Wednesday, December 23, 2009
46 sales in 08
95 sales in 07
131 sales in 06
It is good to see sales this month are in line with sales last year during the same time period. You cannot compare them to 06, 07, because we will never see sales like that again. Those were unsustainable numbers that the new banking regulations will prevent from happenning again.
Have a safe and wonderful. Christmas.
Sunday, December 13, 2009
Well, December sales are off quite a bit from last year. I still think it is because many folks made a effort to buy in November to make sure they got the $8000 tax credit. So in essence we borrowed buyers from the future in November but that is ok.
Monday, December 07, 2009
November 2008 sales=70. The highest price home sold was $500,000 and the lowest was $39,000.
Good news. Lets hope so. Not sure why this happened except that perhaps the 1st time home buyers tax credit spurred on a dash at the end of December.
Saturday, November 28, 2009
2008 New Home sales for the same time frame=339
This is about a 14 % decrease in new homes sold.
The following represents new and existing homes sold, Jan 1-Nov 28
I will let you draw your own conclusions from this data but will add that if you are think about buying a home it is a great time to do so with interest rates low and buyer incentives from Uncle Sam and sellers. Don't wait and miss the boat.
Monday, November 23, 2009
Wednesday, November 18, 2009
Last week we received a phone call from the Military Order of Purple Heart requesting assistance in their effort to raise funds for the Wounded Warrior Christmas Leave Fund. This fund was set up to assist wounded Marines stationed at the Camp Lejeune Wounded Warrior Barracks. These Marines have suffered greatly, some with debilitating injuries such as loss of limbs, etc. When asked "What do you want for Christmas?", many of these wounded Marines replied that they wanted to spend Christmas with their families. Quite a few of these brave men and women cannot afford the cost of travel, therefore, the MOPH-Wounded Warrior Leave program was established. We had a fund raiser for this event several years ago. You can read about it by going to this link http://www.wwclp.org/news.shtml
This project buys airline tickets, hotel rooms, rental cars, bus tickets, whatever is necessary to get these wounded Marines together with their families and grant them their Christmas wish! This program has no overhead. All funds raised go for travel. If the wounded Marines are not able to travel due to injuries we will bring their loved ones to Camp Lejeune.
Please join us Tuesday, December 8th from 5:30-8 PM for a fundraiser at New Bern Golf and Country Club where our guests of honor will be several of these wounded Marines.There will be heavy hors d'oeuvres and a cash bar. Bring a check payable to "MOPH-Wounded Warrior Leave".
Our donation goal is $25 per person or more for attendees. Even if you can only stay a short while, please come by and meet these brave Marines and let them know we appreciate the sacrifice they have made!
If you have other obligations but are still willing to help with any amount of donation, please mail a check ASAP, payable to
MOPH-Wounded Warrior Leave. Send to Steve Tyson, 820 Broad Street, New Bern, NC 28560
We recognize this is short notice, but there is a deadline of December 8th in order to have the time to utilize the money raised. The limited time-frame is why we are attempting to contact as many people as we can by email. If you know someone that would be interested in attending and/or donating to this worthy cause, please pass this email on. It is important that you send this email on to all your email contacts. We hope it will travel around the entire country. Blog it, Facebook it, Tweet it, but keep it moving.
DONATIONS ARE TAX DEDUCTIBLE AND 100% OF THE MONEY RAISED WILL BE SPENT TO UNITE THESE WOUNDED Marines WITH THEIR FAMILIES FOR CHRISTMAS!
If you can attend Please RSVP by email as soon as you can to firstname.lastname@example.org or call 252-633-5720.
Thank you for your support,
Steve Tyson Craven County Commissioner Tom Braaten Major General(retired) USMC
Monday, November 16, 2009
Saturday, November 07, 2009
Saturday, October 31, 2009
After studying the homes that sold detail was quite obvious. Those homes that were priced for the reality of today's buyer market sold in a reasonable amount of time.
Saturday, October 24, 2009
Although it is a buyers market, certain price ranges are still selling and certain areas are still selling. In general, homes closer to Havelock below $200,000 are selling the best.
Thinking of selling? Call us for a free home audit that will include a CMS and suggestions to make your home more appealing.
Tuesday, October 20, 2009
Friday, October 16, 2009
Have a great weekend and check out some of the great theatre productions going on in New Bern.
Tuesday, October 13, 2009
On another positive note a lot in Pamlico County closed for $272,000. That is the highest priced lot I have seen close in quite sometime.
There were also 12 homes that went under contract today. That is pretty good however 13 homes went on the market so there was a net increase in inventory of 3 homes.
Monday, October 12, 2009
Sunday, October 11, 2009
Well, this past week we saw the existing inventory of homes for sale shrink a little. While this is good news I am not sure why this is the case but suspect it is because expired listings are not being renewed.
There were 91 closed homes in the last 30 days with the average sales price of $173500.00. The average days on the market for closed sales was 150 days. Pricing in today's market is critical. If you have to sale listen to your Real Estate Broker. They don't make the stastics up. If you cannot afford to sale for the price they recommend do not put your house up for sale.
Saturday, October 10, 2009
There are plenty of nice homes for sale in the New Bern area. The link below shows all single family homes for sale in New Bern and all of Craven County. Homes are listed by price range.
This link will only stay active for around one week so after that you would have to contact me if you want to see the data.
Click the link below to view homes for sale. If you want more information on any of these homes sent me an email or visitmy web site.
Realtor Steve Tyson
Saturday, October 03, 2009
Tuesday, September 29, 2009
The fifth annual Neuse River Bridge Run will be held on Saturday, October 17 in New Bern. Be among the first to register online for the 10K Run or 5K Run and Walk at www.active.com. Gather family, friends or co-workers to register and participate in the team competition category. Early registration fee of $25 (by 10/01/09) guarantees a t-shirt with the colorful image created by local artist Donna Slade.The 10K participants will enjoy a breath-taking view from the Neuse and Trent River Bridges, while the 5K Run/walk will traverse beautiful and historic downtown New Bern. Both courses are USTAF certified. New this year is the “Kids Fun Run” which will be held inside Union Point Park. Creative costumes are encouraged for runners of all ages; winners of the costume competition will receive special awards.Once again an amazing raffle package has been donated by local merchants. The winner will receive a one night stay, double occupancy, at The Aerie Bed & Breakfast Inn of Distinction compliments of Marty and Michael Gunhus. Also included in this luxury package is a 30 minute Carolina Carriage Tour of Historic New Bern, 2 tickets to Tryon Palace, restaurant gift certificate, gift basket and a certificate for an in-room full body massage by licensed massage therapist Sue Jasinski. www.aeriebedandbreakfast.com Plan ahead and enjoy a special stay in New Bern during the 300th celebration. The raffle will be held the day of the event; you need NOT be present to win. Raffle tickets for $5 are being sold by representatives of the participating nonprofits which are listed below or call 252.636.3381 for more information.For additional event information, including accommodations at the Hilton New Bern Riverfront, the Official Hotel of the 2009 Neuse River Bridge Run, visit http://www.bridgerun.org.
A Day At The Farm's 3rd Annual Pumpkin Fun Day Saturday, October 17, 2009 (Rain Date Sat. Oct. 24) Come out and enjoy A Day At the Farm's 3rd Annual Pumpkin Fun Day on Saturday, October 17, 2009 from 10:00am - 3:00 pm. Activities include hay rides, animals, pony rides, pumpkin decorating, picnic areas, ice cream, pumpkins in the pasture, hot dogs including "Jimbo’s Texas Jumbos”and much more! Admission is $6.00 per person. Children age 2 years and under are admitted free. The admission fee does not include the price of the pumpkins, ice cream, lunch or pony rides. Active military discount is available with i.d. For reservations call (252) 514-9494 or (252) 514-3033. Please feel free to visit our website at www.adayatthefarm.com. A Day At The Farm is located at 183 Woodrow McCoy Rd. in Cove City, NC, approximately 15 miles West of New Bern off of US Hwy 70
The 15-year FRM this week averaged 4.46 percent with an average 0.6 point, down from last week when it averaged 4.47 percent. A year ago at this time, the 15-year FRM averaged 5.77 percent. This is the lowest the 15-year FRM has been since Freddie Mac started tracking it in 1991.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.51 percent this week, with an average 0.5 point, unchanged from last week when it averaged 4.51 percent. A year ago, the 5-year ARM averaged 6.02 percent.
The one-year Treasury-indexed ARM averaged 4.52 percent this week with an average 0.6 point, down from last week when it averaged 4.58 percent. At this time last year, the 1-year ARM averaged 5.03 percent.
"Mortgage rates held relatively steady at three-month lows this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. Correspondingly, the Mortgage Bankers Association reported that mortgage applications jumped 12.8 percent over the week of September 18th to the strongest pace since late May, boosted by refinancing activity."
"In its September 23rd policy statement, the Federal Reserve (Fed) indicated that it plans to keep its benchmark interest rate exceptionally low for an extended period. This will likely benefit consumers who opt for ARMs, because they are typically tied to shorter-term interest rates. The Fed also noted that activity in the economy and housing market has picked up and financial markets have improved.”
Monday, September 28, 2009
by Kenneth R. Harney
What type of investment real estate has been holding up best in tough economic times?
Everybody's heard of the problems in commercial and retail - but how about multifamily apartments?
You just might be surprised.
According to National Association of Realtors research economist George Ratiu, while almost every type of commercial or income property has had a rough going in the past two years, "the (rental) apartment sector continues to maintain a stronger performance compared with other sectors."
Those include office buildings, which have seen widespread property value declines -- and retail real estate, which has been particularly hard hit as consumers penny-pinched during the recession and stayed away in droves.
Multifamily, on the other hand, has done better holding value, keeping units filled and rent rolls stable or growing. During the second and third quarters of this year, demand for rental apartments as measured by net absorption, increased by more than 89,000 units nationwide.
Rental building owners have done particularly well in keeping vacancies low, with rates in some major metropolitan markets in the five percent range.
For example, apartment buildings in Pittsburgh, where the excesses of the real estate boom years never produced speculative overbuilding, had just a 3.5 percent average vacancy rate during the third quarter just ended, according to Ratiu.
In northern New Jersey, vacancies were four point three percent. In San Diego and Philadelphia, 5.1 percent. In Washington D.C., San Jose and Albuquerque vacancies averaged 5.5 percent.
Of course, not all apartment markets are doing that well: In Tucson and Phoenix, vacancies are expected to hit or exceed 11 and 12 percent, respectively.
The national vacancy rate stands at about 7.4 percent -- well below where it was in previous recessions and remarkable in view of an unemployment rate just under 10 percent.
Other evaluations of the relative performance of multifamlly investments have come to similar conclusions. The National Council of Real Estate Investment Fiduciaries, which has no ties to any particular segment of the industry, reported earlier this year that multifamily investment returns exceeded all others during the 10-year period it studied.
Similarly, a report from Boston-based Torto Wheaton Research for the National Multi Housing Council, found that over the past 20 years, apartment building investments have averaged returns of ten point one percent compared with nine and a quarter percent for industrial real estate and seven point eight percent for office buildings.
Bottom line: There is no risk-free real estate investment. But apartments perform well even in bad times, so they're worth a look.
Sunday, September 27, 2009
New home sales in New Bern and the surrounding areas are off by about 18% year over year from 2008. Because banks are now very conservative about making construction loans to builders for spec houses, the inventory of new homes is dropping but there is still over a years inventory of unsold homes.
My recommendation to builders is that unless you have a niche product do not build any spec homes. Let the inventory work it way down to 6-8 months supply.
On a positive note for buyers, you can get some good deals on new homes. And of coarse interest rates are extremely attractive.
Never before has it been more important to choose the right Real estate team to help you with your real estate needs. the Tyson Group has the experience and resources to market your property or find the right home in the right neighborhood for you. With 100 million in real estate production in the past 6 years they know the local market like no one else.
Home sales are off significantly from 2008 which itself was a down year. My prediction is that nationwide 2010 will be marginally better than 2009, but the local market might under perform the national trend mainly because our market did not fall as fast or as hard as the national market in the early stages of the housing recession. I will keep you up to date and on top of the local market as we move forward.
I believe it is a great time to buy real estate largely because of interest rates. If home prices decline another 20% but interest rates went to 7.5% you are still ahead of the game buying now. If you need a home, buy now.
Friday, September 18, 2009
Next month the Mum Fest will be here and if you have never been you do not know what you are missing. This event is one of the best attended and fun filled events in NC.
There are many other exciting things to do in New Bern over the next 6 months. we don't let winter get us down here. And don't forget, next year is the 300th aniversary celebration. There will be exciting things going on every month.
Sunday, September 06, 2009
Letter to the Editor
BY INMAN NEWS, THURSDAY, SEPTEMBER 3, 2009.
Re: 'Blame the market, not appraisers'
I’m amazed recently at the perception of both the real estate buying public -- and sometimes other real estate professionals -- as to what they believe the purpose of a list price is, and what role they believe an appraisal company, hired by the bank, serves in the sale and purchase of a home. I also wonder if buyers and sellers, prior to selling or purchasing a home, are provided with information from their real estate professional as to basic real property valuation techniques so that they (the consumer) can formulate a smart and informed offer
price or list price based on their own perception of value.
Real property valuation techniques haven't really changed over the years. When it comes to real property, there are five things that cause a home to sell and thus impact its value: Location, condition, market conditions, advertising and price. Out of these five elements, pricing is key. Most successful sales are a result of a property's list price being in proper alignment with the other four elements.
Is a home's list price reflective of its value? Absolutely not. A list price is only an offer from a seller to sell and is simply a "call to action" for all interested buyers to step forward and make a claim as to the property's worth. A home's true value is determined only by the worth, usefulness or utility to a purchase who may have a unique and special purpose for its use. This very simple sentence is essential in understanding value within the current real estate market and overcoming the current appraisal problems which are stifling sales from closing.
Does an appraiser determine a home's value? It's an interesting question in lieu of the current appraisal problems creating a burden for both real estate professionals and consumers. The answer to the question is no, an appraiser does not determine value. The purpose of an appraisal ordered by lenders is to provide an analysis as to whether or not the lender's funding decision is sound.
In a home purchase transaction, a lender will usually grant a loan to a buyer based on the loan-to-appraisedvalue ratio. A buyer may opt to modify the appraisal contingency paragraph in a purchase agreement, which eliminates the need for a property to appraise at the contractually agreed purchase price. Let's consider the following scenario: A home is offered by the seller at a "call to action" price of $500,000. Due to current high demand for affordable properties, the fortunate seller receives multiple offers, some over list price. The seller selects the best offer with a purchase price of $515,000, but unfortunately the appraised value comes in at $5,000 below the agreed-upon purchase price.
Now the real question of subjective value comes into play. Just how valuable is this property to the buyer? As it turns out, the buyer is willing to pay the difference in cash between the purchase price and the amount which the lender agrees to loan. Why? Because this property's location is closer to the buyer's employment location and the buyer sees better value in offsetting the monetary difference for the house rather than paying for the rest of his career in employment commute expenses and time.
Who determines value? If you guessed a listing agent or an appraiser, or even a home valuation Web site, think again. Value is initiated by a buyer who wants to buy and a seller who desires to sell. A home's true value is determined only by the worth, usefulness or utility to a purchaser who may have a unique and special purpose for its use. The true value of a home isn't known until escrow closes.
Saturday, July 25, 2009
RATES FOR WEDNESDAY, JULY 22 2009
30 YEAR 15 YEAR
RATE POINTS ORIG. RATE POINTS ORIG.
4.875% .75 0 4.375% 1.00 0 5.125% 0 0 4.75% 0 0
5.625% 0 & 0 Jumbo (above $417,000)
CALL FOR SPECIFIC QUOTES
NO PMI LOANS TAMI/LPMI
VA & FHA 5/1 ARM CONFORMING
30 YEAR-FIXED 5/2/5 CAPS
Thursday, July 09, 2009
August 8, 10:00 am until 2:00 pm you may recycle your unwanted or unusable electronics items including televisions at no charge.
Drop off location will be at the Craven County Agricultural Building parking lot located at 300 Industrial Drive, New Bern, NC.
For more information call 633 1477
· Individual tickets for the Carolina Chamber Music Festival’s Calyx and Friends concert on Saturday September 12 and Finale concert on Saturday September 19 are priced at $20 general admission and $15 student/senior. · Tickets for Classical Lunch on Thursday September 10 are $10 general admission · Tickets for the Faure After Work event on Thursday September 17 are general admission at $20 – space is limited for this popular event and advance ticket purchase is recommended. · Admission to the Festive Family Concert on Sunday September 13 is free. · A three-concert Festival Pass covering admission to Calyx and Friends, Faure After Work, and the Festival Finale is available for a reduced price of $50 general admission and $40 student/senior. · The Carolina Chamber Music Festival free Family Audiences Program offers free admission for children (17 and under) and accompanying adults for concerts on Saturday September 12 and Saturday September 19. Look for coupons in the community or contact the Festival for tickets. To order tickets for the seventh annual Carolina Chamber Music Festival, please call 252-626-5419 or visit www.carolinachambermusic.org . Tickets are also available for purchase by cash, check, or credit card in New Bern at the Bank of the Arts. Tickets will also be available (cash or check sale only) on the day of each event at the door. For more information on the Carolina Chamber Music Festival, or to learn more about supporting the Festival through a donation, volunteering, or the Family Patron Program, please contact CCMF at 252-626-5419 or visit CCMF online at www.carolinachambermusic.org .
Thursday, July 02, 2009
It is a buyers market and is likely to remain so for sometime. If you are looking to buy I believe it is a great time to do so if you will be staying in your house for at least 3 years. If you do not absolutely need to sell don't do it. And if you do expect to get some low offers.
Wednesday, July 01, 2009
The plan is to anchor our 30 footer around 3 pm and then boat everone out at 7. Fireworks start around 9 and they always put on a great show. We hope to see you there.
Thursday, June 25, 2009
Top 15 Things A Listing Agent Won’t Tell Sellers … (But REALLY Should …)
Written by Carl Medford, Agent in Fremont
May 22, 2009 4:13 PM Home Selling in Fremont
We’ve all been there: something happens and you feel like you just HAVE to say something. However, common sense and the manners your mother pounded into you during your childhood keep your lips planted together and those thoughts remain inside your head.
As I talk to a lot of REALTORS, they share with me things they’ve often wanted to say to sellers but never had the guts to do so. But deep inside they felt they really SHOULD have said something. And so … since they won’t say those things out loud, I will!
Here are the top 15 things listing agents want to say to sellers, but won’t … And I didn’t make ANY of this up. I also know that one or two of these things may offend someone, so please accept my apologies right up front!
1. “I know it’s hard to believe, but as professional Realtors, we actually do know more about selling your house than you do.”
You might be an engineer, doctor, lawyer or tribal chieftain … but as a licensed, highly trained full-time REALTOR, we do this all day long every day. And just like we’d never presume to tell you how to do your job, we REALLY don’t like it when you presume to know more about selling houses than we do.
2. “You have a nice house, but it’s not anything really special.”
We know you live there and have your emotions tied to your home, but as Realtors, we see hundreds and hundreds of homes every year and trust me, yours is … ok. There is absolutely no reason it should be priced higher than other comparable homes in the area. None. Zip. Nadda. In fact, if you want it to sell in the current market, it should actually be priced a bit LESS …
3. “Your upgrades don’t deserve the extra amount you want added to the price.”
We’re glad you’ve added crown molding everywhere. And paid for Ralph Lauren suede paint. And new carpet. Your new toilet seats are great. And we’re really glad you sanded out the dog pee stains in the hardwood floors and refinished them. However, none of your upgrades add a single penny’s value to your home. In the new economy, new windows, nice flooring and a newish roof should be considered standard. Buyers today demand a whole lot more before they are willing to start paying premium prices. They expect designer kitchens with custom cherry cabinets, recessed halogen lighting, new upscale appliances, solid granite counters and more. They want totally upgraded baths with Jacuzzi tubs, tumbled marble, frameless glass doors. And so on …
4. “I know what you think your house is worth.”
Now get real! The seller doesn’t set the price, the market does. And the simple truth is that lower priced homes sell while higher prices homes sit and sit and sit. Sorry. And I truly AM empathetic that you bought your home in 2005 or 2006. At the top of the market. Please remember that I own a house too and my property value has also gone into the toilet …
5. “I’m glad you collect things. We’re selling your house, not your stuff.”
You’re moving anyway, pack all your collections away. Now. And the talking fish needs to be the first thing off the wall and in a box …
6. “Agents are willing to do open houses because they get prospective buyers – who want to buy somebody else’s house, not yours.”
Open houses REALLY are not an effective way to sell your home. Even though they sometimes work, they are the least effective way of getting the job done. Trust us. See point #1 above.
7. “We have some issues with your decorating …”
The CalTrans orange room has to be repainted. And the lime green one. While you are at it, get the midnight blue room as well. Whatever were you thinking? Did you scrounge through the “ooops” bin at Home Depot? It’s nice that you have wallpaper from 1978. Please remove it and repaint the wall. And whatever you do, DON’T paint over it …
8. “I really don’t want to get intimate with your dog.”
I especially don’t like what he’s doing to my leg. And the smell in here is really bad. Please keep Fido in the garage during the time you are selling your home. And the doggy bombs in the back yard gotta go as well.
9. “I will not be responsible for your cat.”
If you are concerned it will bolt out the door when prospective buyers arrive, then please keep Fluffy in a Kitty Krate while you are gone.
10. “Don’t put up ANY roadblocks that may keep sellers out.”
Don’t even THINK about showing your home by “appointment only.” Don’t want a lock box? Trust me, your stuff isn’t that valuable. Don’t want buyers after 5:00 p.m. at night? You’re kidding, right? If a buyer can't get in when it works for them, they are gone.
11. “Prospective Buyers DO NOT want you to give them a tour of your home.”
They actually want you out of the house … so resist the urge to be a tour guide and go for a walk around the block. They’ll find out on their own that you’ve carefully lined the cupboards with new floral shelf liners and put a new TP holder in the master bath.
12. “STOP SMOKING IN YOUR HOUSE!!”
Especially the pot …
13. When a Realtor calls to let you know they’re coming at 11:00 a.m., rings your door bell, knocks VERY loudly, opens your front door and yells, “HELLO, REALTOR,” …
Please get out of bed BEFORE we get to your bedroom … and put some clothes on when you do …
14. What is that smell???
Whatever it is… it’s gotta go … and please don’t cook with curry until you are in your new home … or fry fish right before people come to see your home …
15. “We’re worth our commission.”
Every penny of it. Selling a house is actually hard work. And, for those of us who market extensively, it costs a lot of money that we pay out of pocket up front. You really do get what you pay for. In the same way you’re not going to be able to buy a Honda at a Daewoo or Suzuki dealership, you are not going to get full support, service and top-notch professional representation at bargain basement prices. There’s a very good reason many discount brokerages are going out of business in the current economy. Anyone who is willing to take a cut-rate commission structure is simply not going to be able to make enough off your listing to do the types of advertising necessary to get you top dollar. And since you are competing against REOs and Short Sales, if you go cheap, you will lose every time.
Well … there they are – I've probably managed to offend everyone! I know you will have some of your own to add ... please, be my guest!
Total closed sales June 1-24=84 prices ranged of sold homes=$40,000-$699,000.
Pending sales in June to date=285
Total closed sales May 1-24=62 prices ranged from $50,000-$1,275,000
My interpertation of this data and other data is that we are at or the bottom of the housing recession. Lets hope I am right.
Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate1 of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
Lawrence Yun, NAR chief economist, expected an improvement. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” he said. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86 percent in May from a record low 4.81 percent in April; the rate was 6.04 percent in May 2008. Last week, Freddie Mac reported the 30-year fixed at 5.38 percent; data collection began in 1971.
Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply2 at the current sales pace, down from a 10.1-month supply in April.
Yun said the appraisal problem is serious. “Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he said. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.”
An NAR practitioner survey in May showed first-time buyers accounted for 29 percent of transactions, and that the number of buyers looking at homes is nearly 10 percentage points higher than a year ago. “This is the time of year when we see large increases in the number of repeat buyers, who are benefitting from sales to entry-level buyers,” Yun said. “Investors appear less active, but are more prevalent in areas with large price corrections.”
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said appraisals and the tax credit are key issues. “To maximize the potential for a housing recovery and subsequent economic recovery, we need realistic appraisals that are based on proper comparisons and done by a local specialist,” he said. “In addition, the first-time buyer tax credit should be expanded to all buyers of primary homes regardless of income. Extending the credit into 2010 would allow more time for the market to catch up with underlying demand, in part because many families with children, who normally time their purchase based on school year considerations, do not have enough time to move before the start of school in late August.
“Freeing a pent-up demand in housing will absorb inventory at a faster pace, strengthen communities and stabilize home prices earlier,” McMillan said.
The national median existing-home price3 for all housing types was $173,000 in May, down 16.8 percent from a year earlier. Distressed properties, which declined to 33 percent of all sales in May from 45 percent in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
“The decline in the distressed sales share likely results from an increase of repeat buyers in May,” Yun said. “First-time buyers are concentrated in the lower price ranges, which include most of the distressed sales.”
Single-family home sales rose 1.9 percent to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April, but are 3.0 percent below the 4.38 million-unit level in May 2008. The median existing single-family home price was $172,900 in May, down 16.1 percent from a year ago.
Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 units in May from 490,000 in April, but are 8.9 percent below the 571,000-unit level in May 2008. The median existing condo price4 was $173,800 in May, down 21.9 percent from a year earlier.
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in May, but are 10.1 percent below a year ago. The median price in the Northeast was $243,600, which is 12.5 percent below May 2008.
Existing-home sales in the Midwest jumped 9.0 percent in May to a pace of 1.09 million but are 4.4 percent below May 2008. The median price in the Midwest was $145,800, which is 10.4 percent lower than a year ago.
In the South, existing-home sales were unchanged at an annual pace of 1.74 million in May but are 8.9 percent below a year ago. The median price in the South was $157,400, down 9.9 percent from May 2008.
Existing-home sales in the West slipped 0.9 percent to an annual rate of 1.14 million in May, but are 11.8 percent higher than May 2008. The median price in the West was $197,700, down 30.6 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: Any references to performance in states or metro areas are from unpublished raw data used to analyze regional trends; please contact your local association of Realtors® for more information.
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.
3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
4Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for June will be released July 23. The next Pending Home Sales Index & Forecast is scheduled for July 1; release times are 10 a.m. EDT.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.
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Wednesday, June 17, 2009
May 1 through May 16 home sales =42
June 1 through June 16 new home sales=12
May 1 through May 17 new home sales =17
Not much to draw on from the above analysis. New home sales are down from May but that may have been the military who often buy in May. All home sales are about the same this month as last. There are 1560 homes for sale currently which is way to many for the current absorption rate. Don't try to sale your home if you do not need to. Hang on and lets see what happens this summer.
Thursday, May 28, 2009
Wednesday, May 20, 2009
June 8th 7:PM
The 2nd Marine Aircraft Wing Band will play on the lawn behind the Palace
June 22nd 7:30 PM
The NC Symphony will play in the lawn behind the Palace
Bring your chair, blankets, drinks, and unbrella if weather is suspect. Come early as it gets very crowded.
See you there
Saturday, May 16, 2009
Real Estate Inventory is rising quickly and is up around 15% since the beginning of the year. The reason is many folks are listing their homes at prices that buyers are not finding attractive.
When we get a call from someone looking to list their property I tell them that I am going to be straight up with them about what their house is likely to sell for in today's market. We will not take overpriced listings because they are not helpful to us or our customers. Forget last years prices and certainly don't think about the value of your home in 2006. We have to deal with the reality of the moment. The strategy of well we can always come down on price is not working. There is plenty of inventory out there priced right that buyers can choose from.
If you are not happy with the current market value of your home don't try to sell it. Perhaps renting your home is an option. The Tyson Group has a property management division so we can help you with that if you so choose.
If you looked at a graph of home prices nationwide for the last 70 years there would be a gentle rise of around 2-3% per year depending on where you were. In 2004-2006 home prices rose 89% which was unsustainable and required the real estate market to correct itself. That is what is happenning now. A home is a great investment. You get to live in it and in the long term home prices will appreciate around 2-3 % per year. In the short term, as with any investment, we don't know what will happen.
Thursday, May 07, 2009
What does all this mean? Well for buyers it is good news. Great selection of homes to choose from and the lowest interest rates in 60 years. For sellers it is a different story. It is a falling market. If you need to sell forget about the price your neighbor sold their house for in 2006. Not goning to happen. Find a good broker who will do an honest and accurate market analysis and listen to what they say. Do not let a broker buy your listing. There are plenty of overpriced homes out there and you don't want yours to be one of them.
If your market analysis comes up for less than you want to sell it for than consider renting your house or staying put untilthe market recovers. Not much else you can do. Please feel free to contact me if you need more information or advice.
Sunday, May 03, 2009
Note that since this report there have been 5 probable cases at Arthur Edwards School in Havelock and the school is closed for 7 days or until further notice by the Craven county Health department. 5/4
We learned today that Craven County has its first suspect case of H1N1. The case is an adult male that returned from Mexico three days ago and began having flu-like symptoms. I have issued the isolation order and our staff is working with the suspect case and his family and any other close contacts. This is much like working an active TB case for our communicable disease staff so they are very adept at handling situations like this. We plan on notifying the media because at this point the word is out and the notification needs to come from the health department rather than some other source. The gentleman’s name will be kept confidential and I can assure you all of the necessary precautions are being taken to protect the public’s health.
The antivirals that we were supposed to receive from the state did not arrive. They will be delayed and we expect them the first of next week. There should be enough antivirals on hand at our local pharmacies to treat several cases without the use of the stockpile antivirals.
What can people do at this point?
There is a great website: http://www.ncpublichealth.com/ , just click on the swine flu information to the right of the screen. It has information for medical personnel and the general public. Initial numbers indicate the swine flu is no more lethal than the seasonal flu, however the data is questionable because it is very new and there are not enough confirmed cases to make a good determination on the virulence of the H1N1 strain.
We anticipate local providers and our staff will be bombarded with calls and anybody exhibiting flu like symptoms. As more cases surface we may need to implement some control measures such as cancelling public gatherings. We are not at that level yet but it is something we should be prepared to do if the situation calls for it. We are reviewing the CDC guidance in regard to this type of control measures.
Thursday, April 30, 2009
Tuesday, April 28, 2009
RALEIGH - Public health leaders in North Carolina, along with those in other states across the country, are watching Swine Influenza infection cases in several states and are getting ready in case the disease spreads further. No cases of Swine Flu have been confirmed in North Carolina as yet, but state public health officials are asking North Carolina residents to follow the same health precautions they take during any flu season. They are also working with health care providers, day cares and schools, laboratories, institutions and others to ensure they have the latest information on prevention, disease control, diagnosis and treatment. "We want North Carolinians to know that we are actively participating in CDC (Centers for Disease Control and Prevention) efforts to detect the disease and are coordinating with doctors and health providers across the state," State Health Director Jeff Engel said. "As with all flu events, people should cover their mouths and noses when sneezing or coughing, avoid close contact with people who are sick and wash their hands often. People should also stay home from school and work when they are ill so they do not spread disease to others," he said. People who have recently traveled to southern California, Texas or Mexico and develop flu-like symptoms should contact their health provider and inform them of their travel to those areas. As of today (Monday), CDC has confirmed 40 cases of swine influenza infection in humans in five states: California, Texas, Kansas, Ohio and New York. Only one of the patients identified was reported to have been hospitalized; there have been no deaths from flu reported in the U.S. North Carolina public health officials began coordinating with regional responders and local health departments on Friday, to ensure information and updates are communicated to local health providers. All providers are being asked to question patients who report having influenza-like illness about any recent travel. State health providers participating in the national Influenza Sentinel Provider Network are also being asked to submit viral cultures from all patients presenting symptoms of influenza-like illness.Swine Influenza (swine flu) is a respiratory disease of pigs caused by type A influenza that regularly causes outbreaks of influenza among pigs. Swine flu virus can be transmitted from pigs to humans through contact with live pigs, and cases of human-to-human spread of swine flu viruses have been documented. For more information about protecting yourself and your family from flu, see www.ncdhhs.gov. For more about influenza prevention efforts in North Carolina, see www.epi.state.nc.us/epi/gcdc/flu.html. For additional health information and more about swine flu in the U.S., see www.cdc.gov/flu/swine.--30-- Laura J. LeonardPublic Information OfficerDivision of Environmental Health, NCDENR1630 MSC 2728 Capital Blvd.Raleigh, NC 27699-1630Ph: (919) 715-3204Fax: (919) 715-3242
TRACY, a one-man play about the life of Spencer Tracy will be produced by 3PW, Inc. Friday & Saturday evenings May 29 & 30 at 8 PM and Sunday May 31 at 2 PM in downtown New Bern’s Athens Theatre, 412 Pollock Street. Michael B. Druxman is the author of the play first presented in Los Angeles in 1984. Paul White will portray Mr. Tracy. Family Medical Supply and Home Inventory Specialists are sponsors of this production. The play opens in 1967 when Tracy was in poor health and struggling to complete what would be his last film, Guess Who’s Coming to Dinner. Alone in his rented cottage, he reflects with great guilt on his days as a rough street kid in Milwaukee; his troubled marriage; his drinking problem; the birth of his deaf son; and his romances with Loretta Young and Katherine Hepburn. Los Angeles Daily News said of the play, “Michael B. Druxman’s piece is by no means the nasty expose that has come to be in fashion in so many recent Hollywood biographies. He shows Tracy reacting with human frailties…but it’s mostly an admiring look at the man.” Spencer Tracy has been called “the best film actor Hollywood has ever known”. His marvelous performances in classic movies like Captains Courageous, Boys Town, Adam’s Rib and Inherit the Wind endowed him with a tough, solid, humorous image – one that was at odds with his own personality. “Spencer Tracy has always been my favorite actor,” said Mr. White, “and I am now old enough to play him at the end of his career.” Patsy White will direct. Advance tickets are $15 and are available at the Athens Theatre, home of New Bern Civic Theatre, Monday through Friday from 10 AM till 4 PM. Tickets at the door will be $17. For further information see www.newberncivictheatre.org or call 252.633.0567.
If you live in New Bern or will be visiting in early May check out some of the happenings below.
The New Bern Preservation Foundation invites you to celebrate Preservation Month.
Join us! All events are free and open to the public!
See the attached flyer for full details!
Saturday, May 2nd, 9:00AM- !2:00PM
Open Houses - 314 Avenue B, Riverside and 501 Craven Street, Downtown.
Saturday, May 2nd, 8:00AM- 2:00PM, 506 Cypress Street
NBPF Salvage Sale Great buys on historic architectural elements.
Sunday, May 3rd at 2:00 PM-3:00 PM, Tryon Palace Auditorium
Somerset Place, a State historic site in Creswell, NC New Bern's Sarah Risty, Assistant Director of this State historic site,
will present an informative program. The Palace gardens will be open FREE OF CHARGE on this day!
Thursday, May 7th at 7:00 PM, Tryon Palace Auditorium
"Moving Midway", an award winning documentary film about the extraordinary, emotional journey that began
when urban sprawl hit the Knightdale area and a family's large ancestral home is to be moved!
Save the date!
Thursday, May 28th at 7:00 PM at the New Bern Public Library.
New Bern's Union Station - The restoration of the train station on its original site has been the goal of many for decades.
Will it become a reality? Don't miss this program sponsored by the New Bern Historical Society!
Saturday, April 25, 2009
NC law requires that a revaluation be conducted in each county at least every 8 years. The last revaluation in Craven County was 2002 and we are currently working on an update that will take effect in 2010. The purpose of a revaluation is to provide equalization among properties.
The new valuations will be mailed out in February, 2009. If you have justification to support the fact that your value is not a reasonable estimate of current market value, you may request the county review your records to assure the property is correctly listed and values are properly listed.
If you are not satisfied with the results, you have 4 levels of appeal.
1. An informal appeal to the assessor’s office where an appraiser will review your record with you and, if warranted, complete an additional on-site inspection of your property.
2. A formal appeal to the Craven County Board of Equalization and Review where you may plead your case and present evidence for a value change.
3. A further right to appeal to the North Carolina Property Tax Commission in Raleigh.
4. The right to continue your appeal on to a court of law for a final settlement.
Will this mean my property taxes will go up in 2010? Some will go up, some could actually go down, and some will remain around the same. In my next newsletter I will talk a little more about how the new appraisals will be done and how it could affect the taxes you pay. Feel free to contact me at
252 514 9157
Thursday, April 16, 2009
I bet you did not know the Tyson Group handles rentals properties. Yes, we have both short term and long term rentals. Check out our web site www.Rivertownerentals.info. The cute 3 bedroom house on the left is located in the popular Creekside area near Taberna and is only 10 minutes from New Bern and 15 minutes from Cherry Point.
Wednesday, April 08, 2009
Saturday, April 11, 2009
Sponsored by New Bern Civic Theatre
Grab your Easter Bonnet and follow the parade to the Athens Theatre Saturday April 11 to see the classic film “Easter Parade”. It arrives just in time for family gatherings. Starring Fred Astaire, Judy Garland and Ann Miller this Oscar-winning MGM musical has it all.
The music and lyrics of Irving Berlin excel in this diverting film. Songs such as "Steppin' Out With My Baby," "We're a Couple of Swells," and the incredible Fred Astaire dance number "Drum Crazy" frame a story of Don Hewes’ (Fred Astaire) rise to stardom with Hannah Brown (Judy Garland), while his ex-partner Nadine Hale (Ann Miller) makes it big on Broadway. The “We’re a Couple of Swells” number in which Fred and Judy are dressed like hobos, complete with blacked-out teeth, became one of the numbers most identified with Judy Garland, despite the fact that it was so contrary to type. “My Goodness, Alice! They tried to make that beautiful girl look ugly!”
There will be one screening of Easter Parade Saturday April 11, 2009 at 8p.m. Tickets
are $5 and will be available at the door. Price includes popcorn and soda .
Don’t miss your chance to see this great classic musical on the big screen.
The Athens Theatre, the home of New Bern Civic Theatre, is located at 414 Pollock St., New Bern.
For more information call 252-633-0567 or go to www.NewBernCivicTheatre.org
HAUNTED EVENING This popular drama is back! Join the mourners as they observe funeral customs of the South during the post Civil War occupation; meet the fascinating 'spirit' of Miss Mary Oliver who will tell you about growing up in New Bern; and view the paranormal investigation film which reveals surprising results! Saturday, May 16 at 8 pm. Presented by Candlelight Productions, all proceeds benefit the New Bern Historical Society. Tickets are $12 in advance and $14 at the door. Dinner package at The Chelsea available. For tickets and information call the New Bern Historical Society at 638-8558.
Monday, April 06, 2009
There are currently 1520 homes on the market and at the current absorption rate we have about 20 months worth of inventory.
Thursday, April 02, 2009
This is my favorite time of the year and I look forward to it each year and soon to follow will be boating weather. My wife and I boat at least once a week during the warm weather as it is our stress reliever. You just can't worry about your problems while on the Trent or Neuse River.
I'll take the hot weather over cold anytime. So here is to my good friend Mr. Spring and hope to see you on the water.
Sunday, March 29, 2009
Thursday, March 26, 2009
Monday, March 23, 2009
Sunday, March 22, 2009
Saturday, March 14, 2009
Thursday, March 12, 2009
Fannie and Freddie are going to be doing some creative things to help struggeling homeowners. Among them are reducing interest rates, in some cases to as low as 2%, extending the loan term to 40 years, and and some cases actually reducing the balance.
We will expand on this subject later soon to give you some specific information. Stay tuned for more realty news.
Wednesday, March 11, 2009
Tuesday, March 10, 2009
First of all, the housing affordability index is the highest it has been since they started keeping track of it in 1970. When you combine, interest rates, home prices, and median income things look good especialy for first time home buyers.
Home inventory dropped in January to the lowest number in two years and with builders holding off starting new homes it should shrink even more. And let's not forget about the $8000 tax credit for first time home buyers.
Yes, there are areas in the country that have not seen much good news and will face challenges for years to come. Lucky for us, I believe the worst may be behind us in New Bern and look forward to better days.
Saturday, March 07, 2009
What does this mean for you. Well, if you are a buyer great news. Interest are near a 60 year low, leanders are still leaning if you have good credit, and prices are more reasonable.
Should you buy a house in New Bern or Havelock now?I think it is a good time to buy if you need a home. Sure real estate prices could slide a little but if interest rates go up it could more than offset and decrease in real estate prices. So the expert, me, says buy now.
On the seller side it is a different story. Unless you have a very unique piece of property you are going to have to get real with the pricing of your home. I am seeing to many homes priced for the market we were experiencing 2 years ago. Get real with your price if you wantto sellin todays buyers market.
Saturday, February 28, 2009
- Don't ignore the problem and hope it will go away. The sooner you act, the easier it is to get help.
- Contact your lender at the earliest indication of a problem . Lenders are required to file a Notice of Default if necessary in order to protect their own interests, however the last thing a lender wants is to take foreclose on your home. Open all mail sent from your lender. Ignoring the problem will not make it go and lenders often provide helpful information that may provide a few options during the early phases of delinquent payments. Later in the process, important information regarding legal action and responsibilities may be sent by your lender.
- Read through your loan contract and contact your State Government Housing Office. Be well versed on what your lender may do if you can't make payments and the time frames and laws in your state.
- Understand Foreclosure Prevention Options- A number of loss mitigation options are available including thatcould help you get current.
- Contact a non-profit housing counselor- Counselors can help you with the laws and your options as well as organize your finances and represent you in negotiations. These counselors are available nationwide and are funded by HUD.
- Prioritize your spending- Next to your health, keeping your house should be your number one priority. Review your spending to see what you can remove to make more room in your budget for your house payment. It is a good idea to contact the lender for your unsecured debt as well, as they may offer some options to help you manage your payments.
- Utilize your assets- Review your assets for anything that you may be able to sell for cash to make your payment or reinstate your loan. This can include a second car, jewelry, electronics or a whole life insurance policy. Also, if possible, attempt to take on a second job. What is important in these situations is that you have demonstrated to your lender that you are attempting to reconcile your financial obligations. Even though the financial gain may not be enough to completely reconcile the account, the display of effort is just as important.
- Avoid foreclosure prevention companies- With a number of non-profit agencies provided by the government, it is a good idea to avoid using for-profit agencies.
- Be conscience of foreclosure recovery scams.
Click here for all your New Bern real estate needs.