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Waiting for Prices to Plummet on Homes for Sale May Be a Mistake
Article written by Jeff Launiere, P.A.,Agent in Tampa November 1, 2009
If you’re looking at homes for sale and want to buy a home but are waiting around for better prices, you might want to rethink your strategy.
If you’re a market watcher, soaking up the information overload across news media and Internet websites, you’re probably overwhelmed with confusion by now. Is the housing market getting better? Is it getting worse? Was there really, when it gets down to it, a housing bubble collapse? And, if so, who popped it?
First, the quick answers. Yes, the housing bubble collapsed, and everybody had a hand in popping it: the government, the lenders, Realtors, Appraisers, the investors and the general public. Now the hard answers: it’s getting better – and worse.
The truth is that market predictors are all on the fence. With the ARRA (American Recovery and Reinvestment Act) giving first time homeowners some incentive to buy homes for sale, there has been a steady increase of sales. However, once the tax credit deadline hits at the end of this month, the numbers are once again expected to drop.
Again, though, it’s better and worse. While the housing market is still dropping in some areas, such as the southeast in Mississippi, Alabama and so forth, there are definitely some strong marketsin the country.
For instance, Boulder, Colorado holds 60% of the share of increasing home values. The average value is about $350,000, but there’s a limit in place on the amount of homes allowed in the area. In Binghamton, New York, the average value of a home is around $112,000. They also have a housing limit, which means a small supply, so prices probably aren’t going to plummet.
Just because this is a buyer’s market, doesn’t mean you’ll get the exact price you’re looking for. If you want to buy a home and you’re waiting around for the prices of homes to plummet into a “sweet deal,” make sure you don’t wait yourself into an expensive mistake.
Instead of checking market forecasts, potential homebuyers need to look at things the way we always should have. Do I want to buy a house? Can I afford one of the homes for sale the way things are now? By researching, crunching numbers and answering the important questions, you’ll find the sweetest deal you could ever have: a wonderful house you can afford.
If you’re looking for a place to call your own, we can help. Call us for more information.
All Connestee Falls Realty’s agents are members of NAR. Go to www.ConnesteeFallsHomes.com to learn more about the area, see our featured homes and search the Western North Carolina MLS. |
Real Estate News
30 YR Mortgage Rates at 38 YR Low
Mortgage rates generally fell again this week, with the average rate on 30-year fixed-rate mortgages reaching the lowest level in at least 38 years, according to Freddie Mac’s weekly survey.
“Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time low while the average rate on five-year (adjustable-rate mortgages) hovered near its record set in the previous week,” Frank Nothaft, Freddie’s chief economist, said Thursday.
Mortgage rates have been pushed lower by weak housing demand and rising foreclosures. In addition, Treasury prices have risen, indicating that investors and financial institutions are retreating from riskier bets, and sending yields lower. Mortgage rates tend to follow the yields.
Earlier this week, the National Association of Realtors said its forecasting gauge of housing-market activity climbed to its highest level in more than three years in October. Last week, the association said October sales of existing homes jumped 10% as buyers continued to take advantage of a first-time-home-buyer tax credit, low prices and low mortgage rates.
The 30-year fixed-rate mortgage averaged 4.71% for the week ended Thursday, down from last week’s 4.78% average and 5.53% a year ago. Rates on 15-year fixed-rate mortgages were 4.27%, down from last week’s prior low of 4.29% and 5.77% a year earlier. Freddie has tracked 15-year rates since 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.19%, up from last week’s record low of 4.18% but were down from 5.77% a year earlier.
One-year Treasury-indexed ARMs were 4.25%, its lowest level since June 2005, down from 4.35% last week and 5.02% a year earlier.
To obtain the rates, the 30-year mortgage required payment of an average 0.7 point, while the rest required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
By JOAN E. SOLSMAN-Wall Street Journal Real Estate December 4, 2009
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Connestee Falls Realty
Box Score
(From Multiple Listing Service records)
Homes sold as of 12-07: 2009 2008 2007 2006
in Connestee Falls 35 45 65 104
Homes sold as of 12-07: 2009 2008 2007 2006
in Transylvania County 222 258 412 613
Residences for Sale in Connestee Falls as of 12-7-2009 – 114
Residences for Sale in Transylvania County as of 12-7-2009 – 685
Prices of Residences sold: (Price) (Price)
Range Median Average
2009 $ 15,000 – $2,150,000 $220,000 $302,928
Connestee Falls
Prices of Residences sold: (Price) (Price)
Range Median Average Ave.Days Mkt
2009 $119,900 – $560,000 $293,000 $299,640 238
2008 $123,000 – $845,000 $329,000 $366,000 185
2007 $159,000 – $872,999 $399,850 $419,457 108
2006 $90,000 – $800,000 $321,000 $343,151 122 |
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| Dates of Interest |
- 12 DEC 09 Celebrate Christmas Old Toxaway Style 4-7pm
- 18 DEC 09 SANTA’S PALETTE: HOLIDAY SHOW & SALE
- 11-13 DEC 09 Mud Dabbers Pottery Holiday Open House
- 17 DEC 09 Neighbors In Ministry, Inc. Rise & Shine Freedom Schools® Program Presents “The Grinch Who THOUGHT He Stole Christmas”-6:30
- 10 Dec 09 Share The Season CF Overlook Dining RM 884-5622
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| Questions or Comments |
From our families to your families, may the joy of the Season Surround & Bless You.
5500 Greenville Hwy
Brevard, NC 28712
“We’ll Move Mountains to Make Your Dreams Come True!”
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| Contact our Team Members |
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Connestee Falls Realty
Team Members:
Lynda Hysong
Cell – 828-885-2779
cfallsrealty@citcom.net
Dave Scott
dnescott@citcom.net
Bill Watson
Cell – 828-273-8377
billwatson@citcom.net
Patti Coleman
Cell – 828-577-1509
colemanpw@aol.com
Diane Woodard
Cell – 828-577-0405
dlwoodard@citcom.net
Peggy Badger
Cell – 828-577-2122
pmbadger@citcom.net
Mike Badger
Cell – 828-577-1853
mfbadger@citcom.net |
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