About Chowan County, NC

As I sit in my office compiling stats for my end of the year market report it is interesting to note which subdivision has been the hot spotof activity this past year. Here in the town of Historic Edenton, a town of 5000 residents with a land area of 5 miles, 3 golf courses within 25 minutes and water on just about all sides, the subdivision seeing the most consistent sales activity in 2009 is the Mill Village.

The Mill Village is comprised of some 56-60 properties nestled in amongst some six streets well within walking distance of downtown Edenton and Edenton Bay. As you enter the village the mood generated is one of warmth and charm. The streets are lined with trees leading into neat well kept yards showcasing charming homes painted a variety of pastel colors.

Historically, Edenton Cotton Mill and its affiliate mill village were established in 1898-1899 by nineteen local businessmen and occupied by workers of the Cotton Mill. Houses were actively constructed until 1920. Most of the village homes are single-story, gable-sided frame structures with front porches and rear ells with square footage ranging anywhere from 900-1500 sq. ft. Many have two front entrances (see above picture) which allowed them to function as duplexes early in their history.

In addition, the Mill Village was named one of Top Ten Cottage Communities in the nation by Cottage Living magazine in 2007.

Five properties were sold in 2009 at an average sales price of $175K. Not bad for the South's Prettiest Town.

Since last writing I've been busy with a closing and lots of showings. I also helped one of my buyers, who moved here from the state of Washington, unload their moving truck. Now that my back is stiff and sore (they had some monster furniture) I thought it might be a good time to catch up on my blog!

Real estate showing activity increased over the last 3-4 weeks but sadly is now showing signs of slowing. Last weekend I showed three different sets of buyers around the Albemarle area. Two were looking for second homes and one was looking for land to build a retirement home on.

First time homebuyers, who need to close by November 30th to benefit from the tax credit, are seeing the window of opportunity about to close. There is no word yet on whether or not the tax credit will be extended.

There is strong speculation that come the first months of 2010 listings will increase, including foreclosure and short sales, and mortgage interest rates will begin to edge upward as the government steps back from Fannie and Freddie.

What this means is that even if home price continue to drop (I wouldn't count on that) the affordability of a home will increase because of the rise in interest rates.

Historically, homes are more affordable now than perhaps at any other point in history. This due to the fact of low home prices and low interest rates. In my opinion, the housing market is at the bottom!!! It is at the bottom because both housing prices and interest rates are low causing home ownership to be at it's most affordable point. For if short sales and foreclosures increase but interest rates go up homes still will not be affordable as they are now. You must consider both factors when looking for the bottom.

If you are considering buying a home there is no doubt that now is the time. I believe one of the above factors, or inflation, will soon cause the affordability factor to begin going the other direction. Plus, the selection of available properties is tremendous! Feel free to contact me for more information about the above or to see property.

With recent news reports that the housing market is improving and prices are increasing I thought it might be good for someone in the trenches to weigh on the current status of the housing market. At least how it is playing out in northeast, NC. I've been in real estate since June of 2005 and below is what I see.

There are several areas to consider when reporting on the housing market. First is the area in which you wish to buy or sell. Every area and market is different with its own set of specifics. Because of this variable you cannot simply read up on the "national" housing situation and consider yourself fully informed. The national market offers possible trends and patterns but remember the figures are pulled larger metro areas.

In my piece of the northeast, NC real estate pie, the market remains down and prices continue to decline, though not sharply. In a year over year comparison the average sold price of residential, single family real estate in 2007 equaled $207,350. In 2008 that same price was $174,829 and now in 2009 it is $160,225. So we see a 22% decline in prices over the last three years.

The most active markets by year are as follows: 2007 = $200-250K, $300-400K, $250-300K. 2008 = $200-250K, $120-140K, $300-400K. 2009 = $200-250K, $160-180K, $120-140K. Notice how the $300-400K priced home went from the second most active market in 2007 to not even being listed in the top three in 2009! A good indicator of the times.

In June, Money Magazine told their readers: "To sell your home fast, you're going to have to dip 10% to 15% below what comparable homes in your neighborhood recently sold for..." Again, a good indicator of where the market is currently and what it takes to get a property sold.

Finally, consider one other very important factor. The number of homes sold compared to the number of new listings coming on the market. In 2007 there were 157 homes sold from January 1, 2007 to August 31, 2007 and 183 new listings. In 2009 there have been 87 homes sold for the same period and 367 new listings!!! No that is not a typo! The housing market is extremely saturated with homes and sparse with buyers hence, it is a buyer's market in the best sense of the term!

Plus you also have to consider who is buying and what are they buying, distressed or non-distressed properties and how many first time home buyers have jumped into the market? Plus, what does the future look like? Tune into my next blog for some thoughts on these issues!

The quality of a location has a lot to do with what that "location" has to offer. For example, would you want to live in a location where there are few if any good restaurants, no movie theaters, no navigable water and heaven forbid, no golf courses?!! Of course not!

Edenton, however, has a lot of amenities to offer. For example there are not one, but three golf courses within 30 minutes. The closet is only 12 minutes outside of town!

There are numerous rivers and streams that empty into Edenton Bay and from there head out to the Albemarle Sound. The waters are brackish and offer access to the intracoastal waterway. Edenton also offers two marinas and various seasonal fishing tournaments. Recently a small group of residents have begun kayaking every Wednesday evening.

Not into golfing, fishing or boating you say? Hmmm... maybe you will be interested in the large number of historical homes and buildings located throughout Edenton. If so you will be interested to know that the Edenton Mill Village was listed in the August 2007 issue of Cottage Living as one of the Top 10 Cottage Communities.

Of course, you can take part in events such as the annual Edenton Pilgrimage, or the Hogfest (mmmm.... good food!), the county fair (sooo much fun), the Annual Peanut Festival and the Candlelight tour, tree lighting and more.

As a location Edenton has a lot to offer and due to the quality of offerings Edenton is a quality place to visit or relocate.

Off and on I have been reading a book by (I've forgotten the author's name) about Starbucks and their operating philosophy. One of their principles is that of making each Starbucks location a "third" place. In other words, a place where you like and want to go to hang out or relax. The other two places are work and home!

In Edenton, NC we don't have a Starbucks (we are too small for the coffee house giant!) however, we do have Edenton Coffee! Edenton Coffee has become a third place for a lot of the locals. It is located on Broad St (the main street through town) and you can walk in and get a good cup of coffee including mochas, lattes and all the other fancy coffee drinks. Home made pastries are sold as well as coffee varieties, cups, shirts, hats, etc. Chairs and tables are outside as well as in and the newspaper is sold for 50 cent just a few steps away.

On any given day you will find people sitting outside sipping their favorite java drink or congregating inside with laptops and cell phones conversing (sometimes quite loudly -those are fun conversations!) or working or pretending to do a little of both!

But what makes Edenton Coffee truly a third place, at least in my opinion, is that it is also a place for local artists to display their talent. Inside are several booths where artists hang their pictures and paintings. Nothing is more enjoyable or better for a mid afternoon work break to refresh your thinking than walking through the coffee shop looking at what someone is trying to communicate via their artist medium while sipping on your ice coffee.

If you get the opportunity to come and visit Edenton, NC be sure to stop by our "third" place while you're here!