Where Do I Find the 50% Off (Discounted) Properties?
Twice today, I received calls pertaining to the real estate market, asking where the ‘deals’ are in Charlotte. Both potential buyers were adamant about locating properties that they could purchase at a severely discounted prices.
Here’s the deal: Three to four years ago, you could find great deals like that but, they were like finding needles in haystacks; they were few and far between! The ‘deals’ that people were getting were further embellished by the national media as far more commonplace than were actually realized by buyers (at least in our area).
Sellers became more savvy and rather than ‘sitting’ on their homes for months on end because of their over-inflated list prices, they began pricing their property closer to market value. Now, list to sales price ratios are hovering in the low to high 90 percent range. Buyers continue to find very good ‘deals’ on their home purchases as the prices are ALREADY REDUCED and the sellers are also conceding 1-9% of their sales prices during negotiations.
So, buyers, your deal is out there. Just recognize that formerly ‘greedy‘ sellers have come to the realization that the market will only bring what the market will bring for their homes. There is no place in the market for ‘greedy‘ buyers at this point because sellers don’t have the pricing ‘wiggle room‘ that they had 3-4 years ago. Consider it a meeting of the minds–buyers are finding fantastic deals that were nowhere to be found several years ago AND interest rates are currently at historic lows.
Savvy buyers are now recognizing that the combination of the two, both low list prices and unbelievably low interest rates, makes this time one of the best times in history to buy a home!