I know you have heard the news and read the papers that the Real Estate market stinks! Home sales are down, inventory is high, Realtors are starving, foreclosures are taking over…….Blah, Blah, Blah………..
Well, let me correct a few things for you about the Statesville area that may put a smile on your face. Don’t forget, all real estate is local and listening to the national news will not give you a true picture of Iredell County and the Statesville area. I am actually having my best year ever in Real Estate and 2010 was my second best year. Now, granted, I have only been in the business since 2005 and have not really experienced “a good market” but the fact is that I am still here and thriving!
We had a recent training by a representative from the Iredell County Tax office and Steve Irving shared some facts and figures with us that may come as a surprise to you. You can view the slide show on their website but here are the highlights.
Iredell County is reassessed every 4 years to equalize property values and with the amount of foreclosures on the market, you would think our values would have come back much lower in January than 4 years previous – but you may be pleasantly surprised to learn that there has been very little change.
The 2011 Valuation showed an AVERAGE decrease of approximately 1.5% (all types of property) and only 1.92% for Single Family Homes. The big loser here was manufactured homes at a decrease of 15.67%. Here is the the big surprise…..Only 1% of all sales were foreclosures!
Although lot sales were down and new home construction was almost non existent, there were some bright spots. Rural land sales greater than 1 acre were up due to Farmer to Farmer Sales (let’s keep those farms going!) AND our overall average assessed value in relation to 2010 sales value was at 98.7%. Pretty good job Iredell County. Now I know property values can tend to be a sore spot for many people but it is not an easy job to do and you do have the right for an appeal of your value but overall, the values are pretty darn close to reflect the current market.
This was the most recent report from the Charlotte Regional Realtor’s Association for the week ended August 6th that shows New listings decreased, inventory decreased and pending sales increased for the Charlotte Region.
So……. Cheer up! Things are not as bad as they may seem. I will keep you posted on more good news in our fabulous County – so stay tuned.