Economy

In Charlotte sellers taking less for their homes

Amy Spurlock listed her Cornelius home for $220,000, what seemed to be the going rate in her neighborhood six months ago. Then the foreclosures started.

“Houses around here started getting foreclosed,” she said. “That lowers everybody.” She soon dropped her price about 14 percent – to $189,000.

As the Charlotte-area housing market continues to struggle, sellers increasingly have to drop their prices to make a sale. Last May, the average difference between the listing price and the selling price was about 6 percent. This May, it was about 11 percent.

Beginning last September, when the economy began its nose-dive, the numbers imply that sellers have started to shave asking prices in order to make a sale.

Read the complete story at charlotteobserver.com

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