Moore County Local Real Estate Market Report: 4.4.2010
How is the market? This is an important question for both buyers and sellers and the number one question on the minds of consumers. Our Market is steady in terms of price and we have excellent inventory to select from.
Click to download 1st Quarter Market Report In the News: Interest rates are now on the watch list for movement upward. Rates for the 30 year fixed are still around 5% with points slightly higher from the last 6 months.
The first-time homebuyer tax credit that was extended and expanded to include a trade-up buyer tax credit will expire on April 30, 2010. A dip in home purchases is expected to occur once this credit is no longer available.
This combination of interest rate rising, tax credit opportunities and price reductions create a sense of urgency that not only is it safe to buy again but that it is an excellent time to buy. We are anticipating a more stable market but also need to aware of the influx of short sale and foreclosure properties.
Hope for the Future!
There are glimmers that the housing marketing is beginning to lift out of one of the worst slumps since the Great Depression. In 2009 low home prices pushed sales higher in many parts of the country. But the encouraging news should be met with caution. Why?
The boost fueled primarily by: Foreclosure Sales, Tax Credits for first time homebuyers, The Federal Reserve’s program of buying most new mortgages to keep rates low for mortgage seekers.
Without those supports pumping up demand, the housing market remains weak in the metropolitan areas. In Moore County we have a better outlook with our current pending trends – close to 200 residential homes under contract at the time of this writing – numbers from 200 plus are healthy for our pending numbers and our prices are slightly rising from 2009.
Moore County Local Real Estate Market Report: 4.4.2010
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: $253,860 (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: 95% (2009) and 93% 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.
