Buyers, now that the price wars are working in your favor…read this article and see how finding the right seller can make all the difference. (The right Realtor helps too)
Sincerely,
Isaac Allen
Broker, REALTOR
EXIT MOUNTAIN REALTY
515 North Broad St.
Brevard, NC, 28712
Direct 828-553-6283
On the web...www.isaacallensells.com
My Testimonials; www.IsaacSOLD.com
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Part 2 of the three part series.
The market stats for 2010 thru November tell the story. The story is PRICE WARS. Long story short, prices have been acceptably stable even with the large amount of distressed property business (33% of the market). Average home prices are down, but the price sellers are willing to sell at is dropping. I have been saying this all year that “sellers don’t want to give away the farm.” However, when the offer comes along…that is what really motivates a seller to “not let this one slip away.”
So, sellers have been accepting 2% less than they were a year ago. If I were a seller facing a loss I would take a 2% loss now instead of a 5% loss over the next 12 months. Selling now has it’s perks. Now what usually comes next in this type of market cycle is what I will be focused on in the next part of this series, “Recapping the 2010 Brevard, NC Real Estate market”.
Have a Blessed New Year!
Check out this new condo listing in Etowah; 27 Unity Court, Condo for sale
Sincerely,
Isaac Allen
Broker, REALTOR
EXIT MOUNTAIN REALTY
515 North Broad St.
Brevard, NC, 28712
Direct 828-553-6283
On the web...www.isaacallensells.com
My Testimonials; www.IsaacSOLD.com
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There are all kinds of how-to books at the book store this year on how to do everything, even sell your own home. Now most people know the basics of selling a home…put a sign in the yard, advertise on face book, maybe print some flyers even. What I have noticed about the home sales this year is there are new patterns developing that were not here last year. What an informed seller does is watch the patterns and market to them.
For instance, in the spring we had the home credit that drove millions into buying a home. Then Brevard area realtors like myself watched the news media talk about how the summer months looked like the real estate market was going to crash because home sales were down so much (double digits). Now that we are towards the end of the year, a clear pattern has emerged.
Foreclosed real estate accounts for about a third of the business now, not only in the Brevard, NC area but nationwide. I think there have been many neighborhoods that have been protected from this crisis, like Straus Park, Deerlake, Connestee Falls and others, but for how long…
The reason they have been protected is because of the typical demographic of the home owner that lives there. Typically there is an owner with a fixed income, and lives within their means. This is good for the neighborhood and provides stability. Buyers should consult with an agent that can give information like this because buyers need it now!
I will be discussing the other trends in Brevard,NC real estate in the coming weeks as we move into the new year and this years statistics are complete.
Sincerely,
Isaac Allen
Broker, REALTOR
EXIT MOUNTAIN REALTY
515 North Broad St.
Brevard, NC, 28712
Direct 828-553-6283
On the web...www.isaacallensells.com
My Testimonials; www.IsaacSOLD.com
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Condo for sale
Isaac Allen, with Exit Mountain Realty just listed this well maintained one level end-unit Timberlake condo is in move in condition with modern appliances and a great view of the lake from the master BR, Living Room and Carolina Room. Enjoy living in Etowah, NC near golfing (Etowah Valley Golf) and the Pisgah National Forest (10 min. drive).
Timberlake is a small community of fourteen condo units in Etowah, North Carolina. The Timberlake Property Owners Association is run by the property owners to keep dues low. This unit has a new architectural style shingle roof that is almost new. The Timberlake unit is one of three in this building that overlooks the beautiful half acre lake. The lake is stocked with fish and owners and their guests can fish, canoe or just sit and enjoy the view from the lake shore. The grassy area around the lake is maintained and makes a nice walking path to enjoy all year around.
Timberlake condos are just a short walk to the Etowah post office, Dollar General Store, coffee shop and houses of worship. A short car ride takes you to local restaurants, major grocery stores and local gas stations. The Etowah branch of the Henderson County Library is very nearby and can be walked to in fifteen minutes or a short car ride of about five minutes.
The size of this three bedroom unit is just over 1400 square feet on one level. The front door has a small covered porch and the deck out back is large enough for entertaining and wraps around two sides of the sunny Carolina room. The updated bathrooms have a very nice gray solid surface vanity sinks. The master bathroom have ceramic tile floors and shower with a glass door. The hallway bathroom has vinyl flooring and a shower with tub and sliding glass doors. The kitchen has an oversized pantry with shelving and drawers that will help you keep everything organized and out of sight. Underneath this home in the walk-in crawlspace the new owner will find that there is plenty of room for a workshop and storage. The master bedroom has a large walk-in closet with plenty of shelving for your clothes and shoes. The second bedroom also has a large walk-in closet that is unusual in a condo unit of this size and age. The new owner will appreciate this feature. For additional storage, the new owner will find a coat closed in the hallway and a linen closet in the hallway for all your towels and sheets.
Isaac Allen--Real Estate Broker, REALTOR
Honest Real Estate Answers
My name is Isaac Allen and I am a North Carolina native that is proudly serving Transylvania and Henderson County buyers and sellers in the Real Estate Market. I specialize in Pisgah Forest, Brevard, Rosman, Penrose, Mills River, Etowah and Hendersonville. I have over twenty years in Sales and Negotiation Experience that will benefit you in your home purchase with Exit Mountain Realty, a market leader in this area. This year I have worked with many first time home buyers to take advantage of the "First Time home Buyers Credit" available this year for the first time ever. Customers can view video testimonials of my past and present clients at a new web site dedicated to testimonials; www.IsaacSOLD.com When I am not working for clients I am enjoying an afternoon drive on the Blue Ridge Parkway, Fly Fishing in the Davidson River of the Pisgah National Forest, Playing Basketball with my boys or volunteering with Transylvania County Little League.
I want to welcome you to Western North Carolina and especially the Brevard area. You will enjoy our four seasons, quality of life and friendly people here. My team at Exit Mountain Realty and our exclusive network of inspectors, attorneys and bankers will assure you a smooth transaction. Ask me how I can save you 10% on your next Lowes' Home Improvement Purchase.
I look forward to helping you. Visit my web site; www.isaacallensells.com to see all the properties listed in Western North Carolina today. You can also connect with me on Facebook or Twitter and stay in the know. I have saved my buyer clients thousands on property this year on their new homes…how can I help you?
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Existing-Home Sales Decline in October Following Two Monthly Gains
Release date: 11/23/10Existing-home sales retreated in October on the heels of two strong monthly gains, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009 when sales were surging prior to the initial deadline for the first-time buyer tax credit.
Year-to-date there were 4.149 million existing-home sales, down 2.9 percent from 4.272 million at this time in 2009.
Lawrence Yun, NAR chief economist, said the recent sales pattern can be expected to continue. “The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales. Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels,” he said. “Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.23 percent in October from 4.35 percent in September; the rate was 4.95 percent in October 2009.
The national median existing-home price for all housing types was $170,500 in October, down 0.9 percent from October 2009. Distressed homes3 accounted for 34 percent of sales in October, compared with 35 percent in September and 30 percent of sales in October 2009.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., clarified that several factors are restraining a housing recovery, even with great affordability conditions. “We’ll likely see some impact from the foreclosure moratorium in the months ahead, but overly tight credit is making it difficult for some creditworthy borrowers to qualify for a mortgage, and we are continuing to deal with a notable share of appraisals coming in below a price negotiated between a buyer and seller,” he said.
“A return to common sense loan underwriting standards would go a long way toward achieving responsible, sustainable homeownership. In addition, all home valuations should be made by competent professionals with local expertise and full access to market data – there remains an elevated level of appraisals that fail to provide accurate valuation, which is causing a steady level of sales to be cancelled or postponed,” Phipps said.
A parallel NAR practitioner survey shows 10 percent of REALTORS® in October report they had a contract cancelled as a result of a low appraisal, and 13 percent report they had a contract delayed; 16 percent said a contract was negotiated to a lower sales price as a result of a low appraisal.
According to FHFA, Fannie- and Freddie-backed mortgages that were recently originated show an outstanding performance, even better than during the pre-housing bubble years.
“A review of recently originated loans suggests that they have overly stringent underwriting standards, with only the highest creditworthy borrowers able to tap into historically low mortgage interest rates. There could be an upside surprise to sales activity if credit availability is opened to more qualified home buyers who are willing to stay well within budget,” Yun added.
Total housing inventory at the end of October fell 3.4 percent to 3.86 million existing homes available for sale, which represents a 10.5-month supply4 at the current sales pace, down from a 10.6-month supply in September.
First-time buyers purchased 32 percent of homes in October, unchanged from September, but down from 50 percent a year ago during the initial surge for the first-time buyer tax credit. Investors accounted for 19 percent of transactions in October; they were 18 percent in September and 14 percent in October 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in October, unchanged from September but up from 20 percent a year ago.
Single-family home sales declined 2.0 percent to a seasonally adjusted annual rate of 3.89 million in October from 3.97 million in September, and are 25.6 percent below the 5.23 million surge in October 2009. The median existing single-family home price was $171,100 in October, which is 0.5 percent below a year ago.
Existing condominium and co-op sales fell 3.6 percent to a seasonally adjusted annual rate of 540,000 in October from 560,000 in September, and are 27.6 percent below the 746,000-unit sales rush a year ago. The median existing condo price5 was $166,000 in October, down 4.2 percent from October 2009.
Regionally, existing-home sales in the Northeast declined 1.3 percent to an annual pace of 750,000 in October and are 27.2 percent below the surge in October 2009. The median price in the Northeast was $240,200, which is 1.9 percent higher than a year ago.
Existing-home sales in the Midwest slipped 1.1 percent in October to a level of 940,000 and are 32.4 percent below the tax credit rush one year ago. The median price in the Midwest was $139,500, down 3.6 percent from October 2009.
In the South, existing-home sales fell 3.4 percent to an annual pace of 1.71 million in October and are 24.0 percent below the year-ago surge. The median price in the South was $148,700, down 0.7 percent from October 2009.
Existing-home sales in the West declined 1.9 percent to an annual level of 1.03 million in October and are 21.4 percent below the sales rush in October 2009 . The median price in the West was $209,300, which is 4.8 percent below a year ago.
Source: NAR
This is a great article on the NC Realtors Association website. It is informative and I hope you enjoy reading it.
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