The number of homes on the market in the Charlotte-Gastonia-Rock Hil NC/SC Metro Area was 18,783 as of 3-31-2012. The average sales price was $196,182, or 91.3% of the list price, which is $846 or +.04% higher than the average sales price at the same time last year. The average number of days on the market for Charlotte homes is 5 months.

These numbers confirm the slow but steady trend we’ve been seeing of a strengthening housing market. Not only is inventory continuing to drop – almost a 21% decrease from the same time last year! – the average price shows further improvement as well. Even more encouraging is the increase of pending sales by +5.3% to 2,309. That last figure should put a smile on the face of even the grumpiest Charlotte realtor!

While this remains a buyer’s market, these numbers indicate better times for sellers seeking to upgrade or move to another city. Investors who’ve been holding out for signs of future improvement in the real estate market before buing should also be happy with what they’re seeing here. So it’s a great time to take advantage of the incredible deals in the Charlotte real estate market. Of course, the economic changes that bring great opportunities also create complex situations that could turn into pitfalls. That’s why buyers need the expertise of an exclusive buyer’s agent more than ever.

Other indicators give even more proof that spring has returned, and we’re not just talking about the red buds and dogwoods starting to blossom. The dramatic reduction in the number of homes for sale continues to inspire optimism, which reinforces our conclusions from last month’s analysis. Just look at these numbers: Last year at this time, we had 23,015 homes for sale. This month, we have an inventory of 17,811 homes for sale. Yes, that’s a -22.6% reduction in inventory. As the backlog of homes for sale continues its disappearing act (decreasing supply), the impact on price also continues to be positive. The increase of + 2.1 % is a further confirmation of the slow but certain signs we’ve been seeing recently of returning health to the Charlotte real estate market. That’s one of the positive factors cited recently by executives with Wells Fargo Home Mortgage who now say the Charlotte real estate market is “excellent” and “really solid.” We happily agree!

It’s still a buyer’s market, but one that’s making both buyers and sellers happy. Now’s the time to jump in and enjoy the return of spring!

The thing about tough times, though, is that often they force us to adapt to new realities. The Charlotte real estate market provides many examples of that, such as greater access to information for the consumer via the Internet. Perhaps even more significant, innovations in the way real estate is bought and sold have further empowered home buyers with the option of an exclusive buyers agent, so buyers can avoid the conflict of interest that can arise from dual agency.

But what about those who don’t want to “get going” with all these new-fangled aids that put the buyer in the driver’s seat? You know, the ones who still want to cling to the good old days and their bad old ways, when listing agents kept a firm grip on marketing information, and benefited from both sides of the transaction? Well, they can pick up their marbles and go home. At least, they think they can!

Jim Abbott, the President and Managing Broker of the Abbot Realty Group of San Diego, has released a video in which he announces that his firm will no longer allow third party sites such as Trulia, Realtor.com and Zillow to syndicate their listings.

Abbott’s announcement prompted a firm rebuttal from Fred Glick, a real estate broker/owner, and co-inventor of RentScoper.com. Glick counter-punches with his own observations about how listing agents such as Abbott are motivated not by what’s best for the consumer, but by the desire to hold on to their control over information – and more than ever, because knowledge is power in real estate – sidestep the issue of dual agency. Check out the video. What I like is that Glick lets Abbott make his point, to which Glick responds:

Here’s what Glick cautions about dual agency:

“You don’t want to be defended by the same law firm who’s prosecuting you if God forbid something happens, correct? Well, you don’t want the same real estate company representing the seller and the buyer, do you? … There are five states that have banned this practice. And I hope the other 45 will do the same. Some real estate agents like this because they make more money.”

Could that be the reason listing agents want to deny buyers the opportunity to deal with a buyer’s agent? And consider Glick’s observation that listing agents who want to restrict access to marketing information are fighting not just a losing battle, but a battle that the consumer has already won:

“Buyers want information. They’re going to find it. Why not let them do it on the sites that already have the information? Trulia, Zillow, and Realtor.com are the sites they pull up when they search for real estate. So let’s give the consumer what they want. That’s the way to restore consumer trust in real estate agents.”

The bottom line? No one serves the home buyer the way an exclusive buyers agent can. Carolina Buyers Agent is committed to representing the buyer’s best interests at all times. And by not taking listings, the trap of dual agency is avoided – because when even the most well-meaning real estate agent is showing their own company’s listings, the appeal of making money on “both ends” of the transaction can be too hard to resist. It’s just human nature.

Like a beautiful coma patient on a daytime soap opera, the Charlotte real estate market is coming back to life. The big news, of course, is the strong trend showing a reduction in the number of homes for sale. Last year at this time, we had 22,647, so we’re looking at a -23.6% reduction in inventory. That backlog has been one of the biggest concerns for some time, so this significant and ongoing reduction is a very positive sign.

In addition to that welcome news is the gradual stabilization of the average home price, which has been zig-zagging the past few years, but is finally showing less volatility. The decrease of -.1% indicates the return of sanity to the market.

The fact remains that it’s still a buyer’s market out there, making this a great time for investors and first-time buyers.

While these numbers are only incremental improvements in the Charlotte real estate market, the steady (and very encouraging!) decrease in the average time on the market tells me the demand for housing is becoming not just wider, but deeper. As inventory continues to drop, demand for new construction will inevitably follow.

And again, the average sales price continues to dip. Yes, that’s good for new buyers and investors. And it tells us that market corrections are underway – in the long run, that will be good for everyone.

When you factor in the news that employment in the Charlotte region is expected to grow 2 percent this year, faster than the national average, reasons for optimism are growing.

Here’s why: With the Charlotte, NC economy getting its second wind, and the Charlotte real estate market showing positive signs, many experts, including Donald Trump, are feeling good about the future. Time to charge ahead, and claim the home of your dreams, right?

Yes, but let’s keep it real. There are still a lot of dangers for both the first-time real estate buyer, even for more seasoned investors.

What kinds of dangers? It all comes down to things that aren’t what they appear.

Imagine this: You’re going into court for a trial that could make or break you financially. The jury’s been selected. As everyone in the courtroom murmurs in anticipation, you notice the prosecutor keeps cutting knowing glances at you. At that moment, the judge enters the courtroom, and the gallery hushes as it stands. The trial begins, you see an envelope on your desk. You have no idea where it came from. As the prosecutor begins her case, you open the envelope, and in stunned silence you unfold the note and read its message:

“Your attorney isn’t just working for you. He has also been helping the prosecution develop its case.”

Okay, maybe I’ve been reading too many Michael Connelly legal thrillers. But doesn’t this sound like a scenario you’d like to avoid? And the startling news is that it happens every day in the world of real estate.

How could it happen to a buyer who has their own agent? Especially a buyer who’s done their homework, and already knows a buyer is best served by an exclusive buyers agent. And what about a buyer who has an agreement in hand, signed by their agent, titled “Exclusive Right to Represent Buyer”? Isn’t that the same thing?

Problem is, the North Carolina Real Estate Commission does not support the definition of an exclusive buyer’s agent as established by the National Association of Realtors in 2000. The NC Real Estate Commission still allows NC real estate agents to represent themselves as exclusive buyers agents despite taking listings and representing the seller’s interest when trying to sell you houses listed with their agency.

Okay, so we’ve talked about the problem. What’s the answer? How can you be assured you’re dealing with an agency that complies with the National Association of Realtors’ definition of an exclusive buyers agent?

First, see if your prospective buyer’s agent takes listings. Then check to see if the buyer’s agent who’s claiming to be an exclusive buyers agent is a member of NAEBA, the National Association of Exclusive Buyers Agents. Finally, do your homework, and don’t be afraid to ask questions.

I said Charlotte real estate is still a jungle out there, and it is. But choosing the right guide as you start hunting for homes can make the difference between starting off on an adventure or a big mistake.

With cautious optimism, we had noted the gradual but measurable signs of improvement in the Charlotte real estate market in our previous report. But it’s always better to have an outsider verify your judgment. Now there’s additional confirmation from Credit Suisse, the highly respocted Swiss multinational financial services company headquartered in Zurich, and a leading world authority on investment banking. The firm was founded in 1856, and currently operates in more than 50 countries, so it definitely knows what it’s doing!

It’s significant that the Credit Suisse analysis noted the improvement in Charlotte real estate, which it attributed to these factors:

Affordability – There are many great properties at tempting prices, making this a prime time for both first-time buyers and seasoned investors.

Improved traffic – The exceptional affordability of the Charlotte real estate market is luring in buyers looking to act quickly on outstanding deals.

Positive movement in home prices – Downward pressures on home prices continue, with signals of future improvements.

Reduction in inventory – Sellers have been taking homes off the market ahead of the holidays, plus, backlogs in foreclosure processing may be depressing the actual numbers.

Looking at the US market in total, mixed indicators still evidence sound reason for confidence. The Texas market has slowed, but the report shows that the Charlotte real estate market continues to “a bit more life” after layoffs in the banking industry. Charlotte NC enjoys enviable advantages, from world-class transportation facilities, to a gorgeous climate, to a well-educated work force. The news that Chiquita is transferring its world operations here in Charlotte NC confirms that optimism.

The bottom line is that in this exciting but challenging market, you need an exclusive buyers agent, one who knows the market, has experience in making sense of the trends, and who only represents buyers, eliminating the risk of dual agency.

Again, we’re seeing incremental improvements in the greater Charlotte real estate market. The small but welcome decrease in the average time on the market suggests reasons for optimism. The dip in the average sales price, while not welcome news for sellers, is indeed good for new buyers and investors.

An encouraging (though rough!) Black Friday, as well as strengthening in the national jobs market, also give us reason for continued optimism.

The number of Charlotte NC homes on the market for September in the Charlotte-Gastonia-Rock Hill Metro Area was 20,301 as of 9/30/2011. The average amount of time on the market for residential listings is 5.23 months.

To use an over-used phrase, there’s reason for cautious optimism in the latest Charlotte real estate sales figures. The backlog in our inventory has (finally!) decreased by almost 21% from this time last year, which, in a normal market, would lead to higher prices. The number of pending sales has increased by 14%, another positive trend. Despite the decrease in supply, the median home price decreased 4.5% from last year – not a disastrous drop, but still not what we would normally expect.

Housing has always had to adjust to changing demographics, but this exciting new trend approaches the historic in its scope and impact. We Baby Boomers, whether we want to admit it or not, are getting on in years. Things we used to do routinely without a second thought aren’t as easy as they used to be, from getting out of bed, to fixing meals, to getting into the car for a drive. As our bodies slow down and become less resilient, however, we still want to maintain our freedom and independence — and most of all, our dignity. We want barrier free living, but don’t want our homes to appear institutional.

That’s where Universal Design comes in. Developed only 25 years ago at North Carolina State University, it is a design philosophy aimed at creating barrier free living that can be enjoyed by all people without modification, regardless of ability.

It’s pleasantly surprising to experience examples of Universal Design. For example, instead of the institutional, ugly grab bars you’d expect to see in a hospital, designers incorporate elegant bars in baths and kitchens that look more like architectural elements than safety features. Wide doorways, step-in showers, and drawers that pull out effortlessly are useful to everyone, no matter their age or degree of ability.

One comment I encountered about an example of Universal Design in new and remodeled Charlotte homes that really struck me came from a young mother who noted that the lever on the front door of a gorgeous home she wanted, though it was designed for older clients using a walker, would come in handy when she came home with her baby in her arms. That prompted another observation from a friend: The same design that made it easy for a person in a wheelchair to glide effortlessly out the front door to a broad sidewalk would also make life less of a hassle for young parents pushing a stroller.

My first experience with barrier free living was four years ago, when I represented a buyer who had been confined to a wheelchair for life who was buying a home in north Charlotte. What an education! The builder was great; everyone was very cooperative when I successfully communicated what modifications my buyer needed and why. But most important, I learned a great deal about what my client went through. Yes, it became a personal cause.

I’ve since expanded my knowledge about this growing segment of the home buying market by successfully completing both parts I and II of the Certified Aging-in-Place Specialist (CAPS) program taught by the National Association of Home Builders.

To learn more, click on some of the resources linked above, or send me an email.