OK it is April the 3rd and I just looked at the numbers for March of 2009. I was really hoping it was just me having the bad month but I was wrong. Despite what I have read about the country's real estate market showing an increase the numbers from NCMMLS show me a different tune in Henderson County.
Comparing March of 2009 to March of 2008 here we go:
Transactions for residential real estate totaled 62 in 2009 vs 112 in 2008 and 168 in 2007. so 2009 had 45% less then 2008 which was about 34% less then 2007! The volume was down about the same percentage and the days on the market went up to 130 days. The average sale price is also on the decline with March average sale price below $200,000 at $197,622.
This is truly a buyers market. If you are a seller and need to sell please follow my advice from a previous post. If you are a buyer with the interest rates below or around 5% WHAT are you waiting for? Either way if you want to buy or sell give me a call I would be happy to help you!
Friday, April 03, 2009
Monday, March 02, 2009
The Feb. Stats in Henderson County
I wanted to share the February stats of our Residential Real Estate Market according to our MLS.
In Feb. of 2008 we had 100 transactions in Henderson County. In 2009 we were down 45% to 55 transactions. The total volume was also down 45% and the only good fact that I see is the Average sale price remain the same in 2009. The days on the market increased to 125 days this year vs. 101 last year.
Please remember that Rates are still low Banks are lending and if you are looking to buy a house now is the time!
In Feb. of 2008 we had 100 transactions in Henderson County. In 2009 we were down 45% to 55 transactions. The total volume was also down 45% and the only good fact that I see is the Average sale price remain the same in 2009. The days on the market increased to 125 days this year vs. 101 last year.
Please remember that Rates are still low Banks are lending and if you are looking to buy a house now is the time!
Wednesday, February 18, 2009
Will the Stimulus Benefit Homeowners and Buyers?
Will the Stimulus Benefit Homeowners and Buyers?
RISMEDIA, February 18, 2009-”There are four primary sections of the economic stimulus plan that will benefit home owners and buyers,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. According to Nicholas, these include:
1. Expansion of Home Improvement Tax Credit.”The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1500,” Nicholas said. “This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns.”
Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters.
“Generally, most modern improvements like windows, furnaces, and air conditioners meet the necessary standards for energy efficiency,” Nicholas said. “If you’ve been holding off on making some of these improvements, now is a great time to get a move on it - especially with all the great deals being offered.”
2. Expansion of First-time Home Buyer Tax Credit.
The tax credit available to first-time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as the buyers live in the home without selling it for at least 3 years.
“The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame,” Nicholas said.
The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. “This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns, and the IRS will write them a check for the difference between $8,000 and their actual tax bill,” Nicholas said. “In fact, the credit can be claimed on your 2008 tax returns that you file by April 15 of this year, even if you buy the home in 2009.”
There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.
3. Higher Reverse Mortgage Loan Limits.
The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country-not just the higher cost areas. The previous limit was $417,000 across the country.
“This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated,” Nicholas said.
This coincides with another little-known change in the reverse mortgagearena: the availability of reverse mortgages on home purchase transactions.
“This is a fantastic opportunity for senior citizens to buy a new home and live mortgage payment-free without having to wait for their old home to sell,” Nicholas said. “Seniors could also use this strategy to buy a new home and turn the old home into a rental or otherwise wait for market conditions to improve before trying to sell the old home.”
4. $729,750 FHA and Conforming Loan Limits Restored in High Cost Areas.
“The $729,750 maximum loan limit had been in force throughout 2008, but was reduced to $625,500 in 2009,” Nicholas said. “The economic stimulus plan restores the $729,750 maximum. This makes higher cost homes more affordable - especially in the coastal housing markets that tend to have higher than average home values.”
For more information, visit http://gibrannicholas.com and www.CMPSInstitute.org or call 888.608.9800.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
RISMEDIA, February 18, 2009-”There are four primary sections of the economic stimulus plan that will benefit home owners and buyers,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. According to Nicholas, these include:
1. Expansion of Home Improvement Tax Credit.”The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1500,” Nicholas said. “This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns.”
Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters.
“Generally, most modern improvements like windows, furnaces, and air conditioners meet the necessary standards for energy efficiency,” Nicholas said. “If you’ve been holding off on making some of these improvements, now is a great time to get a move on it - especially with all the great deals being offered.”
2. Expansion of First-time Home Buyer Tax Credit.
The tax credit available to first-time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as the buyers live in the home without selling it for at least 3 years.
“The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame,” Nicholas said.
The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. “This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns, and the IRS will write them a check for the difference between $8,000 and their actual tax bill,” Nicholas said. “In fact, the credit can be claimed on your 2008 tax returns that you file by April 15 of this year, even if you buy the home in 2009.”
There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.
3. Higher Reverse Mortgage Loan Limits.
The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country-not just the higher cost areas. The previous limit was $417,000 across the country.
“This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated,” Nicholas said.
This coincides with another little-known change in the reverse mortgagearena: the availability of reverse mortgages on home purchase transactions.
“This is a fantastic opportunity for senior citizens to buy a new home and live mortgage payment-free without having to wait for their old home to sell,” Nicholas said. “Seniors could also use this strategy to buy a new home and turn the old home into a rental or otherwise wait for market conditions to improve before trying to sell the old home.”
4. $729,750 FHA and Conforming Loan Limits Restored in High Cost Areas.
“The $729,750 maximum loan limit had been in force throughout 2008, but was reduced to $625,500 in 2009,” Nicholas said. “The economic stimulus plan restores the $729,750 maximum. This makes higher cost homes more affordable - especially in the coastal housing markets that tend to have higher than average home values.”
For more information, visit http://gibrannicholas.com and www.CMPSInstitute.org or call 888.608.9800.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Tuesday, February 17, 2009
Top 10 Tips to be a successful Seller
Top Ten Tips to be a Successful Seller
Published on Tuesday, February 3, 2009, 2:39 PM Last Update: 54 minute(s) ago by Paul Pastore
Tags:
1. Be committed to selling. In a buyer's market with inflated inventories, short sales, and repos, there is no place for sellers who want to 'test the waters'. Don't even think "If I get my price". You won't. Money is only a secondary motivator to the serious seller.
2. Make sure the price is right. Try triangulation. Ask a few agents for their opinion. Glance at www.zillow.com Consider a formal appraisal. Focus on both current competition and current comps. Sellers should realize they seldom see their property objectively or know the other properties the buyers have seen.
3. Staging is a necessity. Clutter eats equity. Hire a professional stager or listen very carefully to your agent's suggestions. View a staging DVD. Buyers 'horriblize' defects. A faded front door suggests deferred maintenance. A stucco crack may infer expansive soil.
4. Consider a keysafe. The new lock boxes are electronic and enable the listing agent to see who is showing the property. Homes with easy access get more showings.
5. Install a for sale sign. If you don't want the neighbors to know you are selling, reread #1 above. The people in your area will know with or without the sign your property is for sale. They might even have a friend or relative who wants to be their new neighbor.
6. Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture.
7. Flexibility is fundamental. No showings usually means the price istoo high. No offers usually means the price is too high. Be proactive especially if the market is flat or declining. Regularly reduce the price until an acceptable offer is received.
8. Accentuate the positives. Selling, buying, and moving are stressful events. Tell your agent you appreciate their efforts. Ask them how you can help get the house sold. Ask them what they would do if you were their relative, or it was their home. Ask this question frequently.
9. Time is of the essence. This means sooner is better than later. Do not underestimate the first buyer. They may be the best buyer. They may be the only buyer for a long time. A lower asking price may net a seller more money in the long run.
10. Patience is a virtue. Ask your agent what the average days on the market is in your area. The only way to get somewhere faster is to step on the gas if you are in a car. Or, reduce the price if selling a house.
Published on Tuesday, February 3, 2009, 2:39 PM Last Update: 54 minute(s) ago by Paul Pastore
Tags:
1. Be committed to selling. In a buyer's market with inflated inventories, short sales, and repos, there is no place for sellers who want to 'test the waters'. Don't even think "If I get my price". You won't. Money is only a secondary motivator to the serious seller.
2. Make sure the price is right. Try triangulation. Ask a few agents for their opinion. Glance at www.zillow.com Consider a formal appraisal. Focus on both current competition and current comps. Sellers should realize they seldom see their property objectively or know the other properties the buyers have seen.
3. Staging is a necessity. Clutter eats equity. Hire a professional stager or listen very carefully to your agent's suggestions. View a staging DVD. Buyers 'horriblize' defects. A faded front door suggests deferred maintenance. A stucco crack may infer expansive soil.
4. Consider a keysafe. The new lock boxes are electronic and enable the listing agent to see who is showing the property. Homes with easy access get more showings.
5. Install a for sale sign. If you don't want the neighbors to know you are selling, reread #1 above. The people in your area will know with or without the sign your property is for sale. They might even have a friend or relative who wants to be their new neighbor.
6. Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture.
7. Flexibility is fundamental. No showings usually means the price istoo high. No offers usually means the price is too high. Be proactive especially if the market is flat or declining. Regularly reduce the price until an acceptable offer is received.
8. Accentuate the positives. Selling, buying, and moving are stressful events. Tell your agent you appreciate their efforts. Ask them how you can help get the house sold. Ask them what they would do if you were their relative, or it was their home. Ask this question frequently.
9. Time is of the essence. This means sooner is better than later. Do not underestimate the first buyer. They may be the best buyer. They may be the only buyer for a long time. A lower asking price may net a seller more money in the long run.
10. Patience is a virtue. Ask your agent what the average days on the market is in your area. The only way to get somewhere faster is to step on the gas if you are in a car. Or, reduce the price if selling a house.
Monday, February 16, 2009
I just added a February Newsletter to my web site http://www.rorymolnar.com/ click on this link to view my February 2009 Newsletter.
Thursday, January 22, 2009
Negotiating with Asset Managers
With more and more foreclosures coming on the market the most often heard question is "How does this foreclosure thing work?" "How cheap can I get this property?" The answer will very from property to property not unlike a "normal" transaction. With foreclosures, days on the market will give you a clue to how the asset manager will likely negotiate with you, the longer on the market the more creative they will be. But first you must have all your ducks in a row. When making an offer you need to have everything filled out correctly along with your pre-approval or bank letter showing available funds if you are a cash buyer. Just like a normal seller if the property is on the market less then 30 days chances are you won't like the counter offer you get if you get one! The process you go through with the offer to acceptance isn't that much different then a normal transaction. Most banks will take about 48 hours to give you a response especially if all offers are presented electronically. If you are looking to buy foreclosures working with an agent that has experience with these type of transactions will make the process a little easier. Call me I can Help!
Tuesday, January 13, 2009
I just started to add a Monthly Newsletter to my web site www.RoryMolnar.com click on this link to view my January 2009 Newsletter.
Tuesday, January 06, 2009
2008 Henderson County Year End Totals
The data I use is from the Western North Carolina Regional MLS and is for Henderson County NC. This is an overview and really helps prove my point to sellers. Using only the residential real estate the numbers show that Henderson County decreased in number of transactions from 1874 in 2007 to 1202 in 2008 a 35% decrease. The average sale price decreased from $259,874 in 2007 to $232,507 in 2008 which is a 11% reduction. as a whole the sales volume in 2008 dropped 43% from the 2007 volume.
What this means to a seller is if you want to sell your home you have to make it the best value for your type of home & neighborhood. That is nothing new you always had to do that or the buyer would just buy the competition home. What is different now is in order for your home to be the best value you as the seller have a whole lot of work to do. You must price it approximately 10% below what the market shows. because of declining values you need to stay ahead of your competition. You also need it to show well. That means removing the clutter, fresh paint or clean the walls, kitchen & bathrooms real good. If your carpet or flooring looks dated or worn you should update it. You should have a pre-listing Home Inspection. You should use a full time Realtor. One that has a strong Internet presence to market your home. Since over 80% of buyers start their search on the Internet you need to have your home on the web in a lot of different places like Realtor.com and REMAX.com the #1 & #2 places people go to, to find real estate listings.
Call me, Rory Molnar, or just email me at Rory@RoryMolnar.com for more information. If you are a buyer or seller please look at http://www.rorymolnar.com/ to find answers to all your Western North Carolina Real Estate Needs!
What this means to a seller is if you want to sell your home you have to make it the best value for your type of home & neighborhood. That is nothing new you always had to do that or the buyer would just buy the competition home. What is different now is in order for your home to be the best value you as the seller have a whole lot of work to do. You must price it approximately 10% below what the market shows. because of declining values you need to stay ahead of your competition. You also need it to show well. That means removing the clutter, fresh paint or clean the walls, kitchen & bathrooms real good. If your carpet or flooring looks dated or worn you should update it. You should have a pre-listing Home Inspection. You should use a full time Realtor. One that has a strong Internet presence to market your home. Since over 80% of buyers start their search on the Internet you need to have your home on the web in a lot of different places like Realtor.com and REMAX.com the #1 & #2 places people go to, to find real estate listings.
Call me, Rory Molnar, or just email me at Rory@RoryMolnar.com for more information. If you are a buyer or seller please look at http://www.rorymolnar.com/ to find answers to all your Western North Carolina Real Estate Needs!
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