With 32 homes sold and 27 more under contract, last month showed the strongest March sales recorded in Cherokee County in the last three years. Despite cold and snowy weather, buyers jumped in to take advantage of the historically low interest rates, tax credits and bargain prices on mountain homes for sale in Murphy, North Carolina.
Homes pending, sold, expired and withdrawn have outnumbered new listings every month so far this year. Here is the current breakdown of listing activity for the month of March:
- On market - 677
- New listings - 99
- Pending/Sold - 59
- Expired/Withdrawn - 75
- Homes for sale in Cherokee County as of today, March 7 - 776*
*information taken from Mountain Lakes Board of Realtors statistics for March, 2010
Mortgage money is available from local lenders and interest rates are up slightly from the beginning of the year. Most economists predict that the rates will continue to rise. Here are the interest rates advertised by Macon Bank in Murphy today:
30 Year Fixed Rate
4.875% with 1.0 discount points and $200.00 rebate 5.0% with 0.5 discount points and $200.00 rebate 5.125% with 0.0 discount points and $200.00 rebate
15 Year Fixed Rate
-
- 4.125% with 1.0 discount points and $200.00 rebate
- 4.25% with 0.5 discount points and $200.00 rebate
- 4.375% with 0.0 discount points and $200.00 rebate
10 Year Fixed Rate
- 3.875% with 1.0 discount points and $200.00 rebate
- 4.0% with 0.5 discount points and $200.00 rebate
- 4.125% with 0.0 discount points and $200.00 rebate
1 Year Adjustable Rate
- 3.875% with 0.0 discount points and $200.00 rebate
Homes in the lower price range continue to outsell the more expensive listings, with 42 of the 46 homes closed this year selling for under $200,000.
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