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Market Conditions in Morrisville : Real Estate Advice

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  • Local Info5
  • Home Buying24
  • Home Selling0
  • Market Conditions4

Activity 4
Sun Mar 13, 2011
Dsharma answered:
A lot of homs have cracks in slab foundation in this community. I guess, they did very poor job in slab formation. I would suggest everyone to stay away from this community. These cracks are not easy to fix, they may cost a lot of money and valuabl time. ... more
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Tue Jan 4, 2011
Jeff Monfils answered:
The trend is a decrease in 28215 and 28217 with a bigger drop in 28217. It does depend on which of the 10 cities you’re looking at, but for the most part it is a decrease.

Kindest Regards,

Jeff Monfils
Director North Carolina Operations
BIC / CFA / CSSA
Bastille Real Estate
Foreclosure Avoidance Consultants
3611 Mt Holly-Huntersville RD Ste 204-310
Charlotte NC 28216
704.975.7616 | 888.807.4848 ext. 505 | Fax 866.662.3929
... more
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Tue Mar 9, 2010
Don Tepper answered:
Straight talk here:

You should strive better to get comps. At least you acknowledge you've tried. But you've got to get a handle on the value.

Next: Don't worry about being "insulting." I hate that term. Hate it with a passion. Don't worry. You make an offer. Let the owner decide whether it's insulting. I've seen some sellers consider an offer of just a dollar below list consider the offer insulting. I've seen other sellers welcome an offer 20% below the listing price. Unless you're a mind reader, you won't know what the owner might or might not consider insulting. Besides: What's the worst that can happen? Is the owner going to challenge you to a duel at high noon? No? The worst that will happen is the owner says "no." The next worst is he says "yes." (That's bad, because it means you offered too much.) The best is that he counters.

Which gets to a "lowball" offer. That, too, is in the eyes of the seller. All you should be concerned about is a number that works for you. By the way, an offer of 7% below list when a house has been on the market for 5.5 months isn't a lowball. Without knowing any further details, that likely would be offering too much.

One problem you may be facing, though, is that the owner (if it's not a short sale or foreclosure) can't go any lower. There probably isn't much equity in a home that was purchased in 2005 or later. So, let's say someone paid $300,000 in 2005. Back then, you could get 100% financing, so they might owe $300,000. Even with 20% down, they'd owe $240,000. Today, that property could well be worth about $250,000. Maybe less. So they put it on the market at $275,000. They get no offers. But (depending on how much they put down) they're either breaking even at $275,000 or losing money. And we know it's worth nowhere near $275,000, so they get no offers.

A Realtor can look into the situation, give you some additional information, and suggest some strategies.

Hope that helps.
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1 vote 2 answers Share Flag
Mon Aug 31, 2009
Edith Karoline Jasser answered:
Dear Mollygrace,
I wish there would be such an easy way to say, oh well 10 houses similar to yours sold within 2 months, so yours should too....

Not so easy, the average pricing, the average time on market are really guide lines, and then you have your Realtor, who is hopefully experienced and has seen a multitude of homes, worked with a lot of Buyers and has a good feeling for what in your home is special, attractive to buyers (and it could be many different things, the style or age of the home, the lot or location, the floor plan, flexible for example, recent upgrades if the home is older and I can go on and on ..... Therefore average list prices and average sale prices and average times on the market are exactly that, averages and basic guide lines, the right buyer has to come around at the right time, when your home is priced right and fits his/her needs, so nothing AVERAGE about that, very buyer specific...
So you want your home to show at its best whatever it takes (may by new paint, may be landscaping, may be just staging) and then you want it priced competitively, i.e. what the general market can bear, and then have your Realtor market it and advertise it as best they can to bring in interested, or looking and ready and willing buyers....

Good Luck to you, if you are not committed to an area Realtor yet and you would like me to make a recommendation to you for a trusted partner agent in your town, let me know..... Feel free to e-mail me directly for that purpose....
David gave you a lot of numbers and information if you are after numbers but just from his answer you can see, that the answer is not one clear cut number, it is more complicated as you can see...

All the best to you!
Edith Karoline - YourRealtor4Life!
Working always in the very BEST interest of her clients!
EdithSellsHomes@gmail.com
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