Lake Norman Home Prices - "Where are the Deals?"

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Lake Norman

So where are the deals on Lake Norman properties?  Although the country has seen a tremendous slowdown in home sales for 2007......this simply is not the case with Lake Norman homes & properties for sale. Let's take a look at the sales data for Lake Norman homes (area 13) for the months of January 2007 and then for November 2007.  Keep in mind these are both considered slower months!!

Data for Jan 6 - Feb 7 and Nov 6 - Dec 5, 2007
  Units closed Average Closed Price
Jan 2007 116 $417,002
Nov 2007 103 $478,890

 

 

 

 

 

The average list price vs sold price for the entire Charlotte MLS for these periods for all sold properties is the following:

  • Jan  6 - Feb 5, 2007 - 96.37%
  • Nov 6 - Dec, 5 2007 - 95.07%

So what exactly are these numbers telling us?  The good news is that it appears that later in the year sellers were approx 1% more negotiable. The not so good news is that the average price in area 13 (Lake Norman)  was about $61,000 higher in the November time frame.  That's approximately 11% higher!!

So how do we get the best deal possible?  What is the best stategy?

  1. Exclusive Buyers Agent - You need to have the best agent possible who is well versed in negotiations. The average %LP vs SP was much lower in both periods whenever the sale was Co -Brokered.
  2. Financing - The interest rates right now are about as low as in recent years.  Buying whenever the rates are low will save $$$.  We have the most competitive lenders in the industry.  So many times we have clients insist on using thier own lenders (which is great!) and then they find out the loan has excessive fees etc. A good agent will know how to interpret a "good faith estimate" and point out any junk fees and help you evaluate the different loans.
  3. Buy Now - If you are in a position to purchase Lake Norman property at this time you will possibly enjoy substantial savings. Typically, the best time to purchase real estate is prior to the spring and summer seasons. If the appreciation were to continue to be approx 11% in 2008 it would mean an increase of approx $23,000 by the time summer rolls around. Not to mention that interest rates historically are higher in the summer.

The Lake Norman real estate market is very competitive and will continue into 2008. If you are searching  for Lake Norman homes for sale and have questions, please don't hesitiate to contact us toll free @ 1-877-541-3300.

Searching for other Lake communities? Click on the links below.

 

 

 

 

Date: Thursday, January, 10th 2008 @ 06:19:53 AM
Views: 334

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This blog entry currently has 1 comments posted.

Suzanne

I agree! A good combination of education and experience is the key! Great topic of discussion, I wish I would have seen this sooner. I sell lakefront homesites in Lake Wylie, and we have been successful as well. The schools are great, taxes are low, and short commute to Charlotte! What more could you ask for? Thank you for the great info on Lake Norman property!

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