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
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
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 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.
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)
If we only had a real estate crystal ball. “Where are we and where are we going?” Are questions that we get asked a lot lately. Well, we don’t have a real estate crystal ball but here are some answers based on trends that are now becoming apparent.
First, market activity has improved dramatically
over this time last year. It has been over 12 months since the stock market hit bottom. Investor confidence is returning. Many Americans are feeling more confident about their wealth – so long as they have stability in their job. Allen Tate Company’s sales volume has increased 25% YTD vs. same period last year and each month is showing stronger gains.
The 2009 tax credit certainly helped the market
with first-time buyer tax credits. The extension of those credits and the addition of the repeat buyer credit are helping us right now. There remains uncertainty of what will happen as those credits expire April 30
. If you plan to take advantage, NOW
is the time! Please contact the Lee Ann Miller Team to get started and get under contract by April 30. There will be NO
better time than now to buy a home.
Prices remain well below the peak
of several years ago and I expect any appreciation to be slow in coming. While many industry leaders are declaring “increases in average sale prices”, look carefully at this. The higher-end market is beginning to see signs of activity now
. Those sales are having a positive influence on the average sale price but it is my opinion there is very little true appreciation in the market. Nonetheless, long-term opportunities are plentiful right now.
Interest rates remain at or near 5%
. Two influences will impact rates in the near-term. The Fed is preparing to cease purchasing “Mortgage Backed Securities”, so it is likely that rates will rise slightly as the open market investors will demand higher returns. Opposing that influence is the position by the Fed that they intend to keep rates at historical lows for the foreseeable future. Bottom line – I expect rates to remain between 5% – 6% in 2010.
So, this is very good news for you
. The buying opportunity right now is as good as it will get. The market activity has improved dramatically. The higher-end market activity is thawing. Please call us if you are interested in a summary of your personal needs. We would be delighted to assist you or your friends.
The Lee Ann Miller Team
Burlington Industries Mill in Mooresville SOLD
Jan 13, 2010 – The Charlotte Business Journal
A New York-based company has purchased a massive and vacant textile mill on South Main Street in Mooresville.
Concord Global Trading plans to open a retail/wholesale center for furniture at the 38-acre site. It used to house a Burlington Industries plant.
Concord Global intends to open the Wow Home Furnishing store in May with inventory valued at $3 million to $4 million.
The company paid $500,000 to Cherokee Investment Properties of Raleigh for the site, which contains 755,000 square feet of indoor space. The plant was built in 1895 and bought by Burlington in 1955. Burlington closed its denim production at the site in 1999 as part of a major restructuring.
The site has seen three redevelopment schemes that failed to be built. Burlington and Fluor Corp. proposed a racing-themed business park a few months after the plant closed.
In 2002, Cherokee Investment announced the $15 million Victory Lane Mills, a low-density business park. Later plans called for a $175 million high-density, mixed-use community called Mooresville Mills.
Concord Global owns two other Wow Home Furnishing sites. They are in Fort Lawn, S.C., and Jefferson, Ga.
Carolina Multiple Listing Service (CMLS) recently released the results for the month of October, $20 million sold and $20 million closed for the Carolinas real estate market. Also, happy to report that the sales volume is up 129% (yes more than double) from October 2008 and closed volume up 44% from October 2008. We think we are starting to see a turnaround. It may be a slow & gradual rebound, but let’s be thankful for the rebound!
Contact The Lee Ann Miller Team today to begin your journey in this positive real estate market.