Home affordability

Are we at or near the bottom of the market? I think so. I attended a national Keller Williams training a few weeks ago and speaking to Realtors in other markets I am starting to get the impression the worse is behind us. Some of the states that were hit the hardest seem to be on the rebound. 

While we won't know for certain when the market has hit its lowest point and starts moving up, most experts believe that interest rates can't go down much if any. That is a very important consideration to take into account. Lets say you are looking at a house currently listed at $200,000 and interest rates are 3.5 %. You think the market has not quite bottomed out and you are going to wait until it drops some more, say to $190,000. In the meantime interest rates tick up to 4.5%. You have cost yourself a lot of money with the increase in interest rates even f the price is reduced to $190,000.

When you consider interest rates, home affordability is at or near an all time low. What are you waiting for?

New Bern new home sales

The following shows new home sales in the New Bern market over the past several years.

2012 year to date New Home Sales
Total=202
Of these 14 sold for over $250,000.

2011 same time period New Home Sales
Total=192
Of these 14 sold for over $250,000.


2010 same time period New Home Sales
Total=254
Of these 13 sold for over $250,000.


2009 same time period New Home Sales
Total=256
Of these 32 sold for over $250,000.


2008 same time period New Home Sales
Total=303
Of these 64 sold for over $250,000.

Assorted Home sales for New Bern

The following information might suggest we are bouncing along the bottom in the current housing recession. I was at a national Keller Williams Convention 2 weeks ago and heard some encouraging comments from agents from other area of the country. One agent from Newark NJ said it was a Sellers Market there. Also heard Phoenix was moving in the right direction. It was one of the hardest areas in the nation.

Year to Date-Entire MLS Homes sold.

2012=985
2011=947
2010=970
2009=922

Year to Date-Entire MLS Homes Bank Owned sold.


2012=183
2011=189
2010=126
2009=56

Still way to many Bank Owned Properties being sold. I hope the worst of this is nearly behind us on REO and Short Sales. What is lacking in our country is a real economic recovery with jobs being created  and an expanding economy. Lets hope this process will begin soon.

Fairfield Harbour Home Sales

Fairfield Harbour, a local golf and boating community was beat up pretty bad in the housing recession. Looks like they may be poised for a comeback of sorts. Currently there is only one new home for sale in Fairfield.


In the last year there were 62 homes that sold in FFH. Click the link below to see what sold.
http://www.easternncmls.com/new/maildoc/roscoe_1348574119-Sep-25-2012-7_55_19am.html
I believe a new home in the $175, 000 range, 1800-2000 feet, $20,000 lot would sell. There is only 1 new home for sale in FFH and it is $250,000. And right now I have the only sewer tap. Another plus is that there is no competition.
Other sales in the last year in areas where retirees often locate.
1.Riverbend-55
2.Greenbrier-32
3.Taberna-25
4.Trent Woods-58
5.Carolina Colours-11

New Bern Real Estate Update

Steve Tyson’s Real Estate Update

Neuse Harbour  Active homes for sale by price range Current number of homes on the market=9 Pending sales=3 Active homes for sale by price range $209,000-$250,000=2 $319,000=1 $,660,000-$1,225,000=6 There was 18 home that sold and closed in Neuse Harbour in the last 12 months. The most expensive house sold was $399,000.	Stately Pines Current homes on the market=6 Pending sales=0 Active homes for sale by price range $139,000-$200,000=4 $649,000-$699,000=2 There were 9 homes that sold and closed in Stately Pines in the last 12 months. The most expensive house sold was $244,000.
Carolina Pines Current homes on the market=13 Pending sales=4 Active homes for sale by price range $119,000-$$200,000=6 $212,000-$279,000=7 There were 19 homes that sold and closed in Carolina Pines in the last 12 months. The highest priced home sold was $281,000.	Tucker Creek Current homes on the market=3 Pending sales=2 Active homes for sale by price range $165,000=1 $259,000=1 $260,000=$1 There were 10 homes that sold and closed in Tucker Creek in the last 12 months. The highest priced home sold was $229,000.

Total homes sold January 1-Sept  22 2006 =1848

Total homes sold January 1-Sept  22 2007 =1552

Total homes sold January 1-Sept  22 2008=1170

Total homes sold January 1-Sept  22 2009=876

Total homes sold January 1-Sept  22  2010=924

Total homes sold January 1-Sept  22  2011=915

Total homes sold January 1-Sept  22 2012=939

There are currently 1374 homes listed for sale in our multiple listing service. We are selling homes at a rate of about 107 a month. .

Feel free to call or email me if you would like to have a customized absorption rate or a Comparable Market Analysis for your property. Home sales in each neighborhood can vary greatly.

Any suggestions to make this article better would be welcomed. I can be reached at SteveTyson@NCmove.com  And remember you can always visit me online at www.NewBern-NC.Info

                                      

Realtor Steve Tyson
The Tyson Group Realtors

11 years ago

We will never forget.

Proven methods to sell your house

1. Home Warranty Policies

The thing that is most attractive to buyers is a home warranty policy. The good news is that this is also the most cost-effective incentive option for sellers, too.
Sellers can assure buyers that any unexpected repairs that fall under the warranty policy will be covered. A home warranty typically costs only a few hundred dollars for the seller and can offer the buyer a tremendous amount of peace of mind. There are a number of home warranty providers out there, so make sure you do your research to find the best provider for the home in question.

2. Assistance With Closing Costs

The economic and lending environments have created a situation in which many prospective buyers don’t have the cash required to cover their closing costs. Many times, the difference between a buyer being able to buy a home or having to pass it up can lie in the closing costs.
Sellers who are willing to contribute to the closing costs stand a much greater chance of attracting a larger pool of buyers. Sellers can decide how much they want to offer based on what makes financial sense for them and the prospective buyers. While this might be a bit more costly option than the home warranty, it can be equally as effective in sealing a deal.

3. Remodeling/Repair Credit

If your listing has a feature or flaw that repels buyers, consider offering a credit towards repairs or remodeling. If you are receiving feedback that buyers consistently don’t like a particular aspect of the floor plan or condition of a listing, then consider a credit. This gives you and your client a way to overcome a potential objection right up front. The more objections you can remove, the closer you get to a sale.
These were the top 3 most attractive incentives in according to people who actually purchased homes in 2011. For more, download this great handout on attractive buyer incentives.
The next time you are trying to sweeten the pot for a prospective buyer, consider these options with your sellers. These just might be the incentives you need to land that perfect buyer and close the deal.