Editor’s note: The following is a collection of real estate professionals’ responses to a real estate-related question.
QUESTION: What type of property is selling fastest in your market area?
Realtor
Keller Williams Realty
Charlotte, N.C.
In the Charlotte area, distressed properties priced below $200,000 and above $700,000 are the fastest sellers in the marketplace. As has been the case for many months, many buyers have been focused on this area, assuming that every seller is in foreclosure (which isn’t the case). The homes below $200,000 are popular with landlords, first-time investors and first-time buyers, as some offer a tremendous opportunity with a relatively low investment. Owner-occupant buyers of HUD homes can get into one with an FHA mortgage with just $100 down.
The distressed market above $700,000 is really where the best values in all of Charlotte lie, because unlike the distressed market below $200,000, these sellers have significant equity. Oftentimes I run across a home that sold a year ago for $2 million listed today for less than $1 million. As a result, the smart buyers in town are seizing this opportunity and buying up the best properties weeks after being launched on the MLS.
Realtor, associate broker
RE/MAX Greater Atlanta
North Metro Atlanta, Ga.
The properties that are selling in the North Atlanta area are homes that are priced properly and are in excellent condition. It is truly a "buyer’s market" here. Sellers who accept the fact that their property values have declined to pre-2006 levels, price accordingly and ensure their properties are in top condition will achieve timely sales. Realistic pricing and excellent condition will sell homes.
Realtor
Keller Williams Realty Connections
Peachtree City, Newnan, Fayetteville, Ga.
I have seen the demand increasing for both single-family homes for primary residences and investment properties for rehab and rental. The investment market has picked up quite a bit, with the residential market jumping right behind it.
Real estate consultants
Keller Williams Legacy Partners
Shawnee, Kan.
In Johnson County, Kan., the fastest-selling properties in the last three months were three-bedroom 2.5-bathroom homes priced between $150,000 and $200,000. The average days on the market for these homes was only 19 days (with an average list price of $176,287 and an average sales price of $174,382). Considering the reports of the current real estate trends around the country, Johnson County has been doing well above average.
Information compiled by Pooja Kumar, Inman News.
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