Is the Iredell Market Favoring Buyers or Sellers?

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I wanted to take a look at the issue of housing inventory and what it means to you as a buyer or seller of a home in Iredell County.

If we've got too much supply - indicated by a lot of houses sitting on the market for sale for a long time - it tells you that we're in a buyer's market, because the longer it sits, the more the value is affected negatively. If houses are selling quickly, it means that there are more buyers out there. Low inventory can lead to multiple offer situations on your home when you sell, and this allows sellers to get the most money possible. Buyers have to hustle!

Buyer and seller markets can even vary by neighborhood.

What we like to see is a normal buyer-seller market, where there is enough inventory out there to get competitive prices for sellers, and there are enough qualified buyers willing to pay market value. You'll find that inventory is fluctuating all the time. We can actually have different parts of the country that vary greatly between a buyer’s market and a seller’s market, and it can also happen within the same county. Even in the Iredell County real estate market you'll find pockets where it is a seller's market and pockets where it is a buyer's market. It can even boil down to neighborhoods.

That's why you need access to this data when you're pricing your home as a seller or considering an offer as a buyer. That's exactly the reason why you need to work with a professional real estate agent.

For help in Iredell County, we'd love to do business with you. Give us a call or reply to this email, and let's talk soon!

How Interest Rate Increases Impacts Iredell County

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The Federal Reserve raised its key interest rate by 0.25% on December 16th. This is known as a lift off increase. We can expect further rate increases from the Fed in 2016. What does this mean for the real estate market?

Rising interest rates make it harder for borrowers to obtain a mortgage. It's not impossible to get approved for a mortgage, but it is more difficult. For sellers, interest rate increases will impact the price of your home.

When rates slowly increase, first time home buyers may find it harder to adjust their target home prices. House hunters in general will have to adjust their wish lists to purchase an affordable home.

What can you do now to adjust? First, you need to improve your credit score. A better credit score will help you get a lower mortgage interest rate. You should also reduce your overall debt. If you're thinking of buying, check your credit report now. If there are errors in it, get them fixed now. Don't sit and wait. Finally, save as much as you can for a good down payment.

If you're a homeowner with an adjustable rate mortgage who plans on living in the home for several years, now may be the time to switch to a fixed-rate mortgage. Be sure to check the fees and closing costs before you refinance your home.

Now is the time to find a professional real estate agent to help you maneuver this changing real estate market. If you have any questions, give us a call. We would be happy to help you!

Iredell County Real Estate Market Comparison

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Buying a Iredell County home? Search all homes for sale

Today, we're going to take a quick look at the Iredell County real estate market. Specifically, we'll compare this year's market to 2014 from January through August.

In 2014 the actual number for closed residential residences was 1,494 units that closed. In 2015, we had 1,584 units close. That's 90 more units than last year, which means that the market is a bit better than last year.

The average sales price in 2014 was $268,000. In 2015, it is still $268,000. If you break this number down based on what area you are in, that number will definitely change.

As for days on market, in 2014, it took 138 days for a home to sell. This year, the number went down to 103. You would much rather have your home sold in 30 days, but on average, it's taking 103 days.

It's critical to understand that these numbers cover the entire county, and may not apply to you individually. You have to look at pricing, the condition of your home, and what things you need to do to improve your home and make it the most competitive home on the market.

If you have any questions, give us a call or send us an email. We look forward to hearing from you!

Are Home Inspections Absolutely Necessary for Buyers?

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As a buyer, you have the right to hire a home inspector for a property that you're looking to buy, and you should absolutely have an inspection done. Keep in mind that you will be paying for the inspections, but the cost is well worth it. 

You need to know the condition of the property before you buy it, and this is the best way to determine what needs to be fixed. Many times there are things about the property that not even the seller knows, so this can be helpful for the sellers in making repairs before a sale.

You always need to pick a trusted home inspector, because you don't want any surprises down the road. I always recommend a termite inspection for people living in our area, and the good thing is that it often covers more than termites. 

As always, if you ever need assistance when you're buying or selling in Iredell County, please don't hesitate to contact me. 

Thanks for tuning in, and don't forget to watch the next video in this series!