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Selected Carolina Markets Show Increase in Values for 2008

by Mayes Harris Team

Unfortunately our national media tends to report on isolated and negative issues allowing facts to be distorted as it relates to the housing market. Our media has reported the decline of housing as being a national problem, suggesting all homes are losing substantial value.  That is simply not true.

 

When you research the facts, the major decline in values has occurred in the metro areas of Florida, Las Vegas, Phoenix, and California where large appreciation values were recognized over a very short time period, between 2003-2006.  Fortunately for the Carolinas, the appreciation in value was slow to rise, averaging only 4-6% per year, compared to the "hot" markets of Florida, California, Nevada and Arizona saw double digit appreciation in the same time period. 

 

The housing market is just like any other market in our economic society, when demand out paces supply, it becomes a seller’s market and when demand retracts it becomes a buyer’s market.  In the end however, the market finds a way to balance it’ self out over time.

 

There has been a softening in both demand and prices in the Charlotte market, but not to the extent our national media would make you believe. Since both supply and demand have been fairly balanced in the Carolinas over the past four years, we have not witnessed the steep price decline in many national markets. According to the Carolina MLS report just published, the average days YTD  for homes on the market in the Charlotte Metro area is 109 with the homes averaging 94,57% of Sales Price to List Price. These numbers vary according to neighborhood and MLS area.  Please feel free to contact me at gina@mayesharrisrealty.com for a report for your neighborhood.

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I would like to share with you this recent article from National Association of Realtors and Zillow.com which identifies the top 10 markets in the country showing the most gain.  Ironically, 6 of the top 10 are located in the Carolinas while 9 of the 10 worse markets are located in California.

                                                                                                                             

The following article provided by National Association of Realtors  

 

Where Prices Have Increased the Most in 2008
U.S. Home values declined an average of 8.4 percent in the first three periods of 2008, down $2 trillion in total value, according to Zillow.com Real Estate Market Report, released this week.


Thirty of the 163 metropolitan statistical areas covered by Zillow, either showed gains in the median value of homes in the area or values stabilized.

Here are the 10 areas where values increased and declined the most.

Places Where Values Increased the Most

·     Ithaca, N.Y., 5.6%

·     State College, Pa., 4%

·     Jacksonville, N.C., 3.9%

·     Winston-Salem, N.C., 3.4%

·     Bay City, Mi., 3.2%

·     Rochester, N.Y. 3.1%

·     Greenville, S. C., 2.8%

·     Anderson, S.C. 2.7%

·     Burlington, N.C., 2.6%

·     Spartanburg, S.C., 2.0%


Places Where Values Decreased the Most

·     Las Vegas-Paradise, Nev., -24.6%

·     Bakersfield, Calif., -24.9%

·     Madera, Calif., -26.2%

·     Gainesville, Ga., -26.4%

·     Riverside-San Bernardino-Ontario, Calif., -30.4%

·     Modesto, Calif., -31%

·     Salinas, Calif., -32.4%

·     Merced, Calif., -32.5%

·     Vallejo-Fairfield, Calif., -33.2%

·     Stockton, Calif., -35.5%


Source: Zillow.com (12/15/08)

Mortgage Rates Continue to Fall

by Mayes Harris Team

Mortgage rates have continued to declineover the  past week, with some local Charlotte mortgage companies are posting 5.0% or less for 30 year fixed.  Fixed 15, 20 & 30 year fixed rate loan products continue to be the choice of today's buyer.  Coupled with lowering rates and a slight decline in home prices  in the Charlotte market, it is quickly becoming one of the best times to invest in your "dream" home or to move to that home which better fits your life style.  Buyers are recognizing "deal" opportunities TODAY.

I believe that as an seasoned real estate agent this is going to help increase the number of real estate closings. As we all know, this feeds our economy. We need that now. It is going to be a positive 2009. We are all entering into the new year better educated with the experiences we have faced in 2008. I'm looking forward to seeing buyers and sellers confidence level increase to make wise investments.

With the ever changing market, buyers must have an educated professional looking out for typically, their largest personal investment. Please let us know what you are looking for so that when the 'very best' deals come available we can act quickly on your behalf. Great deals do not last long. We are experiencing times that we have never seen. Only our parents and grandparents know these times. Let us help you now.

 

 

2008 Cost vs. Value Report: Still Many Happy Returns for Home Rehabs

by Mayes Harris Team

Often we are asked, if we remodel or update our home, Will we notice a payback when we go to sell our home?  Answering that questions depends upon a lot of variables, but we would like to share a recent study on which remodeling projects provide the greatest payback when you go to sell your home. Learn more about the paybacks of remodeling at http://www.realtor.org/archives/2007costvsvalue

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