According to a report on MSNBC by Clear Capital (click here for it) prices nationally have officially double dipped and are below the previous trough seen in 2009. The good news is Charlotte was the best performing major metro market with prices only down -1.4% quarter over quarter, although year over year prices slipped -5.1%. REO homes continue to weigh locally and nationally on prices and foreclosure properties are at an all time high. The pipeline of homes in the foreclosure process along with the number of homes that are 90+ days delinquent is 45 times the size of the current monthly foreclosure sales number, which is 34.5% of all sales. So it remains a buyers market for the forseeable future and I have found some great buys recently for my customers.
If you are selling your home; being realistic in your pricing is very important, if you price your home too high, odds are you will not get alot of showings and your home gets used to sell other properties because buyers see the value elsewhere. Listing agents with alot of listings might even use this tactic. When I am representing buyers I make them very aware of valuations and we stay away from homes priced unrealistically in today's market.
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