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Eric Layne Real Estate

By Eric Layne | Agent in Charlotte, NC
  • Charlotte Real Estate is HOT - Sales Surge 40% !

    Posted Under: Market Conditions in Charlotte, Home Buying in Charlotte, Home Selling in Charlotte  |  February 15, 2013 1:08 PM  |  330 views  |  No comments

    Charlotte Real Estate Market Report

    home-sales_up

    For January 2013

    Visit my website for an Archive of Statistics for the Charlotte Real EstateMarket on:    

    Eric Layne Real Estate 

    CLICK HERE FOR THE CHARLOTTE REPORT

    “Your Real Estate Professional”

    Eric Layne
    Helen Adams Realty
    (704) 780-3413
    Eric.Layne@helenadamsrealty.com

     


  • Inventory DOWN Demand UP!

    Posted Under: Market Conditions in Charlotte, Home Buying in Charlotte, Home Selling in Charlotte  |  January 18, 2013 7:19 AM  |  210 views  |  No comments
  • WANTED: YOUR HOUSE ON THE MARKET

    Posted Under: Market Conditions in Charlotte, Home Buying in Charlotte, Home Selling in Charlotte  |  July 26, 2012 8:13 AM  |  175 views  |  No comments

    I know there's a large percentage of the public that thinks it's still not a good time to sell or that what they would get for their home is just not enough for their needs or that it will take too long to sell. This is not the case for the Charlotte market. Case in point: I listed a 4BD brick home in Myers Park just last week and within 4 days had 44 showings and 9 offers. Crazy! I anticipated good response but not a feeding frenzy. It proves the lack of quality listings for great neighborhoods in the 400-700K price range which a lot of customers are trying to buy in via corporate relocations such as Chiquita or just smart money upgrading within the best time to buy Real Estate. Once closed, this listing will sell for well above list price and in record fashion. For more market stats updated monthly, visit my website under market data at EricLayneRealEstate.com

    Eric Layne
    Broker/Realtor/CDPE
    Helen Adams Realty
    P: 704.780.3413
    F: 704.749.9502
    eric.layne@helenadamsrealty.com
    ericlaynerealestate.com

  • Why Appraisers are Preventing Market Appreciation

    Posted Under: Market Conditions, Home Buying, Home Selling  |  June 26, 2012 8:40 AM  |  135 views  |  No comments

    Why Appraisers are Preventing Market Appreciation

    Ask a Realtor in the local Charlotte Metro Area and they’ll be quick to give you their horror story or two on why a closing fell apart due to a low appraisal and why the parties involved had to make a stomach turning decision to essentially make the closing whole. I’ve personally been on almost all sides of the transaction as a seller, listing and selling agent.

    It’s important to be aware of changing market dynamics. As of this year Charlotte Real Estate has seen inventory drop from 16.6 months to just under 6 months and still dropping. This preludes the turn into a seller’s market and rids the market of stale inventory. With low inventory and continued high demand, prices are rising and more buyers are hitting the market especially with corporate relocations like Chiquita. Realtors are compensating with higher listing prices and sticking to prices a bit longer than we normally would for our clients. That’s one side. The other side is demand. I’ve been involved in well over a dozen multiple offer situations in just the past two months where the seller is calling for the highest and best offers from all parties. This can and will drive the eventual sales price over asking. Plus it’s occurring within a wide range of price points whether it’s a $600,000 home in Myers Park, a $300,000 home in Ballantyne or investment properties or homes for first time home buyers under $150,000. No price point is immune.

    What’s not always happening is appraisers seeing this market change and properly evaluating. If it’s priced to sell and in good condition, that home will sell for 98% of their asking price or more and do so within 30 days. At Helen Adams Realty we pride ourselves in selling our listing inventory at one of the highest sold price to list price ratio in the Charlotte market.

    What appraisers are doing is adding contradiction into the market. I’m personally selling completely renovated houses for as much as 12% less than Mecklenburg County tax values in the price range of 100K-175K. Not by choice but because of low appraisals. This tells me several things; a majority of Mecklenburg County tax values are flawed across the board, buyers don’t determine market value, appraisers are afraid to appraise and hindering market growth and investors won’t continue to invest in challenged neighborhoods for fear of losing money on inadequate appraisals.

    Along with individuals, neighborhoods are losing out too. We’ve had several neighbors come up to us and thank us for doing what we were doing and happy to see the price at which we listed hoping it will generate value for them as well. But what they don’t see is that as a seller and/or a listing agent, I have to advise my client to cut profits or come to the table with cash to make homes close.

    This is just a small snapshot of how this issue is plaguing hundreds of buyers and sellers in our area and affecting market growth. The National Association of Realtors found that 33% of its members polled reported appraisal problems during the month of May. Moe Veissi, president of the Association, said “poor appraising in markets that are no longer in decline is the single most important valuation obstacle to seeing a real recovery”. Good Realtors understand values in the markets and neighborhoods they concentrate on and also keep an eye on valuation and demand. We need to do a better job of ensuring that these appraisers are local, experienced and are provided with every piece of information to support contract price whether they want it or not. If we don’t, we’re doing our clients, and our markets a disservice.Stop back by my blog soon to see a full case scenario that will make your head spin on the state of appraising in east Charlotte.

    www.EricLayneRealEstate.com

 
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