Third Monday Market Update

Robert,

 

Snow, Cold air, & Ice have been the discussions over the last few weeks. The most damaging has been the cold air. Several homes (that were not winterized) have for one reason or another had issues with the heating system, thus causing pipes to freeze and water pipes that cracked under the pressure. Please be aware that pipes on an exterior wall can freeze even if the home is kept at a reasonable living temperature.

 

Also, as we get closer to the start of a new year, we are real estate agents in North Carolina are preparing for the largest change in real estate contracts in decades. The new listing agreements (that have been approved by the North Carolina Bar Association, the North Carolina Real Estate Commission, and North Carolina REALTORS) have already begun circulating. These changes include seller disclosure of potential Foreclosing, Loan account information, and several additional items to help prepare for property transactions.

 

The new Offer to Purchase and Contract has seen many changes that will greatly impact real estate transactions after the first of the year. As soon as the new Offer to Purchase and Contract is available for use, I will be sending you a copy. As you receive this, please look over the contract and let me know of any questions that you might have.

 

FYI: our MLS is absorbing a local MLS that was losing members. Because of this, we will see more listings in our MLS at the beginning of the year. This will slightly change our Absorption Rate, but will do very little to change your chance to sell your property. Most of the listings are not in a comparable area to your property.

 

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

More and more properties are coming off the market for the winter. Our Absorption Rate is declining and the number of properties Under Contract are remaining stable. Currently, buyers have this thought that our market has declined 20% since 2006…we are not sure where they have come across this number. Because of this, buyers are making ridiculously low offers on properties on the market. Most sellers have decided to hold tight their sales/list prices which will help us in the long run, but for now it keeps the number of transactions low.

 

Just an FYI: our MLS is absorbing a local MLS that was losing members. Because of this, we will see more listings in our MLS at the beginning of the year. This will slightly change our Absorption Rate, but will do very little to change your chance to sell your property. Most of the listings are not in a comparable area to your property.

 

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 largest change between last Update and today is the number of properties that have gone under contract in the past two weeks. Having an increase just before Thanksgiving is a great sign. Showings have started to increase (about 10-15% growth) over the last month…most of this being the last week.  The market is still struggling; we are 7% below last year’s sales figures (residential), but we are seeing shining lights occasionally.

 

Just an FYI: our MLS is absorbing a local MLS that was losing members. Because of this, we will see more listings in our MLS by the end of the year. This will slightly change our Absorption Rate, but will do very little to change your chance to sell your property. Most of the listings are not in a comparable area to your property.

 

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

It is very common to see our Market Absorption Rate decline at the end of October. This is caused by a drop in the number of active listings. Normally, our market see a reduction in the number of active listings from October to March and the slowly this number builds back up over the summer. We actually have less active listings today, than we have had the previous two Novembers. This is another good sign that increases the chance your property will sell.

 

I spoke with several different agents recently, all of them indicated a larger number of showings, but they all seem to be having trouble getting buyers to make offers. Buyers are very hesitant right now and it seems they will be this way for quite some time. The number of Under Contracts is still higher than earlier this year. And with listing prices dropping a little more, I anticipate this number to stay up for another month.

 

If you would like to see a copy of this information, please email me or call for more information.

 

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

Market Activity seems to be similar over the last two weeks, slight increases from the previous few months. Since the last update, rates have gone down a little which will encourage some buyers to move forward quicker than before. Also, with the Attorney General of North Carolina putting the proverbial brakes on foreclosures, buyers are going to focus more on non-foreclosures. Currently the process to purchase a foreclosure is so tedious and ever-changing; I am encouraging buyers to seriously consider the headaches and payoffs of a foreclosed home. (One client of mine has had their earnest money tied up in a bank for 12 months, with no end in sight). This has encouraged some of the buyers in our market to reconsider foreclosed homes.

 

 

**For more information regarding the North Carolina High Country Absorption Rate, please feel free to email or call me.

 

 

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

We have seen some increase in market activity (as has been expected) and encouraging signs by buyers, but they still seem somewhat reluctant. Average sales prices have fallen a little over the last few months and have decreased the market value of property in the area.

 

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

Pending sales have increased 8.5% in the last two weeks. Internet marketing activity has shown an increase in viewings as well. As predicted in the last update, we have seen a larger number of showings in the past few weeks. Our office has seen this increase for several reasons: temperature difference here versus “home”, ASU football games, and people traveling to the area to look for homes for retirement.

 

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!