HCAR River Clean Up in Todd

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HCAR River Clean Up in Todd

Several members of the High Country Association of Realtors®, and some of its affiliates, recently participated in a River Clean Up in Todd. The event was organized by the High Country Association of Realtors® and RiverGirl Fishing Company. It was held Tuesday, Aug. 1. The trailer load represented all of the materials removed from local waters.

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Home sales outpacing 2016 rate

Midway through 2017 local real estate sales are slightly ahead of last year’s pace, according to the latest report by the High Country Association of Realtors.

The summer selling season hasn’t been as frantic as last year, but inventory is expanding. New sellers continue to enter the market, reflecting a national survey which shows strong sentiment that now is a good time to sell.

Meanwhile, interest rates after declining from a sharp increase a few weeks ago.

Through June, local Realtors sold 886 homes this year, according to the High Country Multiple Listing Service (MLS), which tracks Realtor sales in Alleghany, Ashe, Avery and Watauga counties. That’s the most homes sold in that six-month span in more than 10 years.

It’s 1 percent more than this time in 2016, when 874 homes had sold. It’s also higher than in 2007, when 836 homes were sold prior to the national housing market collapse.

With regard to the summer selling season, local Realtors sold 356 listings in May and June, a 9 percent decline from last year, when 390 homes were sold in that span.

Total sales value for the year so far was $221.62 million, with an average sale price of $250,247.

In June alone, local Realtors sold 187 listings worth $50.23 million.

Inventory has expanded. There were 2,480 active listings in the MLS as of July 27. That’s well below this time last year (2,975) and the year prior (3,104), but a 4 percent increase from mid-June when 2,330 homes were for sale.

Interest rates have long attracted buyers. The 30-year rate had declined since the start of the year, and dropped to 3.88 percent on June 29. It rebounded in mid-July, when it averaged 4.03, according to loan giant Freddie Mac.

That was the first time since May the 30-year rate surpassed 4 percent. It has since declined. As of July 27 the 30-year average rate was 3.92 percent. The 15-year average rate is 3.2 percent.

A year ago both rates were 3.48 percent and 2.78 percent, respectively.

Meanwhile, the National Association of Realtors (NAR) recently released its quarterly Housing Opportunities and Market Experience (HOME) survey. It reported that 71 percent of homeowners think now is a good time to sell, which is up from last quarter (69 percent) and considerably more than a year ago (61 percent).

This is despite declining inventory nationally, compared to this time last year.

“There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy,” said Lawrence Yun, NAR chief economist. “As a result, inventory conditions have worsened and are restricting sales from breaking out while contributing to price appreciation that remains far above income growth.”

According to the survey, 80 percent of homeowners (unchanged from last quarter and a year ago) think now is a good time to make a home purchase.

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Real Estate Today radio – Secrets of the Pros

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions. the latest episode is Secrets of the Pros. Among the topics, Be Prepared – Buyers.

Right now we’re going to talk about one of the most effective techniques in real estate. And that is being completely prepared – ahead of time.

If you’ve ever painted a room you know the feeling. You want to get in there and start painting as soon as possible so that your whole area is transformed…with a brand new look that’s fresh and clean. But the fact is the most important part of painting the right way is preparation! You’ve got to spend time making sure that everything is ready, before you open that can of paint and start rolling it on the walls.

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Real Estate Today radio – The July 4th Special

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

The July 4th Special. Among the topics, The 30 Year Mortgage?:

This Tuesday, the country will celebrate America’s 241st birthday. You’ll see fireworks and picnics, parades, and American Flags everywhere.

But as we celebrate all the things that make America what it is, there’s one thing that is uniquely America, that I bet no one’s going to celebrate. Ha. But maybe they should!

Because there’s a wonderful thing here in America – that up to 90% of the nation’s homeowners rely on. And I’m talking about the 30 year – fixed rate – home loan.

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Real Estate Today radio – Second Homes

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Here’s the latest show, Second Homes. Among the topics, Keep it or Rent it?

It’s is a big question. Because what you decide will have a big impact on your money, your taxes, and your lifestyle, at that second home.

Now first of all, yes. Renting it out can bring you income. That can help pay the mortgage. Or, maybe the whole mortgage. So there you are, with your very own vacation home, and other people are paying the monthly mortgage. That’s pretty great.

Having a place at the beach, or in the mountains, or on a lake – or even a condo in the big city….anywhere people would come for a vacation….you’ll probably be able to rent it out, for good money. Talk to your REALTOR® about that – they’ll know the rental market, in the location you’re interested in.

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Interest rates declining as home sales stay strong

As the traditionally busy summer season begins, the local real estate market seems poised for another strong quarter.

Sales since January are slightly outpacing last year, up more than 4 percent. Meanwhile interest rates are at their lowest point of the year, and local inventory is growing.

monthly sales may2017Through the first five months of 2017, local Realtors® sold 687 homes, according to the High Country Multiple Listing Service (MLS). It records activity by the High Country Association of Realtors®, which represents licensed real estate professionals within Alleghany, Ashe, Avery and Watauga counties.

Last year in that span local Realtors® sold 660 homes.

Some of this year’s growth in sales can be traced to homes priced above $300,000. While the number of homes sold for less are stable year-over-year – 499 to 504 – the number of listings selling for more than $300,000 is up 17 percent.

On a monthly basis, local Realtors® sold 163 listings in May, down from 179 in May 2016. The average sold price for the month – the total value divided by listings sold – was up; $246,561 this year last May compared to $230,329 last year.

May sales extended to 27 the number of consecutive months Realtors® have sold more than 100 listings.

Sellers continue to enter the market. As of June 8 there were 2,356 active listings within the MLS. That’s 300 more than in early April, but well below the 2,870 that were active last June.

Nationally, interest rates have steadily fallen since spiking at the end of 2016. According to loan giant Freddie Mac, the average 30-year mortgage rate as of June 8 was 3.89 percent. That was only the fourth week this year it’s been below 4 percent.

The average 15-year fixed rate was 3.16 percent.

The year started with the 30-year average rate at 4.2 percent. To give the decline since perspective, a $250,000 home purchased at the start of the year would have cost a total of $440,115, with a monthly payment of $1,223.

That same home purchased this week would cost an estimated $423,986 with a monthly payment around $1,178.

Nationally, home sales have slowed. The National Association of Realtors® (NAR) latest sales report showed sales in March and April below last year’s activity. Low inventory was one of the causes.

“Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” said Lawrence Yun, NAR chief economist. “Realtors® are indicating that foot traffic is higher than a year ago, but it’s obviously not translating to more sales.”