Latest absorption rates for neighborhoods in the New Bern area

The chart above shows absorption rates for various neighborhoods in the New Bern area for the past 6 months. Although it is still a Buyers Market, absorption rates are improving and this is a positive sign. A 6 month absorption rate indicates a balanced market, 4 months and under indicate a sellers market. 

If you have any questions about your neighborhood give me a call. For all your real estate needs go to 

www.newbern-nc.info

New Bern number 1-Really?

New Bern is number 1

Click the link below to and make sure you go to page 3. Hard to believe but great news.

http://247wallst.com/special-report/2014/03/20/nine-cities-where-wealth-is-soaring/3/

New Bern Home Sales for 3-10 through 3-16 2014

Here is how home sales went for all of Craven County during the past week.

Total home sales=16

Home sales by price

$80,000-$100,000=2

$107,000-$150,000=6

$151,000-$200,000=6

$354,000=1

$430,000=1

Same time frame in 2013=24

Same time frame in 2012=16

Same time frame in 2011=20

Same time frame in 2010=20

Although sales were down as compared to past years at this point I am not concerned and I am confident 2014 will be up for the year.

For all your Real Estate Needs go to WWW.NEWBERN-NC.INFO

 Need Deep Protected Waterfront?

Check out this Dock-keep 2 boats and be in the Neuse River in 4 minutes

Located in New Bern's only gated community this home has deep water and could handle 2 large boats. Custom built by a home builder for his personal residence you will enjoy easy living and if you get tired of boating you can play golf or tennis without leaving the community.

The water is approximately 5 feet deep at the end of the dock and it only takes a few minutes to be in great sailing waters. How convenient is that? Not interested in waterfront? Maybe one of your friends are. Please pass this on to anyone that you thing might be a sailor or have a larger boat.

For more pictures and information click the link below.

Deep Protected Waterfront

Have a great weekend and for all your real estate needs go to

www.newbern-nc.info

Steve and Jana

What is my Home Worth?

What is my Home worth in New Bern NC?

Do you want the short answer? The short answer is that your home is worth what a buyer is willing to pay for it, and what you are willing to accept. OK, you already knew this, at least I hope you did. To answer your question of what your home is worth, lets start with what your home is not worth.

What your house is not Worth

• What you paid for the house.
• What you need to get for your house.
• What you want to get for your house.
• What your neighbor says your house is worth.
• What it cost to build a house like yours today.

While all of the above may be important to you, believe me, they are irrelevant to a buyer. Remember, it takes two to tango in real estate. 

Now that you know what your home is not worth lets see what the magic widget says it is worth. Click the link below and put your address in.

Magical Home Value Widget

Please note that we cannot guarantee the accuracy of the magical home value widget estimate of your home, however I have found it to be pretty accurate in the past for most homes. If you question the accuracy of the estimated value of your home send me an email with you address and I will do a comparative market analysis of your home. My email address is SteveTyson55@gmail.com

For more information on all your real estate questions go to New Bern Real Estate

As always, if you have any questions about the Real Estate Market in the New Bern area feel free to contact me. Also, if you have any friends that are interested in buying or selling Real Estate we would appreciate a referral. 

New Bern Home Sales year to date

Today is March 1, 2014, and it is time to review home sales year to date and see how we are doing. Any guesses? The data below includes home sales in all of Craven County.

2014=131 homes sold

2013=149 homes sold

2012=104 homes sold

2011=122 homes sold

2010=117 homes sold

2009=121 homes sold

2008=173 homes sold

Although home sales are down from last year most of the difference was in  new home sales.  In 2013 there were 27 compared to 17 for 2014. If you recall from one an earlier blog, my prediction for 2014 was that new home construction would decrease slightly in 2014. 

Some good news. I believe that the number of bank owned sales is a bell weather for the overall economy. Lets look at bank owned sales year to date. Again, I predicted earlier that this number will decrease for 2014. While the amount of bank owned sales has decreased, it is still way to high as a percentage of total sales. I believe the number of bank owned sales will decrease as we move on into spring and summer. I am hoping by the years end it will fall to to around 15% of total sales this year, and decrease to 12%-13% the following year.. 

2014=28 bank owned

2013=36 bank owned 

I am talking to more retirees from the North East about buying a home than I have in a long time. This is probably a result of the extreme weather the Northeast has experienced this year as well as the weak economy which caused many to delay their retirement plans for several years and now they area ready to hit the road. This is a good sign and I believe this trend will continue. If it does look for custom home construction and remodeling to pick up. Most retirees tend to want newer construction, or at least homes that are in exceptional shape. 

All in all not a bad report. Still a buyers market, but, inventory is the lowest I have seen it in many years. The home affordability index is perhaps the highest ever. The future is looking brighter. 

Please feel free to share these reports with anyone in the housing industry. 

Steve Tyson

New Bern Real Estate