Third Monday Market Updates

Earlier this month, I had indicated that the market looked to be getting a little better. While this is true, it certainly looks like it is going to take some time for our ‘recovery’. Our Absorption Rate (or inventory numbers) continues to rise, while our sales decline slightly. The decline of sales is mainly due to the time of year and the lower numbers from the last twelve months. As some sellers are getting more desperate, we have seen a reduction in sales prices (not necessarily a reduction in value). Recently our government has voted to “restore our economy” with a stimulus package that has been much anticipated and may or may not actually be a help to our economy.

With all of this said, we are anticipating our market to start its recovery in the third quarter this year (it might even begin earlier in the second quarter). With inventory numbers are high as they are right now, I am trying to spend all of my time marketing property; Taking extra time to find new marketing mediums and continuing to build upon those I have already established. Your input is greatly appreciated, as I know there are new websites and marketing mediums that hit our market everyday.

If you have any questions please contact me at anytime.

Thank you,

Marc White

Marc@CedarFallsRealty.com

Cedar Falls Realty, Boone, NC

Economic Stimulus

With all the hype $800 billion dollars can buy, it looks that the government is passing the newest economic stimulus package. The local High Country real estate market (comprised mostly of Boone, Blowing Rock, and Banner Elk), is not expecting this recent bill to overtly effect the sales of all real estate.

The stimulus package was at first to include a $15,000 tax credit for all home purchases. After short debates, it was thrown out of the bill. For many areas, this change will have some negative effects on the real estate market. But for the High Country, we will see little to no effect from this "last minute" change. Our market is mostly comprised of buyers and sellers who are purchasing or selling a second home.

Also, with the sales reduction we saw through 2008, and the number of "lookers" so far in 2009, this Economic Stimulus package will effect is through other avenues, outside the real estate industry. Many sellers are getting more and more anxious to part ways with their real estate. The largest obstacle the High Country real estate market has to overcome is the current market for financing land sales (which you will hear more about in this blog in the coming days).

Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC

Tax on Avery Co Land voted down

Last week many people reported that Avery Co residence had voted to approve the recent Avery County Land Transfer Tax, which was proposed by they Avery County Commissioners. The re-evaluation process confirmed the erroneous counting performed by the Avery County Board of Elections.

Today, it was confirmed that the vote to approve the Avery County Land Transfer Tax was denied by the residence of Avery County. It was a very close vote, will numerous negative statements mentioned against those lobbying for and against the ballot.

While I am not a resident of Avery County, it is my opinion that the Avery County Commissioners overstepped the boundaries of legal voting and may have swayed many voters because of their actions.

Many people I have had the opportunity to talk with completely disagreed with the Avery County Commissioners and their actions before the voting took place.

For the twenty-fourth time, the proposal has been turned down by the North Carolina residence. Going forward from here, we will continue to see the North Carolina people vote against local county commissioners. Maybe after 24 votes, the commissioners will stop wasting our money and allow the voices of nearly 8 million voices be heard.


Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC

Updates

As we begin to enter this busy season for High Country Real Estate, I have bit off a little more than I can chew. Over the last three weeks, I have begun the process of dramatically changing the face of High Country blogging, well at least for you and me.

Over the next two months, all three of my blogs will be focused here. We will provide information about the High Country Real Estate market as well as the High Country in general. I want you to have a better understanding of the beautiful North Carolina High Country, and this is where your search should start.

Feel free to leave me Questions you might have for me about this beautiful place.

Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC

Watauga County Home Construction on the Decline

Over the course of 2008 Watauga County issued 217 permits for single family homes, a drop of nearly 40% from 2007. A total of 305 new homes were permitted in Watauga County in 2007, which was an 18% decline from 2006.

Along with the drop in permits, the average home price was down to $293,000 after years of steady growth. In 2006 prices averaged $305,000 for new homes; while estimates for previous years were: $233,000 in 2005, $191,000 in 2004, and $186,000 in 2003. All the way back to 1991, the average home in Watauga County cost only $70,000.


Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC

Blowing Rock Resort SOLD

One of the areas largest developments, Laurelmor, at over 6,000 has recently been sold. Atlanta based group has acquired the development after the Ginn Company filed for Chapter 7 bankruptcy.

All existing property owners will not be affected by the transition. Laurelmor has sold 200 lots since sales commenced in November 2006. It has been suggested that opening day was the largest single day sales record in the state of North Carolina.

Thank you,

Marc White

Marc@CedarFallsRealty.com

Cedar Falls Realty, Boone, NC

Where do we go from Here?

Sitting in NYC, listening to the leading web designers and internet marketers around the world, I have come to realize the actual difference between what Brokers think work and what clients in our market desire to use. Armed with this technology, I am revamping my approach to clients in our market. The truth is, many real estate agents, pretend to 'know' real estate. They approach everyday as just another day. They wake up and think, man is this just another day. As they head to work, the are frustrated. When they finally make it into the office, they are stuck make sure their clients are happy; the ad is in the newspaper, the magazine, etc.

They don't know and don't understand that their job is to help their clients buy and sell property. I work everyday to find new, relevant marketing tools for my clients. Why? Because if you think your house is going to sell by placing an ad in the newspaper (or placing an entire insert into the newspaper) then you have not taken the time to look at the statistics. It was said in a recent article that internet buyers (in 2008) represented 99% of the market. Ninety-nine percent!

Our market is not changing, it has already changed! AND it will continue to change, thus it will be in perpetually 'change' for years to come. The finanical market, the government, and everyone else who has designed a plan to 'fix' our economy will continue to change our market.

Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC