|10 Things You Should Know About Today's NC Real Estate |
1. There's no such thing as a national real estate market. If you
read the newspapers, it's easy to get the idea that real estate markets are the same
everywhere. If conditions are bad in Orlando or Los Angeles or Chicago, they
must be bad everywhere right? Wrong. All real estate is local. When you're
looking to buy or sell pay attention first to sales price trends, volume and
inventory in your target market or region, rather than to misleading headlines
about national sales trends.
2. North Carolina home values are stable. In 2007, the average sales
price of a North Carolina home grew by 4 percent, an indicator that homes
generally are still worth more now than they were just a few years ago. In fact,
since 2000, the average home sale price in our state has risen by more than 25
percent. An in a 12-month period through September 2007, North Carolina had
the seventh-highest appreciation in home prices in the country.
3. Housing demand in North Carolina is on the rise. Even in what
was considered a down year in 2007, there were more than 125,000 existing
home sales in North Carolina - that's the third highest number ever, exceeded only
by 2006 and 2005. And estimates indicate that the Tar Hell state's population will
increase by more than 400,000 by 2010. These new North Carolinians will need a
place to live!
4. A house is where you make a home, nut just a buck. Most
purchasers don't buy a house to flip it. They buy it to live in it, to establish their
roots, to raise a family and to build on the American Dream. The value of strong
communities, civic pride, comfortable retirement, and a higher quality of life can't
simply be expressed on a balance sheet.
5. There are hundreds of reputable mortgage companies
ready to lend. If you have good credit and a realistic understanding of what
you can afford, getting mortgage approval to purchase a home can be more easily
attained. Help is also available through the North Carolina Housing Finance
Agency and other organizations.
6. Owning a home builds wealth in a way that renting can't.
According to the Federal Reserve Board, the average renter's net worth is $4,800.
Contrast that to the average homeowner's net worth of $171,000. Clearly, it pays
to own a home, as the hard-earned equity you build will pay future dividends.
7. It's a prime time for second homes. Savvy investors and
prospective retirees understand how important real estate is to their portfolios.
Nationally, about one third of all home sales are second homes or vacation
properties; in North Carolina, that figure is nearly 40 percent - largely because of
our inventory and desirable locations in the mountains and on the coast.
8. It makes sense to use a North Carolina Realtor. If you had a
$150,000 legal question, would you deal with it without an attorney's assistance?
If you had a $150,000 income tax issue, would you dare risk not consulting a
CPA? There are nearly 45,000 REALTORS® in North Carolina who subscribe to
a strict code of ethics and are expected to maintain the highest level of knowledge
of the process of buying and selling a home.
9. Now really is the time to buy. Interest rates significantly dropped
twice in January in an effort to stimulate the national economy. While North
Carolina's economy hasn't suffered as much as some states, we nevertheless can
benefit from these lower interest rates. The bottom line is this: if you're a buyer,
this market is for you!
10. And if you're a seller, be patient ...and smart. Price your home
correctly - your home's value is what someone is willing to pay for it, not the price
that you think it should sell for. Competitive pricing is the single biggest reason
that a home sells or does not sell. REALTORS® know the marketplace and help
you determine an optimum sales price.
Provided by the NC Association of Realtors®.
Article provided by: Dale Yontz, Realtor