Technology is certainly changing the world of real estate. The National Association of Realtors reports that 84% of consumers will use the internet in finding their next home. I believe that, as I find my website traffic for The Lake Wylie Man increasing day by day, and many of my customer inquiries and phone calls coming from the internet.
Another real estate agent in our office, who loves to keep us up to date on fun, helpful, and sometimes silly diversions via email, sent a link to Google's Virtual Turnpike. This is a site where you can type in any address in the U.S. (and several other countries as well), and see a photographed street view of the location. You can see traffic conditions, surroundings, etc. as you pan around and even do a virtual drive-by.
I thought it would be cool to add this link to my property web pages for Lake Wylie Real Estate for Sale, until I typed in a few addresses of my listed properties, just to take a look. Many of the lake properties (especially in more remote areas, as some lake properties tend to be), the Virtual Turnpike has not photographed yet.
Those that did have photographs were subject to lighting conditions, timing, and things that weren't always optimal to portray the property accurately. For instance, one address was taken when there was a new house being built across the street. The road was muddy from construction vehicles, and the Port-a-John in the scene did absolutely nothing to highlight the charm of the half-million dollar home I am trying to sell!
Another property had pictures taken not long after the home was completed, and lots of bald patches in the lawn (since grown in thanks to the irrigation system and landscaping efforts of the seller!) didn't present the property in the best light.
Yet another home had a shot on the street of a pickup truck driving by. The truck was probably 20+ years old, had rust spots and looked pretty rough. Not typical of the neighborhood, mind you, but there it was, marking the area's personality until an update is done, whenever that might be! One address had pictures taken on garbage pick-up day, and trash cans (with white trash bags sitting atop, no less) graced the curbs . . . again, not the prettiest picture!
So - - virtual drive by's - - a fun diversion, a handy tool for a slice of life . . . but one to be taken with the realization that the photo may capture things that are not permanent fixtures! Of course, in real estate photography, we do attempt to show a property in its very best light. We try to take pictures when the sun is "just so", lighting the best angle (though that's not always possible). We sometimes move the trash cans out of the way, if they're in the shot. We really, really try not to have any Port-a-John's in the photo.
Bottom line, though a vast majority of people shop for real estate on the internet, very few BUY real estate without first visiting the property in person. I can't imagine that changing! And as you will realize, that ACTUAL visit makes all the difference.
Thanks for reading my blog on Lake Wylie real estate. For more blogs about Lake Wylie waterfront and living in Lake Wylie, visit my website.
Saturday, February 20, 2010
Thursday, February 4, 2010
Hi everyone –
Looks like we’re in for another messy weekend, so I hope you have plenty of milk and bread. With the recent weather, property showings have been off a bit, but I expect that to pick up as soon as the sun comes out. The Mid-Atlantic Boat Show runs next week, and that traditionally starts people thinking about spending the summertime on the lake.
I’m encouraged over a couple of things so far in 2010. One, my website activity is at an ALL TIME HIGH. Incredibly, January activity dwarfed the previous all time high (July 2009), and more than doubled January 2009. This activity should be an indication of an increase in buyer activity, which is what we want!
In January, four waterfront properties sold (see Recent Lake Wylie Waterfront Sales for details). Two were classified as short sales or foreclosures (High Point and Johnson Road), and the other two, while not advertised as distressed sales, sold for less than 60% of their original asking price. While that isn’t particularly good news for sellers, what IS good news is the price point - - one property at $750,000, and one at $1.6 million. If you recall, it was late summer last year before we saw our first million dollar sale on the lake. So that’s another encouraging sign.
One Lake Wylie waterfront lot sale was added to the list - - a main channel lot in Reflection Point which sold for $188,000 in December. The sale wasn’t recorded in MLS until late January, which is why we didn’t have that one on our year end report. It is almost unbelievable that HALF of the waterfront lots that sold in 2009 were under $200,000. Several of those were actually very nice lots. We haven’t seen prices that low in years, but again the distressed sales are playing a big part. It’s not easy to manage buyer expectations in this market.
So, once again, the message to sellers is “Patience”. It’s a tough market, but there are some positive signs on the horizon. Thanks for your consideration, and have a good weekend.
For more information on Lake Wylie foreclosures and Lake Wylie real estate, please visit my website, TheLakeWylieMan.com.
Friday, January 22, 2010
Charlotte Makes Forbes Top Ten List
Check this out, according to Forbes Magazine:
"10 Cities Where It's Smarter to Buy For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years. Here are the top 10 cities the magazine chose as the best places to buy right now.
1) Boston
2) Charlotte
3) Chicago
4) Cincinnati
5) Denver
6) Minneapolis
7) Philadelphia
8) Portland, Ore.
9) San Francisco
10) Washington, D.C.
Source: Forbes, Francesca Levy (01/21/2010)"
How exciting is that? Good news for all of us in the Charlotte/Lake Wylie area. We can expect Charlotte area real estate to be a good investment, according to this article.
2009 was a tough year for real estate, especially lake front. Check out my website and other blogs for reports on Lake Wylie real estate sales. We're starting to see things turn around, though. Long term, real estate is still a smart investment. Buy something that you can enjoy, for a smart price. Sometimes what appears to be a "deal" really isn't. When buying or selling waterfront property, it is best to consult a waterfront specialist, like The Lake Wylie Man.
"10 Cities Where It's Smarter to Buy For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years. Here are the top 10 cities the magazine chose as the best places to buy right now.
1) Boston
2) Charlotte
3) Chicago
4) Cincinnati
5) Denver
6) Minneapolis
7) Philadelphia
8) Portland, Ore.
9) San Francisco
10) Washington, D.C.
Source: Forbes, Francesca Levy (01/21/2010)"
How exciting is that? Good news for all of us in the Charlotte/Lake Wylie area. We can expect Charlotte area real estate to be a good investment, according to this article.
2009 was a tough year for real estate, especially lake front. Check out my website and other blogs for reports on Lake Wylie real estate sales. We're starting to see things turn around, though. Long term, real estate is still a smart investment. Buy something that you can enjoy, for a smart price. Sometimes what appears to be a "deal" really isn't. When buying or selling waterfront property, it is best to consult a waterfront specialist, like The Lake Wylie Man.
Thursday, December 10, 2009
Lake Wylie Waterfront Sales Update - December 2009
Wow, it is great to see the sun shining on Lake Wylie today! I love to show properties on days like today, when the water looks blue and calm. Sales have definitely been picking up the last couple of months, and we’re ahead of last year in NUMBER of waterfront homes sold (see chart).
Number of waterfront lots sold (only 11 so far this year) are still rather dismal compared to 2008 and a “normal” year 2007. Reality is redefining “normal” in many ways this year:
Sales of “distressed” properties (those labeled as short sales, foreclosures, etc.) represent 26% of total this year.
Almost half of the sales in the last two months have been short sales/foreclosures. I anticipate this to be a continuing trend into 2010. The government has even announced a tax credit for borrowers completing a short sale.
Waterfront homes labeled as short sales/foreclosures have sold for 54% of their original asking prices.
Remaining WF homes (not labeled distressed) have sold for 77% of original price. This compares to 83% in 2008, 92% in 2007.
Average time to sell has increased dramatically. In 2007, sold homes had been on the market for 4.5 months. In 2009, it’s about a year. Waterfront lots sold this year average 459 days on the market.
High dollar homes and lots are not selling well this year. Only four homes have sold for >$1 million in 2009. Average sales price of home is down to $569,000, from $785,000 in 2008. The lower priced homes are the ones that are selling. Twenty-three of the homes sold this year were in the under $500k range - - compared to just 8 homes in that category last year!
That being said, the “new reality” is bringing some more buyers into the marketplace in recent months. I’ve got lots of buyers calling and looking, but taking more time to make a decision because 1) there are more choices, and 2) economic uncertainty, and 3) waiting for prices to “hit bottom”. I have written several contracts on waterfront property in the past couple of months, and am encouraging buyers to commit to some of the excellent values that are available.
Typically, buyer activity drops off significantly in December as we approach the holidays, and then we pick up again in late January/February (depending on the weather!). So, sit back and enjoy the holiday season. Visit my website for market updates, as well as Events and Activities to enjoy over the next few weeks!
Sales of “distressed” properties (those labeled as short sales, foreclosures, etc.) represent 26% of total this year.
Almost half of the sales in the last two months have been short sales/foreclosures. I anticipate this to be a continuing trend into 2010. The government has even announced a tax credit for borrowers completing a short sale.
Waterfront homes labeled as short sales/foreclosures have sold for 54% of their original asking prices.
Remaining WF homes (not labeled distressed) have sold for 77% of original price. This compares to 83% in 2008, 92% in 2007.
Average time to sell has increased dramatically. In 2007, sold homes had been on the market for 4.5 months. In 2009, it’s about a year. Waterfront lots sold this year average 459 days on the market.
High dollar homes and lots are not selling well this year. Only four homes have sold for >$1 million in 2009. Average sales price of home is down to $569,000, from $785,000 in 2008. The lower priced homes are the ones that are selling. Twenty-three of the homes sold this year were in the under $500k range - - compared to just 8 homes in that category last year!
That being said, the “new reality” is bringing some more buyers into the marketplace in recent months. I’ve got lots of buyers calling and looking, but taking more time to make a decision because 1) there are more choices, and 2) economic uncertainty, and 3) waiting for prices to “hit bottom”. I have written several contracts on waterfront property in the past couple of months, and am encouraging buyers to commit to some of the excellent values that are available.
Typically, buyer activity drops off significantly in December as we approach the holidays, and then we pick up again in late January/February (depending on the weather!). So, sit back and enjoy the holiday season. Visit my website for market updates, as well as Events and Activities to enjoy over the next few weeks!
For more Lake Wylie real estate information, visit my website, TheLakeWylieMan.com.
Tuesday, October 20, 2009
Lake Wylie Foreclosures
In 2009 to date, about 20% of waterfront sales have been foreclosures, bank owned, or short sale properties. The average sales price of these foreclosed waterfront homes to date in 2009 is just over $570,000, representing a 51% discount over the original sales price.
Wow! A half price home! What a bargain!
Perhaps, or perhaps not. In some cases, the homes were not completely finished, and the buyers had to assume repair or finishing costs. In most cases, the original sales price was way too high, even for the robust sales market of 2007. Or, the price was simply higher than the market could support. In 2006-07, when sales were booming, builders began constructing homes that were more and more expensive. The market got to a point where there were simply more luxury priced homes that there were buyers in that segment.
As the real estate markets around the country started to crumble, fewer buyers were able to relocate to our market. Their homes wouldn't sell, and they were stuck where they were. This had a significant impact in our area, considering that most of the higher priced homes in our market were being purchased by relocated buyers.
Most of the Lake Wylie waterfront foreclosures to date have been new, or at least recent, construction homes. Most of the deep discounts have been homes that were originally priced for well over $1 million, selling for $600-$800k.
I've received a record number of calls this year from bargain hunters. My hands have been full trying to balance expectations with the reality of the market. Many people call wanting a waterfront lot with a great view, deep water, no power lines in sight anywhere, level building site, excellent school district, all for under $200,000. Those lots just aren't out there.
I receive a lot of calls from people who want a 3000 sq ft home, recently built, on the water with a great view, public water and sewer, move-in ready for $400,000. Those homes just aren't out there.
Now, there have been some extreme bargains this year. I sold one waterfront home, brand new with all the bells and whistles, for just over $600k. It immediately appraised for over $850k and the buyers were estatic. But if they put it on the market today and tried to sell it for that amount, it would take awhile.
Are there good values for buyers right now? Absolutely. But real estate, like many investments, should be considered a long term investment. Consider not just how much money you can make in the deal, but how much life enjoyment you will receive. A misty morning sunrise over the lake, the face of a kid getting up for the first time on waterskis, the smell of barbecue from that family reunion lakeside, the sight of a duck and her ducklings waddling across your back yard . . . absolutely priceless!
For more information on Lake Wylie real estate available right now, Lake Wylie foreclosures, and living on this beautiful lake, please visit my website, The Lake Wylie Man. David Coone is a waterfront specialist, a licensed realtor in NC and SC.
Wow! A half price home! What a bargain!
Perhaps, or perhaps not. In some cases, the homes were not completely finished, and the buyers had to assume repair or finishing costs. In most cases, the original sales price was way too high, even for the robust sales market of 2007. Or, the price was simply higher than the market could support. In 2006-07, when sales were booming, builders began constructing homes that were more and more expensive. The market got to a point where there were simply more luxury priced homes that there were buyers in that segment.
As the real estate markets around the country started to crumble, fewer buyers were able to relocate to our market. Their homes wouldn't sell, and they were stuck where they were. This had a significant impact in our area, considering that most of the higher priced homes in our market were being purchased by relocated buyers.
Most of the Lake Wylie waterfront foreclosures to date have been new, or at least recent, construction homes. Most of the deep discounts have been homes that were originally priced for well over $1 million, selling for $600-$800k.
I've received a record number of calls this year from bargain hunters. My hands have been full trying to balance expectations with the reality of the market. Many people call wanting a waterfront lot with a great view, deep water, no power lines in sight anywhere, level building site, excellent school district, all for under $200,000. Those lots just aren't out there.
I receive a lot of calls from people who want a 3000 sq ft home, recently built, on the water with a great view, public water and sewer, move-in ready for $400,000. Those homes just aren't out there.
Now, there have been some extreme bargains this year. I sold one waterfront home, brand new with all the bells and whistles, for just over $600k. It immediately appraised for over $850k and the buyers were estatic. But if they put it on the market today and tried to sell it for that amount, it would take awhile.
Are there good values for buyers right now? Absolutely. But real estate, like many investments, should be considered a long term investment. Consider not just how much money you can make in the deal, but how much life enjoyment you will receive. A misty morning sunrise over the lake, the face of a kid getting up for the first time on waterskis, the smell of barbecue from that family reunion lakeside, the sight of a duck and her ducklings waddling across your back yard . . . absolutely priceless!
For more information on Lake Wylie real estate available right now, Lake Wylie foreclosures, and living on this beautiful lake, please visit my website, The Lake Wylie Man. David Coone is a waterfront specialist, a licensed realtor in NC and SC.
Tuesday, September 8, 2009
Lake Wylie Foreclosures and Short Sales
You've probably heard a lot lately about foreclosures and short sales in the real estate market. Depending on the market and source, you may have heard that "half of current real estate sales are foreclosures or short sales".
I can tell you that on Lake Wylie, according to the MLS, about 20% of waterfront sales in 2009 to date have been short sales or foreclosures. Some other sold properties had probably been heading in that direction, with actual sales price falling below 75% of original price, but only 20% have actually been classified as such.
You may be wondering about the difference between a short sale and foreclosure. A bank owned (or REO, real estate owned) property is in foreclosure, and its asking price will be accepted by the bank. You may make an offer below asking price, and it will likely be countered. Banks want to demonstrate to their shareholders and auditors that they tried to get the best possible price. Offers must be approved by several individuals or a committee, so it takes up to 5 days for a decision. Rarely is any business done on weekends or after hours!
Foreclosures may or may not be a good value. Often a distressed home will have repair issues, which will have to be funded by the buyer. The sales price should be carefully measured against comparable sales in the market as well; as the bank is attempting to cover the defaulted loan as well as associated costs. Compared to the original asking price (if the home was on the market prior to foreclosure), it may seem like a good deal. However, it is possible that the home was overpriced originally. Ask your realtor for a fair market analysis.
In a short sale situation, property is headed towards foreclosure. The buyer has missed a few payments, but the lender has not started the foreclosure process. The idea behind a short sale is to convince the lender to accept less than what is owed as payment in full, in order to avoid the expense and hassle of a foreclosure.
In a short sale, the property owner offers the property for the amount he thinks the lender might accept. It must be disclosed to the buyer that the offer is contingent on approval by the lender, as a "full price" offer may not, in fact, be accepted. Once the seller has a written offer, he then presents that offer to the lender, along with a hardship letter on why he cannot pay his loan.
Short sale negotiations are usually handled by a loss mitigation department, which may not communicate with the collections department. Decisions are made by committee, and it often takes weeks to even receive acknowlegement of an offer. Acceptance of an offer usually takes even longer. An appraisal is generally ordered for the committee to evaluate the offer. They need to determine if the seller is truly unable to pay. The committee may also delay a decision to see if better offers are received. Remember, the bank did not solicit the offer in the first place!
It is not unusual for the short sale process to take 6 months or more. It all depend on the lender, the area, and the individual situation. I've had one short sale that flew through as quickly as a traditional home sales transaction, but that was outside the norm. Most of the time, it is a process that tries the patience and the nerves.
Also be aware that both foreclosures and short sales for properties are typically in "as is" condition. Certainly have the home inspected, but don't expect the bank to foot the bill for repairs. Make sure your budget has room for some incidentals.
If you're in a hurry, a short sale opportunity is probably not for you. But if you have some time flexibility and are mentally prepared for the process, you may end up with a very good value.
Visit Lake Wylie foreclosures for a list of waterfront property currently in foreclosure or short sale. For more information on Lake Wylie real estate and waterfront properties currently for sale, please visit TheLakeWylieMan.com.
I can tell you that on Lake Wylie, according to the MLS, about 20% of waterfront sales in 2009 to date have been short sales or foreclosures. Some other sold properties had probably been heading in that direction, with actual sales price falling below 75% of original price, but only 20% have actually been classified as such.
You may be wondering about the difference between a short sale and foreclosure. A bank owned (or REO, real estate owned) property is in foreclosure, and its asking price will be accepted by the bank. You may make an offer below asking price, and it will likely be countered. Banks want to demonstrate to their shareholders and auditors that they tried to get the best possible price. Offers must be approved by several individuals or a committee, so it takes up to 5 days for a decision. Rarely is any business done on weekends or after hours!
Foreclosures may or may not be a good value. Often a distressed home will have repair issues, which will have to be funded by the buyer. The sales price should be carefully measured against comparable sales in the market as well; as the bank is attempting to cover the defaulted loan as well as associated costs. Compared to the original asking price (if the home was on the market prior to foreclosure), it may seem like a good deal. However, it is possible that the home was overpriced originally. Ask your realtor for a fair market analysis.
In a short sale situation, property is headed towards foreclosure. The buyer has missed a few payments, but the lender has not started the foreclosure process. The idea behind a short sale is to convince the lender to accept less than what is owed as payment in full, in order to avoid the expense and hassle of a foreclosure.
In a short sale, the property owner offers the property for the amount he thinks the lender might accept. It must be disclosed to the buyer that the offer is contingent on approval by the lender, as a "full price" offer may not, in fact, be accepted. Once the seller has a written offer, he then presents that offer to the lender, along with a hardship letter on why he cannot pay his loan.
Short sale negotiations are usually handled by a loss mitigation department, which may not communicate with the collections department. Decisions are made by committee, and it often takes weeks to even receive acknowlegement of an offer. Acceptance of an offer usually takes even longer. An appraisal is generally ordered for the committee to evaluate the offer. They need to determine if the seller is truly unable to pay. The committee may also delay a decision to see if better offers are received. Remember, the bank did not solicit the offer in the first place!
It is not unusual for the short sale process to take 6 months or more. It all depend on the lender, the area, and the individual situation. I've had one short sale that flew through as quickly as a traditional home sales transaction, but that was outside the norm. Most of the time, it is a process that tries the patience and the nerves.
Also be aware that both foreclosures and short sales for properties are typically in "as is" condition. Certainly have the home inspected, but don't expect the bank to foot the bill for repairs. Make sure your budget has room for some incidentals.
If you're in a hurry, a short sale opportunity is probably not for you. But if you have some time flexibility and are mentally prepared for the process, you may end up with a very good value.
Visit Lake Wylie foreclosures for a list of waterfront property currently in foreclosure or short sale. For more information on Lake Wylie real estate and waterfront properties currently for sale, please visit TheLakeWylieMan.com.
Wednesday, August 12, 2009
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!
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!
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