Friday, April 11, 2008
Well, we have heard from around the country about how terrible their markets are. We have heard about record breaking foreclosures around the country. We in Henderson County have always felt that what happens in other areas don't really affect us here. Right? Or Wrong? Here are some hard facts about Henderson County. In 2007 in all areas of residential real estate, single family homes, condominiums, townhouses, and pre-construction, there were 428 transactions from January 1, 2007 to March 31, 2007 with a total dollar volume of $103,894,552. These figures are from my multiple listing service, Western North Carolina Regional Multiple Listing Service. These are the properties that were sold with the Help of Realtors and do not include private sales. From January 1, 2008 to March 31, 2008 there was a drop to 303 transactions which is down almost 30% and the dollar volume for the same time frame in 2008 was down to $65,008,936 which equates to an almost 37% reduction in value. These figures came as a bit of a surprise. I knew from my own business that the market was down but this was more then I thought. Fortunately for us unlike some other regions if a seller wants to sell their home to move on to other things they can. Please read my previous post for sellers this is more true now then ever. Sellers need to make their property stand out on paper and in person. We have record setting inventory which means tremendous competition out there for the sellers. Sellers also will have to leave the thought process where they say so and so down the street sold their home for $x amount and my home is nicer. They need to look to a real estate expert who can show them what has sold the most recently compare their home to the competition and come up with a list price and other marketing techniques that will show their home as a better value. Call me I can show you how to succeed in today's market!