The recent scandal among some of the largest banks in regards to the way they handle foreclosures may be another step backwards in regards to the recovery fo the economy and the housing market. But, is it all that bad if you are looking to sell your home right now?
If you are looking to sell your home; now may be the perfect time to consider it. Now, you are not competing against the banks that are trying to liquidate inventory. The comepttion just got a little smaller. A properly priced home that is staged to show well will start to attract buyers through.....the window may be small but the advantages are great right now.
In addition, this fallout with have some implications on buyers looking to buy homes in the near future as well. Depending on the outcome and how the banks were actually processing these foreclosures; they may be unisurable. When that happens the bank will not loan on that house......If a title insurance company is not willing to protect the consumer or bank against a potential "defect" in the title the bank is not going to go out on a limb and loan money on a house that the bank may not legally own.
Then you have one of the biggest reasons this is a great time to sell......because this may be one of the best times to buy. Interest rates are at historic lows and just got lower. Buyers are getting BELOW 4% right now on FHA loans. Everytime we say rates are the lowest they have been they get lower. How much lower can they go though? This is one of the largest motivations for buyers right now. With historic interest rates and prices at levels they were six or seven years ago they should be out buying homes.....WE may never see this in our lifetime again.
If you are considering selling your home; now may be the time to place it on the market.....
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, October 12, 2010
Monday, October 11, 2010
Brightmoor Matthews, NC. Market Report October 2010
In an ideal market the amount of homes available for sale would equal six months of sales. More than that favors a buyer and less than that favors a seller. Here is a breakdown of brightmoor over the past three years October to Ocotber:
3 years ago 18 homes sold for an average of $230,064. They were on the market for an average of 39 days.
2 years ago there were 16 homes that sold for an average of $209,106. They were on the market for an average of 46 days.
Last year there were 8 homes that sold for an average of $196,750. They were on the market for an average of 96 days.
Currently there are 12 homes on the market right now and 2 homes scheduled to close in the near future. The current homes on the market are advertised for an average price of $214,408. They have been on the market for an average of 118 days.
Based on the data availble for the past three years; the trend is favoring the buyers right now as home sales dropped off dramatically two years ago to last year. Based on last year there is over a year supply of homes on the market right now....
Dave diCecco
Realtor/Broker
www.davedicecco.com
3 years ago 18 homes sold for an average of $230,064. They were on the market for an average of 39 days.
2 years ago there were 16 homes that sold for an average of $209,106. They were on the market for an average of 46 days.
Last year there were 8 homes that sold for an average of $196,750. They were on the market for an average of 96 days.
Currently there are 12 homes on the market right now and 2 homes scheduled to close in the near future. The current homes on the market are advertised for an average price of $214,408. They have been on the market for an average of 118 days.
Based on the data availble for the past three years; the trend is favoring the buyers right now as home sales dropped off dramatically two years ago to last year. Based on last year there is over a year supply of homes on the market right now....
Dave diCecco
Realtor/Broker
www.davedicecco.com
Friday, October 8, 2010
Crestdale Crossing Matthews, NC. Market Report Oct. 2010
As we head into the latter part of fall and the beginning of winter we have seen some turmoil in the housing market in the past couple of years. As home prices were falling interest rates were dropping with them making it even a better time to purchase a home. Now, that is appears the bottom has been reached and we begin th slow climb back up the ladder of home prices; this community in Matthews NC. has done it's share to shield itself from the turmoil.
Crestdael Crossing is a community of about 110 single family homes nestled away in Matthews clsoe to downtown and independence blvd. A quiet community which is known for it's diversity and young families. There is not a day that goes by that you do not see kids riding bikes, playing basketball or visiting the spacious park. Maybe those are some of the reasons the community has withstood the housing market better than most.
3 years ago 14 homes sold for an average sale price of $129,057. They lasted on the market for only an average of 35 days.
2 years ago 3 homes sold for an average sale price of $109,333. They lasted an average on the market of only 13 days.
Last year 6 homes sold for an average sale price of $129,600. They lasted on the market for an average of only 42 days.
Currently there is only one home on the market in this quiet family subdivsion. So, as you can see eve as the market has tumbled the pricing (except for the intial crash) has been stable. Also, the average days on market is substantially less than the current market dictates.....
Dave diCecco
Realtor/Broker
www.davedicecco.com
Crestdael Crossing is a community of about 110 single family homes nestled away in Matthews clsoe to downtown and independence blvd. A quiet community which is known for it's diversity and young families. There is not a day that goes by that you do not see kids riding bikes, playing basketball or visiting the spacious park. Maybe those are some of the reasons the community has withstood the housing market better than most.
3 years ago 14 homes sold for an average sale price of $129,057. They lasted on the market for only an average of 35 days.
2 years ago 3 homes sold for an average sale price of $109,333. They lasted an average on the market of only 13 days.
Last year 6 homes sold for an average sale price of $129,600. They lasted on the market for an average of only 42 days.
Currently there is only one home on the market in this quiet family subdivsion. So, as you can see eve as the market has tumbled the pricing (except for the intial crash) has been stable. Also, the average days on market is substantially less than the current market dictates.....
Dave diCecco
Realtor/Broker
www.davedicecco.com
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