October 2009
Our market is still good! Yes, sellers are competing with foreclosures and short sales. Yes, there are homes that have struggled with being on the market too long because they are overpriced. Yes, the buyer pool has shrunk as a result of the economy and much tighter lending requirements. Yes, every appraisal is a nail-biter, hoping it comes in at least at the contract price. Yes, it's still a buyer's market with a large inventory. But..., the inventory in our area is actually considered a healthy one with a six month supply of homes. Interest rates are very attractive - the lowest they have been since May. Cash buyers are out there. Major corporations are still relocating a large number of employees here. The $8,000 tax credit incentive for first-time homebuyers has freed up 2nd and 3rd time homebuyers who needed to sell their homes before they could buy in the $400,000+ range. As a result, we are seeing an increased number of domino closings. Builder inventory is down with fewer spec homes for sellers to compete with. The houses that are in good condition and are priced right in a good location are selling quickly!
Willow Bend West and North experienced eight homes selling in the past six months, the time frame typically used by appraisers. Sale prices have ranged from a low of $410,000 to a high of $675.000. The average sale was for 4,143 square feet, built in 1992, with an average price per square foot of $125.23. The average time on the market was 154 days (compared to 106 days same time last year), selling for an average of 97% of list price.
Currently, there are six homes on the market.
*Information deemed RELIABLE but not GUARANTEED.
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| Laurie Ambrite |
