Home affordability

Are we at or near the bottom of the market? I think so. I attended a national Keller Williams training a few weeks ago and speaking to Realtors in other markets I am starting to get the impression the worse is behind us. Some of the states that were hit the hardest seem to be on the rebound. 

While we won't know for certain when the market has hit its lowest point and starts moving up, most experts believe that interest rates can't go down much if any. That is a very important consideration to take into account. Lets say you are looking at a house currently listed at $200,000 and interest rates are 3.5 %. You think the market has not quite bottomed out and you are going to wait until it drops some more, say to $190,000. In the meantime interest rates tick up to 4.5%. You have cost yourself a lot of money with the increase in interest rates even f the price is reduced to $190,000.

When you consider interest rates, home affordability is at or near an all time low. What are you waiting for?

New Bern new home sales

The following shows new home sales in the New Bern market over the past several years.

2012 year to date New Home Sales
Total=202
Of these 14 sold for over $250,000.

2011 same time period New Home Sales
Total=192
Of these 14 sold for over $250,000.


2010 same time period New Home Sales
Total=254
Of these 13 sold for over $250,000.


2009 same time period New Home Sales
Total=256
Of these 32 sold for over $250,000.


2008 same time period New Home Sales
Total=303
Of these 64 sold for over $250,000.

Assorted Home sales for New Bern

The following information might suggest we are bouncing along the bottom in the current housing recession. I was at a national Keller Williams Convention 2 weeks ago and heard some encouraging comments from agents from other area of the country. One agent from Newark NJ said it was a Sellers Market there. Also heard Phoenix was moving in the right direction. It was one of the hardest areas in the nation.

Year to Date-Entire MLS Homes sold.

2012=985
2011=947
2010=970
2009=922

Year to Date-Entire MLS Homes Bank Owned sold.


2012=183
2011=189
2010=126
2009=56

Still way to many Bank Owned Properties being sold. I hope the worst of this is nearly behind us on REO and Short Sales. What is lacking in our country is a real economic recovery with jobs being created  and an expanding economy. Lets hope this process will begin soon.