Home » Local News » Life » Real estate sales slow in west end

Real estate sales slow in west end

According to one realtor in Lincoln County, real estate sales on the west side of the county have been typically slower than in the last two to three years.
One of the problems could be a lack of buyers versus the number of listings in the area. Homeowners with a lot of land are especially having trouble selling.
Marsha Jordan of Apple Realty in Lincolnton says she hasn’t seen a discrepancy in sales between new construction and existing homes, which is unusual.
Sales of new construction are typically slow due to the high building cost, however, the slow sales of existing homes seem to have caught up with them according to Jordan.
She says the shortage of buyers in west Lincoln could be attributed to the poor economy of nearby cities like Hickory. From a city with a growing economy come citizens looking to build or buy in the outskirts, as well as new families looking to buy a house or land in the area.
As Hickory’s economy improves, Jordan expects to see buyers from that area seek land in west Lincoln.
“The east side gets a lot of the Charlotte/Lake Norman influence,” said Jordan. “But the Hickory economy is worse than ours.”
Another problem, said Jordan, is new tax appraisal values on homes, which are based on the good markets of two to three years ago rather than those of today.
Properties are selling below their tax value, and the slow market has caught up with the prices, said Jordan.
“It’s a cycle that takes a couple of years to rebound back,” she said.
Despite slow sales, Jordan says she’s optimistic and because the western side of the county is a buyer’s market, the potential exists for buyers to get more for their money. The key is attracting those buyers with perks that can sell the house at a higher price, while pleasing the buyer at the same time.
“It’s not a speculative market. You have to be competitive in pricing your property,” said Jordan.
Apple Realty has a large inventory listing in west Lincoln, and it’s beginning to move some, said Jordan.
“Things seem to be picking up in the last six months” said Jordan. “Spring to the current time is the best time of year for business.” by Josh Davis

You must be logged in to post a comment Login