I had a buyer the other day ask me where the real deals are. I asked her what she meant? She was looking to buy a home in the $130,000 - $150,000 price range. She said,"Homes in that price range for sale, that she saw through my website, were about the same price as last year. Homes are supposed to be priced less because of the nationwide downturn."
This buyer really brings up an important point that I had to explain to her. Newspapers, magazines and broadcast media are really quick to bring up a percentage figure of how much home prices in the Charlotte North Carolina area have declined. The problem is that the price decrease is not across all price ranges. Higher end homes, especially homes over $1,000,000, have seen the steepest price decline. Why? Simple, buyers in this price range that can buy a $1M home don't have to buy a $1M home. A home that's 50% less or more can do just fine, thank you.
Homes in the more affordable price range, under $200,000 are really selling. Why? Buyers in this price range can't do with a home that $50% less. Besides, buyers in this price range are really tempted by the first time homebuyer's tax credit of $8,000 and the currently low mortgage rates.