November 2010 Market Stats for Statesville NC

It is hard to believe it is December already and the holiday season is upon us.  There have been many improvements in our local area and it seems as if we are on the upswing finally. 

j0305899Since January 1, 2010 there have been 1295 homes sold in Iredell County with an average of 117 per month.  422 of those sales were distressed homes (bankruptcy, bank owned, HUD or short sales).  There were 24 homes sold in Iredell County in November 2010 with an average sales price of $239,450. 

Statesville has had 460 total sales since January 1, 2010 with an average of 41 homes per month and 185 of those sales were distressed sales and 7 sales in November. 

Homes sales are on the increase and home prices are rising. We are still dealing with a large inventory of distressed homes and many of the foreclosed homes that were pulled from the market in October have come back on the market, increasing our winter inventory.  Interest rates remain low but underwriting guidelines are still a challenge. 

On December 2nd, I was able to attend a informational class on the 2010 Charlotte Profile of Home Buyers and Sellers.  These figures were gathered by the National Association of Realtors® and cover the period from July 2009 through June 2010.  Respondents were asked several questions and here are a few of the highlights for the Charlotte area:

48% of home sales were first time homebuyers 
69% of buyers used the homebuyer tax credit
31% of first time homebuyers were single females, 14% single males

Interestingly enough, the number one reason buyers want to own a home today is not because of the market but just the desire to own a home.  Statistics still show the home buyers feel that owning a home is a better investment than stocks.

The expected time buyers will stay in their home is 8-10 years
55% of seniors bought townhomes or condos

When respondents were asked about the search process, 73% used the internet for information and 70% used a real estate agent.  The average time spent searching for a home was 10 weeks with an average of 12 homes viewed.  38% of buyers found their homes through a real estate agent and 34% on the internet.

84% of buyers use an agent or broker to purchase their homes and 8% purchased from a builder or builders agent.  Even though the underwriting process has been changed, 65% of buyers said they had no difficulty in obtaining financing.  Lenders are lending money and there are many programs available for homebuyers but patience is expected. 

For home sellers:  26% of sellers moved because of job relocation and 20% wanted to move closer to family or friends.  The typical seller is 50 years old, 82% are married and have lived in their homes for about 9 years.  Sellers typically received 96% of the asking price and 47% did not reduce their asking price.  Sellers earned about 17% equity in their homes in 8-10 years in our area.  84% used an agent to sell their homes, 13% sold it themselves. 

This statistic is very interesting:  27% used Real Estate magazines to advertise their homes and 20% used newspapers but only 7% of buyer felt the magazine was useful and 4% felt newspapers were useful.  Most felt the internet and the real estate agent was most useful.

 

For additional statistics on Homebuyers and Home sellers, use the following links:j0438780

facebook:  http://www.facebook.com/pages/NAR-Research/73888294183

slideshare:  http://www.slideshare.net/NARResearch/

Twitter:  http://twitter.com/#!/NAR_Research

 

Also, be sure to become an fan of the Statesville Real Estate Guide on Facebook for local information on our area.  www.facebook.com/statesvillerealestateguide

Search area listings and sign up for my weekly Iredell County Distressed Homes listing at www.SonyaLeonardHomes.com

 

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Statesville NC Real Estate Guide –Sonya Leonard, Exit Home Team Realty Agent Sonya Leonard of Exit Home Team Realty is your local real estate expert in Statesville North Carolina.  The Statesville Real Estate Guide provides free access to individualized home searches for all homes in Statesville, Mooresville, Troutman, Lake Norman and the entire Lake Norman Area.  Explore buyer and seller reports, community resources, new home communities, and be sure to sign up for you’re my exclusive FREE Weekly Distressed Sales List.  Let Sonya help you INVEST in Real Estate and your Future! (704) 450-0588. Exit Home Team Realty