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real estate
Do you really know what is going on in the real estate market today?
I'll give you my take and you can decide how you feel about it, OK? Since around 99 or 2000 real estate has been on an upward climb. Every year the average price of homes in the US has increased, every year. This has never happened this long, usually only about 3 or 4 years then a correction. We were ready for a correction in 04 to 05 but the credit markets decided that they would figure out a new way to finance and qualify home buyers. So they came up with idea of adjustable and also a payment plan that didn't even cover the low interest on the loans. It allowed buyers to get a $500K loan for about $1000 per month. Almost anybody could afford this and with good credit many did. Lots were able to get these loans with no money down and without verify their income, just good credit. So soon realtors and loan officer found out you could just state your income and buy that new luxury home for only $1500 per month and in a few years when it was ready to adjust (the Payment) all you would have to do is sell it and reap the 20-40% profit, all tax free. What a deal, only nobody expected what happened next. So many people speculated that no new buyers were coming into the market place and then the first of these loans were starting to adjust upward. My payment are going from $1000 to $3200 new month. Is that a shock or what, but that's not a problem it's time to sell and I better go ahead and list my home now before the payment eat up my savings. But next I start to notice signs going up on my street, not one or two but 25 or 30 everybody wants or needs to sell. Then you hear the house just like your just sold for $50K less then you paid, then two of your neighbors let their homes go into foreclosure and the banks have finally decided to sell them for $300K or 60% of what you paid for yours, you are in trouble. Big trouble. This has happened all over the country and many many homes have been foreclosed and sold for a 50% loss for the bank.
In Charlotte NC this has not been the bigest problem yet, or at least not for all areas, Some places around the University and South down near Steele Creek areas here have been lots of these sales where the bank lost big money and homeowners have had no choice except to sell at what they consider a big loss.
But its just like buying stock, let us say two years ago you purchased Wachovia Stock for $40 per share and you want to sell it today. Now you know it is worth $40 because that's what you paid for it, so you call your broker and tell him you want to sell you Wachovia stock for $40 plus you want to cover his commissions and make a little profit, so you decide on $45 per share. Great, only one problem Wachovia is trading at $10 per share and their is plenty available at $10 per share. Now do you think you broker will even take your order to sell at $45, it would just be a waste of his time. Your stock is only worth what the market is willing to pay this is what your realtor will be able to tell you. If your realtor is used to just putting homes on the market based on what the seller thinks it's worth or what the seller paid for them, then watch out. You will never sell it, never. And next year you will just be more and more frustrated and tired of keeping your home cleaned up and having people come by to what seems like a waste of your time.
Should you really want to sell your home I'll be glad to help you establish a value based on what the market is doing and we will be able to sell it.
thanks
gary Mitchell
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Contributor's Note
Gary Mitchell is a realtor of choice for many Charlotte area home buyers and sellers. Gary works with a team of buyers agents and is readily available to make available his experience and technology.
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Charlotte realtor Gary Mitchell
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Added by garysells on September 28, 4:43 AM.
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