Selling a house on Lake Norman? Competition is fierce
Source: http://www.wcnc.com/on-tv/Selling-a-house-on-Lake-Norman-Competition-is-fierce-84399592.html
by BOBBY SISK / NewsChannel 36
Posted on February 15, 2010 at 6:27 PM
MOORESVILLE, N.C. -- Lake Norman's beautiful shoreline is covered by hundreds of waterfront homes. Many were built in the past few years, replacing quaint fishing cabins with the big and the beautiful.
"It's 7,000 square-feet," said broker Jason Noblitt as he looked at pictures of a waterfront foreclosure in Mooresville. "It was on the market for approximately $1.7 million."
The 5-bedroom, 4 1/2-bath house is under contract now and Noblitt thinks it'll sell for under $1 million. That's a $700,000 discount.
"In our current market you absolutely are not going to get what you did in 2006 or even 2007. We need to look at where prices were in 2004 and 2005," he said.
Two reasons: there are fewer buyers and simply more houses for sale. Our search of the Carolina Multiple Listing Service turned up a staggering number. In just waterfront listings, there are more than 470 homes on the market right now.
In front of one home near The Peninsula neighborhood in Cornelius, the owner has resorted to using a huge yellow and black sign, offering owner financing.
"I think the same amount of listings are happening and coming active. The difference is not as many homes are being sold so they are overlapping. It's just piling up," said Noblitt.
And those that are selling are taking longer, especially in the higher price ranges.
"It simply has to be priced right. And if you're over $600,000, expect it to take six months to a year," said Noblitt after looking through comparable sales.
He's optimistic activity at the lake will pick back up and already, he is seeing a few homes starting to sell.
"I think if you've got a great house, it'll sell. But only the great houses are selling unless they are really discounted," he said.
While researching this story, I talked to several homeowners with homes on the market. It seems patience is key right now. One woman, who lives just down the street from The Peninsula, has had her property listed for more than a year. She's had some lookers, but not a single offer.
Just to be clear, we're not just talking about mega mansions for sale on Lake Norman. Our search also brought up a few lakefront mobile homes. One listing in Sherrills Ford seems like a steal at $93,000.
Source: http://www.wcnc.com/on-tv/Selling-a-house-on-Lake-Norman-Competition-is-fierce-84399592.html