Archive for February, 2008
|Havelock Tourist CenterVisit Havelock this weekend for the 26th Annual Touch of Class Art Show and support our 6th grade students at Epiphany. Exhibits will be open from 10am-5pm on Saturday, February 23rd and from 12-4pm on Sunday, February 24th. The show is free and open to the public.|
In this email, Joe has questioned the Media’s true role in the Real Estate state of affairs. He said and I quote,
“I have been preaching that in many parts of the
country, this Downturn has been media induced, simply because for several years now, they were preaching that the bubble was going to burst, only it never did. Once the sub-prime issue came to light, the national media pounced and in many areas, certainly gave buyers hesitation. Since they started and fed those flames, I have thought, the media would also be the ones to help pull the buyers out of this malaise because with
rates as low as they have been in 25 years, certainly somebody had to sit up
and take notice that this is a great time to be buying real estate.”
Joe goes on to say that he had read an article in Time Magazine in which this one writer recognizes the fact that the media has indeed played a big rolein the psychology of today’s buyer, and would like to offer a positive view point about buying a home. This is what Joe had to say about the writer. “The author is 100% correct and if you just follow the chart he assembled, anyone can follow the logic. Most people don’t really understand amortization and the purchasing power you acquire as the rates go down, but his illustration is right to the point. Most importantly, this is “one of their own” telling us
the bottom has arrived!”
This was a fantastic and riveting article and I applaud the author Dan Kadlec for writing it. This is a Must read.
Each month we research our local New Bern Real Estate market to provide statistical information for our Buyers and Sellers.
As of February 1, 2008 we have the following to report:
January 1, 2008 – January 31, 2008
Total Number of Homes Sold: 18
Number of Homes Listed: 1067
Total Homes Pending: 64
List to Sell Ratio: 96%
Average List Price: $261,915
Average Sell Price: $250,327
Under $100,000 – 4 homes sold in this period
100,500 – $200,000 – 32 homes sold in this period
$200,000 – $250,000 – 11 homes sold in this period
$250,000 – $300,000 – 3 homes sold in this period
$300,000 – $400,000 – 6 homes sold in this period
$400,000 – $1,000,000 – 5 homes sold in this period
Average Days on Market
Under $100,000 – 126
100,500 – $200,000 – 134
$200,000 – $250,000 – 169
$250,000 – $300,000 – 356
$300,000 – $400,000 – 175
$400,000 – $1,000,000 – 177
Based on the past weeks temperatures, no one could tell that winter ever came to our town. According to weather personel and older New Bernians, New Bern has never been so warm. Hum, makes you want to think twice about the theory of Global Warming? We have had temperatures in the 70’s this week but today it might get into the 50’s. Just like our Weather, New Bern’s Real Estate Market tends to follow our weather patterns. Usually January and February are colder markets followed by a warmer selling trend.
Although I did like the number of homes that were sold in January, according to our MLS. What ever the weather get out and enjoy the day, live is too short to stay inside.
February 1st and 2nd was a great weekend.
The girls had to play 4 soccer games over a two day period, 2 games on Saturday and 2 games on Sunday. Two of the games I might add, being a parent of one of the girls was at 8:30am and 1 hours driving time away. There is nothing like driving to a game when it is still dark and 38 degrees.
This particular tournament used points to determine the winner, some do not. Going into the final game our team had 28 points and their opponent had 19. ccording to the rules our team had to win that game, even though they were undefeated in-order to win tournament.
We dominated the field and the girls received their gold medals!!
I have seen presentations by professional Home Stagers and by New Bern NC Real Estate agents that have taken a 2 day certification. I thought that this was a good idea but was not 100% convinced that it indeed helped to sell a home until I saw a home before and after it was staged.
If home owners and agents will just do some investigation on this subject, they will find that it is money well spent. I was so convinced that it would work, I had 2 of my listings staged. Not more than a few weeks went by and we received an offer on one of my homes. The issue is that no one including Real Estate Agents can visualize what a room would look like when a home is vacant. They need that visual help from furniture. Even if a home is not vacant, if you can not place your furniture in a home, you will not buy it. If a home is staged correctly then all anyone would need to do is place their furniture and items in the places where the stager has arranged.
For example, the stager would set up the dinning room as if someone was expecting a guest. With the dining room set up it would be easy to be able to place your own belongings.
Go see 101 Roxboro Ct New Bern NC in person or on-line at NcPropertiesonline.com, and you decide.
As a well versed person in the Real Estate investment market knows numbers mean everything. I have been a real estate investor in the New Bern NC area as well as other areas of the state for many years and have gained great knowledge from this experience. One of the most important steps one needs to take when evaluating a property is whether it “Cashes Out” or not. It means will this be a profitable venture or will it cost me money.
When determining whether or not a property will be a good investment there are several key point to remember.
How much do similar properties Rent for? Compare similar properties using square footage, number of bedrooms and bathrooms, location of property.
- What are your expenses? Will you have a rental company handle your property or will you do it yourself. POA or Home Owners Dues?
- Mortgage Interest Rates for Investment properties. These tend to be higher because of the owner not living in them. Check with your Lender on the best rate for you. Obtain multiple quotes, don’t just go with the first one.
- Insurance issues and Costs. Again have several different agencies give you a quote. Check to see if it is in a flood zone for coastal area.
- Tax Rates. Is the property located in the county or city?
- Determine Vacancy Cost. Do your home work and find out what the vacancy rate is on similar properties. General rule of thumb would be 8-10%.
- Type of Property. Brick vs, Vinyl?, Age, replaced items such as windows and doors, updated or not like does it still have a 1970’s kitchen or that wonderful shag carpet?
- Size Does Matter. What is rent-able in your area? Is it 1200sq ft? or 2000 sq feet?
- Location of Property. Do you have a property convenient to shopping, schools, work places, etc?
After taking these above things into account, run the numbers through a calculator and see if they work for you. Here is a great site that will provide you with the tools that you will need.
One last note, when determining if this is the right property for you, you will need to look at the appreciation factor. IF it does not cash out now will it in the future? Will the property be worth 50% more 2 years from now than when you bought it? IF you take the time now to do your homework you will be less likely to make a costly mistake in the future.