How is the Real Estate market in Pamlico County?

I am asked this question a lot by those who may be considering placing their home up for sale. The picture is not as pretty as we might like, but perhaps it will help you understand what is, and has been happening. The graph shown is for homes only, lots and commercial properties are not included. This graph shows the number of homes sold in Pamlico County each quarter since January 1, 2008.

As you can see, during the past year there have been a total of 67 homes sold in all of Pamlico County, or an average of about 5.58 homes sold per month. Currently there are 213 homes actively listed for sale in the area.

When there is a 6 month supply of homes, it is considered to be a normal, balanced market. Less than a 6 month supply is a Sellers’ market, and more than a 6 month supply is a Buyers’ market.
Using the figures above, you will see that Pamlico County has more than a 38 month supply of homes on the market at the present time. This puts us very deeply into a buyers’ market, meaning that there are more homes available than there are buyers to absorb the excess in a timely manner.

Having such a large supply of homes is an indication that prices for many of the homes are too high. If you are thinking of purchasing a home in the area, be sure to select an agent who will prepare a current Comparative Market Analysis for you on any home you select.

Yes, homes are being sold and buyers are naturally picking the best values for their dollars. This means that any home being placed on the market should be immaculately clean, in good repair, and priced about 5% below its current market value. Otherwise, that home could be on the market for a very long time.

If you should have any questions, please feel free to contact me by e-mail at: Joe@JoeBrant.com.

Joe Brant, ABR, GRI, e-PRO
Keller Williams Realty
http://www.joebrant.com/
(252) 675-3038

Important Halloween Precautions

With Halloween approaching rapidly, adults should take precautions to ensure that their children will have a safe, enjoyable evening when they go out trick or treating.

For starters, parents should make sure children wear well–fitted clothing and shoes that make it easy for them to move around without stumbling. Try on costumes before Halloween. Ask your child to walk around the house a bit. That way you can fix anything that might cause a fall or is constrictive. Make sure accessories, such as swords, are made of soft or flexible material.

Young children should be encouraged to use makeup rather than masks because masks can obstruct vision, especially in the dark. Children should also carry flashlights, and wear light–colored costumes decorated with reflective tape that can easily been seen by drivers. Adults should remember to take extra precautions when driving on Halloween night because children will be everywhere.

It's best to have at least one adult accompany each group of children. If children are old enough to be out on their own, parents should know the approximate "path" they plan to take, and all children should have a specific time limit for when they are to return home (a portal alarm clock can be carried as a reminder). Instruct children to be selective regarding the homes they visit – only those with lights on, preferably in neighborhoods they know.

Children should never trick or treat alone and should not enter any home, unless it is the home of a friend.

Children should be especially wary of cars, remembering to avoid running across streets and checking driveways for cars backing out. They should be instructed to cross only at corners, and never between parked cars or mid–block.

Instruct children to stay clear of cats and dogs while in costume. A strange costume can make even the tamest dog aggressive.

Emphasize that all goodies need to be brought home for inspection before eating. Explain why this is important to children. Only eat treats in original, unopened wrappers. Throw away candy if wrappers are faded, have holes or tears, or if the candy has been unwrapped.

Check fruit and homemade treats for punctures or contamination. Allow your child to eat such items only if from someone you know and trust. Fruit should be cut into sections to check for sharp objects. Feed the kids before trick or treating and they'll be less tempted to eat from their bag.

If you suspect a potential poisoning, contact the poison center immediately at 1–800–222–1222

Children get very excited in anticipation of Halloween.

These simple precautions will keep the day safe and fun for all.

Interest rate drop fuels demand

According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

"Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.

In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009.