First Monday (Wednesday) Market Update

I first want to start and apologize for the tardiness of this update. Over the weekend, my wife and I moved our home. Now that the weekend is over, everything is back to normal. Thank you for understanding.

 

The number of properties that are under contract continue to rise. Normally, we see a lull in the market between Easter and Memorial Day, but this year we have seen tremendous traffic during this time. Some of this was built up energy from the long winter, and others were looking to take advantage of the tax credit. We still see signs of the market growing very slowly.

 

Until summer gets into full swing, which will be shortly, we will not have a great gauge on the market for this year. The greatest indicators so far this year is the number of properties under contract. Currently, there are 103 homes under contract that are listed for less than $400,000. There are only 17 priced higher than $400,000. Also, only 1 house is under contract above $700,000. This is not abnormal; the higher price market usually begins in the middle of summer and continues through fall.

 

 

Regards,

 

 

Marc White
Marketing Specialist, ABR, GRI, ePro
Broker/REALTOR, Top 10 Listing Agent for 2009
Direct 828-406-2134
Marc@CedarFallsRealty.com
Make sure your REALTOR is RE-MARC-ABLE!

 

 

Third Monday Market Update

The DOW is up, the confidence in our economy is rising, but our market has not quite caught on this two factors. Prices have not cleared the bottom yet, but average prices seem to be holding steady for now. So, what do the economic experts say is going to happen over the next few months.

 

Two Fronts
By most measures the economy is on the mend. Does that mean housing is as well? In his commentary this month NAR Chief Economist Lawrence Yun says the answer depends on two potentially big support factors: Jobs and Confidence. (NAR, Real Estate Insights April 2010)

 

While Mr. Yun seems to have been correct predicting our depression, he does not seem to be clear on when we are going to start a - nation wide - growth out of the mess. Many other economist agree with Mr. Yun, we will begin to grow (economy) when our consumer confidence starts to rise and more jobs are provided to the unemployed.

 

Regards,

 

 

Marc White
Marketing Specialist, ABR, GRI, ePro
Broker/REALTOR, Top 10 Listing Agent for 2009
Direct 828-406-2134
Marc@CedarFallsRealty.com
Make sure your REALTOR is RE-MARC-ABLE!

 

 

First Monday Market Update

Spring is fast approach the High Country; we started to see tree's budding. With high expectations from many people over the Home Buyers Tax Credit, we have yet to see a major jump in the number of properties under contract.

 

We still have a less than a month left until the Home Buyers Tax Credit time frame comes due. Buyers have to be under contract before May 1, 2010 to take advantage of the tax credits (and they have to close before July 1, 2010).

 

For homes under $300,000 (and maybe even a few over $300,000) it is imperative to stand out in the large crowd. Homes that are over $400,000 are in a very difficult market at the current time. Most of our seasonal buyers have not started looking this year, and probably wont until June or July.

 

 

Regards,

 

 

Marc White
Marketing Specialist, ABR, GRI, ePro
Broker/REALTOR, Top 10 Listing Agent for 2009
Direct 828-406-2134
Marc@CedarFallsRealty.com
Make sure your REALTOR is RE-MARC-ABLE!

 

 

Third Monday Market Update

The local weather is starting to calm, most snow has melted and no major signs of significant snow is headed are way. This has allowed a lot of buyers to start looking at property again. We are excited about this change.

 

But, we still have an uphill battle to fight. Our Absorption numbers (Inventory) is still very large. People still need (and want) to sell, while there are not as many people wanting to buy. The fact still remains, buyers are trying everything they can to get the best possible deal. Recently, I saw buyers pass on their favorite house because they were getting a better "deal" on another one.

 

We still have a month and a half left until the Home Buyers Tax Credit time frame comes due. Buyers have to be under contract before May 1, 2010 to take advantage of the tax credits (and they have to close before July 1, 2010).

 

Regards,

 

 

Marc White
Marketing Specialist, ABR, GRI, ePro
Broker/REALTOR, Top 10 Listing Agent for 2009
Direct 828-406-2134
Marc@CedarFallsRealty.com
Make sure your REALTOR is RE-MARC-ABLE!

 

 

FORECLOSURES in the NC High Country

I just spent some time researching Foreclosures in the area. If you are looking for a great deal on a home (or land) check out these…

 

HOMES

http://www.navica2.net/displays/?n=390&i=873761&k=oE7gIfL

 

LAND

http://www.navica2.net/displays/?n=390&i=868469&k=hEAQL

 

 

Note* There are more potential short sales in the area than there are Foreclosures, but either way, you can get a great deal.

 

Call me if you have any questions,

 

Marc White

Marketing Specialist, ABR, GRI, ePro

Broker/REALTOR, Top 10 Listing Agent for 2009

Direct 828-406-2134

Marc@CedarFallsRealty.com

Make sure your REALTOR is RE-MARC-ABLE!

 

Local Real Estate Map of Available Property

View Cedar Falls Realty in a larger map

First Monday, High Country Market Updates

The question I was asked many, many times last week, "What is your market doing?" Buyers from all around have been trying to figure out the best time to buy (getting the best deal) and take advantage of the Home Buyers Tax Credit. Of course, many of our Buyers are second home Buyers and are not as motivated by the timing of the tax credit. Again, weather has played a very large part of our current showings. While showings are not down compared to this time last year, they are down for the amount of activity we are seeing.  The number of homes under contract continues to rise, which is a great thing, and we anticipate this number continuing to go up another 20% in the next few weeks. If the weather will remain calm for the rest of the winter, we will see this number climb up even faster.

 

As Spring arrives, we will see a good number of properties begin to come off the market. There are pent-up buyers who are still looking for great deals. One other important note.you can see that over 70% of the homes that under contract are priced below $300,000 and almost 70% of the homes that have sold in the last 12 months were priced below $300,000.

 

Regards,

 

Marc White

Marketing Specialist, ABR, GRI, ePro

2009 High Country Association TOP TEN Listing Agent

Broker/REALTOR

Direct 828-406-2134

Marc@CedarFallsRealty.com

Cedar Falls Realty Boone, NC