the Allen Tate Company Charlotte region closed sales increased 21.7% – our growth is more than double the overall market growth!  What does that mean for buyers and sellers?  Great news on both fronts.  For buyers, you should be feeling more confident that the economic rebound we have seen in the past six months provides job security.  You also should be pleased with the incredibly low rates for qualified buyers – hovering around 3.25% for 15-year fixed and 3.75% for a 30-year FHA loan.  If you plan to be in the house for a shorter period, 5/1 ARMs are near 2.5%.  And that’s BEFORE the tax benefits for mortgage interest deductions!  For sellers, you are seeing more buyers in the market as indicated by the increase in sales activity.  Properties placed under contract so far in 2012 is nearly 60% above 2011 numbers.  This is a very strong signal that the housing recovery is here.  A word of caution – there is quite a bit of “shadow inventory” that comes in two forms.  The reported foreclosure inventory has yet to be consumed by today’s buyers.  Additionally, many non-distressed sellers who chose to wait for the recovery may now test the market again.  As this inventory enters the market, it is not likely that we will see appreciation for the short-term.  If you are interested in what the market is like in your neighborhood, call The Lee Ann Miller Team or visit our website at LeeAnnMiller.com.  If you use our TateMap Interactive Search function, you can see what the houses in your market are listed for as well as two years of recent sales activity.  

Real Estate Market: Housing Markets – Best Recovery Bets

Home prices are poised to fall in most markets this year, but 2012 will bring a rebound. Here are the 10 large metro areas that will record the largest price gains.   Charlotte, N.C. (#9 )    • Check the home price prediction for your city Median home price: $200,000 Drop since market peak: 14.9% Forecast gain by 9/2012: 2.5% Economic confidence is swelling in this financial-services center as planned corporate expansion and relocations hold the promise of job growth, according to Emma Littlejohn, a Charlotte-based consultant to the condo-development industry. The recent announcement that the 2012 Democratic National Convention will be held there hasn’t hurt, either. The clearest indication that residential real estate is on the road back is the multiple bids that developable land is attracting. “The good properties are moving,” said Littlejohn. That will come out as a slow-but-steady rebound in home prices, according to Fiserv’s forecast, with the median home selling for about 3% more late in 2012 than it sold for 12 months earlier. Source: CNNMoney.com

Real Estate Market: Great Expectations

What can you expect as a seller and request as a buyer in today’s market?... When it comes to buying and selling a home, the rules have changed. Both the seller and the buyer have goals they wish to reach and with the help of a local Realtor, the result is mutually beneficial. Today’s market is a buyer’s market but that doesn’t mean sellers can’t fare well. They may feel like they have to sacrifice on their sale of their home but when they become the buyer, they will reap the benefits on that side.

 Here are some helpful tips for succeeding on both sides in today’s housing market.

 

SELLERS: Now more than ever, a seller needs the expert advice of a Realtor. Your Realtor will give a ‘must do list” -items that need to be addressed in order to sell the home- and is not optional. The process will likely take several weeks longer than in the past, so the sellers need to be patient. A good way for the seller to differentiate their property from the others on the market is with a home warranty and/or pre-inspection. These little items will keep little issues from being blown out of proportion, and help balance the scales during negotiation. Also, buyers will ask for the moon. However, experts are finding that most buyers become emotionally attached to a home as soon as an offer is agreed upon, and are not quick to walk away at this point.   BUYERS: Although it may seem like it, buyers do not control the whole situation. It is fair and common for a buyer to request repairs, but unfair to take advantage of the inspection process and try to negotiate twice for the items that need work. Today’s buyers can also be unrealistic in understanding the financing requirements and the time it takes to underwrite a contract. While many sellers are willing to make concessions in order to sell, they will still walk away if a buyer is too demanding. Losing money, especially on something personal like a home, packs a powerful and emotional punch. Moral of the story: The seller wants to sell. The buyer wants to buy. Put yourself in the shoes of the other; play nice; and you’ll both end up feeling like you’ve won.

 

Real Estate Market: Where Does the Price of Your Home Rank?

In today’s market, the listing price is one of the most important factors to consider when placing your home on the market. The price of anything in the world is based on the ratio between how many people want to purchase the item and how many of the items are available. Real estate is no different. With demand remaining relatively flat  and inventory skyrocketing, prices will continue to soften. The Lee Ann Miller Team can help you determine the month’s supply of inventory in your marketplace.
A good guideline to use:
  • 1-4 months inventory = a sellers’ market with home prices appreciating
  • 5-6 months = a normal market with stable home prices
  • 7+ months = a buyers’ market with home prices depreciating
Another factor that can alter the listing price is the ‘shadow’ inventory. This is the distressed properties which will be hitting the market in the near future.
The second most important factor, is the condition of your home inside and out. Cannot stress enough how important this is. With 90% of people starting their home searches on the internet, your home needs to look pristine and uncluttered. The Lee Ann Miller Team can also assist you with this.
If you take both factors to heart and have your home in tip-top shape when it hits the market, chances are it will not last long! Even in this market.
Contact us to today to review the supply & demand for your neighborhood.
 

Real Estate Market: Don’t Pay Attention To the Scary Headlines Coming

by The KCM Crew – September 2010

There are going to be some tough headlines written about the housing market over the next several months. They may create apprehension and in some cases outright fear. The good news is these headlines will not reflect what is actually taking place in real estate. Some in the industry say we should just ignore this media blitz of problematic stories. That would be similar to trying to ignore a growling creature lurking in the shadows in the corner of the room. Instead, we want to shine a bright light into that corner to honestly evaluate how dangerous the creature actually is. PROBABLE HEADLINE: Sales Plummeting. Housing Market Crashing THE FACTS: The National Association of Realtors’ Pending Sales Report is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed. The pending sales reports covering September, October and November will be UGLY. The reason is that the houses going into contract in those months this year will be compared to the same months last year. In 2009, sales were skyrocketing as we headed toward the original termination of the Homebuyers’ Tax Credit on November 30. It will appear as though this year’s sales fell off a cliff in comparison. The headlines will be brutal. Actually, the tax credit just pulled sales forward. Last fall and winter, pending sales dropped dramatically after November 30. Over the next six months, approximately the same number of homes will go into contract as did last year during this period. They will just be spread more evenly over the six months. The National Association of Realtors’ Existing Home Sales Report is based on home closings. The extended tax credit expired on April 30 this year. Like last year, the tax credit pulled demand forward, this time from the summer months. That left a vacuum of homes going into contract during this past summer. That vacuum will create a lack of closed sales throughout the next few months. Actual sales will be approximately the same as last year. However, because the tax credit moved sales into different time periods, both the pending sales reports and the existing sales reports will appear very weak over the next few months. The Bottom Line The headlines will be reporting ‘doom & gloom’. In reality, the market will be no worse than last year. There will be no reason to fear the creature in the corner. It will be a figment of a misinformed media’s imagination. The Lee Ann Miller Team has seen an increase in buyer activity compared to last year and listings are still moving. Contact us to today to start searching for your dream home or to sell your current home to take advantage of the lower prices and interest rates. 

Real Estate Market: Charlotte, NC’s Rebound to Outpace Nation

MOORESVILLE, N.C. – The Charlotte region, including the Lake Norman area, will rebound faster than the nation as a whole from the economic downturn – although Charlotte area home prices will continue to drop until March, a leading economic forecaster predicts. “The employment base is more diverse, and this is an area people and businesses want to move to,” said Mark Vitner, senior economist with Wells Fargo in Charlotte. “We are the best alternative to Atlanta in the Southeast and, for some, the only alternative” because of proximity to Charlotte/Douglas International Airport. “This is still a desirable place for people to do business,” Vitner said, after a construction and real estate financing symposium at the Charles Mack Citizen Center on Thursday. Vitner was the keynote speaker at the Lake Norman Home Builders Association event. Vitner cited various major corporations that call the area home, including Ingersoll-Rand in Davidson, Lowe’s Companies Inc. in Mooresville and such new arrivals as Electrolux Major Appliances North America, which began a move in July to bring nearly 750 jobs to the University City area. The region offers a high quality of life at comparatively low-cost, he said. Its roads aren’t as congested as other metropolitan areas, he added. It may just take until next spring for the national economy to get back on track and the housing and commercial sectors to improve, said Vitner and other panelists at the forum. Panelists also included Lake Norman-area bankers, William Nurney of the Federal Reserve Bank in Richmond, Va., and Jim Felds, managing principal at Focustar Capital Group LLC, which manages about $975 million in projects in North Carolina and four other states. Vitner cautioned the 100 or so builders, real estate professionals and others in attendance that “the era of cheap and abundant credit is over. We’ll never see it priced the way it was.” He said housing prices won’t improve until the traditional spring buying season. “We’re expecting a very sluggish recovery for housing,” he said. And while the Charlotte area will have added at least 16,000 jobs this year, 71,000 jobs were lost during the recession and many of the new jobs don’t pay as well, he said. Still, he said after his talk, the region is better positioned economically than many other areas. “People and companies are still moving here,” he said. “We’ve seen positive industrial announcements this year.” (Report by Joe Marusak of Charlotte Observer 8/2010)

Real Estate Market: Spring Market Trends & Where Do They Go From Here…

We are in the height of the proverbial real estate “Spring Market” and in the transition period following the expiration of the tax credits. So, we are often asked, where does the real estate market stand? The trends have been very favorable in 2010. In the Charlotte region, 2,537 homes sold in May and the average closed price was $212,454. This was the largest number of closings and the second highest average sale price in the past 12 months. This is indeed good news. 2,059 homes were placed under contract in May. This is 31% below April and 12% below May 2009. It is very apparent that we saw many sales that would have occurred in May shift into April this year so buyers could take advantage of the tax credits which expired April 30. More than 50% of all May sales were priced under $150,000. While the higher price points are seeing more activity, it is interesting to note the more moderate price points continue to outperform the overall market. So, where is the market going from here? June and July will be a great indicator for the balance of 2010. We expected May to be soft as compared to April as the tax credits expired. If the market is to sustain itself without the support of taxpayer money, we will see those results within the next 60 days. We will remain optimistic for continued improvement. Interest rates have fallen well below 5% again. Inventory remains strong and sellers understand the “new norm” when it comes to pricing. With the market positioned to do quite well in the next few years, real estate is indeed a wonderful long-term investment. If we can help you or someone you know with a real estate need, please call us.

The Lee Ann Miller Team

Real Estate Market: True Rebound or Brief Improvement…?

May/June 2010 Is this a true rebound or are we experiencing a brief improvement? Given the significant increase in activity in the Charlotte and Lake Norman regions, this is the question on everyone’s minds. Here are the stats comparing 2009 and 2010 through the end of April: Charlotte region closed sales as reported to the MLS are up 14.5%. Lake Norman region sales are up 32.4%. Certainly cause for celebration. Remember – we are comparing against what we perceive to be the bottom of the market in early 2009 and prices have just begun to stabilize. Activity has returned to 2002 levels. Pricing, while very specific to the neighborhood and the product is likely to be in that 2002 vicinity as well.  So, can we sustain the increased activity? I believe we can. Subject to consumer confidence, job creation and stabilizing prices, I believe we will see continued improvements. One interesting factor to consider – the inventory levels have not increased dramatically – thankfully so. Many homeowners find themselves with diminished equity due to the price declines of the recent past. With inadequate equity to move up, many are choosing to stay put. This helps to balance the market. One last comment on foreclosures, short sales and their impact on the market. 70% of foreclosures nationally are within 5 states. Fortunately, North Carolina is not one of those states. Foreclosures can certainly impact any micro market; they are not having an adverse impact on the overall market at Lake Norman or in the Charlotte region. Certain neighborhoods might be suffering but the overall market remains stable. As always, we welcome the chance to discuss your home and your neighborhood. Please call us or feel free to visit my website at www.LeeAnnMiller.com where you can search for recent sales in your neighborhood by using our map search.