Tag Archives: Business and Economy

Buyers’ or Sellers’ Market in the Carolinas?


Buy Sell Scale_Can StockWhat exactly is a buyer’s market?  A Buyer’s Market is when we have more homes for sale than buyers.  In this market buyers can leverage the over-supply of homes to their advantage and get very favorable terms such as lower prices, receive closing costs and can take their time with selection.  Buyer’s markets are often identified with a depressed market or declining market and the obvious signs are very few offers in a buyer’s market – best offer is the only offer you received and it’s really low.

So what exactly is seller’s market?  A Seller’s Market is when we have fewer homes for sale than buyers.  In this market sellers can leverage the under-supply of homes to their advantage and get very favorable terms such as higher prices, pay little to no closing costs for the buyers and get quick turnarounds.  Seller’s markets are often identified with a real estate market that is improving and/or getting hot, with multiple offers in a seller’s market – pick the best of many offers received and often they are over the asking price as buyers are competing.

Another way we track whether we are in a buyer’s or seller’s market is our current monthly supply of inventory.  This market statistic demonstrates how many months of supply would be left if no other seller placed his house on the market.  The breakdown would be the following:

1 to 5 months = seller’s market – price is appreciating

5 to 8 months = balanced or normal market – price is stable

8 months and more = buyer’s market – price is depreciating

So how are we doing in North and South Carolina?  Reviewing the last 12 months ending October, 2013 for single-family homes and condo/townhomes for a few areas in NC and SC:

  • Charlotte, NC = 5.5 months with our best month in 2013 of 4.4 months
  • Triad Region, NC (Asheboro, Burlington, Greensboro, High Point, and Winston-Salem) = 9.5 months with our best month in 2013 of 6.3 months
  • Triangle Region, NC (Raleigh area) = 4.8 months with best month in 2013 of 3.8 months
  • Greenville, SC = 6.7 months with our best month in 2013 of 5.6 months
  • Piedmont Regional SC (York, Lancaster County, Lake Wylie) = 6.9 monthswith our best month in 2013 of 5.4 months

As you can see from these numbers across the Carolinas, our trending for the last 12 months demonstrates we are moving out of a buyer’s market and into a healthy/balanced market, which means a great equilibrium for both sides of the transaction.  The monthly supply inventory numbers of 2009 thru 2012 were often double-digit numbers of 10 months and more indicating a strong buyer’s market for many years, with falling prices.  Now with these monthly supply inventory numbers decreasing into single-digit numbers, we are starting to see price appreciation in all of our markets.  A few of our markets are even starting to evolve into a seller’s market!

So what does all of this mean to you?  It means the NC and SC residential real estate market in 2013 showed solid improvement throughout the year and continues to build strength.  If you are thinking of buying a home, low interest rates and good pricing results in high affordability.  If you are thinking of selling your house, the improving market means more activity and better chances of market-value returns for your equity investment.

Reposted from Allen Tate Blog by Tony Jarrett

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Small Business Saturday ’12


(Photo Source: Wake Forest Downtown)

In support of our small businesses everywhere, Small Business Saturday, was created to show appreciation for all that small business owners do for our communities. Supporting such businesses also boosts our local economies.

Personally, I will be shopping downtown Wake Forest today – home to so many great small businesses with a unique collection of goods. It offers coffee shops, art studios, cafes, and many other appealing boutiques.

The downtown area of Wake Forest is beautiful and contains that friendly feel of being among family. It is my hope that you would go out within your communities as well to support Small Business Saturday. Let’s create long lines and pour into our communities with patronism. Small businesses are the backbones of our communities and we need to give back to them. Happy shopping!


Real Estate’s Black Friday


(Photo Source: Google Image)

We all know the biggest shopping day of  the year is the day after Thanksgiving.  I’m no stranger to Black Friday deals and lines.  I do believe that when great opportunities come along, I must pursue them.  The same is true for most of us.  We like to invest wisely.

Well, the same can be said about the housing market this time of year.  Now is a great time to buy or sell.  Generally around the holidays and winter months, real estate sales are down; however, I’m finding that in my neck of the woods, our real estate market in and around Raleigh, NC is remaining steady.

FOR SELLERS

If you’re considering to put your house on the market, now is a great time.  Buyers are still out there ready to invest.  Also, inventory is down (less competition) so that elevates your chances of selling and getting more attention.  Interest rates are low so buyers are looking to take advantage of great rates.  Just like Black Friday deals, the holiday season is a prime time to market  incentives on your listing, such as a home warranty, allowances, or closing cost assistance.

FOR BUYERS

Just like there are incentives for sellers to sell, there are terrific opportunities for buyers still.  Interest rates – I cannot stress how low they are!!  Interest rates for me are incentive enough!  But there’s more that I would like to mention.  When considering buying versus renting, buying is the better way to go in most instances because the price of rentals are rising.  Also, I’m seeing great incentives for buyers from  sellers – allowances, closing cost assistance, home warranty, upgrades, just to name a few.  Moreover, new home construction sites are offering cash and prizes as incentives to agents and their buyers for investments before the end of the year.

BOTTOM LINE

As with retail sales, real estate has incentives as well during this time of year!  Fortunately enough, the housing market offers excellent opportunities not limited to just a day, but trends that have been consistent and will hold steady for the days and months ahead.


Simply Thankful


Real Estate

Real Estate (Photo credit: wvhomes)

It feels wonderful to be back blogging again. I’ve been on hiatus from a very busy year, in which I’m simply thankful for, and I haven’t had the time to post.

It has been a very prosperous year for  my clients.  My sellers have been able to have their home values preserved, buyers have been enjoying low rates and lots of inventory, and I’ve been active in quite a few bidding wars and multiple offers.

It’s great to report that business has been good, homes have been selling, and buyers have been buying.  For this and so many other things, I am truly grateful.

Even with the approach of the holiday season, the real estate market in Raleigh, NC and surrounding areas  remain promising and steady.  Home values are increasing, rates are still at an all-time low, inventory is shrinking, and the cost to rent is climbing.

Yep!  I’ve decided that my hiatus is over.  Even though things have picked up for me tremendously,  I need to get back to sharing my experiences as a  professional real estate agent, licensed in the state of NC who works deep in trenches, with all who will listen.  Please feel free to visit my website!


The Investments Cycle


This image was taken from the KCM Blog. I believe it speaks for itself.


Selling Your Home? How to Prepare:


Are you looking to sell your home now or in the future?  Most people ask me where to start or should I sell?  Those are very good and important questions if you’re thinking of putting your home on the market.  Well, whether to sell or not depends on different factors:  your needs and financial situation, just to name a few.  If all signs are a go to sell, then here’s what to do!

Contact a real estate agent!

 A real estate agent is an invaluable source to any real estate transaction.  They help you in many ways such as creating a CMA (Comparative Market Analysis), advertising and marketing your home, market research, negotiating, networking, home maintenance and preparation tips, and so on.  They also provide great resources – financial partners, contractors, inspectors, builders,  etc.  They are chockfull of information and I’m not just saying that!  Here’s how your agent will help:

      1. Discuss agency (the relationship between agent and seller), which includes the agent’s role, loyalty,  and duties.
      2. Research the market in and around your area and pull comparable properties that are similar to your home.  I use pending properties to gauge at what buyers are willing to pay for now.  Using closed properties as comps help me to determine what buyers paid in specific time in the past.  I try to go 3 to 6 months back.
      3. Complete a seller’s net worksheet with you to help clearly define your financial ramifications of selling your property.
      4. Make sure you are prepared well for the experience – inspection, survey, staging tips, professional photography.  Also they are very knowledgeable and have established relationships with great contractors, financial institutions, and other pertinent resources.
      5. Make sure you have the appropriate documents to facilitate a smooth as can be transaction such as copies of deed, bank payoff statement,  tax information, utilities, survey, floorplan,  restrictive convenants, etc.
      6. A big factor is the marketing plans.  Real estate agents market and advertise your property in the appropriate and various forms of media – newspaper, internet, MLS, you tube, craigslist, social media, personal listing websites, etc.

You can see the value we add already!  This is just the short list of services we provide!


National Open House Weekend


Logo of the National Association of Realtors.

Image via Wikipedia

Hello everyone!   This weekend, June 4 and June 5, is considered National Open House weekend, declared by NAR.  Today and tomorrow are good days to drive your favorite neighborhoods and see if the homes you would like to view/buy are open.  Please feel free to visit my website to search tons of homes!

Realtor® Nationwide Open House Weekend Opens Doors to Home Ownership

Washington, June 02, 2011

Nearly half of all home buyers visit open houses during their home search. This weekend, those numbers may swell as buyers across the country take advantage of the Realtor® Nationwide Open House, June 4-5.

“Realtors® bring value to home buyers and sellers, and this weekend, Realtors® are bringing them together through the Realtor® Nationwide Open House,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The event will give consumers the chance to find out more about home ownership, allow buyers to pursue their dream of owning a home, and give Realtors® an opportunity to connect with consumers about the housing issues that matter most in their area.”

During the weekend of June 4-5, Realtors® will hold open houses in local neighborhoods throughout the country, as well as across the globe. Over 300 Realtor® associations are participating in the event, along with NAR global partners in Canada, Denmark, France, Israel, Mexico, Norway, Peru, Philippines, Romania, Sweden, and the United Kingdom. During the weekend Realtors® will be on hand to provide guidance and insights into the social and financial benefits of home ownership.

According to a recent nationwide Pew Research Center survey, eight in 10 adults agree that buying a home is the best long-term investment a person can make. In addition, a strong majority of renters – 81 percent – said they would prefer to one day buy a home, demonstrating the value Americans continue to place on home ownership.

“There’s a reason owning a home is called the American Dream,” said Phipps. “Home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy. We hope that everyone who aspires to become a home owner will come out this weekend, not only to learn about the homes for sale in their local market, but also to find out more about how current and future public policies may affect their ability to achieve and sustain home ownership, now and in the future.”

To find open houses in your area, visit www.Realtor.com and search for open houses in the Realtor® Nationwide Open House Weekend box on the home page. The special search function will be available beginning June 3.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

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