A nice large subdivision located just southeast of the center of Matthews. Brightmoor offers families looking for space an affordable place to live in Matthews. With a community pool and playground and it's picturesque tree lined streets it is considered a well established family neighborhood. Homes here were built in the late 1980's to the early 1990's. With an average of 4 bedrooms and 2 and half baths and over 2000 square feet of living space makes this a great location for large families.
Three years ago 34 homes sold in this community with an average sale price of $225,950. They lasted an average of 63 days on the market.
Two years ago there was 15 homes that sold with an average sale price of $221,303. They averaged 67 days on the market.
Last year, there was 16 that sold with an average sale price of $195,400. The days it took to sell increased to 78 days.
There is currently 10 homes on the market right now with an average asking price of $224,420. They have been on the market for an average of 85 days right now.
Dave diCecco
Realtor/Broker
ww.davedicecco.com
Saturday, May 8, 2010
Thursday, May 6, 2010
Crestdale Crossing Matthews North Carolina Market Trends
The tax credit has helped see home prices stabilize over the past few months. Crestdale Crossing in Matthews North Carolina is one area that has seen home prices remain stable over the past few years.
Three years ago there were 18 homes that sold. With an average square feet of those homes being 1372. They sold for an average price of $131,088 while being on the market for an average of 70 days. That was when the real estate market was at it's peak.
Two years ago there were 7 homes that sold. The average square feet of those homes was 1285. The average sale price was $126,557 and they averaged only 35 days on the market.
Last year there were 4 homes that sold. The average square feet was 1460 with an average sale price of $128,235. They were on the market on average for 115 days.
What makes the numbers so intriguing is that during the worst part of the downturn of home prices the average home price actually increased. In addition two years ago four of the seven homes that sold were bank foreclosures that were sold as is. Meaning the bank was doing no repairs to the home. Last year only one was a bank foreclosure.
With it's prime location in Matthews and access to some of the best schools and easy access to major highways ; Crestdale Crossing in Matthews North Carolina has been one of the few pockets that has seen home values increase over last year and remain stable over the past three years.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Three years ago there were 18 homes that sold. With an average square feet of those homes being 1372. They sold for an average price of $131,088 while being on the market for an average of 70 days. That was when the real estate market was at it's peak.
Two years ago there were 7 homes that sold. The average square feet of those homes was 1285. The average sale price was $126,557 and they averaged only 35 days on the market.
Last year there were 4 homes that sold. The average square feet was 1460 with an average sale price of $128,235. They were on the market on average for 115 days.
What makes the numbers so intriguing is that during the worst part of the downturn of home prices the average home price actually increased. In addition two years ago four of the seven homes that sold were bank foreclosures that were sold as is. Meaning the bank was doing no repairs to the home. Last year only one was a bank foreclosure.
With it's prime location in Matthews and access to some of the best schools and easy access to major highways ; Crestdale Crossing in Matthews North Carolina has been one of the few pockets that has seen home values increase over last year and remain stable over the past three years.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Wednesday, May 5, 2010
Charlotte 2nd On Places to Buy Versus Rent
The other day I was sitting in a starbucks and came across a Forbes magazine. On the cover was a mention to the top ten cities where you are better off buying than renting right now. The magazine issue came out in the end of January. Number 2 on the list of places was Charlotte North Carolina area.
Renting versus buying is never an easy decision. In this market that decision has been even more complex. Do you wait and see if home prices tumble some more? Or do you buy now with rates at the lowest they have been since the 1940's? There are a lot of people out there wondering if they should or should wait.
One factor to take into account is the cost of home ownership versus the cost of renting. Interest rates right now are holding steady at the lowest levels they have been since the 1940's. That coupled with the housing prices dropping significantly over the past three years; has made the affordability the best it has been. A lot of buyers are finding that they can own a home for around the same amount they are paying now in rent or very close to that amount.
Forbes in their study found this to be accurate. Over the last fifteen years this is the smallest margin between owning a home and renting. The numbers are based on an average rent for the Charlotte area versus the average sale price with median interest rates.
Another factor they had to take into account was the projection of home prices over the next five years... Now, when this article was written they were projecting home prices to increase an average of 12.55% over the next five years. Based on the last couple of months it looks like home prices have stabilized and are slowly increasing.
This data supports the notion that the time to buy may be now...Charlotte is one of the few areas in the country that home prices are expected to see double digit price increases over the next five years. A lot has to do with the growth of new business moving in to Charlotte as well as the diversity of the economic nature of the area.
Considering moving to Charlotte or buying...... now may be the time.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Renting versus buying is never an easy decision. In this market that decision has been even more complex. Do you wait and see if home prices tumble some more? Or do you buy now with rates at the lowest they have been since the 1940's? There are a lot of people out there wondering if they should or should wait.
One factor to take into account is the cost of home ownership versus the cost of renting. Interest rates right now are holding steady at the lowest levels they have been since the 1940's. That coupled with the housing prices dropping significantly over the past three years; has made the affordability the best it has been. A lot of buyers are finding that they can own a home for around the same amount they are paying now in rent or very close to that amount.
Forbes in their study found this to be accurate. Over the last fifteen years this is the smallest margin between owning a home and renting. The numbers are based on an average rent for the Charlotte area versus the average sale price with median interest rates.
Another factor they had to take into account was the projection of home prices over the next five years... Now, when this article was written they were projecting home prices to increase an average of 12.55% over the next five years. Based on the last couple of months it looks like home prices have stabilized and are slowly increasing.
This data supports the notion that the time to buy may be now...Charlotte is one of the few areas in the country that home prices are expected to see double digit price increases over the next five years. A lot has to do with the growth of new business moving in to Charlotte as well as the diversity of the economic nature of the area.
Considering moving to Charlotte or buying...... now may be the time.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, May 4, 2010
Matthews NC.--Summer Movie/Concert Series
This saturday May 8,2010 begins another fun filled summer movie and concert series at Stumpton Park in Matthews, NC. Every year around this time the town of Matthews park and recreation department hosts the summer movie and concert series for residents of the town of Matthews. A very popular event that draws crowds of all ages. The best part is the event is FREE. There are vendors on hand selling food and ice cream and drinks.
However; due to the extreme support and sponsorship from local business in the community they are able to offer the event for free. Kids love it. Parents adore it. The usually have two inflatable bounce houses for the kids to play in. Among other activites at the park. A clown is there as well as assortment of other kid friendly activiites.
The events start at 7:00p.m. with the movie beginning at dusk. This saturday the opening movie is UP. The Disney Pixar classic. Part of the activities will be sponsored by Troop 39 with a variety of arts and crafts for the kids.
Dave diCecco
Realtor/Broker
www.davedicecco.com
However; due to the extreme support and sponsorship from local business in the community they are able to offer the event for free. Kids love it. Parents adore it. The usually have two inflatable bounce houses for the kids to play in. Among other activites at the park. A clown is there as well as assortment of other kid friendly activiites.
The events start at 7:00p.m. with the movie beginning at dusk. This saturday the opening movie is UP. The Disney Pixar classic. Part of the activities will be sponsored by Troop 39 with a variety of arts and crafts for the kids.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, May 3, 2010
Tax Credit Expired..Still A Good Time To Buy?
Now that the tax credit has expired I am fielding a lot of questions from people saying is it still a good time to buy a house? There is mixed views from fellow Real Estate agents and investors out there about this topic. Some say this is better time because the sellers are more likely to be motivated to sell due to the drop in buyers coming into the market. Others say no, there is a bottom line all sellers are going to take and the expiration of the tax credit is not going to change that. As well as an increase in foreclosed homes going on the market. My personal view is YES .
Yes, it is a good time to buy. Fort one; at the end of April I saw more homes go into a multi offer situation. By this I mean, more than one family was putting an offer in on a home. Thus the sellers were coming back and asking for highest and best offers. In a lot of cases the sale price was exceeding the asking price on the home. With the tax credit no more there is less likely to be that multiple buyers looking at the same home. People were willing to pay a little more to ensure they received the home and the tax credit.
Second, you are going to see homes on the market where less people are viewing them now. March and April saw a dramatic spike in the amount of homes viewed. According to one study the internet searches increased by 32% for the month of April alone. A lot of people who were ready to buy but might have been a couple of months out decided to cash in on the tax credit now rather than wait and lose the money. Thus, sellers that have to sell or want to sell are probably going to be more motivated to negotiate a deal with you right now.
Third, inventory levels are at a high right now and with the increase of homes coming on the market from foreclosure there will be a good time to find that right home at a fair price. When the Obama administration put a freeze on foreclosures at the end of last year it created a backlog of files. As the banks sift through that backlog and people are unfortunately losing their homes inventory levels are going to increase. In fact, most economists think that the surge in foreclosed homes that are on the market are going to increase by as much as 30% over the next four months. However; banks are doing more work on homes right now in terms of paint, carpet, and general maintenance to make the homes more sellable at fair market value. Thus keeping prices stabilized.
The bottom line, is there are still very good deals out there. Rates are still at historic lows. People are still going to buy homes. Are there going to be as good of deals as there was last month? Maybe...however; you may have to search a little harder for them. I personally feel that the market is starting to show signs of stabilization. Home prices have risen for the first time in three years. I do not think that is going to change now that the tax credit is gone. Banks are starting to do work on homes and making them sellable at fair market value rather than taking a loss and selling homes AS IS.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Yes, it is a good time to buy. Fort one; at the end of April I saw more homes go into a multi offer situation. By this I mean, more than one family was putting an offer in on a home. Thus the sellers were coming back and asking for highest and best offers. In a lot of cases the sale price was exceeding the asking price on the home. With the tax credit no more there is less likely to be that multiple buyers looking at the same home. People were willing to pay a little more to ensure they received the home and the tax credit.
Second, you are going to see homes on the market where less people are viewing them now. March and April saw a dramatic spike in the amount of homes viewed. According to one study the internet searches increased by 32% for the month of April alone. A lot of people who were ready to buy but might have been a couple of months out decided to cash in on the tax credit now rather than wait and lose the money. Thus, sellers that have to sell or want to sell are probably going to be more motivated to negotiate a deal with you right now.
Third, inventory levels are at a high right now and with the increase of homes coming on the market from foreclosure there will be a good time to find that right home at a fair price. When the Obama administration put a freeze on foreclosures at the end of last year it created a backlog of files. As the banks sift through that backlog and people are unfortunately losing their homes inventory levels are going to increase. In fact, most economists think that the surge in foreclosed homes that are on the market are going to increase by as much as 30% over the next four months. However; banks are doing more work on homes right now in terms of paint, carpet, and general maintenance to make the homes more sellable at fair market value. Thus keeping prices stabilized.
The bottom line, is there are still very good deals out there. Rates are still at historic lows. People are still going to buy homes. Are there going to be as good of deals as there was last month? Maybe...however; you may have to search a little harder for them. I personally feel that the market is starting to show signs of stabilization. Home prices have risen for the first time in three years. I do not think that is going to change now that the tax credit is gone. Banks are starting to do work on homes and making them sellable at fair market value rather than taking a loss and selling homes AS IS.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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