This Month in Real Estate: December 2008

Dave Jenks and Jay Papasan explain and discuss real estate trends, market statistics, and the impact of the economy on home buying and selling.

Christmas Eve 2008

Things around town are quiet today. I went to New Bern this morning to deliver a copy of a contract to a lender, and found their office was closed. Stopped by our office and found minimal activity. Then headed back to Oriental. While driving down Trent Blvd. I couldn't help noticing something new in town, Marilyn Monroe! Be careful driving near Trent and Eighth, at least until everyone gets used to seeing this statue there. I expect there may be a few "fender benders" as drivers turn their heads at the sight of Marilyn (in this famous pose) standing at the corner.

Made it back to Oriental in time to order a Reuben at the deli. As always, it was delicious. Brantley's is closed today. Scoot's Pizza has been closed for some time as it is being remodeled. I heard Eric was hoping to reopen in time for the Spirit of Christmas celebration, but the work is not quite finished. When it is done, he will reopen as the Broad Street Grill.

The weather is nice, in the upper 60's, and several neighbors have been mowing their lawns.

And I would like to take this opportunity to wish each and every one a very Merry Christmas and a Happy New Year.

Going GREEN

REALTOR® TV: Learn to "Go Green" with Rocco. Watch builder Rocco Sinisgalli's information-packed video for great advice on making your new or existing home more energy efficient.

Spirit of Christmas in Oriental

Oriental's Spirit of Christmas Celebration will be held on Friday and Saturday, December 12th and 13th. Many businesses, churches, clubs, volunteer organizations, etc. will be open and providing tasty treats and various types of musical enjoyment. Everything starts about 3:00 Friday afternoon, and the list is much too long to print here. A few of the highlights for Friday are the Christmas Flotilla at 5:30, Lighting of the Christmas Star at 6:30 and the Pamlico Chorale performing at 7:30. On Saturday things will be happening everywhere in town all day. The Christmas Parade begins at 4:00, followed by the lighting of the Luminaries that line the streets.

Masquerade Ball and Silent Auction

The Masquerade Charity Ball and Silent Auction held on November 22nd by Keller Williams Realty turned out quite well, considering the weather was a bit uncooperative. A good time was had by all and from the event, Habitat for Humanity was presented with a check for $7,511.38.

Housing stats imply its time to buy

According to a recent report from Global Insight, an economic and financial analysis forecasting firm, current housing statistics indicate that now is the right to time to buy.

They claim that the U.S. housing market as a whole is undervalued by 3.8 percent. Global Insight analyzed 330 metropolitan areas in the United States and found that 241 metro areas experienced price declines in the third quarter of 2008 in comparison to 150 metro areas in the second quarter.

The markets that were hardest hit were in areas that were most overvalued three years ago. This study, a combined effort by HIS Global Insight and National City Corporation represented 78 percent of all existing housing units in the United States.

Low intrest rates and increased affordability make today's market a buyer's dream!

Source: Global Insight (12/03/2008)