Lake Wylie Real Estate is Hot! Hot! Hot!

Lake Wylie real estate is hot! hot! hot! Hey, everything around here is hot! hot! hot! It was 97 degrees yesterday, and I was seriously afraid of becoming a grease spot on the pavement.

Maybe we ought to cancel August next year. The weather is stifling, people in general are out of sorts, and the summer vacation mindset is basically over as schools have the month scheduled with open houses, registration, football practice, meetings, etc. Might as well be in school already! But I digress.

Real Estate. Hot. My phone has been ringing off the hook. I've shown lots of waterfront property in the past couple of weeks - - lots, river cabins, million dollar homes, the whole gamut.

What I continue to see, however, are buyer and seller expectations on different playing fields entirely. There has ALWAYS been a difference between what buyers want to pay and what sellers want to receive - - hence the need for negotiations. However, what I'm seeing now is buyers starting the bids at WAY below asking price - - sometimes 60 or 70%, vs the polite 90-95% that we were accustomed to a few years ago.

What I'm also seeing are buyers walking away after their first offer. That has happened more in the past 3 months than in my entire career as a real estate agent.

I think that the foreclosure sales in the area have tainted buyer expectations on ALL real estate pricing. Many buyers seem to think that sellers will accept lowball offers, and keep trying until they find a seller that will.

It's going to take some time to get back to business as usual. As more foreclosures work their way through the system and hit the market, prices will continue to be an issue. Waterfront homes most affected are those in the upper price tiers ($700,000+), as many in the foreclosure market are $1million+ homes that are being auctioned off in the $600,000+ range. It's tough to compete against those.

To see what has sold on Lake Wylie thus far in 2009, take a look at Recent Lake Wylie real estate sales on my website.

To read other blogs on Lake Wylie and Charlotte area real estate, Lake Wylie living, and Lake Wylie waterfront issues, visit my website, TheLakeWylieMan.com. Thanks!

Real Estate Terms & Abbreviations

Have you ever read a real estate ad that said something like, "Beautiful 2500SF WF home w/ 3BR/2.5BA, FROG." Before you begin worrying about reptile infestations, you might want to acquaint yourself with some basic real estate terms and abbreviations:

• AC - acres. Not to be confused with A/C, which is air conditioning!
• BA - bathrooms. A "half-bath" has a toilet and sink, but no tub or shower.
• BPO - Broker Price Opinion. Not an official appraisal, but a price based on an analysis by a real estate professional.
• BR - bedroom. Must have a closet and window to qualify as a bedroom.
• CPT - carport
• CVAC - central vacuum
• DOM - days on market. How long a property has been listed for sale.
• FP - fireplace
• FROG - Finished room over garage, also referred to as "bonus room".
• FSBO - For sale by owner
• HLA - Heated living area.
• Total Fin HLA - finished square footage.
• HOA - Homeowners association
• HSF - Heated square feet. Living area. Does not include garage, etc.
• MBR - Master bedroom
• MLS# - Identifies the property in the multi-listing service (MLS) used by area realtors.
• Owner Agent - The owner is the real estate agent
• REO - Real Estate Owned. Property has been foreclosed.
• Unf SqFt - unfinished square footage - potential living area. Does not include garage.
• W/D - washer/dryer
• WF - waterfront
• WV - waterview. If indicated "seasonal", water is visible only in winter!

Want to add to the list? If you'd like a term defined or want to contribute, please leave a comment! Terms and abbreviations vary by region.To return to my website: Lake Wylie Waterfront Real Estate