Moore County Local Real Estate Market Report: 3.16.2010
Buyer or Seller Market: Buyer
Average Time on the Market: More than 190 days for Residential, higher for land and commercial
Market Trend: More buyer activity – before the government credits expire for Contract written by April 30, 2010 and closed June 30, 2010.
Housing Inventory: Good Supply. Many price adjustments. Few new construction starts.
Average Sold Home Price: $263,815 (2010) Up from last figures in 2009
Best Selling Price Range: $150,000 – $300,000 (2009) – same for 2010 thus far
Sold Price as a % of Asking Price: 94% (2009) and 92% 2010
Multiple Offers: Rare
Short Sales: On the rise, builder’s homes are most likely subjects
Greatest Activity: First time buyers, move up buyer, single family properties, and military families from Fort Bragg.
Buyer’s Credit Options: Both the first time buyers and those who have owned a home for 5 years or more can take advantage of the stimulus opportunities while the prices for homes are low, the mortgage rates are low and the credits are available. Click here for the tax credit guidelines.
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Buyer Tip:If you’re thinking of buying, the timing couldn’t be better! However, be prepared to make a larger down payment (10 – 20%) and provide full documentation. For properties in the $200,000′s the government insured loans are encouraging, such as FHA and VA. Negotiate to your advantage but with reason. Don’t expect the seller to give you the home for thousands of dollars below the neighborhood comparables and you will make a good deal that will stand the test of time.
Seller Tip: If you are serious about selling, properties must be priced extremely competitively from day 1 to attract the fewer qualified buyers that are now shopping for property. Be open minded about offers. Buyers tend to test the waters – counter and keep the dialogue going. Give and you will receive. Buyers want to think they got a steal, so make them feel like they did. Pick up the tab for some of the closings costs, or dangle a cash bonus or offer a home warranty. Some or all of these tips will make you and your home the winner.
