Recently a friend turned me onto a very helpful video on a blog. The video so perfectly exemplifies our successful methodologies at Kristine DeArmon Real Estate that I decided to share it with you here as well as add it to our marketing plan on our website. In the nearly 6 years we have been in business now we have tried all types of marketing. We have tried the antiquated traditional methods of newspapers, magazines, flyers, commercials, banner ads, open houses, etc... And as we have grown and improved we have leaned more and more on social media outlets like facebook, twitter, craigslist, viral marketing, other internet videos and word of mouth campaigns. We have found this works best but until now have not had much more than anecdotal nuggets to back it up. This video supports our methods with a lot of incredibly compelling evidence. So, while most other agents will continue to spin their wheels with outdated methods we will continue to redefine ourselves with the most innovative and effective methods. Check out the video!
Also, while you are watching videos on our blog you might also be interested to know we were in the news recently. We got one of our clients such a good deal that the local news called us up for an interview! Check it out:
First, our apologies for having taken a 3 month break from the blog. Both Asa and I have each had a newborn in that time and thankfully business has been going well and this has all added together to make our lives very busy and putting the blog on the back burner.
So, as our lives settle back into normalcy, we are ready to start attending to the blog again! So, the question everyone has been asking me lately is: How is the market doing? Are thing starting to pick back up? I have been offering folks some anecdotal thoughts here and there. I think things have been picking up some for first time home buyer prices (under $200k). For the $250-500k price range things seem to have picked up a little but still seem a little up and down and pretty fickle overall. But, let us take a minute to look at some real numbers.
I ran some reports on the 28205 zip code (which should be a good overall indicator as it includes a lot of good listings in all of those price ranges). Here is a chart for showings in the $0-250k price range:
In this range the bulk of the showings happened in the $80-200k price range with a noticeable drop-off between $200-250k. You will notice that there has been a significant and steady increase over the past two months (with Easter weekend being the anomaly) with a 64% increase in showings in that time. This is very good news and is a good indicator that there are more people looking now than were looking 2 months ago. It also is a good indicator that if you are trying to figure out what price to list and you are around $200k it may be wiser to list below $200k than above.
Here is a look at the $251-500k price range:
The numbers here seemed to support my anecdotal evidence of things being more "fickle" in this "move-up" price range. These numbers are also an accurate reflection of the listings I have in this price range. Things have been very up and down over the past two months. There were weeks that we had many showings and things seemed very "hot" and then would go several weeks without a single showing. Unfortunately things seem a little slower now than they did a couple of months ago, but over the past two weeks things are trending back upward again. Listings between $280-350k received the bulk of the showings, with a sharp decline in showings between $350-500k.
But how does all of this compare to previous years? Here is a look at the average showings per listings per week between $100-350k in the month of March over the past several years.
What does this all mean? To no ones surprise the market was red hot 2 and 3 years ago! Things have cooled down a lot since then, but do not seem to be any slower now than they were at this point last year. But more importantly, regardless of how slow things are now, the most important news here is that we are seeing objective signs of the market currently trending upward.
Matthew Tringali
matthew@kristinedearmon.com
704.517.3906
One can only take so much negative press. So, I would like to present you with a light of good news amidst the storm of bad news that bombards us everyday!
Low Morgage Interest Rates
First, there is the good news that mortgage interest rates have fallen for the 11th straight week and have reached new record lows. Rates are now under 5% and I even have some clients locking in at 4.5% now! Lenders have been overrun with new refinance business to the point of barely being able to keep up. It is a great time to refinance and also a great time to get a mortgage to buy a house. But, is it a great time to buy a house? Why buy now if home prices are still falling?
Home Prices are Stabilizing in Charlotte!
Many potential buyers continue to wait on the sidelines for fear that prices will fall more after they buy. And for most of the country this is a valid fear. But, maybe not in Charlotte! A report was just released this week that did indeed report that home prices will continue to stumble until 2010. But, it listed Charlotte in the top 10 regions in the country with the lowest risk for real estate values!
Matthew Tringali
Broker/REALTOR
704.517.3906
matthew@kristinedearmon.com
While witnessing one of the worst weeks in the stock market's history, here in Charlotte we have also been eagerly awaiting what will become of Wachovia and Charlotte in general. In the midst of all of this news you may have missed the latest real estate numbers for the Queen city.
Charlotte.com: Charlotte Home Prices Take Sharp Drop
It is important to remember that Charlotte has a very stable economy compared to the rest of the country and as a result still has one of the best real estate markets in the country. And with the announcement that Wells Fargo will be purchasing Wachovia and is committed to retaining the Wachovia headquarters as their east coast base we have reason to remain confident, overall, in the Charlotte economy.
The most important number revealed in the article is that the average home price has reached the same levels as March 2006. This is great news for buyers! Buy low, sell high. If you are renting and have at all been considering buying, experts agree, now is the time to buy. And while we have heard the news about frozen credit markets, mortgage lending for qualified buyers has not changed. If you have a job, a 620+ credit score and a 3% down payment you should not have any problems getting a mortgage and interest rates are still very low at around 6.25%. Even better, there is even money available to grant you the 3% down payment in certain situations.
However, it is a more challenging time for sellers. If you need to sell, then consider the following ideas:
1. Consider your sale and purchase as an overall system. While you may give up some perceived equity on the sale of your current house, you should be able to make up for it on your purchase. Whereas, if you wait to sell until prices have recovered so you can realize all of your perceived equity on the sale, you will no longer find such great deals on your purchase.
2. There are only two types of buyers looking: bargain hunters and those looking for the perfect home. So, in a market flooded with homes for sale the best way to set your home apart is to either have a rock bottom price (at a 2006 price or less) or it needs to go above and beyond with upgrades and ammenities.
3. To help maximize your home's equity you might give some consideration to renting it out or doing a lease purchase.
The purpose of this blog is to help you keep up with all of the latest real estate news that will impact your everyday life. We also plan on inviting other industry professionals such as mortgage lenders, home inspectors, insurance agents, investors, attorneys and more to also submit articles that will be relevant to you. Let us know if you have any specific questions you would like answered. Check back often and feel free to leave a comment.
Matthew Tringali
Broker/REALTOR
704.517.3906
matthew@kristinedearmon.com
