North Carolina Real Estate

 

 

So we’ve heard it over and over and over again. The housing market is in terrible shape so don’t buy now!

Well, I’m here to tell you differently and explain why.

The housing market in some areas, such as Florida, has dropped tremendously. About five years ago the Florida market was booming, the construction could not keep up with the wants and needs of buyers and production was at an all time high. It seemed everyone wanted a home for retirement or vacation or were relocating to the area. Therefore several homes were built, condos were raised up and things were booming. Then came the infamous cap. Yes, the prices went up, up and up and the buyers began to decrease due to high prices, so sellers were dropping prices to make a deal and the market began to fall. Some home sellers wanted to hold out for the big money while others were settling for a lot less just to sell and the market took a fall. In turn, the demand for new construction of condos and homes decreased and behold……a market downfall.

The same is true for any market. Take High Rock Lake for instance. Three years ago you could have purchased a 3 bedroom 2 bath home on the lake with a pier and a floater for around $189,000 to $200,000. Today that same home will appraise for $250,000 to $450,000 depending on location on the lake. Even a single wide mobile home on the lake can be sold for no less than $189,000! Next year home prices will increase even more for lake front property. Wow what a difference three years can make. Will this market cap out like Florida? Probably at some point it will, but according to the housing market and records we have kept, it’s not coming anytime soon.

So what’s the difference in our market and Florida’s? Supply, demand and location.

If you are moving to Florida and you tell an agent you want to purchase a condominium in South Florida, they will probably have 100’s of listings to show you.

If you want a lakefront home on High Rock Lake with 3 bedrooms and 2 baths you will be given 15 listings. The cheapest listing will be $214,900 and it is a double wide on the lake with no pier.

There are very few lake front homes available on High Rock so the supply is limited. The demand for a home is great and the location on the lake is critical to most buyers. Therefore, the market has no reason to change and since the demand is high, home prices will continue to rise.

Other homes in our area are in demand also. New construction is limited in the southern part of Lexington and existing home sales have remained steady with little or no drop from last years records. Mortgage rates are at an all time high and will continue to drop in the upcoming months. So supply in this market is also limited and the demand has remained steady so the market, in turn, has not changed much at all!

 

Let me give you another example.

Everyone is so afraid of selling and buying because of all the talk from the media about the falling market. If I didn’t know any better, I would be restless myself. But, don’t always assume they are speaking of the market here.

 

Same goes with a weather forecast. If you are watching CNN and the weatherman is forecasting snow for the Southeast do you assume it will snow in your home town? Of course not! You turn on your local weatherman and see what he has to say about the weather in your area. So why assume that the housing market is true for all areas? Apply the same concept and you will find facts that prove our market is still going strong.

 

So why all the panic? I blame it solely on the media. They have picked something to really focus on and beat it in the ground. In turn it has affected everyone in the country when it should have only affected the official areas of concern.

 

The only one area of concern we have in our area is the economy. Now why can’t the media push this issue a little more?

We need more jobs and less layoff. We need more companies to stand their ground and keep production in the USA. Do you realize what kind of place the USA would be if everyone would give a little? I know I would give the shirt off of my back to someone if they had nothing, and I know a few who would not give it, but sell it to them! And if you are one of those people I say now “SHAME ON YOU!”

 

Ok, I’m going to get off my soap box for now and let you go and ponder my thoughts. If you have any questions or concerns email me. I would love to hear from you. I’ll take the good, the bad and the ugly!! And if you want to see a detailed market analysis report of real estate in our area I can send one to you. Or do you want to know what your market value on your home is? Just ask and you shall receive! I look forward to hearing from you!

 

Have a wonderful day!

 

Melanie Sikes

Uwharrie Real Estate

melwillsell@hotmail.com

 

I have just discoved a helpful website that will have several hints on how to keep your heating and cooling bills lower.

Go to http://www.energystar.gov/homeadvisor put in your zip code and type of heating source in your home and it will tell you helpful ways to make your heating bill diminish!

Hope this helps you!

 

Take care and stay warm!

Melanie