Realtors, a ? for you...

What have you seen happening with the real estate market in our area in the past few months?

 

Hi Ready, I'm not a realtor but did see this story on WRAL this morning...

http://www.wral.com/news/local/story/3654385/

 

I feel guilty, but it has helped us with our home building. Subcontractors are desperate for work and our house is going up fast. We havent had to wait on anything, including inspections!

 

Hi Ready, I'm a broker with Hometowne Realty. It has without a doubt slowed down some, but our market is still much better than a lot of places. If you are selling, you have to price your home right. There are still buyers out there and they are still getting mortgages. The guidelines have tighten up but people are still getting mortgages. Hopefully, the market will pick back up soon.

 

We're not looking at buying or selling, I was just curious about our area. I'm curious as to how hard it will be for people to secure mortgages with all that is going on with the economy right now, and how that might affect this area. There are so many houses for sale around here, both new and used. I wonder how long they're going to be sitting on the market.

 

Cleveland said it perfectly.

 

Ready,

What the others have stated is true. Regarding mortgages, yes the rules are stricter now than they have been in the recent past, but in my eyes, that is not a bad thing. You really shouldn't be buying a house unless you can truly afford it. Stricter credit guidelines and having folks make a downpayment will have them more invested in owning their home as opposed to those who really aren't going to lose much if they walk away from something that is 100% financed. Make sense?

 

Makes perfect sense to me!

 

i agree with the stricter credit guidelines but the required downpayment not so much. Young families may have wonderful credit because they pay all their bills and pay as much in rent as a housepayment would be but it is not always easy to save a 20% downpayment with prices as high as they are on everything else in our daily lives now. So with required downpayments and no more 100% financing we are limiting the possibility of those who can afford to make the payments, who will make their payments as they do everything else, from owning their own home and condeming them to renting. JMHO

 

FHA and VA Lending

I too am a broker, and have individuals obtaining VA and FHA loans currently. They have to put down 3%. The best buyers currently are first time home buyers and those who are looking to move up. We currently are seeing homes in the under $200,000 range still moving. This is a buyers market and your home values are currently stable. The hardest part for most individuals is paying the real estate commissions. Don't look to making a huge profit on your home, however if you want to sell your house you need to be reasonable and realize that the home you purchase is also in the same buyers market. Currently in this area we have 10 months of inventory. Two years ago at this time we had 4 months of inventory.

 

My neighbor had their house on the market for about 2 weeks and sold it, then again at the entrance to my development there was a house on the market for about 2 years it finally sold.

 

The ones at an entrance generally take longer to sell, as no one want to be "up front." :mrgreen:

 

helping with commission helps

Hi, well, we came from FL a year ago where things couldn't be worse. I have spoke to a few brokers here recently and although I do not think people are grasping how bad it can get, the brokers have offered to sell my home for no commission as long as they can get some on the buying end. This is how to work with a client in bad times. I know for me personally, I do all the research and when I am ready to buy it will be an easy task for the broker, I would never expect a broker to work hard on both ends and only get paid once. Give a little, get a little. It works for me.

 

I have wondered about some of the homes for sale in the Clayton area. I've passed by a few, one in particular on Amelia Church Rd. This house has debris and old furniture in the front yard. You can see ratty blinds and a broken door leaning against a window from outside. A Realtor has a sign up suggesting "Move on Up to this House, and We'll sell yours!" Why/How would a Realtor sell something that was left in this condition?

 

I've wondered the same thing, and I am a Realtor! That house is a mess and I can guarantee you my sign wouldn't be in that yard. :jester:

 

I couldnt agree more KDC! I wonder if the home is a foreclosure and no one is willing to clean it up? Regardless it looks terrible and stands a slim chance of selling!

 

I drive by it several times a week, that's what it looks like. They haven't got a chance until someone backs a dump truck up to it though. I'm sure it's a sad situation all the way around.

 

OK, pulled up this old thread.

Is it just me or does it look like alot more houses are being put up on the market here recently? Seems like a couple pop up every time I drive down the road!!

Hope there is some buyers out there!

 

There are buyers out there, I'm working with some.:hurray: Life still goes on, people have to move and you CAN still get a loan. The money is out there, despite what the media would have you believe. 8) They've just tightened up on the credit worthiness, which is what should have happened long ago.

 

Thats good to hear KDC!! Man..if I had the money it would definately be the time to buy!!!