CHARLOTTE, N.C. — It’s still a seller’s market in Charlotte, North Carolina, according to realtor.com, which means there are more people looking to buy a home than there are homes available.
But buyers shouldn't let the competitive market cloud their judgment. Here are the four signs a home is overpriced:
Time on market
If a home sits on the market longer than others in the same area, it’s a sign the home might be priced too high.
On average, homes in Charlotte sell after 45 days on the market, according to Realtor.com in August 2022.
Comps are less
‘Comps’ refer to comparable properties. Most properties will have comparable homes that have sold recently. If the property is priced higher than comparable homes in the area, then Realtor.com noted it might be priced too high.
On & off listing
Online home listings typically include property history information that will reveal when a home was listed and at what amount as well as when that property was last sold.
If a home has been put on the market multiple times without being sold, Realtor.com said that could be a sign the home is overpriced.
It’s not selling but others are
According to Realtor.com, a home might be overpriced if it’s not selling even though neighboring houses are.
Experts suggest homebuyers should do some research on recently sold properties to find out more information about the average amount of time neighboring homes sat on the market.
Contact Carolyn Bruck at cbruck@wcnc.com and follow her on Facebook, Twitter and Instagram.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.