Home Sales Up 65% Nov. 09/08!

According to the latest information published by the North Carolina Association of Realtors (NCAR), existing home sales in Brunswick County increased in November 2009 compared to the previous month and the previous year.
Realtors in Brunswick County sold 181 units in November of 2009, up 65 percent from 110 units in November 2008. That also represents a 3 percent increase over October 2009, when 176 houses were sold.
The average cost of a house also increased between November 2008 and 2009, from $232,147 to $248,291.
According to local Realtor and Accredited Buyers Representative of the National Association of Realtors Martha Pope of Pope Real Estate Company,  the end of 2009 was a busy season for the company. January has been very active.
“This first quarter of 2010 looks to be the best in a long time,” Pope said. “This is the time of year when people start looking for second homes.”
“Values are down because of the economy, but everything is showing,” she said. “We feel this is a great opportunity for buyers.”
Pope said that the southern end of Brunswick County does not have as many foreclosures as some people expected, but buyers are actively looking for those deals.
Most of her customers are people looking to relocate to Brunswick County, many of them are waiting for their houses in their home areas to sell before they can buy one here.

RE Prices Bottom – Time To Buy!

Here’s some good news – as of November 25th 2009 home listing prices in Southeastern NC finally appear to have hit bottom!

Interest rates are below 6% on residential mortgage loans but the most likely scenario is that these mortgage loan rates will not stay this low for long so buyers would be wise to be actively looking to buy and take advantage very soon.

A coach and speaker at the NAR (National Association of Realtors) Convention by the name of Rich Levin has absolutely hit the nail on the head!

He says “THE TIME IS NOW FOR REAL ESTATE” and he is 100% correct. All of the factors are lining up for the next 6 to 12 months to be that year and here’s why:

Economist Woody Hall (University of North Carolina Wilmington ) projects that the local economy will grow by 4 percent in 2010.

According to the report by UNCW’s economic prognosticator delivered at an Economic Outlook Forecast at UNCW, the Southeast NC region will see economic growth at a rate faster than either the state of North Carolina or the nation as a whole.

As buyers realize that it is a good time to buy (but not necessarily for sellers to sell) the demand will begin to absorb the foreclosures and short sales and then exceed supply.

Over the next year or two the additional demand may very well even lead to a seller’s market, however gradual it may be.

The signs of this shift are occurring now – the supply of new construction and foreclosure homes are being absorbed by first time buyers, investors, and secure homeowners who are taking advantage of their financial strength.

“This Spring may be the tipping point when market activity flourishes,” Rich says, and I believe it will.

After the first of the year mortgage money should be much more readily available from the banks.

He then refers to inflation as the “X factor” remembering a rapidly inflationary period. For instance, one day you could put a quarter into the vending machine and get a Coke. The next time it was forty cents and the next time it was fifty cents and within five years it was seventy-five cents and so on.

Your money buys less and the cost of what you buy increases.

If you owned real estate during this same period you were probably very happy because the property you owned also doubled in price no matter where you lived.

Who knows if we are on the verge of another inflationary surge – but if inflation does devalue our money…then real estate prices will increase (along with the price of almost all other hard goods) and this year’s buyers are going to benefit tremendously! Regardless, it is time for buyers to get in the market!

At your leisure I invite you to visit my website at pope-realestate.com and click on the local MLS logo to check out what’s for sale currently. I welcome any questions or requests at any time!

By Martha Pope – Accredited Buyers Representative of the National Association of Realtors.
If I can help answer any questions, furnish further information or assist in any way please contact me by phone: 800.708.4402 or email at Martha@Pope-RealEstate.com

To receive a .pdf file of the entire Economic Outlook Forecast Conference at UNCW call or send an email to me.