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2009 Northeast, NC Market Report

By
Real Estate Agent with United Country Dowd & Forbes Realty, Edenton, NC

                                     If you were to catch me at the Edenton Coffee shop one morning ordering my customary cup of Joe and were to ask what the real estate market was like in 2009 I would ask if you were buying my coffee?  After you said, "Yes," I'd sit down with you and share the numbers below.

     Total Residential Sales = 148     Average Sold Price = $183,063

                   Foreclosure Sales = 26     Short Sale sales = 4   

 

The top 3 most active price points for 2009 were: $160,000 - $180,000; $200,000 - $250,000; and $120,000 - $140,000. 

After hearing these numbers you might be inclined to think, "Hmmm, it sounds as if the market is doing a little better."  Then I would share this: While we had a total sales of 148 properties we also had 439 new listings in 09'

At the current sales rate this means there is a 35.5 month supply of real estate!!  You would say, "Hmph!Sounds like a buyers market to me!!" And I would say, "Let me buy you a cup of coffee!"

From my perspective, the early 2010 real estate forecast looks like this - there are currently 7 million (yes "million") people 90 days late or more on their mortgages with 1.7 million foreclosures already in the pipeline.  This translates into a super duper highly saturated real estate market. 

On the other hand, the government will discontinue buying mortgage backed securities from Fannie and Freddie at the end of March quite possibly triggering a rise in interest rates. So while home prices may be driven down by the new foreclosures the cost of buying a house will increase.

Bottom Line:

If you are a seller - get your house on the market ASAP and price it right the first time! If you are a buyer - buy before the end of March if at all possible or you will be paying a higher interest rate which means less house for the money.

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