The Fayetteville Observer had an article today about the housing market that didn't get anybody real excited.
Several statistics were reported that included:
368 homes sold in the Fayetteville market in Oct, 2011 which was a drop from Sept and the weakest Oct in Fayetteville since 2002. These numbers included 235 existing homes and 133 new homes. The average price for these existing homes was $125,453 in this VA market. July was the peak for the yr when the avg was $159,523. The new home average for Oct 2011 was $212,069.
The new home sales were the lowest for an Oct since 2008 for the Fayetteville market.
In the peak, real estate agents were selling 350-460 existing homes during the month of Oct in 2003.
For the year, 2809 total homes have sold in the Fayetteville, NC market which is around 9% down from the same period last year.
Troop movement is a key factor for this market and many troops are choosing to rent now for various reasons. This is evident with the many apartment complexes going up. The builders in Fayetteville manage to find something to build in any market.
From my observation, the new houses that are selling are the big box homes on postage stamp sized lots with few amenitites where the price runs around $75/sq foot.
GMAC Mortgage is trying to boost the housing market with their buyer incentives that include their Purchase Power program and their Lender Paid Mortgage Insurance programs. This Purchase Power Program pays almost all of the closing costs including the atty fees, appraisal fees and lender fees.
Call me for more information if you are buying a home in the Carolinas. Conditions are perfect for buying with housing values, interest rates and lender buyer incentives.