Rebecca Cummings

According to our local Pilot newspaper, sales in Moore County continue to be in the lower priced market thanks to the federal tax credit. We have had many buyers taking advantage of the first time $8000.00 housing credit, which will end November 30. The tax credit coupled with conforming loan rates dropped our average priced home to $263,000 for 2009. In 2008, our average priced home was a little over $300,000. Not because we have dropped our prices, but because this is what is selling. Since January of this year, we have only had 28 homes to sell for over $500,000. With an inventory of 800+, months of inventory on homes priced between $500,000-$2,000,000, do we not need a tax incentive for the mid-level and upper end buyer?

I would be interested in your ideas for moving this portion of the market. What can the Federal Government do to invite the higher end buyers back into the market? Do we offer tax incentives for 2nd, 3rd homes? Do they lower the interest rates even more? Not until we start to see the higher end market move again will the market get better.

I am getting information together for a class on agent to agent refferals and would love to know how many of you use this untapped resource. Statistics in 2006 state that only 8% of buyers and sellers found an agent through another agent or broker. Are we looking out for each other? Thank you and I would love to hear your comments on the "pros" and 'con' of agent referrals.

Many believe 2008 is a buyer's market. Some areas of the nation have seen prices raise or stay stable and not plunge as the media would have all to believe.

What is happenening in your area? Many foreclosures? Were they all single family homeowners? How many were speculators investing in more than 1 or 2 properties? Why are these numbers not seperated out? Are your clients able to get loans?

I would love to hear from you on your local market condition.