Interesting Article on Foreclosures

I have noticed an increase in foreclosures in the local paper lately and was wondering what was going on. According to an article in USA Today, foreclosures in North Carolina jumped 60% from April to May. Nationally, during the same time foreclosures were up 11%. According to the article banks were pulling the trigger quicker on the foreclosure process due to, get this, their perception of a shortage of homes on the market and a rise in home prices. I believe this is true in the larger metropolitan areas but not in the smaller cities.

In May, foreclosure starts were up 4% from April but down 33% from a year earlier. Nationwide, home prices were up 12% in April, year over year. This data comes from RealtyTrac, a source that I believe is usually accurate. 

On the local level, home prices seem to be firming up, but not rising. Interest rates are moving up on both 30 year and 15 year mortgages.  A 30 year mortgage on a $300,000 loan that you could have got a few weeks ago would cost you $1347 a month.  At today's rates the same loan amount would run around $1450, a hundred dollar a month increase.

The moral of this story is to buy now to take advantage of the still historically low rates. You can search the entire New Bern MLS at www.TysonGroup.Info 

New Bern Home Sales by the month

Home Sales this 2013 through 5-31-13

January           2013=84                2012=58         2011=84

February        2013=103              2012=85         2011=83

March           2013=112              2012=110        2011=109

April             2013=129              2012=108         2011=119

May             2013=147              2012=116         2011=116

Looks like 2013 is up every month so far. However, the amount of Bank Owned sold so far this year is up by 55 units compared to last year over the same period. While it looks to me that in general home prices are not decreasing, in my opinion Bank Owned sales will need to start decreasing before we start to see home prices rise in our area.

               

New Bern Waterfront homes for sale.

Waterfront sales up 32% year to date over last year.

Waterfront sales are up 83% over the same period in 2011, thru 6-2,  and 32% over last year, same period. That is great news for folks that have been trying to sell for some time. Many of the metropolitan areas around the country are seeing major improvement in their markets, smaller towns with less diversified economies do not seem to be doing as well.

I have been getting more calls this year for waterfront property than I have in some time about 6 years and this makes me very happy. I am starting to see prices firm up, the bottom may have finally arrived.

So, if you are considering buying a waterfront property I encourage you not to wait to long. Give me a call today at 252 514 9157.

  

New Bern is named one of the top 10 Waterfront Towns in the US.

As a native of New Bern and a boater for all my life, this is not a surprise to me. I love the Neuse and Trent River as well as all the creeks that flow into them. The Neuse River is the widest River in the United States and is popular for sailors as well as motor yachts. 

Click Here to view article

Congratulations New Bern

Bank Owned-New Bern

The latest numbers for Bank Owned Homes

Click, or copy and paste into your browser, the link below to see the latest list of bank owned homes for sale. 

http://www.easternncmls.com/new/maildoc/roscoe_1369593711-May-26-2013-2_41_51pm.html

In addition to being a Realtor, I also invest in real estate and have bought 10 bank owned properties in the last few years. Occasionally you can find a good deal, however often bank owned properties are in rough shape and will require a cash offer.

Let me know if you have any questions on these, or any other properties you might find.

New Bern Home Sales

How are Home sales year to date?

Lets take a quick look

Jan.1-May 23 2013 homes sold=518

0-$100,000=167

$100,001-$200,000=237

$200,001-$300,000=76

Total new homes sold=66

Total Bank Owned Sold=139=27% of total home sales

Average price sold=$156,852

Average days on market=158

Jan.1-May 23 2012 homes sold=452

0-$100,000=103

$100,001-$200,000=231

$200,001-$300,000=85

Total new homes sold=97

Total Bank Owned Sold=87=19% of total home sales

Average price sold=$161,154

Average days on market=171

So, let's sum it up.

Average sales price  price dropped by $4302. 

Average days on market is down, that could be good news. Some of this could be the result of Bank Owned Homes being priced to sell quickly.

Number of Bank Owned homes sold=60% increase. 

New Home sales are down about 32%. Not sure what is going on with this. 

My overall take is that the number of Bank Owned Homes is continuing to negatively affect the market in the New Bern area. I am still waiting to see this number start to decrease, no sign of it yet.

In some parts of the country Bank Owned homes have been  been absorbed into the market resulting in the average sales price increasing. This could be what is driving the  reports you are hearing in the national news about how well the housing market is doing. It seems to me that the markets that  were  hit hardest and earliest are recovering first. 

Still a tough market. If you would like a report of your neighborhood let me know.

Home Sales in New Bern

The Week in Review

24=Total Sales in the last week. 5 of  the 24 homes sold were over $200,000 and the most expensive home sold was $395,000. 7 of the 24 homes sold were Bank Owned. Ouch, that is not good. When will all the foreclosures end? Good question, and we will explore that more at later date.

23=Total Sales in the last year, same date. 7 of the 23 sold were over $200,000 and the most expensive home sold was $695,500. 4 of the 23 sold were Bank Owned.

Have a great Weekend,

New Homes for Sale in New Bern

Is a new home in your future?

There is quite a nice selection of new homes for sale in New Bern. And the prices are very competitive with existing homes for sale. Combine that with the fact that interests rates have never been lower and it all adds up to a great time to buy a new house. 

Perhaps your family is growing and you need more space. Or, you are empty nesters and are looking to downsize. What ever the reason, we are ready to help you find the right new home for you. 

For a list of new homes currently on the market click the link below. If you have any questions about any of these homes give me a call at 252 514 9157.

http://www.easternncmls.com/new/maildoc/tysojs_1368653761-May-15-2013-5_36_01pm.html

Bank Owned Homes in New Bern

Current list of Bank Owned Homes for sale in New Bern

Click the link below, or copy and paste into your browser, to view a current list of Bank Owned Homes for sale in New Bern. Many times Bank Owned Homes are in need ofs that will be necessary to make the house livable. Often it just makes more sense to purchase a well valued non distressed home.

If you have any questions on these or any other homes for sale give me a call.

http://www.easternncmls.com/new/maildoc/tysojs_1368550065-May-14-2013-12_47_45pm.html

New Bern Home sales in May

How are home sales  May 1-9 2013

Here is how they compare to to years past.

2013=21

2012=25

2011=30

2010=23

I told my wife the other day things seemed to be slowing down a little and according to this data I may be right. We will continue tracking the market and see how May finishes up.