Charlotte homebuyers see disturbing trend

CHARLOTTE, N.C. — Relatively few homes in the Charlotte area are for sale, and the numbers keep dropping.

In the past three months, the number of homes for sale has gone down steadily each week, from 13,000 to 10,000.

Action 9's Jason Stoogenke went through numbers county by county. Most of them tell the same story: It's a seller's market.

Why is inventory so low?

Experts point to multiple factors, like consumer confidence, lending requirements, job relocations, etc.

But some counties are less one-sided right now.

Stoogenke also looked at which price ranges have the lowest inventory. These number compare the numbers of homes on the market compared to last year.

• $1-$100,000 39.3 percent fewer
• $100,001-$150,000 41.0 percent fewer
• $150,001-$200,000 30.5 percent fewer
• $200,001-$300,000 23.6 percent fewer
• $300,001-above 4.8 percent fewer

The verdict: It's good for sellers and bad for buyers

Fewer homes for sale means more competition and higher prices. Prices are 7 percent higher than this time last year. Multiple buyers are bidding on the same homes on the day they go on the market and are offering to pay more than the asking price.

"We have a lot of frustrated buyers out there right now. They're frustrated because they can't find anything, and every time that they do find something that they like," there's no room for negotiation, Charlotte real estate agent Trena Miller said.

Chaka Dixon found a home she wanted and made a bid the same day. It was for more than the seller was asking and she still lost out to another buyer. Stoogenke spoke with her.

• "You're not dragging your feet," Stoogenke said.
• "Absolutely not," Dixon said.
• "You're not low-balling these folks," Stoogenke said.
• "Absolutely not," Dixon said.
• "You're actually offering them more than they're asking and you still can't land a house," Stoogenke said.
• "Correct," Dixon said.

Advice

Experts say sellers should stick to their guns and make sure they get the price they want.

Buyers are advised to home hunting early and get pre-qualified. That way, when you see something you like, you can compete for it better and faster. And, if you see something you like, jump on it and expect to pay full price.

Are we heading toward another recession?

If this keeps up, real estate agents worry about another recession because prices keep going up and buyers get in over their heads, etc. "Very nervous. It makes me very nervous," Miller said.

More people may just rent

Some buyers play it so safe, give up on buying a home, and keep renting. This is especially the case with first-time buyers.

Cox Media Group