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| February 2009 |
Phone: (828) 685-8602 Fax: (828) 685-9627 2968 Chimney Rock Road Hendersonville, NC 28792 Website: www.apple-country.com Email: info@apple-country.com |
Market and TrendsWe are now seeing interest rates as low as 4.5% with some banks and mortgage brokers. In talking with loan officers, they are telling us that there is plenty of money out there for qualified buyers with some fantastic rates right now. Banks seem to be very busy right now with refinancing, which is a very good sign.The information we are getting is showing that markets in south Florida and California are beginning to open back up again. In the latest monthly analysis from Realty Times and NAR show sales Palm Beach County were up 37%, Fort Myers 44% and Miami 23%. Sales in California have also picked up with Orange County just south of Los Angeles up nearly 66% last month. Although median prices were down in these areas, some by as much as 25%. This may mean we are near the bottom of the market and we can now hopefully look for a continuing rebound. In many ways these markets dictate what will happen here as we need those buyers, especially for our upper end properties. If these markets start moving again even at reduced selling prices we should see those sellers start to migrate to our area again looking for solitude or retirement living in our beautiful mountains. We are currently seeing the most residential sales activity in the $150,000 and less price range. These homes are still affordable for local families and therefore currently represent the bulk of the transactions taking place on the residential side. As you progress upward in price range the number of sales diminishes exponentially. Smaller parcels of land and lower priced lots seem to be getting the most attention on the land and acreage side. We have seen activity levels pick up here at the office in the last couple weeks. Hopefully, this will continue and we will start seeing more consumer confidence return to the market place. This is definitely the time to buy! Interest rates are the lowest I have ever seen them and there is a lot of inventory out there in most price ranges. If you have been sitting on the fence waiting for a sign to buy a home you really need to consider doing something now. |
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2968 Chimney Rock Road | Hendersonville, NC 28792