You have found the home you want to put an offer in on. You are doing your homework in regards to the current market conditions of the home. Checking to see what has sold recently and what a fair price to offer on the house is. But how far back are you looking? What is the trend prior to the boom and post boom when the market went down? These are all factors you should be considering when looking at a house.
In the current economic state the prices are lower now than they have been in a few years. But what was the trend like prior to the market doing well? Why does this matter? A home is the largest investment someone is going to make in their lifetime. For most of us this is not only the place we are going to live and grow our family; but a place we are hoping will help us in our retirement years by growing the equity in the house. A good way to gauge the chances that the home we are buying is going to appreciate to a value that will be finacially benefical to us to track the trend of the home prices prior to the housing market boom, through the boom and post the boom. that average should be an adequate gauge of what the value of the home would be for us in the long term.
I recently did this anaylsis on a few homes and the results were quite suprising for me. We are all aware that the housing market is a fickle market. It is going to have it's ups and it is going to have it's downs. When it is up we are feeling proud of our investment. When it is down we are feeling sad about our investment. But, what is the average? Are we purchaing a home in the down below what the average should be? If so how much? Is it enough? those are only numbers you can decide.
One thing is for certain, the market is in such a state now, that buyers are doing mre due diligence to ensure that they are getting the best deal possible. But what are the long term market ramifications for the house you are looking to buy? By going back up to as much as seven years you can track the trends and see how stable the market has been and is going to be and what yoru future projected value may be based on history. then you can make an educated descsion as to the home you are looking to purchase.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Saturday, November 6, 2010
Thursday, November 4, 2010
Brightmoor Subdivison Matthews, NC. Market Trends Nov. 2010
Brightmoor subdivsion located just outside the center of Matthews, NC. is a large family friendly neighborhood. Offerign two swimming pools, tennis courts, walking trails, and a play ground for the kids. Because of it's convient location and excellent school assignements this has been a popular place among families in the Matthews area.
The market has been a roller coaster of a ride the last couple of years. However; families still find Brightmoor to be a desirable location to settle down in. Below are the market trends for the past three eyars from November 1 through October 31 the following year:
3 years ago 18 homes sold for an average sale price of $226,419. They were on the market for an average of 40 days.
2 years ago 18 homes sold for an average sale price of $212,539. They were on the market for an average of 44 days.
Last year 8 homes sold for an average sale price of $180,413. They were on the market for an average of 92 days.
There are currenrtly 11 homes on the market right now in brightmoor with an average sale price of $216,173.
Though the home prices have streadily declined over the past three eyars; he days to sell is signifcantly below the market average. In fact; almost half of the national average. Thus keeping trend with the image that the neighborhood portrays...
Dave diCecco
Realtor/Broker
www.davedicecco.com
The market has been a roller coaster of a ride the last couple of years. However; families still find Brightmoor to be a desirable location to settle down in. Below are the market trends for the past three eyars from November 1 through October 31 the following year:
3 years ago 18 homes sold for an average sale price of $226,419. They were on the market for an average of 40 days.
2 years ago 18 homes sold for an average sale price of $212,539. They were on the market for an average of 44 days.
Last year 8 homes sold for an average sale price of $180,413. They were on the market for an average of 92 days.
There are currenrtly 11 homes on the market right now in brightmoor with an average sale price of $216,173.
Though the home prices have streadily declined over the past three eyars; he days to sell is signifcantly below the market average. In fact; almost half of the national average. Thus keeping trend with the image that the neighborhood portrays...
Dave diCecco
Realtor/Broker
www.davedicecco.com
Wednesday, November 3, 2010
Crestdale Crossing Matthews, NC. Market Report Nov. 2010
Crestdale Crossing in Matthews NC. 28105 and it's quaint 110 home subdivision has been a refuge for a lot fo people. This neighborhood is made up of 3 bedroom 2.5 bath homes that range from 1400 square feet to a little over 1700 square feet. During the difficult housing market times; this neighborhood has endured well. the statistics below are from November 1 to October 31st the following year:
3 years ago there were 14 homes that sold for an average sale price of $129,057. They were on the market for an average of 35 days.
2 years ago there were 4 homes that sold for an average of $116,500. They were on the market for an average of 15 days.
Last year there were 5 that sold for an average of $127,500. They were on the market for an average of 48 days.
Currently there are 2 homes active on the market right now. There is also one that is pending a close date.
As the trend shows and has been showing is that homes in this neighborhood sell quickly; even in a down market. The prices have been for the most part stable over the past few years...
Dave diCecco
Realtor/Broker
www.davedicecco.com
3 years ago there were 14 homes that sold for an average sale price of $129,057. They were on the market for an average of 35 days.
2 years ago there were 4 homes that sold for an average of $116,500. They were on the market for an average of 15 days.
Last year there were 5 that sold for an average of $127,500. They were on the market for an average of 48 days.
Currently there are 2 homes active on the market right now. There is also one that is pending a close date.
As the trend shows and has been showing is that homes in this neighborhood sell quickly; even in a down market. The prices have been for the most part stable over the past few years...
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, November 2, 2010
August-September Housing Numbers Sign Of Recovery?
As I mentioned last month was August just a bump in the road of rising home prices or a trend that prices are going to start steadily climbing (though slowly). Well after a dismal July, which a lot of experts pointed to as a fallout of the June deadline for the tax credit, August and now September have seen a steady rise in the average home prices nationally.
But the national scale does not help the local market determine what is happening. Parts of the country were hit almost six months or longer than other parts began to feel the dramatic price drop in home prices. So, to be fair let's look at the Charlotte area market.
If we go back through the past twelve months leading up to September 2010 you will notice a trend most people would not think fathomable based on what they hear on the news. In September of 2009 the average price of SOLD homes was : $196,760.00. Since then through February of 2010 the home sale price was like a roller coaster. Some months went up and others went down. However; over the past 12 months February 2010 was the low point for average home prices. That number was $191,288.00.
Since Febraury 2010 home prices in Charlotte area on average have INCREASED every month till September. September was the first month that home prices in the Charlotte area actually decreased. In all markets you are goign to have bumps in the road. Charlotte was never the area that saw home prices jump 30% to 40% overnight as other parts of the country did. The steady incline helped us absorb the fallout better than other areas of the country.
Is the housing market on the road to recovery? Nationally maybe. Charlotte area it is looking like it is. With mortgage rates at historic lows it is no wonder more people are out looking to purchase a home today. That coupled with prices that are still pre-boom times makes the market a strong buyers market right now.
Dave diCecco
Realtor/Broker
www.davedicecco.com
But the national scale does not help the local market determine what is happening. Parts of the country were hit almost six months or longer than other parts began to feel the dramatic price drop in home prices. So, to be fair let's look at the Charlotte area market.
If we go back through the past twelve months leading up to September 2010 you will notice a trend most people would not think fathomable based on what they hear on the news. In September of 2009 the average price of SOLD homes was : $196,760.00. Since then through February of 2010 the home sale price was like a roller coaster. Some months went up and others went down. However; over the past 12 months February 2010 was the low point for average home prices. That number was $191,288.00.
Since Febraury 2010 home prices in Charlotte area on average have INCREASED every month till September. September was the first month that home prices in the Charlotte area actually decreased. In all markets you are goign to have bumps in the road. Charlotte was never the area that saw home prices jump 30% to 40% overnight as other parts of the country did. The steady incline helped us absorb the fallout better than other areas of the country.
Is the housing market on the road to recovery? Nationally maybe. Charlotte area it is looking like it is. With mortgage rates at historic lows it is no wonder more people are out looking to purchase a home today. That coupled with prices that are still pre-boom times makes the market a strong buyers market right now.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, November 1, 2010
Why You Should Buy A Home
Yes, if you do not own a home and have been thinking about it now is a good time to buy a home. First, owning a home gives you the stability to do what you want with the home. You can decorate the home anyway you desire. When you rent you are restricted by what your landlord will let you do and not do. So much for being creative with your rental.....
Second, you have stability in knowing your payments are going to be stable. Yes, there is going to be times when the mortgage is going to adjust for increases in your property taxes over the years. but, you will know when that is coming. How many times have you been near the end of a lease to have the landlord tell you the rent is goign up $50 or $100 or even more? Would it not be nice to know that your housing payment is a steady number each and every year. What if your landlord raises your rent $30 a month every year. It may not seem like a lot but in five years you just went up $150.00. Would you rather know you are paying a stable payment?
Third, what if you receive a notice on the door that the home you are living in is goign to be foreclosed upon. You have no guarantees that the landlord is paying the mortgage every month. Chances are you are living in a investment home. If times have gotten tough for them; they may need that rent to pay their mortgage leaving you looking for a home.
Couple these with historic low interest rates and home prices at 2004-2005 levels and you have a win situation in buying a home.
david diCecco
Realtor/Broker
www.davedicecco.com
Second, you have stability in knowing your payments are going to be stable. Yes, there is going to be times when the mortgage is going to adjust for increases in your property taxes over the years. but, you will know when that is coming. How many times have you been near the end of a lease to have the landlord tell you the rent is goign up $50 or $100 or even more? Would it not be nice to know that your housing payment is a steady number each and every year. What if your landlord raises your rent $30 a month every year. It may not seem like a lot but in five years you just went up $150.00. Would you rather know you are paying a stable payment?
Third, what if you receive a notice on the door that the home you are living in is goign to be foreclosed upon. You have no guarantees that the landlord is paying the mortgage every month. Chances are you are living in a investment home. If times have gotten tough for them; they may need that rent to pay their mortgage leaving you looking for a home.
Couple these with historic low interest rates and home prices at 2004-2005 levels and you have a win situation in buying a home.
david diCecco
Realtor/Broker
www.davedicecco.com
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