Thursday, March 5, 2009

BeaufortHomes.com real estate Beaufort, SC

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Beaufort, South Carolina Real Estate news

Ran the numbers for a builder friend yesterday. 1,322 homes for sale north of the Broad River. There were 35 closings in January, and 31 in Feb. Land sales are practically non existent.

We are getting darn tired of being patient waiting for the market to come back. But it is still going to be a while. We find it tough to sell a house when there fewer out there looking. Those who have money are doing their best to hold onto it in all price ranges.

I have only one move up buyer listed for sale at this point out of the 14 properties we have for sale. It is a great time to buy a larger home, patience is needed to get the present house sold. More people should be doing this. The lesser dollars gotten for the existing house will be greatly diminished in the purchase of the more expensive home. Dollar for dollar it makes fiscal sense to make that move up now.

Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970.

What we can do is make every bit of information on every listing available to anyone looking on the web. (84% of buyers look on the web prior to contacting an agent) We are curently getting many hits on the web, no contacts yet.

When the market turns, we will find it in the rear view mirror. All of a sudden some day we all will see buyer looking, homes selling, and multiple contracts on listings.The gurus at National Association Realtors feel that a turn will start third quarter of 2010.

Thanks for your time.

beale