Mooresville NC Real Estate Report - A Local Market Snaphot of First Quarter 2011 Real Estate Sales
In the current economy buyers, more than ever, are looking for not only a "deal" on a home but are hoping for a "steal" on their next home purchase. The local Real Estate market here at Lake Norman NC is the perfect place for an astute buyer to find a really great deal on a Mooresville NC home. Savvy home sellers are pricing their homes to sell at the start of the listing instead of playing the "Lets wait & see if we get an offer" game that is usually the seller strategy in a seller's market. It's been a very long time (if ever) that the Lake Norman area was in such a strong buyers market.
In the first quarter of 2011 there were 139 homes sold ranging in price from $17,000 (yes, that was seventeen thousand dollars!) to $1,750,000 on the high-end! Quite a span in home prices that attracted investors, first time buyers, and resale buyers looking to move up or downsize. Buyers picked these homes from 868 that were listed during this time period. A closer look at what these numbers represent is essential to get a true feel for the local market. so, let's take a look at what actually happened in Real Estate sales in the first quarter of 2011 in Mooresville NC - a part of the greater Lake Norman NC region.
Distressed Properties: let's identify this group as consisting of bank owned properties (REO), short sales, homes currently in the foreclosure process, and, for the sake of convenience, we'll add in properties managed under relocation companies In which the seller has moved on & the home must now be sold . Of the 139 sales in the first quarter 64 sales were homes in this category! This is a pretty astounding number, don't you think? Of that 64 there were 41 homes that were bank owned. Many buyers of these homes actually did find a "steal" in their home purchase! Navigating the short sale purchases is somewhat more challenging not only to agents but to buyers as well. Be sure you have the time to wait for a lengthy process to be completed as your buyers agent works with the listing agent and wades through all of the details with the negotiator, the mortgage insurance company & finally the investor. It takes time and many buyers become so frustrated that they give up. I recently completed my Certified Short Sale Specialist designation. If you are thinking of purchasing a home that is listed as a short sale just give me a call at 704-363-6946 or CONTACT ME with any questions you may have.
Resale Homes : This included all previously owned homes that sold in Lake Norman NC in Mooresville NC during the first part of 2011 and that number was 60 out of the 139 homes sold. The sellers of these homes took advantage of aggressive pricing to compete with the large number of Distressed Property Listing in the local MLS. Resales are generally the quickest & cleanest sales in the real estate market. this is especially true now because of the new North Carolina Offer To Purchase which gives the buyer an "Active Due Diligence" period to complete any & all inspections they feel necessary & then decide whether to buy the home. It also benefits sellers ar=s they may continue to market their homes and accept a back up offer during this period of time. Once the due diligence period is over, sellers no longer face the possibility of renegotiating the contract with repairs, etc. Visit the Lake Norman NC Real Estate Information Site to search for all available homes in the Lake Norman area. While you're looking around take note of the fact that I am an Acredited Buyer Representative & will work diligently in your interest as a buyer!
New Construction: Because of all the growth experience in the Lake Norman NC Mooresville area in the past few years, new construction sales boomed! Buyers coming from other areas who had lived in older homes were swept up in the fever of buying a brand new home...many times custom-built for them. After the market slow down in 2008 new home building slowed down dramatically. In many cases builders were ( possibly still are) left with new inventory homes to sell. While the new construction starts are still slow, there is a n increase in starts over last years numbers. Builders are providing buyers with many incentives in the form of upgrades included in the sales price. Buyers can still find great homes for sale with features that they may have only dreamed of adding a few years ago now include. New home sales wer 15 homes out of the total 139 homes sold in Mooresville NC between January 1 & March 31, 2011.
The average square footage on homes sold was about 2900 square feet while the average sale price was $325,700. An important number to evaluate is the List Price to Sale Price Ratio which was 94% -- representing some buys as low as 80% of list price to 99% of list price. The average number of days on market to sell a home was 136 .
BUYERS don't delay! Take advantage of the current markets low mortgage rates & great home prices. Contact Me today!