The statistics tell the story regarding the once highly touted Queen City real estate market.  In August of 2009 (the most current data available from the Carolina Multiple Listing Service), closings were down 10% from August of 2008, with only 2,221 of available 24,842 listings closing. That ratio indicates a minimum of 11 months of inventory on the market.  Sales prices were also down 9.2% to $209,245, while list price was only down 5% from last August.

While these figures are difficult for most Charlotte sellers’ to absorb, they do realize they live in one of the least affected metro markets in the country.  And buyers should also see the opportunities.

The Charlotte market is still poised to have a quicker recovery than much of the nation, primarily because it did not have the huge appreciation of other markets such as Nevada, Arizona, California, and Florida. And depreciation of that significance is not expected here either, in spite of the bumps in the road we have currently hit.  Charlotte, North Carolina is still one of the most desirable places people want to live and work according to RELOCATION.com and Forbes.com.

Opportunities however, do not translate to insanity.  It has been my experience that many buyers, especially from outside of the Charlotte market, are continuing to insist on agents’ presenting offers for 20 -30% below list price. This tactic may work in another market, but not here.

I would never advise one of my sellers to accept one of these offers based upon the above statistics.  I will however advise them to counter, presenting the facts.  An offer is something to always be considered and negotiated conscientiously, but especially so, during a buyer’s market. A buyer may start low, testing the waters, but if they have initiated the process of presenting in writing, with a pre-approval letter, sellers should consider and negotiate it seriously.

Buyers’ agents should also present the statistics for the Charlotte market to buyers they are working with PRIOR to shopping for homes, as they may simply not understand that the market here is different than where they came from.  This would eliminate a lot of the frustration by all sides when a “low ball” offer is presented and rejected.  And offers should always be professionally presented in writing!

Buyers can also do a bit of the homework themselves via sites such as Roost.com. If you click Charlotte, NC Homes for Sale, you can view city specific information that will help you in your decision process. All real estate is local, right down to the neighborhood, so make sure you always value the opinion of a locally based REALTOR® to help assist you.  The opportunities are there, and the timing looks like it is right.