Bill Williams-Broker,REALTOR

INVENTORY IN THE CATAWBA VALLEY

2,231 houses are currently for sale.

100K-150K, 8.4 mos.;151K-250K, 11.9 mos.

251K-400K, 25.6 mos.; 401K+ 46.6 mos.

AVERAGE DAYS ON MARKET(DOM)

634 houses were sold in the last 3 mos.

$100K-$150K, 157; $151K-$250K, 167

$251K-$400K, 197; $401K+, 220

PERCENT SOLD BY A REALTOR

(national average according to national statistics)

93-97% of all homes are sold by a REALTOR.

There are some buyers who want to sell. They want to move on for whatever reason. There is an area they might like better or a different school district or they might want to upgrade to a new home. But if they sell now they might be leaving money on the table. The market is down 14% in our area in the last year. If the market recovers that in the next year like some advisors and economonists predict, that's $21,000 left on the table for a $150,000 house. That's money that can be turned to equity and used for a down-payment in a year. I doubt most of us could save up that kind of money any other way.

There is a young couple that was desperate to sell in the spring. She lost her job and they had too many bills. They really can't afford to sell given the current market. With home prices down they are upside-down on their mortgage and they don't have money to bring to closing. At first, they were behind on their bills and possibly considering a short-sale. Now they have gotten caught up, sold some stuff and the financial pressure is off.

But there is a different area they want to live in and they still want to sell. In fact if they could afford it they'd sell at a loss for the opportuniy to move to another area, even though they're getting ahead financially now. All they need is a little patience and time and a market that will bounce back. In their case, it will be worth it in the long run to wait. There is no pressing need to move now. So in the mean time their house is listed above market in the hopes they can move on sooner.

Then there are those who are WAY up-side-down. Folks who bought a house for $500-thousand and now it's worth $300-thousand. They afford they payments, have a good job, like the area and have no need to sell. But they just can't stomach the fact that they are upside-down on their home. They were going to sell in five years and make a profit, now they may have to wait ten years to break even. So they just bail on their mortgage and walk out of their house for no other reason than their pride.

The first home owners are impatient and maybe a little immature but they're doing the right thing and waiting. But the second are selfish, walking out on their responsibilities, leaving the banks and even tax-payers holding the bag. They should just deal with it, be patient, and preserve their credit.

I would love to sell every house presented to me, but I feel I have a responsibilty to encourage sellers to do the sensible thing if they are able. Sometimes it's just best to wait.

Buying a house? Before you start looking at houses and thinking about real estate agents there are some things you ought to think about.

First of all, remember an agent is not necessarily on your side. Most buyers see a house they like and call the agent on the sign. The agent shows them the house and the buyer decides if they like it or not. If they do like the house, the agent helps negotiate the deal, schedules the inspections and does the leg work to facilitate the closing. Little does the buyer know that the agent is working for the seller and has no obligation to the buyer. The deal closes, the buyer moves in and never knows no one was on his or her side.

Even if the buyer doesn't like the house, the agent tries to keep working with the buyer to sell them another house, even if it's listed with another agent. After all, an agent has access to all homes in his or her MLS region.

In my state of North Carolina, agents are required to disclose all aspects of agency to all parties involved. At first subsantial contact we explain the different roles of agents in a transaction and who represents whom. Also, what each party's responsibilty, right and obligation is. In a given transaction we explain the specific roles of agents in a given situation; who represents whom, who pays who, and full disclosure of each persons fees and commissions.

This is where the written buyers' agreement is useful. A buyers' agreement protects you, the buyer. It keeps your confidential information confidential. Say you don't have an agreement, or the buyers' agreement is verbal. If for some reason you stop working with the agent you THOUGHT was working for you and then you find them working on the other side of your transaction, they are REQUIRED BY LAW to disclose everything they know about you as it relates to the transaction including your financial situation and motivation for buying.

As agents as a whole, we do a pretty good job keeping everyone in the loop. But there are those who are negligent in disclosing the required information. Whether it's because it's awkward or because we don't want to scare away potential clients, some agents are reluctant to explain the detais of agency.

Buyers, don't be intimidated by paperwork, Be fully informed and have your interests protected. Make sure a written includes the ability to fire your agent. Be engaged in the process, know who works for who and who is geting paid how much.

It's in your best interest.

Currently the government is offering tax credits up to $8000 for buyers who have not owned a home in the previous three years. And under this program you NEVER have to pay it back! Use the money for improvements to your home, retirement, or whatever you'd like! There is talk that this may be extended, but it is not for certain.

In order to get the credit you must close by November 30. That means you need to be finding a home and lining-up financing now to have time to take care of all those last minute details that seem to pop up right before closing. Don't miss out on this opportunity to have a home when prices are the best they've been in a long time! And, best of all you can actually get some of your hard-earned tax dollars back in the process!

www.BillWilliamsRealestate.com

Century21 American Homes in Hickory, NC was selected BEST-LOOKING OFFICE in North Carolina. Today, September 24 we celebrate our one-year anniversery in this beautiful office with an OPEN HOUSE, and invite you to come by and join in the festivities from 4 -6 pm. We are located at 2258 Highway 70 SE, Suite 201 next to the world famus Hickory Furniture Mart and across from The Olive Garden.

Light Fare and Beverages will be served, so swing by on your way home from work or shopping.

www.c21americanhomeshickory.com

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