About Pitt County, NC

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Wednesday, October 21, 2009

Recently released data indicates that Pitt County home sales are on the rise, and local real estate officials say lower interest rates and a tax credit program for first-time buyers are big reasons.Bertha Pyne, president of the Greenville Pitt Association of Realtors, said there were 127 closings in the county last month, up from 99 during the same period the year before and 118 in 2007. Forty-nine of those homes were sold in Greenville, 42 were in the Winterville area, and the remaining 36 were scattered throughout the county, Pyne said.The September sales capped a six-month period in which overall home sales increased to 949 homes sold compared to 572 sold during the previous six months, according to Pitt County MLS data.Sales volume remains down 30 percent overall from last year, statistics show, but the recent uptick in sales offers a glimmer of hope to a market that has been struggling since a collapse last summer."We have had more sales, and I believe it is because the financing is so great," Pyne, broker in charge at Selective Homes Inc., said. "You have the best rates we have had in ages. That is playing a big role in it right now."Brandy Lee, mortgage loan officer with First South Bank, said rates for 30-year home loans are at 4.75 percent, and a 15-year rate is at 4.25 percent."I definitely feel the lower interest rates have stimulated the market and made everybody want to get off of that fence whether it be refinancing or purchasing," Lee said.

A government-sponsored tax credit program also has played a role in improving the numbers, Lee said. First-time home buyers getting the credit are allowed to reduce their federal income taxes by 10 percent of the price of a home up to $8,000.By the end of November, the credit will have been used by 1.8 million home buyers, at least 355,000 of whom would not have bought a house without it, according to estimates by the National Association of Realtors.Lee said she has noticed the impact of the tax credit program, saying about 50 percent of her business lately has been from first-time buyers.While some have speculated that the market will see another dip if government allows the tax credit to expire Dec. 1 as planned, Lee says she expects rates to remain low and sales to benefit."The government has really set aside money to invest in the mortgage-backed securities which is in turn what determines our interest rates," Lee said. "I think they will do their best to keep them low for at least the next year or so."There were 1,510 active listings in Pitt County at the end of September.Prices decline In addition to lower rates, buyers in today's market are also finding lower prices. MLS statistics reveal that the average sales price for homes in Pitt County has dropped during the past year by nearly $7,000 to $148,491. Those results are consistent with the rest of the nation based on statistics provided by Fiserv, a financial information and analysis firm. Fiserv has predicted that home values will drop in 342 out of 381 markets during the next year. The firm says prices should stabilize at that time. Pyne says the decrease is nothing to be alarmed about, noting that Pitt County home value trends compare well with other markets in terms of their depreciation. "I don't foresee Greenville having a huge depreciation because we have some employment opportunities with the hospital and university and places like that," Pyne said. "We are still doing really well compared with everybody else.
"More members Pyne says the recent activity in the market also is attracting more brokers after many left the field late last year. There are 476 members of the Greenville Pitt Realtors Association due to a steady increase in membership during the past couple of months, Pyne said. Membership remains down compared to the 547 members the association had last August when some agents left to find an alternative means of making money, Pyne said. "Some folks might be seeing some of the positive signs we are seeing, and that might be bringing them in," Pyne said. "We have new agents joining again, and that is a good thing."

By Brock Letchworth
The Daily Reflector

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A real estate Appraisal is not the same thing as a Comparative Market Analysis (CMA). A real estate Appraisal determines the market value of the property, which is an estimate of the sale price of the house. An Appraisal is mandatory when you are borrowing money from a lender to purchase a home. An Appraisal is done by a specially trained and experienced individual known as an appraiser.

On the other hand, a Comparative Market Analysis is used to determine a reasonable asking price based on the selling and listing prices of comparable real estate. This is conducted by the real estate agent listing the property. The sole purpose of a CMA is to help the real estate agent advise the sellers when trying to come up with an appropriate asking price. This is different from an appraisal because a Comparative Market Analysis helps determine the actual asking price, where as the appraisal reveals the property's actual value. Appraisers usually use similar research on comparable properties as a factor in determining the property value.

Here are some myths and facts to help you lean more about the Appraisal of your Greenville real estate.

1. Myth: Some people may think that making sure the buyer does not overpay is the main goal of an appraisal.

Fact: People buying and selling real estate can gather resourceful information from an appraisal. However, the appraiser's intended purpose is to provide protection for lenders. An Appraisal is required before the lender approves a buyer's loan.

2. Myth: Appraisers determine the property value by multiplying the price per square foot by the square footage of the property.

Fact: Appraisers determine the value of the Greenville real estate by other characteristics too. Things they take in to consideration include the location, proximity to desirable destinations, school districts, quality and condition of the property, selling prices of comparable real estate, and other relevant qualities.

3. Myth: Anyone involved in real estate could conduct Appraisals.

Fact: States regulate the requirements for Appraisals to obtain a license. Obtaining a license usually includes taking courses, passing an exam, and possible hours of experience.

4. Myth: There is never an obligation to educate buyers on problems with the home found by the appraiser.

Fact: The appraiser is required to notify buyers of problems when the buyer is applying for a mortgaged insured by the Federal Housing Administration. For other types of mortgages, the appraiser is not required to disclose potential defects.

5. Myth: If an Appraisal is done there is no need to obtain a home inspection on your Greenville real estate.

Fact: As mentioned earlier the purpose of the Appraisal is to protect the lender. This does more for the people selling theGreenville real estate. Where as, home inspections are meant to educate buyers on the state of the home and its major elements.

Get a no obligation Comparative Market Analysis on your Greenville real estate.