10 Things You Should Know About the North Carolina Real Estate Market:
1. Remember there is not a National Real Estate Market. If you listen to the news and read the papers it's easy to think all markets are the same. If markets are bad in Michigan then they must be bad in North Carolina. But that is simply not correct. Real estate is highly localized. When buying or selling you need to pay attention to sales and trends in the local market rather than looking to national headlines and trends. 2. Home values in North Carolina are stable. In 2007 the average sales price increased four percent in North Carolina. This indicates that homes in general are still worth more now than in years past. Further, since 2000, the average home selling price in our state has increased by more than 25 percent. And in a 12 month period through September 2007, North Carolina had the seventh highest appreciation in prices in the country.
3. Demand for housing is still rising. Even in what we consider a down year, 2007, there were more than 125,000 homes sales in North Carolina. That’s the third highest number ever! Estimated increase in population of more than 400,000 people by 2010, means these new folks will need a home!
4. A house is where you make a home, not just money. Most buyers are not purchasing a home to then just re-sell it. They are buying to live there, build a family and the American Dream. This cannot be analyzed on a chart or sheet of paper.
5. There are lots of reputable mortgage companies ready to lend. If you have a good credit score and an understanding of what you can afford, getting a loan should be no problem.
6. By owning a home, you are building wealth that you cannot do when renting. According to the Federal Reserve Board, the average renter’s net worth is $4,800 as opposed to the average home owner’s at $171,000. So it obvious it pays to own a home, so that you can build equity.
7. It is a prime time for second home buying. Investors and savvy retirees now how important real estate is to their portfolio. In North Carolina about 40 percent of our inventory in homes is second homes, because of the desirable locations and the mountains and coast.
8. It makes sense to use a North Carolina Realtor. There are nearly 45,000 realtors in North Carolina who subscribe to the strict code of ethics and are expected to maintain a high level or knowledge about the buying and selling process.
9. Now is the time to buy. Interest rates have dropped significantly in order to stimulate the economy. And though North Carolina’s economy has not suffered as much as some, we can still benefit from the low interest rates. This is a buyers market!
10. If you are a seller, please be patient. And be smart, too. Price your home right-what someone would be willing to pay for it, not what you think it should be sold for. Pricing competitively is the biggest reason that a home sells or not.
Water in our Veins–Meet Lake James Real Estate
Please call us if we can help with any of your real estate needs at Lake James – who better to help you than people who live, play and work here!
Polly Leadbetter – Owner/Broker P/ 828-584-9999 C/ 828-443-5407
Steve Leadbetter – Owner/Sales P/ 828-584-9999 C/828-443-3430
Amanda Hotchkiss – Sales P/ 828-584-9999 C/ 828-442-5421
Amy Jones – Sales P/828-584-9999 C/828-443-0289
Robin Smith – Sales P/828-584-9999 C/828-403-5465
Nikki Harwood – Office Manager P/828-584-9999
