Category: Selling

5 Aug 2010

What Do Foreclosures Mean For You?

In recent months, foreclosure has become a buzz word within the real estate world. So, what effect does the foreclosure crisis have on you?

The North and South Carolina markets have been hit hard with foreclosures.  Mecklenburg County has the highest number of foreclosures in North Carolina and Charleston County ranks #1 in South Carolina.  The good news is that a modest recovery may be seen in many markets with in the next two years. In fact, I expect to see a modest appreciation in the North and South Carolina housing values over the next two years.

3 Aug 2010

What Are You Waiting For?

Well, the first half of the year is over.  Can you believe how quickly this year is moving, it’s hard to believe that it’s already August??  For real estate in the Triad, the spring season proved to be an incredible few months.  The tax credits really worked and as a result, sales in the region abounded.

The million dollar question is where do we go from here?  Here are some thoughts on where we are now and where we are going:

  • Sales for the first half were overall strong.  The tax credit shifted our median price down between 8 to 10%, which means that a large number of buyers were purchasing homes at lower price points.  For the Triad Region, the median price was $135,000.  Now that the tax credit has ended, Demand for Entry Level Houses will remain flat for the 2nd half of the year.
  • All those folks who sold their homes this spring are looking and we expect Demand for Move-up Homes to remain strong for the next few months.  In fact, the numbers locally for May and June prove that as sales in the $250,000 to $750,000 range picked up!  So Demand for Upper-End Homes should slowly gain strength.
19 Jul 2010

What Baseball Can Teach Us about Real Estate

The Carolinas are rich in baseball lore.

South Carolina produced major league standouts like Camden’s Larry Doby and Anderson’s Jim Rice. North Carolina brought us Williamston’s Gaylord Perry, Hertford’s Catfish Hunter, and Raleigh’s Josh Hamilton. And while the Carolinas do not have a major league baseball team (yet), minor league teams such as the Durham Bulls, Charlotte Knights, Carolina Mudcats, Burlington Royals, Greensboro Grasshoppers, and Winston-Salem Dash keep the game relevant and thriving.

9 Jul 2010

Home Additions that Won’t Break the Bank

outdoor-living-spaceI am Italian so naturally, I come from a large family where entertaining is as essential as breathing. Living in an older home that was less than 1000 square feet made that challenging. With a living room that measured 11X16, only four people could comfortably be in the house at one time, which was a fact I was just unwilling to accept.

One cost effective way to add living space to your home is to create an outdoor living space. While some higher end spaces may have kitchens and fireplaces, creating a simple comfortable sitting area can add the space and value you need at very little cost.

25 Jun 2010

Summer Is Here – What’s Next For Residential Housing?

As the historic residential “spring market” comes to a close and we enter the transition period following the expiration of the tax credits, I am often asked questions such as, “where does the real estate market stand?” and “what is next in the recovery plan?

Let’s look at the first half of 2010 to understand what we can expect moving forward.

Overall, the trends have been very favorable in 2010.  I can best illustrate what is happening by examining one of our regions. In May, 2,537 homes were sold and the average closing price was $212,454.  This was the largest number of closings and the second highest average sales price in the past 12 months.  This is indeed good news and is reflective of most of the Carolinas.

22 Jun 2010

Let Your Home Take the Stage

I was taught very early on in my real estate career that what buyers look for when they first enter a home is light and space.  This is what your real estate agent or staging professional is aiming to achieve when they “stage” your home. Making a home appear more spacious can only benefit the homeowner, whether the house is on the market or not.

Not sure where to begin? I’m here to help!

A great place to start is by cleaning up the clutter. We get so used to the things in our home that we tend not to see them.  For example, you may not notice that your refrigerator is filled with pictures and papers, but others well. Remove them. It is important that buyers see your appliances, counters, etc, because it is important to them. Less clutter creates a more welcome, friendly and stress-free environment.

14 Jun 2010

What’s Up with the Upper End Market?

There has been a lot of conversation recently about the first time homebuyer’s tax credit and its effects on the market. But what about the upper end of the market, specifically homes priced at $750,000 and above?

To understand the current status, we need to review what impacts buyers and sellers in this part of the market:

  • Ability to get mortgages
  • Inventory of homes on the market
  • Consumer confidence

While the same 3 factors affect all buyers and sellers regardless of price point these trends affect the high-end buyer a little differently. Let’s take a look at how this group specifically has been affected.

10 Jun 2010

Taking a Look at the Triad

I’m often asked how the real estate market is doing in the Triad Region.  In fact, one person recently commented that if the real estate market is improving, then everything thing else will too.  Housing normally leads the economy and I have to say the last 60 days have been fun again!   The first quarter was a promising start for 2010 real estate sales in the Triad market. March was especially strong and the federal government’s tax credits helped stimulate more April sales.

For those who are trying to sell their home, just remember that selling a home is dependent upon numerous conditions, especially price and maintenance. If your home is priced correctly and is in great condition, it will take approximately 4 months to sell a house in the Triad.  The average number of days your home will spend on the market will also slowly decline as the spring market continues to accelerate.

9 Jun 2010

Curb Appeal Will Make A World of Difference

The 80’s taught us many things. But it was the Head and Shoulders commercials from that era that taught me, “You never get a second chance to make a first impression”. Curb appealin real estate terms, is the first impression your home makes.

My first home was a rental for eight years before I purchased it.  Based on the way the color drained from my mother’s face when I first took her to see the property, it is not an exaggeration to say that the yard needed work. A lot of work.  Nevertheless, the price of the house and the investment potential I saw pushed me to move forward with my purchase (despite my mother’s many pleadings to do otherwise!).  In essence, what I purchased was a .25 acre jungle with a 1000 square foot house on it. Only after closing on the property did I realize the magnitude of the project I had purchased.

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