Great Market Timing

Everyone seems to be talking about how “bad” the real estate market is right now. For those of you who like to gossip about it, I hate to break it to you. No the sky is not falling!  In fact, now is the time to buy real estate.  Interest rates are still at a historically low rate.  Remember back in the 80’s when the interest rates were around 18%? Your $150,000 mortgage payment would have been a whopping $2,260.63 as apposed to today’s much lower $923.58. How’s that for a difference?

 Many of our local banks and mortgage brokers are true professionals. There are so many mortgages products available today compared to even ten years ago.  First time home buyers have it great with many of the incentive packages being offered right now – such as no PMI (read: fancy acronym for mortgage insurance) and 100% financing. Be sure to do your research and find out which bank offer you the best product BEFORE you fill out their credit application. Want good local bank references? Call me. I’ll be happy to point you in the right direction. You can also visit our Recommended Mortgage Lenders on our Gotta Guy List.

If you think now is the time to sit on the fence – you’re wrong. Ben Bernanke (Federal Reserve Chairman) is considering raising rates to cool rising inflation as a result of the stock market boom and other economic factors. What good is saving $1,000 up front when you’re paying that much or more every year for thirty years on your mortgage? Think long term and you’ll be better off than ever.

Not only that, there’s a lot of choices on the market. Finding and buying your new home is much easier than you think. Call me today at (828) 837-3002 to arrange an appointment to go over all the excellent options you have available. In less than 30 minutes, you can be well on your way to owning your own home.

John Poltrock – REMAX Mountain Properties- www.MyMurphy.com – Call us toll free at 1-866-687-7496

Where You Can Expect Your Best Return on Investment in Murphy NC Mountain Real Estate

I’ve been working with a couple today who first called me on Lake Homes and Lots then did a total switch up on me. We ended up looking at homes with a great mountain view, and they now have two choices they really like. One in Hibberts Mountain and the other in Indian Rock Springs.

Anyway, I digress before I even get started. In speaking with them, it brought me to a great point which I have been relaying to my customers for some time. There are three types of properties in Murphy that have an exceptional appreciation rate and do well historically. The three types are: 1) Lakefront 2) Mountain View 3) Water front – i.e. creek, branch, and river frontage.

Lakefront – As with many markets all over the U.S., it’s a great investment and property you can enjoy simply by being on the water. Here in our area, there’s several differently lakes to enjoy. Lake Hiwassee (you’ll see some misspellings, Hiawassee is a common one), Appalachia, Lake Chatuge, Blue Ridge, Nottley, Nantahala, and Santeelah are some of the the lakes people enjoy here in the North Carolina Mountains. I’ll go more in depth on some of these in a later blog.

Mountain View – Just like the quality of anything you can buy, mountain views vary. You could have a little glimpse of a mountain or one where someone else’s trees could grow and block your view. The best views are generally considered multiple layers of mountains where you control the views – in other words, you can cut trees or whatever is in your way because you own the property in front of you where the trees could grow up. Close up mountains are also great, depending on the ridge line and other factors.

Water Front – Think varying ranges of moving water here. A "branch" is the smallest, usually considered to be 4-6 inches at most. Over 4-6" would be considered a creek and can get several feet wide. Rivers are, well, rivers. In Murphy, we have three main rivers: Hiwassee, Nottley, and Valley. All of which are beautiful and quite clean and clear water.

These are great investments for the long term and in some cases, the short term. It’s quite common to see double digit returns on these properties (annually). If you love the water or mountain views, fear not! Your purchase today can lead to a lifetime of enjoyment, or at the least, a better return on your money than you can find in any CD.

John Poltrock, CRS – Call Toll Free 1-866-687-7496 to make your real estate investments – www.MyMurphy.comJohnPoltrock@gmail.com – The POLTROCK TEAM at RE/MAX Mountain Properties in Murphy, NC

Information on Drilling A Well in Murphy and Cherokee County, NC

How much does a well cost? Who can I use to drill my well? Should I buy land without a well? How deep will I have to go to get water? What’s the chance I won’t get water? What happens if it goes dry? What kind of minerals are there going to be in my water? Will my water be good?

These are all questions I hear regularly when my clients and customers are looking buy real estate in Murphy, North Carolina. The truth is, these are all very pertinent questions that every buyer and investor should ask. The mountains make “hitting” water much different than flat land. The real advantage here in Cherokee County is that we have some of the purest, best tasting water come straight from a well and to your tap.

When it comes to wells, here’s a good summation – there are no guarantees. There’s good news though – experienced well drilling companies are a tremendous, and quite reliable, resource that can give you answers to your questions depending on the area you find your property. We frequently use and recommend Cherokee Well Drilling due to their extensive knowledge and many, many, many wells they have drilled.

Certain areas are prone to mineral deposits that can show up in your water supply. On the same note, certain areas are notorious for having deep and/or low yield wells. For example, parts of Hanging Dog, Wolf Mountain, Indian Rock Springs, and a few others are notorious for having deep and low yield wells. These really aren’t the norm but illustrate how you can ask to make sure the piece of real estate you choose is in a “safe” location.

Here’s the answers to many of those common questions. Yes – you can buy land without a well. People do it every day and end up just fine. Many swear they have the best water in the country. The answer to the rest of the questions? Ask your local well source, look at the neighbor’s well, and find out the history. The beauty of well water is that it is clean, pure, and reliable source of water. I, too, have a well I use every day and love it! You can also send your water to the state for a nominal $25 fee and find out the mineral content and whether there is any contamination from bacteria for only $10 more.

To sum it up, wells are a great source of water. Just ask a professional when you find the land you love and you won’t have to worry about sleepless, or thirsty, nights.

John Poltrock – The POLTROCK TEAM at REMAX Mountain Properties – Murphy’s #1 Real Estate Team – www.MyMurphy.comJohnPoltrock@gmail.com – Call Today Toll Free at 1-866-Murphy-NC or 1-866-687-7496

Murphy has new bank offering great land loans

Many of our customers and clients come to the mountains of Murphy looking to purchase real estate they can hold on to for many years and enjoy. Quite a few are specifically looking for an acre lot or more and want to build their cabin in a couple of years when they retire or have more “spendable” money.

Great news! Nantahala Bank has just had their grand opening (in their new, full service office) and offer exceptional loan programs. I have personally used their products (checking, land loans, and construction loans) with great results. They have an excellent team that truly works together for the client.

In regards to the land loans, they have many options. 3-15 year amortization, interest only, great rates, and a whole lot of others in between. They’re a great local bank and you can find them on the web at www.NantahalaBank.com

Nantahala Bank Logo

Image Courtesy of NantahalaBank.com

The State of the Market Address – June 2007

As the second installment of the State of the Market, we venture
into what has happened in the month of June for the market here in
Murphy. North Carolina has been overall very fortunate in its ability
to retain a stable market in relation to many other states – especially
Florida. The majority of our second home buyers come from the Florida
area, and we have seen an indirect effect on our market. Many of the
younger investors from Florida who made significant amounts of money in
real estate have been tapering off. We’ve seen the “normal” buyers who
have historically bought vacation and full time residences in both
Murphy and Andrews coming back and regaining their strength as our
primary buyers.

In a brief summation, there were 144 total
transactions that were not a result of hand-me-downs, quitclaims, or
other non-cash transactions. Of those 144 transactions, land
represented 87 total and homes were 57. Land was down by six
transactions while homes were up by 10 transactions from May.  28
homes and 36 land tracts were transferred by the Mountain Lakes Board
of Realtors. From May, we have seen a 2.9% increase in total transfers.
From the beginning of the year, we’re at a 9.1% increase.

2007
is turning out to be an excellent real estate year. Historically, our
numbers are up significantly even though some consumer confidence seems
to be flaky. What I find
to be one of the most interesting factors is that the largest real
estate investors are buying while the market is staying “down.” They’re
going against the grain and are going to find the greatest increases in
their investment when buyers begin to come back in full force.

Although
Murphy is small drop in the bucket in America’s real estate market,
it’s great to see the media is over exaggerating the results of the
market. I’m sure many other agents and investors are experiencing and
finding these same results. For those of us who enjoy and love what we
do, this market will prove to be an excellent change of pace and a challenge that we are sure to enjoy.

 John Poltrock – REMAX Mountain Properties in Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.com – 1-866-687-7496