Charlotte NC, Concord, Kannapolis Real Estate

Dear Mr/Ms Top Professional Realtor:

I love y’all, I really do.  I can’t begin to tell you how much I’ve learned from you in my eight years of full time real estate, as together we’ve handled several hundred clients in various stages of relocation to and from Charlotte NC.

Often I’ve received a contingent offer, and in doing my due diligence for my sellers, have had a chance to hear your take on the current market in your area-without the fluff of the liberal national news media.  And it’s always much appreciated-it certainly helps me in presenting the offer to my sellers!

Here recently, though, it seems that your method of comforting your sellers in Florida or Michigan or Ohio or California is working against those lovely folks here in the Charlotte NC area.  When a seller in your market is fortunate enough to have a buyer with whom to work-but the price isn’t what they wanted (I mean, is it ever for any of us?)-they’re getting a pat on the back and a pat reminder that:

                 “I know you took a bath here on this house, but since it’s a true buyers’ market, you will be able to do the same thing to the seller on the house you purchase!”

And as much as I love getting a great deal in the negotiation for my Charlotte NC buyers-with the average list price to sales price ratio in Charlotte NC hovering around the 97% mark (some areas are down as low as 96.4%, some closer to 98%), those big discounts aren’t realistic.  Now, some builders are offering great deals-but of course it depends on the builder, the location of the new construction, and the price point. 

The hot spot in the overall Charlotte NC real estate market is the under $200,000 price point.  These buyers are the ones who are much less likely to be saddled with a property elsewhere that needs to sell, and they’re able to really maximize their money in the current low interest rate environment.  A house that is priced properly, and is in top condition (not to mention it may have sellers who make it available for ALL showings), will sell-and likely it will be quickly.

So please, don’t make promises that I can’t keep-I hate broken hearts.

I'm a geek. I admit it. I love statistics and numbers and figuring out what pictures they can paint. (although my old college professors from Florida State University and the illustrious Kenan-Flagler Business School at UNC-Chapel Hill might just keel over from shock hearing me say that!)

But any time I am working on information for a buyer or a seller, I run one of my patented State Of The Market reports. Which breaks down the numbers within price bands and areas, and allows me to look at absorption rates.

NAR likes to tell folks that a 6-month supply is a balanced market. (Which is probably the most honest thing being said these days by NAR but i digress). The real estate market in Charlotte NC is hot in pockets, and soft in pockets. You really have to know what's happening in the micro-market you're considering, whether you're a buyer or a seller. For example-in our first time buyer range, in Union County, under $200,000-there's a 6.6 month inventory. Which is doable. (How do you beat the 6 month time? Price and condition, it's that simple.) But in Cabarrus County in the move-up range, between $400,000-$500,000, there's a 17.2 month inventory. Holy smokes! We sure do hope the market in Florida picks up sometime soon...

Moral of the story-study your price bands and micro-markets. If your real estate agent isn't studying these items, call them and pepper them with questions-a good, professional agent is a student of the market at all times.

I got this link, courtesy of my fellow Cyberstar, Michael Fournier.

It's quite interesting to take a look at the nation, broken down into smaller economic pockets-and see whether or not this media-driven recession is real to you. (and I know I'm a member of the VRWC, but seriously people, this recession IS media-driven.

Just like the real estate market is local, so are economics!

Or even let the kids stay up late for a fabulous benefit gala in Davidson NC (just north of Charlotte NC).

Many folks who relocate to Charlotte ask what kind of cultural events are available-this is a prime example of the exciting opportunities in Charlotte-for both giving and receiving. (If you didn't already know, VOX is the professional choral ensemble that I perform with-so if you show up, you can catch me after the show!)

                                        Saturday, February 23, 2008 at 8:00pm:    

                    The Firebird Arts Alliance, in collaboration with Central Piedmont Community College, present:

                               VOX PRESENTS LIVE RECORDING / BENEFIT CONCERT:

                                                    "Vox & Friends"

Charlotte's newest professional choral ensemble, VOX, will present "VOX & Friends," a live recording / benefit concert at 8:00pm, on Saturday, February 23, 2008 at St. Alban's Episcopal Church in Davidson, in support of Inspire the Fire, Inc., an inner-city, youth arts-training program.

Firebird Arts Alliance Artistic Director David Tang and Associate Artistic Director Peppie Calvar lead VOX in a program of spectacular contemporary choral music by composers like Edwin Fissinger, Duke Ellington, Astor Piazzolla, Stephen Leek, and more, to be included in VOX's debut CD - "Out of this World;" the program will also include spirituals, jazz and gospel music in celebration of Black History Month, performed in collaboration with some of Charlotte's best African-American musical artists.

Proceeds from the event will benefit Inspire the Fire, Inc.

Guest artist/collaborators include Ethel Beatty Barnes, Dennis Reed & G.A.P., Henry Lebedinsky and Catrina Pegues.

Ethel Beatty Barnes, star of Broadway stage and film, joins VOX in Duke Ellington's Come Sunday and other jazz/gospel favorites. Ms. Barnes performed leading roles on Broadway, opposite artists like Gregory Hines, and appeared in Martin Scorsese's The Cotton Club.

Dennis Reed & G.A.P., Charlotte's hottest new Gospel sensations (read about Dennis), recently performed with VOX and the Charlotte Symphony Orchestra in the CSO's Daybreak of Freedom performance, celebrating Martin Luther King, Jr., to thunderous ovations. Seriously, they're going to be on Oprah one day, so you should take advantage of seeing them now!

Catrina Pegues  won the 2004 Charlotte Gimme the Mike-Charlotte competition and sings gospel and inspirational music throughout the region.

Henry Lebedinsky, Music Director of Music at St. Alban's, appears as guest conductor of VOX, conducting an original work by Mr. Lebedinsky.

The performance will take place on Saturday, February 23, 2008 at 8:00 pm at St. Alban's Episcopal Church in Davidson, NC (301 Caldwell Lane, Davidson, NC 28036. Ticket reservations can be made by calling (704) 365-1661. Limited seats are still available, call today if you want to come tomorrow.

$20 - general admission / $12 - students and seniors

ABOUT THE FIREBIRD ARTS ALLIANCE: The Firebird Arts Alliance brings artists and artistic institutions together from all disciplines, to collaborate in innovative, commercially successful, and socially beneficial ways.Firebird will facilitate collaborations between artists of all disciplines as well as people of all races, religions, cultures and backgrounds, in order to inspire a community of respect, equality and creativity.

It's an uphill battle.

And it seems to be neverending, doesn't it? The national news media just isn't going to rest until each and every person related to real estate is suffering and until each and every homeowner lies awake at night panicking over houses. The sad part is that I EXPECT this behavior from the left-wing liberal media. I do NOT expect it from a highly regarded university.

My beloved University of North Carolina at Chapel Hill is getting into the swing of negativity. I'm a graduate of the Kenan-Flagler Business School, and as such, receive the publication that talks about the current business climate, what alumni are doing, etc. Usually, it's enlightening and enjoyable. But this time, they slammed me and every other residential real estate expert who graduated from UNC and KFBS.

In an article with six 'tips' for making money in real estate, I took exception to two. One-the author proclaims that when purchasing a personal residence (and let's be realistic, folks, you approach your personal residence in a slightly different manner than you approach a pure investment play)-you should select 3 or 4 favorite houses and then lowball them, with offers 10-25% below asking price. See who comes in lowest and buy that one.  The fundamental flaw in this advice is that REAL ESTATE IS LOCAL. Here in the Charlotte NC area, our average list price/sales price ratio has been holding at 97% for quite some time. In several micromarkets, the ratio is higher. If you come in here with the expectation of 10-25% below market, you'll never buy a blasted thing. Your expectations will be so skewed that you will still be on the sidelines as prices continue to increase (we were UP 5% for 2007).

Two-the author states that because real estate is in the tank, you should beat your agent up on commission. He even states that you should be paying 4, 4.5, 5% commission. Several flaws here-where to begin?? There is no set commission rate. I can virtually guarantee that if you canvas 100 different agents in my market or anywhere, you will get 100 different commission/compensation plans. Heck, I offer several myself. It's not a one-size-fits-all world anymore. Many of us already get that. (the few that don't won't last anyway no matter what the market conditions, but i digress). What are you giving up when you pay less? I refer to those agents as the 'we do nothing for less' agents. Are you sacrificing marketing? Are you sacrificing market knowledge? Are you sacrificing negotiating skills? You're giving something up-so you better ask a million questions before you beat up a good agent who is worth every penny. There are many times when I should have charged more (and my clients will tell you flat-out that I deserved more). But I don't. My fees are fair. All agents who are worth their salts should be able to tell you WHY they are worth whatever it is they're charging. But don't paint us all with the same brush.

Just because some agents are suffering doesn't mean that I am. My skills are worth more in this oddball market than ever. It's more expensive to market each listing right now. Every agent has about a hundred hands in his/her pocket, with the latest-greatest-neatest gadget and advertising tool. We have to sift through to determine what's actually going to benefit our clients-and then shell out the money. Expectations have never been higher for agents (as it should be), but it costs money to produce all of those tricks in our hats. That, and it's taking longer for houses to sell-so we're paying more over a longer period of time.

And dadgummit, my family has to eat, too.

I'll get off my soapbox now, but I will tell you this. If I don't get a response back from my alma mater, my charitable contribitions will go elsewhere. And I hope that my fellow UNC grads and real estate professionals will tell them the same thing.