Prudential Gouger O’Neal & Saunders Real Estate is your resource for timely real estate market information. We proudly present to you our series of reports to keep you up-to-date with the current real estate trends in Moore County.

Produced in conjunction with the Pinehurst/Southern Pines Area Association Multiple Listing Service, our market reports are the benchmark for residential real estate market information and an essential reference source for our clients, financial institutions, and other market professionals. Each overview looks at trends, in which statistics are broken down by the average sales price and the number of sales for each month. Our goal is to give consumers an idea of immediate, historical and emerging market trends.

 

In the News:   See the 2012 1st Quarter Market Report – Moore County and neighboring areas for the year: Including reviews of the 1st quarters of 2010 and 2011; Absorption Rates for Areas; Pending Trends; and, Residential Price Analysis.

Q & A  –  What’s New in the Real Estate Market?

Tax Appeal process for Moore County, NC for 2012

Is there really a 3.8% tax on the sale of my home? 

This has been “floated” out in e mail messages throughout the last year and has caused many to have concerns regarding the cost of selling their home.  This tax has some truth to it but the reality is that most homeowners would never see any additional tax when their home is sold.

Reality check:  Only those with incomes of over $200,000 per year (or $250,000 for married couples filing jointly) will be subject to the tax.  However, even those with high incomes, have an out.  Currently, the first $250,000 of profits from the sale of a personal residence is exempt – or the first $500,000 in the case of a married couple filing jointly. There are some who would see higher taxes on a home sale but it only applies to those with the higher previously stated income threshold  and it would only apply if it is a second home or investment property.

If you are concerned about the taxes you will pay on your home sale, please consult your accountant to understand your personal circumstance as it relates to the current tax rules and regulations.

Be informed but don’t be misled!

National News:

See the current rates from Wells Fargo Home Mortgage.

Local News:  

The Moore County Market Review for 2011

Traffic Flow – Migration Patterns State by State:  North Carolina is in the top 10!   

Buyer or Seller Market: Buyer

Average Time on the Market:180 plus days for Residential, higher for land and commercial.

Market Trend: Buyer activity – stable. No more tax but sellers are “pricing right”.  Note the return of Value Range Marketing by Prudential Gouger O’Neal & Saunders!  We have successfully used this for homes in our market.

Housing Inventory: Good Supply. Many price adjustments. New construction – sales rising.

Sales volume for 2009 vs 2010 vs 2011

Best Selling Price Range: $100,000 – $300,000  – same for 2009 and 2010 and 2011

Some highlights of the final quarter report include:

• The current number of listings in all classes slightly lower than 2010.
• The current number of residential listings about the same for 2010 and 2011. More new construction is available.
• The average sales price is now $230,381  for 2011 was $245,854 for residential properties.
• The number of days on the market is 176 for all properties vs 184 for this time last year – a very stable number by all standards.
• The units sold for 2011 in all classes is up 6% and residential sales are up 4% however the total volume for sales is down.

Multiple Offers: Rare

New NC Offer to Purchase changes the way offers are negotiated.

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 fromFortBragg.  Rental requests on the rise.

  
Military Families, Money and Housing

Prudential Gouger O’Neal & Saunders are our Military Advantage Program – benefits and rebates offered.

Combat Pay:  Combat pay normally isn’t subject to federal income tax.  But those receiving it can choose to include it as taxable income to help qualify for the Earned Income Tax Credit (up to $5,657 for three or more qualifying children for 2009).  This is a refundable tax credit for those with low to moderate incomes.  If you serve overseas and want to qualify for the Earned Income Tax Credit , you must file a tax return – even if you’re receiving combat pay.  For details, go to www.IRS.gov  and search EITC. Consult an accounting professional for specifics on your tax situation.  We welcome the soldiers from Fort Bragg in Fayetteville to look at Moore County as a great place to live and raise a family.

Home Buyer Tax Credit – The homebuyer tax credit law allows military members on qualified extended duty an extra year to buy a primary residence – contracts must be signed by April 30, 2011, and closed by June 30, 2011.  Another plus:  Military personnel are not required to repay the tax credit if required to move by military orders.  For details, go to www.IRS.gov and search Military Home Credit.  

 

___________________________________________________________

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.  Offer seller financing if you have the equity position to do so. Some or all of these tips will make you and your home the winner. Try our Prudential Value Range Marketing for an agressive way to position your property in a slow market!

___________________________________________________________

Market Trends and Recent Articles about  the Housing Industry.

- All Statistics supplied by the Pinehurst/Southern Pines Multiple Listing Service