Alford Realty Group

Real estate information, helping buyers and sellers in the Lake Norman area with their real estate plans

Lisa Alford

704-408-2834
Lisa@AlfordRG.com
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Spring 2015 Real Estate Market Trends

May 11, 2015 by lisaalford Leave a Comment

It’s always good to keep up with the real estate market trends in your area.  Here in the North Charlotte and Lake Norman area we were told it was going to be a great spring in the real estate market this year.  Boy were the experts right!  We are having an amazing year!  We are still seeing good gains in value and we are still suffering from not having enough homes for buyers to choose from.  The basic laws of supply and demand are in full force in our real estate market.  In fact, I have spoken with several agents in different locations in the Southeast and it seems that most of the major towns in the Southeast are experiencing the same type of market.

What type of market is it?  It’s a seller’s market!  If you aren’t really sure what a seller’s market is (most of us haven’t seen one in quite some time), it can be explained by simply stating that sellers are more in the driver’s seat of transactions.  There are fewer homes for buyers to pick from and the demand from buyers is high, very high in fact.  Seller’s who are ready to sell are finding that they are able to sell very quickly and are getting more for their homes than they were just a year ago.  In fact, the overall transaction is better for the sellers as buyers are not able to put as many demands on sellers.

For the buyer, it’s game on time!  Buyers are having to be far more competitive in their actions to be able to purchase a home.  They have to be ready before they ever go out looking (pre-qualified with a lender and no home to sell).  A buyer must be ready to act quickly in this market too or risk loosing the home they like.  If they find the home they want, they really need to go ahead and make an offer on it and have it be a good offer or they can risk loosing the home to another buyer.  We are seeing multiple offer situations which can be much worse for the buyer than if the buyer just made a good strong offer right from the get go.  If they try to get a better deal out of it, those negotiations take time.  During that time, other buyers may very well come along and quickly turn it into a bidding war.

Let’s take a look at the overall Charlotte market from April 2014 to April 2015.  We see that the median sales price has jumped in one year from $170,000 to $181,000.  That’s a rise of 5.5% which is very good and would make any seller jump for joy!
April 2014 to Aprili 2015 CLT

 

  
Now let’s take a look at the Mooresville area market from the same time period of April 2014 to April of 2015.  We see that the median sales price has jumped in one year from $215,000 to $236,000.  That’s a rise of 8.0%!!  One can see that our Lake Norman market is just on fire right now!

April 2014 to April 2015 Mooresville

 
 

Whether you are a buyer or a seller you need to be aware of the market conditions and what that means to you as a buyer or seller.  Lisa Alford with Alford Realty Group stands ready to help you understand the market and navigate your way to the best deal possible.  Lisa truly believes in treating each of her clients like she would want her family member treated.  Any of her former clients will confirm that, see her reviews here.  She also puts a high priority on client education.  She believes that educating the client is the best way to help them make smart decisions.  Contact Lisa today to get started!

 

 

Filed Under: Buyer, Seller Tagged With: 2015, broker, buyer, buyer's market, buying, Charlotte, Cornelius, Davidson, home, house, housing, how is the market, Lake Norman, market, market statistics, Mooresville, North Charlotte, real estate, real estate agent, seller, seller's market, selling, should I sell my home, trends

Preparing to buy a house

October 28, 2014 by lisaalford Leave a Comment

Happy Couple buying houseYou have made the decision to buy a house – congratulations!  There are a few things you should do first in preparing to buy a house. Buying a house is a big step, it’s also a very exciting and probably a little scary too.  Preparing to buy a house in advance will help insure your transaction will go smoothly and have less complications along the way.

One of the first things you should do is write out a list of what your needs are for your new home.  Write out what the must have’s are and what the desirable items are.  Think about what amenities you want in a neighborhood.  Do you even want a neighborhood or do you want outside of a neighborhood?  Be clear on your list as to what is a “need” and what is a “want”.

The next thing you should do is talk to a reputable lender.  Find out what types of mortgages are available, if you qualify for a loan and if so, for how much.  Remember too that just because you qualify for a certain amount doesn’t mean you have to buy a home that expensive.  You can always buy down but the lender will let you know what your maximum purchase price should be.  It is important not to overstep your comfort level and make sure you can actually make your payments without straining yourself too bad.  Different lenders will offer different products.  It’s not a bad idea to talk to several and know what is best for your situation.  If you need assistance with locating a reputable lender, contact us and we’ll be glad to put you in touch with one.  We work with several lenders here in the Mooresville and Lake Norman areas and we know that we can count on them for trust and reliability.

Next you want to contact a great real estate agent, like Lisa Alford with Alford Realty Group to get you started on finding the right home.  Don’t count on all those commercial real estate sites to search for your home.  Agents get calls constantly on houses that sold 2 years ago or more because they saw it today on Z, T or some other commercial site.  You want an expert helping you because we can get an idea of what you are looking for and narrow down the search field for you.  And we have accurate, up to date information on what is on the market.

After finding several homes to go and see, we will make appointments to go and look at them.  You should take your list (mentioned above) with you and check it off as you go through the home.  Ask the agent about the type of heating, if there is central air, the amenities you desired and any other questions you may have at that time.  Your agent is a great resource of information and is there to make sure you get all of your questions answered.

When you have found a home that you really like and would like to make it your own, let your agent know you would like to make an offer.  Ask your agent to work up the comps (comparable sold properties) and let you know how that home stands in it’s price.  Ask your agent if it is a buyer’s market or a seller’s market.  The comps and the type of market you are in will greatly determine where you want to start off in your offering price for the home.  If it’s a buyer’s market, you can offer lower and stand a better change of getting a lower price.  If it’s a seller’s market however, you will want to offer a higher amount (closer to the asking price).  Many times in a hot seller’s market it can go into a bidding war which is when two bids come in at about the same time and the seller asks them both to come back with their “highest and best offer”.  You really need to find out from your agent what the local market is and what they would recommend.  Remember that your agent works in the market everyday and understands what is going on.  Also remember that (generally speaking) your agent has your best interests at heart.  They want to see you get a house at the best price they can get for you.   Your agent can also advise you on other negotiating tactics like closing costs, earnest money, due diligence money, etc.  There is more than one negotiating tool that we agents use to help our buyers get the best deal.

Hopefully, after this point your agent will have negotiated out a good price and good terms for your new home and you will be under way to becoming a happy homeowner.  Your agent will guide you through the inspections and negotiations on repairs.  Your agent and lender will help you with making sure everything is lining up good for the closing.  There are additional items that you will need to be getting into place between contract and closing time such as insurance, movers, etc and your agent should be able to help direct you with some of that.

If you are looking to purchase a home in the Mooresville, Charlotte or greater Lake Norman area, please contact us today.  We’ll be more than happy to help you on your way to becoming a happy homeowner!

 

Filed Under: Uncategorized Tagged With: buyer's market, buying a home, Charlotte, find a lender, find a real estate agent, home preparations, how should i, how to negotiate, Lake Norman, Mooresville, negotiations, prepare to buy a home, preparing to buy a home, seller's market, what do i need to do, what is the best way

Should I sell my house in the winter?

October 27, 2014 by lisaalford Leave a Comment

SoldSellers frequently ask themselves “should I sell my house in the winter?”  Many sellers think it is best to take your home off the market during the fall/winter or wait until spring to sell.  WRONG!  The more serious buyers are out there right now looking for homes (like yours) and can’t find them!  As as result, these buyers are having to settle for whatever is available.  If you are even thinking of selling your home, contact Alford Realty Group today!  We specialize in home sales in the Mooresville and Lake Norman area and can go over with you where your home stands on the market.

There is a different in fall and winter time buyers and spring and summer buyers.  Typically, in the cooler weather months we see home buyers that need homes and need them now.  In the spring, buyers are looking to buy but are a more relaxed buyer because there is so much more inventory available to them.  Want to be a smart seller?  List your home when there is less competition!

If you wait until spring or summer to list your home for sale, you may be missing out on the perfect time to sell your home.  We have many indicators that tell us what kind of market it is and what sellers can expect when selling their homes.

One of our first big indicators of a seller’s market is the number of months of supply of homes available on the market.  Simply put that means, if no more homes came up on the market it would take that many months to be completely out of homes for sale.  Right now, in the 28117 zip code priced between $167,000 to $319,000 we are at 4.5 months.  In the 28115 side, we are at 4.8 months.  Those are some pretty strong numbers.

Another big indicator of a seller’s market is how close to the asking price the sales price winds up being.  In that same price range of homes in the 28117 side we are seeing 95% steady.  In the 28115 side, we are seeing 95.3%.  That’s a 5% increase over 2 years ago.

Average sales price is also an indicator.  Right now on the 28117 side of Mooresville and Lake Norman area, we are seeing $433,862 as an average sales price.  In the 28115 side of Mooresville and Lake Norman we are seeing $181,898 as the average sales price.  That’s up about $20,000 from 2 years ago this time.

As these numbers indicate, the Mooresville and Lake Norman area is seeing a great seller’s market right now.  Contact Alford Realty Group today to find out the best way to position your home on the market.  Let our team of experts show you how we can sell your home fast and for the most money possible.

Filed Under: Uncategorized Tagged With: 28115, 28117, best time to sell, better to wait until spring, buyer's market, home, home evaluation, house, Lake Norman, Mooresville, sell home winter, sell house winter, seller's market, selling my home, selling my house, what's my home worth, what's my house worth

About Us

My mission is simple - to provide you with the very best service possible.  After all, from beginning to end the whole process of buying or selling a home is about you and your needs.  I will do everything I can to make sure you not only get the best … Read more...

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