Recently on the Today Show, during a segment on the national real estate market, CNBC's Jim Kramer uncompromisingly stated, "now is the absolutely worst time to buy!"
There is little doubt that remarks such as these from so-called experts have been pushing potential buyers to the sidelines.
Here's what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:
First, residential real estate is not a national market product - it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees - it is a useless and irrevelant perspective. What is happening in your local market is all that matters.
Second, trying to predict when it is a good time to buy, or not, means you're trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.
Last, and maybe most important - there are always two markets in every market. There is the market of properties that are good buys and there is the market that are not good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.
So, what does the picture look like in the New Bern, Havelock, Oriental area. Well, it happens that those of us in the real estate business have been taking a serious look at the situation in recent weeks. In the current market, there is presently an excellent selection of homes, more homes than there are buyers for. As a result, the prices of these homes are being reduced and offers are being thoughtfully considered. In addition, interest rates have remained quite low. Our thoughts are that this is the beginning of a superb time for buying real estate, whether it be a single home or several investment properties. Not everything on the market is an exceptional buy, so you will need to do some shopping as always, but there are a lot of very good properties available.
Wednesday, October 24, 2007
Great Idea!
About a month ago, mid-September, Mark and Gail arrived from Illinois to look at some property in New Bern. While in the area, they also wanted to take a look at available properties in Oriental. I met with them briefly on Friday morning, just before they left with Craig to view the New Bern properties. Craig had referred them to me for viewing properties in Oriental as I have owned property there since 1992, and make my home there.
We met again on Saturday morning and headed out to see what was available in the area. I told them a little about the village and the many varied shops, organizations, and businesses here as we looked at homes, lots and marinas. They let me know that they had finished looking in New Bern early the previous day, and had driven down to Oriental to look around. We stopped at the Deli for lunch, and took a table on the deck to enjoy the view. I called my wife to see if she would like to join us, and she walked down from the house, making the meal that much more enjoyable. Actually she had accidently locked herself out, so it was a good thing we went back to town for lunch.
The meal, the company, the conversation and the view made the day a memorable event. A perfectly relaxing time in the most relaxing place I have ever been to or lived in. Toward the end of our meal, we spoke of staying in contact. I found out that Mark and Gail have a two-page foldout photo of Oriental on their refrigerator. Then Gail suggested that I send a photograph of something in the area each time I make contact with my customers and clients. What a great idea!!!
A few days later I received an email, letting me know that they had returned to Oriental after church on Sunday and had enjoyed sitting in the Adirondack chairs in the park overlooking the river. Three visits to Oriental in three days, I believe they are falling in love with the village, and that's not hard to understand. I don't recall where I found this photograph, but I did not take the picture. When I saw it I immediately knew who it might have some meaning for. So Gail, this one is for you, and Thank You for the Great Idea!
October 25th - This afternoon, I received an email from Gail. She and Mark found my Blog, and asked if I would add the following - " . . . . . if it's not too much trouble, could you mention that we have fallen in love with the area and would welcome any donations in getting us there. We take cash or property deeds. We might even take a sailboat."
Sunday, October 21, 2007
Surprise Visit
I recently received a call from Maria, a very pleasant surprise. Jack and Maria live in New York and had purchased about 4.5 acres of land with a boat slip from me a while back. They were in town so I walked over to the Tiki Bar to say hello. Evidently they were having a great holiday of fishing, relaxing and becoming more acquainted with the area. They had been out on a fishing boat and were very pleased with their catch. Maria was especially pleased that the captain's wife came along, as the girls enjoyed socializing.
Jack showed me photos of an old Harley Servicycle he had restored and it is "drop dead" gorgeous! The paint job on that Servi is phenominal! He also had photos of another Servi that he is currently working on. This one is being customized, and I am certain that the work on it will be as flawless as the first.
They visited their property here and had met some of their neighbors. Jack was excited to learn that the neighbor beside them was from the same area where they currently live. Small world! They really enjoy Oriental and left saying "we'll be back next month". If you ever get to meet Jack, Maria, and their little dog Peanut, take time to get to know them. You'll be glad you did.
Jack showed me photos of an old Harley Servicycle he had restored and it is "drop dead" gorgeous! The paint job on that Servi is phenominal! He also had photos of another Servi that he is currently working on. This one is being customized, and I am certain that the work on it will be as flawless as the first.
They visited their property here and had met some of their neighbors. Jack was excited to learn that the neighbor beside them was from the same area where they currently live. Small world! They really enjoy Oriental and left saying "we'll be back next month". If you ever get to meet Jack, Maria, and their little dog Peanut, take time to get to know them. You'll be glad you did.
About Oriental
Oriental NC
Those who know and love Oriental are aware that there's just no other place like it. Widely known as the "Sailing Capitol of North Carolina", where boats outnumber residents 3 to 1. The small town atmosphere is so relaxing during the week, just as it is for those who spend their weekends with us. I've heard it said that "the temperature is never higher than 80 or lower than 60 and it only rains at night". While that may not be totally true, it's not excessively hot or cold very often, or for very long.
Once you have spent time in Oriental, you will find this sailing and fishing village of 875 people is not quite like anywhere else. It's history is part of that feeling.
Oriental was settled by Louis B. Midyette in the 1870's. Legend says that "Uncle Lou", as he was known, anchored his sailboat in the protected waters of Oriental to escape a gale. He was sailing from New Bern back to his home in Dare County where he was a farmer and a fisherman. Storytellers claim that the next morning Lou went ashore and climbed a tree. He was captured by the beautiful landscape and all of the waterfront created by the many creeks. He returned home to persuade others to join his family in moving to the area.
Conveniently located along the Intracoastal Waterway (ICW), Oriental is a popular stop for "snowbirds" cruising south for the winter or heading north for the summer. Many residents will tell you that their first visit to Oriental was by water while cruising coastal North Carolina and that they too decided to make Oriental their home.
Why is it called Oriental?
Most stories heard around Oriental seem to have a boat in them. The origin of the town's name is no different.
The United States Post Office Department established a post office here back in 1886. Lou Midyette was named postmaster of what was then known as Smith's Creek. Lou's wife, Rebecca, thought the village needed a better name.
Rebecca had found the nameplate from the sunken ship "Oriental" on the beaches of the Outer Banks (some stories say she just saw it in a Manteo home - but either way the name "Oriental" made an impression on her).
The sailing steamer Oriental was built in 1861 in Philadelphia, and was used as a Federal transport ship in the Civil War. She met her fate in May of 1862, shipwrecked off Bodie Island 33 miles north of Cape Hatteras. The passengers and crew were saved. Today, one of the Oriental's portholes is on display at the Oriental History Museum. The fate of the "Oriental" nameplate is unknown.
The village became known as Oriental a few years after the post office was established, and was incorporated in 1899.
Those who know and love Oriental are aware that there's just no other place like it. Widely known as the "Sailing Capitol of North Carolina", where boats outnumber residents 3 to 1. The small town atmosphere is so relaxing during the week, just as it is for those who spend their weekends with us. I've heard it said that "the temperature is never higher than 80 or lower than 60 and it only rains at night". While that may not be totally true, it's not excessively hot or cold very often, or for very long.
Once you have spent time in Oriental, you will find this sailing and fishing village of 875 people is not quite like anywhere else. It's history is part of that feeling.
Oriental was settled by Louis B. Midyette in the 1870's. Legend says that "Uncle Lou", as he was known, anchored his sailboat in the protected waters of Oriental to escape a gale. He was sailing from New Bern back to his home in Dare County where he was a farmer and a fisherman. Storytellers claim that the next morning Lou went ashore and climbed a tree. He was captured by the beautiful landscape and all of the waterfront created by the many creeks. He returned home to persuade others to join his family in moving to the area.
Conveniently located along the Intracoastal Waterway (ICW), Oriental is a popular stop for "snowbirds" cruising south for the winter or heading north for the summer. Many residents will tell you that their first visit to Oriental was by water while cruising coastal North Carolina and that they too decided to make Oriental their home.
Why is it called Oriental?
Most stories heard around Oriental seem to have a boat in them. The origin of the town's name is no different.
The United States Post Office Department established a post office here back in 1886. Lou Midyette was named postmaster of what was then known as Smith's Creek. Lou's wife, Rebecca, thought the village needed a better name.
Rebecca had found the nameplate from the sunken ship "Oriental" on the beaches of the Outer Banks (some stories say she just saw it in a Manteo home - but either way the name "Oriental" made an impression on her).
The sailing steamer Oriental was built in 1861 in Philadelphia, and was used as a Federal transport ship in the Civil War. She met her fate in May of 1862, shipwrecked off Bodie Island 33 miles north of Cape Hatteras. The passengers and crew were saved. Today, one of the Oriental's portholes is on display at the Oriental History Museum. The fate of the "Oriental" nameplate is unknown.
The village became known as Oriental a few years after the post office was established, and was incorporated in 1899.
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