Unless you live in a cave somewhere beyond the reach of civilization, you have been hearing that the housing market has been on the mend in the last year or so. That is certainly true in the Charlotte, NC, area http://www.city-data.com/city/Charlotte-North-Carolina.html; and I understand it is true in many other regions of the country.
In the last two years or so, I have focused on buyer representation of investors, large and small. One thing has been very noticable in the last 3 or 4 months: When we identify a great value-- and by that I mean a property that is priced well as against recent comparable sales in that community or area-- it is a waste of time to bid under the listing price. We will not be the only "admirers" of the home, nor will we be the only ones who have done our homework. There are sure to be multiple offers for the property, and the listing agent will shortly call for our "highest and best" offer. There is almost always someone who will bid the listing price or greater, provided that the listing price was "aggressive" or well justified by comparable recent sales.
Those of you who read this blog regularly know my motto: Solid research identifies great opportunities. That is really where the rubber meets the road in this market. You need to know that the property you are interested in is a great opportunity. It may be that "one in a hundred... or a thousand" properties priced well below the "comps." But when you find it, don't wait too long in this market to make your offer because others are also watching the market, and there are a lot of very smart people out there who have the resources to take advantage of this market bottom while it lasts.
To see for yourself what properties are available in the Charlotte metropolitan area, search the entire Multiple Listing System free on the author's website at: http://www.EricDorerRealEstate.com . Mr. Dorer is a Charlotte area realtor and practiced law for more than 20 years in Florida for moving to North Carolina. You may contact him via his web site.
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