By now, a number of news articles and blogs have appeared on the subject of the current low inventory of homes for sale in the Charlotte area. In case you’ve been living under a rock (hopefully a 60’s modern rock), here’s a recap: The Charlotte housing market is now turning from a buyer’s market into a seller’s market. in some areas, particularly in “hot” neighborhoods such as Dilworth and Myer’s Park. And even in some neighborhoods you might not think of as “hot”, such as some of Charlotte’s more modest neighborhoods.
The reason for low inventory? Buyers who bought homes at the peak of the housing bubble cannot afford to sell them because of overall depreciation in the market, so they’re forced to sit on them longer, thus there are fewer houses in the for sale pool. Adding to this, many homeowners who have owned their homes for long periods are reluctant to sell, thinking that if they wait until the economy is more solid and mortgages are easier to get, their home will sell more easily and they can ask a higher price for it.
But even though it’s now harder for buyers to get mortgages, there are still plenty of buyers who can get them, especially in the starter home price range. Due to low inventory there are less homes on the market to choose from, so houses are suddenly selling much faster and prices are starting to inch up. In fact, starter homes are “hot” in almost all areas of Charlotte. And these strong sales are starting to stimulate sales in higher price ranges as well.
But how does low inventory affect sales of Charlotte’s Mid-Century Modern homes in particular? Not only are these homes harder to find due to low inventory overall, there’s an additional factor that affects these houses when they hit the market: the rediscovery of the style by younger buyers.
Ten years ago, Modern homes were like the red-headed stepchild of real estate. Very few realtors understood them or even wanted to show them, and it was normal to see these homes listed without exterior photos or marketed as “tear downs”. The MCM style had a devoted following, but it was small and not enough to raise the value of these houses. This was the era when a great MCM home could be snapped up for a song. Then Hollywood and the young and the hip discovered mid-century modern and the style began being featured in TV ads and movies. The new trendiness of the style is a great thing for homes that previously would have been candidates for tear down or horrendous make-overs. But not so great if you’re hoping to snap up a MCM house with a low-ball offer.
If you’re in the market for a MCM-style home in Charlotte, it’s important to understand that the inventory of these homes is more limited than ever, and there is now competition to get them. It’s now normal for a Charlotte Mid-Century Modern to get scores of showings as soon as it hits the market. and it’s possible you could be bidding against other buyers. These properties are hot, and low-ball offers will likely be rejected in favor of the next buyer in line. To score the home of your dreams, a good buyer’s agent is essential. Modern Charlotte can help you get the jump on the competition, because we’re focused on the MCM market and we continually get leads on these homes. We have been at the forefront of marketing this style of home in Charlotte since 2006 – it’s not just the latest hot new fad for us – we’re committed to this market.
If you’re the owner of a MCM home in Charlotte, now is a better-than-ever time to sell. There are numerous buyers looking for your home, even if you have never updated a thing and still have your original avocado appliances and orange shag carpet. Buyers are seeking out these particular homes like never before; they love original features and don’t want updates that aren’t in harmony with original style of the home. No Craftsman-style facades or crown moldings. Modern Charlotte is linked in to the tastes and desires of this new and emerging pool of buyers and we know how to market to them. And we can give you all the help you need to market your special modern home to its fullest potential.