Okay, I'll admit it: The real estate market is in a bit of a 'slump!' As I read my newspaper through my glass-half-full, I notice that the negative real estate articles are slowing to some degree but, they just keep coming! So, I decided to do a bit of investigating on my own then, revising my plans for both my Buyers & Sellers. Here is a synopsis of what I've come up with so far:
Mortgage applications rose this week 2.5 Percent (from 791.8 the previous week to 811.8)
On an unadjusted basis, the index increased 1.4 percent compared with last week AND was up a whopping 14.2 percent COMPARED WITH THE SAME WEEK LAST YEAR!
The refinance index rose 4.3 percent and the refinance share of mortgage activity increased to 57.6 percent of total applications.
The Federal Reserve dropped the federal funds rate by one-quarter point Tuesday to 4.25 percent.
The Fed-Res also lowered its lending rates to banks by one-quarter-percentage point to 4.75 percent.
Both the funds rate and the prime rate are now at their lowest levels in nearly TWO years.
I will grant you, even in our not-so-bad Charlotte market, we even have properties that are sitting on the market longer than previous years but, homes continue to appreciate as reflected in price gain statistics for Quarter 3.
So, what am I telling my Buyers? 'Now is the time to buy!' I also advise that they the idea of getting '20%-off list price' is probably not going to come to fruition! Let's get out there and find your dream home NOW!
What am I telling my Sellers? Of the three top items that a Buyer is looking for, location, amenities/upgrades, and price, hear this! You can't do anything about the location of the home that you're trying to sell but, a good Buyer's Agent is not going to waste your time as a Seller to show your home to a Buyer who doesn't even want your location! As for amenities/upgrades, compare the 5-10 homes with which you'll be competing in YOUR market--if you've GOT the amenities/upgrades, then price your home accordingly. And, if you DON'T have them, for goodness sake, let the price reflect that so that you CAN compete within YOUR market. Don't price your home based on the inflated sales prices of 2005/2006! If you really want that pie-in-the-sky 2005/2006 number for your property, sit back and wait awhile for the market to rise, rise, rise! (Because in my glass-half-full world, they're going to do just that!)
Now, back to selling and MY research...
Debe in Charlotte, NC
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Debe I agree that it has picked up for now. I have listing agents tell me that I am lucky to have clients.