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June 2019 Real Estate News

Real Estate Overview: Mecklenburg County's May 2019 Stats

It is time once again to take a look back at yet another page on the calendar. This month we begin by reviewing Mecklenburg County's May 2019 Stats.

Let's get started with the Median Sales Price in May. If we look back at 2017, we see a median sales price of $259,000. The following year, 2018, that price increased by +10.8 percent to $287,000. In 2019, we increased again by +3.5 percent to a median sales price of $297,000 in Mecklenburg County.

Next, we are going to review the number of New Listings that came on the market in Mecklenburg County in May. We start with 2 years ago, 2017, and see that there were 2,038 new homes that came on the market. The following year, 2018, there was an increase of 1.8 percent with 2,074 new homes coming on the market. This year, 2019, there was another increase of 3.2 percent with 2,141 homes coming on the market.

The next statistic we will review is the May Median Days on Market. Starting in 2017, we saw 6 median days on the market and then the following year, 2018, we saw an increase of 16.7 percent with 7 median days on the market. In 2019, we increased by 28.6 percent to 9 median days on the market.

So there you have it. A quick overview of what is happening in our local market of Mecklenburg County. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

Remodeling for High ROI

Is your house a little dated? Do you want to make some improvements or upgrades but also want to make sure that you get the best bang for your buck if you decide to sell? Not all home improvements bring a good return on investment when selling, so unless the improvement is simply for your own style and enjoyment, choosing projects with higher ROI just makes sense.

Home Improvements with High ROI

Add square footage –The best return on investment is adding space. Converting an attic or basement into a family room, adding a room or bathroom or even installing a garden room or outside kitchen will bring solid returns when selling.

Bathroom and Kitchens –Remodeling a bathroom or kitchen will always bring more than their cost when selling. Create simple and soothing environments where a future owner can imagine themselves using and avoid heavy period-style cabinetry and surfaces.

Doors and Windows –Upgraded doors and windows can really add impact to a room. Not only do current options save energy, they come in a wide variety of styles and finishes to accentuate the space.

Garage Doors –If you have an old or weathered garage door, this is a relatively inexpensive way to dress up your home.

Paint –Fresh paint is inexpensive and makes the home appear new and modern. Choose calm tones which compliment any décor.

Regardless of whether you’re considering a weekend project or a major remodel, understanding the return on your investment can help you make the best choice for your project. Home improvements can be costly and if you’re considering listing your home for sale in the future, make sure you can recapture your cost.

Choosing the Winning Offer

Congratulations, you have multiple offers on your home listing. It’s exciting to hear that you have a choice in buyers. Yet how can you make sure that you choose the right offer? With varying sales prices and terms, comparing offers might be harder than you expected. Still –it’s a great problem to have.

If you find yourself in a multiple offer situation, the first step is to meet with your agent to discuss each offer in detail. What are the actual differences? It’s easy to see what price they offer, but what about the other items –the terms, the financing, the contingencies.

Sales Price –This is the easiest to compare. Start with the sales price and then check to see if they are asking for extra concessions; these could include seller credits or paying for closing costs.

Terms –Determine when the buyer intends to close and when they want occupancy.

Financing –Financing can vary dramatically and affect your decision in choosing a buyer. For instance, a buyer who offers a slightly lower price but is going to put 50% down might be a better offer than someone using a FHA, 3.5% down loan which could be harder to close.

Contingencies –Most offers come with contingencies for items such as inspections, appraisal, loan approval and more. An offer with less contingencies, or shorter time frames to remove them, could be a better offer than others.

Working with your agent, consider all the elements which go into an offer; then you’ll be in the best position to determine the best option for your financial goals, timeframes and needs.

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