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Real estate slowdown takes toll
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Published: November 23, 2008
Suzanne Meyer can relate to the slowdown real estate agents and brokers are experiencing these days.
Home sales have plummeted in Iredell County recently, with only 73 closings in October compared to 127 for the same month in 2007.
Realtors and brokers haven't closed sales on more than 148 homes in a single month this year.
While these conditions are forcing Meyer's staff at the Welcome Home Committee to search high and low with their baskets of goodies for newcomers, they haven't lost their enthusiasm for helping others get acclimated to their new home.
The Welcome Committee is a personal greeting service, which matches up new homeowners to local merchants and service providers.
Third quarter visits were down 7 percent. That is usually the busiest time of the year because all of the August movers are just settling in.
"It's not too bad considering the market," Meyer said.
According to the Charlotte Regional Realtor Association, home sales in Iredell County usually peak during the summer months.
Meyer said it's probably because parents want to get their children moved in and settled before school starts.
Exit Home Team Realty Broker Kim Privette said a lot of people are hesitant about buying homes these days.
"Right now, I think the economy has people scared to death," she said. "Even people who qualify for a home aren't buying."
People aren't looking at the same price ranges they have in the past. Most of the prospective buyers, she said, are investors and people who want to purchase inexpensive homes.
This means, Meyer and her team have to work twice as hard to make their quota of 260 home visits around Lake Norman.
Right now, the Welcome Committee ambassadors visit homes in Northeast Mecklenburg, Huntersville, Cornelius, Davidson, Mooresville, Troutman, Denver, Stanley Terrell and Sherrill's Ford.
In the past, Meyer said her staff members could just pick a new subdivision and go door to door to find prospective clients for their customers who moved into the area to work for one of the airlines or Rubbermaid or Lowe's.
Newcomers are usually found by searching through the new deeds or checking the Multiple Listing Service, Meyer said.
Almost two months into the final quarter of the year, Meyer said visits are down from what they had been, but she expected that because of the holiday season.
"We are just upbeat and happy people are here," said Kim Cory, a Mooresville resident who does some of the home visits in Cornelius and Davidson. "It's nice to meet new people."
A lot of people appreciate a helping hand when they first arrive in town, Meyer said. She certainly did when she moved into the Lake Norman area more than 15 years ago.
It's also a good way for nonprofits to find new volunteers.
"We explain to the newcomers what is unique about our clients," Meyer said.
The purpose of the business is to foster a relationship between businesses and potential customers who haven't established any kind of brand loyalty to the area.
However, less home visits and the struggling economy have forced a lot of long-term clients to temporarily pull their products from Meyer's baskets.
At the same time, a couple of her patrons have decided to break into other market areas.
Meyer hopes the real estate market rights itself again soon. She said she knows people still want to move to the Lake Norman area.
"We are still a very desirable area," she said. "It's just not as easy right now."
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