Lake Norman Foreclosure Real Estate Market Update August 2011
- Sep
- 21
Lake Norman Foreclosure Homes
At the end of August 2011 there were 126 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 57.5% increase from the 80 foreclosure, preforeclosure & short sale properties for sale in July 2011. Prices range from $25,000 to $8,000,000 for a waterfront home in Mooresville.
19 foreclosure/short sale homes closed in August 2011. This was a increase of 35.7% from the 14 foreclosure homes sold in July 2011. The average home sold was a 3 bedroom/3 bath with 3,129 square feet and an average sale price of $329,563. The average sales price decreased 23.2% from the previous months average sale price of $429,307. The average days on the market were 135, a 0 day decrease from July 2011.
32 foreclosure and short sale properties are currently under contract, a 33% increase from July 2011. (more…)
Lake Norman Real Estate Market Update August 2011
- Sep
- 21
Lake Norman Homes
In August 2011 106 homes sold in the Lake Norman area, a 21.8% increase from the 87 homes sold in July 2011. August 2011 sales figures increased 27.7% from August 2010 when 83 homes sold in the Lake Norman area.
The average sales price decreased 13.7% from $511,166 in July 2011 to $441,007 in August 2011. The August 2011 average sales price decreased 4.7% from the August 2010 average sales price which was $462,987.
Average days on the market decreased 13.3% from 181 days in July 2011 to 157 days on the market in August 2011. August 2010 average days on the market were 138, a 28.3% increase in market time.
Currently there are 1076 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,327 square feeet and an average list price of $625,872 down 2% from the July average list price of $638,951. The average days on the market are 167. 120 Lake Norman homes are currently under contract, up 21% from July. (more…)
Ten Tax Tips for Individuals Selling Their Home
- Aug
- 24
IRS Summertime Tax Tip 2011-15, August 8, 2011
The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.
- In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
- If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
- You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
- If you can exclude all of the gain, you do not need to report the sale on your tax return. (more…)
