There are almost 1200 residential properties actively on the market in CharlAlbemarle. Almost 400 of these show as vacant, while almost 300 of these vacant homes are new construction.
For the entire market area, there are about 2,000 homes on the market, 600 of which are vacant, 450 of which are new construction.
Vacant homes on the market used to be rare. Now, not so much.
Anecdotally, it feels like there are more vacant homes on the market than (almost) ever before.
I know that we have more inventory than we have seen in some time. The vacancy rate means that Sellers are 1)confident that their houses will sell, 2) they are able to carry two mortgages or 3) they are holding their breaths and hoping, with fingers crossed, that an offer will come in.
*Numbers used are mostly accurate, depending on the GIGO principle.
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Do you think this will continue, Jim?
I don’t know – I think that the longer a house stays vacant, the more motivated the Seller will (or should) be. Carrying two mortgage payments can’t be an easy task. The ramifications could be huge – on many levels. One is that identity thieves apparently like to use vacant properties as shipping locations for their stolen goods.
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