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market: The Mortgage Report - 09/03/08 06:40 PM
The Good News
According to the Federal Reserve, American homeowners saw their net housing equity-or the values of their property minus mortgage debt-grow from $6.2 trillion to $9.6 trillion from 2000 to 2007.
According to the National Association of Realtors, America is adding close to 1.5 million new households per year which will create an increasing demand for homes.
The Bad News
According to the Office of Thrift Supervision, nearly 2.3 million homes totaling 3 percent of the nation's housing stock, are vacant and on the market. This represents over a 10-month supply given current sales. Foreclosures and mortgage payment delinquency … (0 comments)
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market: Year-to-Date Market Update 2007 vs. 2008 - 08/29/08 12:01 PM
Year-to-date, the market in Chapel Hill, and Orange, Durham and Chatham Counties is down between 22-25% in total sales. There also is a 6 month supply of inventory on the market across the board, except in Chatham County where there is 10 months of inventory.. In Chapel Hill, the single family market is fairing better than the townhouse/condo sales. While total sales in each category is down 25%, average prices for single family homes are down 4% compared to 13% for condos/townhouses and average days on market are up 4% for single family homes verses a 38% increase in the condo/townhouse market. … (3 comments)
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market: Oversupply of Luxury Housing - 08/22/08 06:46 PM
Residential housing priced at $500,000 and above is currently oversupplied, according to the Second Quarter 2008 Triangle Area Residential Realty Report published by S.M.A. Publications, Inc. The report uses data from www.realtor.com, Durham, Orange, Chatham and Wake County Revenue Departments to support their findings.
The 2005 market on the fringe of having an oversupply in the luxury sector, and by 2008 luxury inventory grew 130% and sales simply couldn't keep up. Realtor.com showed 991 luxury listings at the end of he second quarter in 2005, and by the same time in 2008 those listing had increased to 2,279. Between 2005 and … (6 comments)
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market: Thinking of Stucco? - 08/20/08 01:08 PM
In North Carolina, sellers are required to disclose if a house's exterior is actually artificial stucco-EIFS Stucco-instead of concrete stucco. EIFS is basically a form of styrofoam placed on the outside of the house with a "stucco" look-alike finish on the surface. While a house with EIFS can absorb the inevitable settling of the house over time without cracking, it does come with other hazards. Unfortunately, EIFS stucco applied on a wood-framed home (especially if not applied properly) tends to hold moisture inside the walls, which can cause the houses wood and frames to rot. If you fall in love with … (0 comments)
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market: Los Angeles Times Axes Real Estate Section - 08/14/08 05:23 PM
The following article was recently posted by Inman News.
Los Angeles Times axes real estate section
Expect continuing cuts in newspaper industry, says analyst
By Glenn Roberts Jr., Monday, August 4, 2008.
Inman News
The Los Angeles Times has ceased publication of its weekly real estate section -- born more than a century ago -- amid major staff cuts.
In mid-July, newspaper managers began to carry out the "largest staff and production cuts in the newspaper's history," according to an article in the Times, citing "a continuing slide in advertising revenue." The newspaper has a circulation of more than 1 million … (6 comments)
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market: Team Jodi, North Carolina Professionals, Optimizes Your Real Estate Portfolio Exposure - 02/22/08 06:27 PM
It is very exciting to learn that online real estate marketing sites seem to be booming during this slow period for housing markets. It was reported by Realtor Magazine that Zillow attracted 20% more traffic in this past year than in 2006. Although, the majority of traffic on the web is not necessarily purchasing real estate today, they are the clients of our future.
Here at Team Jodi, we understand the importance of gaining online traffic to support all real estate interests. We are excited to inform everyone who may be in the market to sell his or her home … (0 comments)
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market: 2007 Triangle Real Estate Market Review - 01/16/08 12:07 PM
Our year-end home sales are in and the Triangle faired well in 2007. While certain real estate markets across the country have struggled, our market remained steady.
In Chapel Hill we had a 4% decline in sales but we also saw a 7% increase in average prices. Much of the decline in Chapel Hill home sales is due to the overall lack of new construction. In Orange County, not only was there a 4% increase in home sales, there was an 11% increase in average sales prices. Orange County is seeing growth in new construction. In Durham, sales stayed … (0 comments)
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Team Jodi - Chapel Hill Real Estate, Durham Real Estate
Chapel Hill,
NC
More about me…
Jodi Bakst, Broker @ Chapel Hill Realty
Address: 6011 Farrington Road, Ste 102, Chapel Hill, NC, 27517
Cell Phone: (919) 697-5014
Email Me
If you are buying or selling in Chapel Hill, Carrboro, Durham, Hillsborough, Durham or Orange, Durham or Chatham Counties, you have come to the right place. Jodi Bakst and her Team of Real estate specialists provide seamless customer service for our buyer and seller clients throughout their relocation or move.
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