I know you have been watching the news, with undoubtedly growing concern over not only the real estate market but also the banking industry as a whole.
The last few years, I saw the lending mess we are in now happening in slow motion. . .knowing that two pals of mine both with graduate degrees and high level white collar jobs had to obtain an interest only loan in the Northern Virginia area just to get into a small three bedroom two bath home in a safe neighborhood. . .something was seriously wrong, a hugely false real estate economy where the true supply and demand rates were hidden by the public’s ability to qualify for significantly more loan in a short term investment. . .but a few years down the road when that balloon payment is due and that promotion didn’t come, where does that land us? In markets other than ours, you can see the aftermath.
I know I have stood on my little blog soapbox before extolling the beauty of our simple market here in Eastern North Carolina. I refuse to say that our market is a “sure thing”, those days are essentially gone, there are too many variables and I would be more than happy to do the market research for you on a case by case basis given your specific circumstances. . .there ARE ways to invest but, generally, think more buy and hold rather than flip and run.
Here in Eastern NC our major employer is the US Government. . .who garuntees employees a 3% or more pay raise a year. . .not to mention deployments of family separation pay, tax free zones, imminent danger pay and more. . .and don’t even start me on the support staff and contractors who aren’t counted as “military” in our area. . .we never had a “sexy” market here, no bubble, no 200% PLUS profits here. . .but like a mutual fun or bond. . .slowly and safely we have been plugging along.
Between January and this October, the average number of days a single family home sits on the market, 45 (not too shabby) and the percent sold was 58% with an average list price of 171,676 and average sales price of 167,853 with a price/list price ratio of 97.77%. In short, slower surely than in the last few years, however, still stable and a smart investment. I’ll have more in the days to come but wanted to share the information snack with you.
Have a great Sunday, I am off to pretend to watch football, which, generally, I see the season as an excuse to not drink light beer and eat wings. . .I get told every Sunday who I am supposed to be rooting for because I generally spend my weekends working or writing things like this and not watching highlight reels or Madden talk about his turduckin.