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What Charlotte NC Home Sellers Can Learn from the 2009 NAR Profile of Home Buyers and Sellers

What Charlotte NC Home Sellers Can Learn from the 2009 NAR Profile of Home Buyers and Sellers

If you are considering selling your Charlotte NC home, you should be interested in the results of the annual survey conducted by the National Association of Realtors (NAR).  NAR surveys home buyers and home sellers every year to gather information about the demographics, housing characteristics and the experience of consumers in the housing market. 

In July 2009, NAR mailed an eight page questionnaire to consumers across the country.  Of responses received, 7.9 percent came from the Charlotte NC area.  The statistics that follow are specific to the Charlotte marketplace.  This profile provides important lessons for all Charlotte NC home sellers.

 

Who purchased Charlotte homes?

  • Forty-five percent of the home buyers were first-time buyers.
  • The typical first-time home buyer was 31 years old while the typical repeat buyer was 46 years old.
  • The median income was $57,900 among first-time buyers and $93,500 among repeat buyers.
  • Twenty-two percent of recent home buyers were single females and ten percent were single males.

Lessons for Charlotte NC home sellers:  Sellers in a price range affordable to first-time home buyers are likely to have a selling advantage in the current marketplace.  Today’s home buyers tend to be younger and about a quarter of them are female so sellers should ensure that their homes have been updated to appeal to this demographic.  Fixtures, appliances and paint colors should be chosen to appeal to these buyers.  Seller assistance with buyer closing costs will be important to many buyers.

 

What type of homes were purchased in Charlotte?

  • New home purchases were at the lowest level in eight years.  Only 18 percent of homes purchases were new construction.
  • The typical home purchased was 1900 square feet in size and was built in 1989.
  • Seventy five percent of home buyers purchased a detached single-family home.
  • The median price of homes purchased was $198,000.
  • Commuting costs were considered very or somewhat important by 78 percent of buyers when choosing a home.

Lessons for Charlotte NC home sellers:  Resale home sellers in Charlotte have a better opportunity to sell their home than in recent years because of the slowdown in new construction.  Condominium sellers may struggle because of lower demand for attached homes.  Location and access to easy commutes may give some home sellers an advantage.

 

How did Charlotte home buyers find their homes?

  • The first step in the home-buying process for more than one-third of home buyers was looking online for properties.
  • Eighty-eight percent of home buyers used the internet to search for homes.
  • The typical home buyer searched for 12 weeks and viewed 12 homes.

Lessons for Charlotte NC home sellers:  Internet marketing is a must for today’s home sellers.  The typical home buyer toured only 12 homes before making a purchase decision and used online searches to narrow the number of houses to tour.  Home sellers must ensure that their properties will be attractive in online searches.  This means that homes must be staged for good photography and that sellers should choose a real estate professional who understands and uses all the tools of internet marketing.

 

All Charlotte NC home sellers considering a move in 2010 should learn more about the recently enacted Home Buyer Tax Credit for repeat buyers.  Click here to see if you qualify.

Copyright 2009.  Carol Fox  Allen Tate Realtors.  *What Charlotte NC Home Sellers Can Learn from the 2009 NAR Profile of Home Buyers and Sellers*

Posted: Wednesday, December 16, 2009 1:39 PM by Carol Fox

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