2nd Qtr Existing Home Sales Off 18% Compared to 2007

The number of existing homes sold in the Triad fell 18 percent in the second quarter, to 2,271, compared with the 2,769 sold the in the same quarter of 2007

According to the Triad Housing Report released Wednesday by the Greensboro Regional Realtors Association, the quality adjusted average price declined 3.8 percent, to $176,704. Inventory, however, nudged up just 0.5 percent, leaving the area with 9,408 homes on the market, which, according to the report, would take about 10.2 months to exhaust.

The average time on the market increased 4 percent from the second quarter of last year.

High Point saw similar existing home sales numbers, which dropped 18.3 percent, to 366, compared with second quarter 2007, according to the High Point Housing report, also released by the Greensboro Regional Realtors Association.

The adjusted average price declined 5.8 percent, to $154,053.

While the average time on the market was up 11.6 percent, to 108.3 days, the inventory dropped 5.3 percent, to 1,416.

In Forsyth County, existing home sales were off almost 19.8 percent, to 713, from second quarter 2007, according to the Forsyth County Housing Report. Adjusted average prices also dropped, by 3.4 percent, to $194,172.

Time on the market decreased slightly, at 1.8 percent, to 102.7 days, while inventory of homes was up almost 4 percent, to 2,905.

(source: The Business Journal of the Greater Triad Area)

Wohoo! Apple Store to open in Greensboro!

Greensboro, NC Apple Store nearing completion

Let me say it again, Wohoo!

The long-awaited Greensboro Apple Store located at The Shops at Friendly Center is now underway.  No longer will us Mac lovers have to make the pilgrimage to Charlotte or Raleigh to bask in the glory! (I just made the trip last week with my 3 oldest kids to learn tips and trick for creating iMovies from the guys at Raleigh’s Crabtree Valley Mall Apple Store.One of my favorite blogs, TUAW.com (The Unofficial Apple Weblog) broke the story earlier today and had this to say, “[Greensboro's] AppleStore had a midsummer target to open, which seems optimistic bordering on impossible at this point.” It would appear that, “the delay in construction may have been the result of a proximity dispute; Apple is a bit picky about which stores can cohabit with the glass wonderlands, and now that the neighborhood is up to snuff the project is underway,” according to a commenter on the photographer’s blog.

Just Announced! the Best of Winston Salem

Smittys Notes Best of Winston Salem

Just announced are the 2008 Smitty’s Notes Best of Winston-Salem awards, the best of what readers of Smitty’s Notes like and appreciate about Winston-Salem.

While many of these winners may seem like no-brainers, a few of them are new on the scene (or maybe I just need to get out more). There are also a few categories missing (IMHO). Like “Best Doughnuts” or “Best Lunch Bargain” or “Best Kids Dining” or “Best Greasy Spoon.” Then again, maybe it’s just me. What do you think?

Rate increase could mean more competition for homes

A recent survey and a rate increase could mean more competition for homes

Recent indication is that first time home buyers are getting tired of sitting on the sidelines. According to a recent online poll taken by the National Apartment Association, 17 percent of renters plan to make the jump to home ownership in the next year; 41 percent of the 2,041 respondents planned to be home owners within two years. Only 31 percent planned to still be paying rent five years from now.

Another factor that could very soon contribute to an increase in home buying could be rising mortgage costs. Fixed-rate mortgage rates rose to 6.32 percent, the highest it has been since October. After months of aggressively dropping interest rates, many lenders are worried that the Fed will be forced to raise rates back up. As interest rates rise, so do mortgage rates. According to a press release on freddiemac.com, Frank Nothaft, Freddie Mac vice president and chief economist said that, “Mortgage rates jumped this week after a number of Federal Reserve officials, most notably Chairman [Ben] Bernanke and Vice Chair [Donald] Kohn, expressed concern over a threat of inflation.” We may very well be seeing the beginning of the end of the super-low mortgage and potential buyers may realize that with rising rates, now may be the time to jump in. Nothaft added, “Moreover, pending home sales for April unexpectedly rose by 6.3% and mortgage applications for home purchases … were also up last week.”

Rent vs. Own: Now is the time to buy!

Rents continue to climb while home prices drop

Now is the time to buy!

According to an April 14 article on Realtytimes.com, “The first quarter of 2008 makes the 24th consecutive quarter that rental prices have escalated nationwide.” Click here to read the rest of the article, “Realty Viewpoint: If You Think You’re Saving Money Renting…Think Again.”

While Your First Home, the first book in the Keller Williams Realty Guide Series, emphasized that, “If you can afford to rent, you can afford to buy,” holds true. This point appears truer now than ever before.

Below is a graph showing you how right now is the best time for new buyers to get out of rental properties and enter the housing market.

Interest rates over the last 15 months

Interest Rates over the last 15 months

Next Page →