View These 2022 Housing Market Predictions from the Realtor.com Crystal Ball

Posted by murphylover on

As 2021 winds down, it’s an ideal time to define some major goals for 2022. If you’ve decided to buy a home or sell a home during the New Year, you’d like to know about upcoming housing market trends. Or, maybe you’re considering the purchase of a Murphy, NC investment property. As you move forward, you’d appreciate some details on the real estate investment market.

Fortunately, the Realtor.com housing market analysts have done their homework. After examining United States economic trends and market indicators, these market experts recently presented their 2022 Housing Market Predictions. Buyers, sellers, and investors will likely have some opportunities along with some challenges.

 

Home Inventories, Prices, and Sales

Three separate variables are integral to every home purchase or sale. The term “home inventory” refers to the properties available for sale in a specific market. Home prices fluctuate up and down according to standard supply and demand principles.

A market’s home sales are determined by the relationship of the first two variables along with other economic indicators. View this summary of the Realtor.com United States housing market predictions for 2022.

Growth in Property Inventories

In 2021, low property inventories meant frenzied buyer competition for available homes. Houses often sold within hours, and homes in several price points quickly received multiple offers. To add another level of complexity, investors snapped up many properties, leaving even fewer houses for individual buyers.

In fall 2021, an increasing number of homeowners signaled their intention to list their home within the next 12 months. As a result, the inventory of homes is expected to increase 0.3% on average in 2022.

Realtor.com also expects an increase in new construction, which translates into additional properties for sale. However, builders must first play catch-up, finishing their not-yet-completed homes before breaking ground for new ones. Therefore, you’ll need plenty of patience if you’re building a house in 2022.

Less-drastic Rise in Home Prices

Since 2012, home prices have seen single-digit annual increases (on average). In 2020, however, the COVID-19 pandemic led to an unexpected buying frenzy. At the same time, the nationwide housing market was already short 5.2 million single-family homes.

While home builders focused on adding more properties to the market, existing home prices were driven higher because of reduced inventories. From August 2020 to August 2021, the market saw a double-digit rise in home prices.

For 2022, Realtor.com expects a 2.9% rise in median home sale prices. While builders continue aggressive production, homebuyers must adapt to higher purchase prices and mortgage rates. Even with those factors, though, prices are still projected to rise at a relatively reasonable pace.

Continued Increase in Home Sales

Strong housing demand is expected to continue in 2022. Realtor.com expects 6.6% higher home sales numbers during the New Year. This translates to a 16-year high across the country and in many metropolitan markets.

Over 45 million millennials will be buying their first house during 2022. Other demographic groups will also be searching for the perfect residential or investment property. With an estimated 3.3% national income growth by late 2022, buyers will have more discretionary income to spend on a home.

2022 Outlook for Buyers, Sellers, and Investors

Real estate markets of every size have one universal truth: Buyers, sellers, and investors each have differing perspectives and goals. Each group interprets a specific market through a different lens, and they make their decisions accordingly. View the Realtor.com 2022 predictions for these three key market subgroups.

Homebuyers Must Quickly Make their Moves

With housing inventories projected to rise in 2022, homebuyers will have more potential “dream homes” from which to choose. However, the market will be flooded with buyers – especially first-time millennial homebuyers and other entry-level purchasers. With lots of competition for available homes, buyers must make fast decisions and be prepared to go “above and beyond” to win the bidding wars.

With home prices and interest rates expected to rise, finding budget-friendly properties will take skill and patience. However, increasing remote work opportunities may expand geographic search parameters to more affordable areas.

View Two Useful Home-buying Tips

To maximize their chances, homebuyers should set their home-buying budgets before making property-viewing appointments. Buyers should also run several simulations to determine how rising mortgage rates could affect their house payments.

Buyers should also refine their lists of “must have” and “nice to have” home attributes. By being more flexible in their choices, they’ll encounter a larger pool of potential candidates.

Home Sellers Will Enjoy Several Advantages

With higher expected home values and prices, sellers should be in a favorable position in 2022. Although there will be more homes on the market, realistically priced properties in nice condition have a good chance of selling quickly. In addition, sellers who purchased their homes awhile ago will likely receive a respectable amount of cash at closing.

Some sellers are chafing at the bit to list their homes for sale. However, they haven’t done so because they’re afraid they can’t find another home to purchase. Sellers who liquidate their current home, and who come up empty on another one, have few options other than renting until their luck changes.

Sellers ready to unload second homes, or who want to sell their vacation getaways, probably don’t need to buy another property right away. Therefore, they’re likely in the best position in this current market. However, sellers in vacation home markets may not see the same buying frenzy that occurred in 2021.

Investors Will Likely See Favorable Returns

Investors who hold rental properties will continue to receive good returns on those homes, says Realtor.com. Existing owners are well positioned to benefit from rising home prices. Rising rental costs may entice rental investors to keep buying homes, as the extra income may outweigh higher mortgage rates.

For perspective, note that in early 2021 many investors purchased homes at a higher rate than they sold them later in the year. If these investors choose to rent the properties, they should receive good yields because of continued demand and increasing rental prices.

Predictions May be Subject to Change

Note that the Realtor.com housing market predictions may (or may not) actually come to pass. The projections could be affected by economic conditions and other variables throughout the year.

To learn about predicted trends in your regional market, speak with your local realtor early in the New Year. The Poltrock Team utilizes sophisticated analytical data, along with its realtors’ local expertise, to provide you with second-to-none market analysis designed for your needs.

 

The Poltrock Team – REMAX Mountain Properties – Murphy NC   

 Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496

 Murphy’s #1 Real Estate Team      ilovemurphy.com

John Poltrock (Again) Snags the “Best Real Estate Agent” Reader’s Choice Award

Posted by murphylover on

When it comes to buying or selling a home, land, or commercial property, you want the very best real estate agent in your corner. You want them to be on top of local and regional market trends, have a solid grasp of technology, and provide top-notch client service from start to finish.

Here in Murphy, NC and Cherokee County, John Poltrock checks all these boxes and more. John heads up The Poltrock Team, a dynamic eight-member group working within Re/MAX Mountain Properties in Murphy. And, for the second year in a row, John Poltrock has earned the Cherokee Scout’s coveted “Best Real Estate Agent” Reader’s Choice Award. Once again, John faced stiff competition from other area agents – including three standouts from The Poltrock Team.

So, how did John Poltrock earn his “Best Real Estate Agent” award? The answer is simple: With over a decade in our regional real estate market, John has served hundreds of satisfied clients – and these happy buyers and sellers take every opportunity to give John the credit he deserves. This year (and also in 2017), John’s many supporters helped him dominate the field in the Cherokee Scout’s Reader’s Choice competition. John truly enjoys helping his clients achieve their real estate goals, and he’s grateful for their ongoing support.

John Poltrock also knows that many notable achievements are the result of impressive teamwork. On The Poltrock Team, each person has their own area of expertise, providing the agency’s clients with stellar service from the first contact through final settlement. John sums it up very clearly and succinctly: “There’s no doubt about it, it’s not just me. It’s the entire Poltrock Team. We have the best people!”

The Poltrock Team – REMAX Mountain Properties – Murphy NC – www.ILoveMurphy.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

2016 Year End Sold Real Estate Update in Murphy NC

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Watch the video above to find out what real estate sold for in all of 2016. It covers Cherokee County NC, Murphy, NC, Andrews, and more. Questions? Ready to sell? Email a reply or Call us now at 1-866-Murphy-NC or 1-866-687-7496

Did you WIN the $100 this Month? Watch NOW to find out!

Be a pal, share with a friend and give them a chance to win $100! Know someone who would appreciate our SOLD Show? Send it immediately to them by CLICKING HERE!

RE/MAX SOLD 66.7% of HOUSE SALES this December!

 

We hope you enjoy! We’re here for you so if you need your real estate sold or have questions, we’re only a call or click away.

PS – Feel free to forward this video to your friends and family. Not getting this to your inbox and want it? Also, WIN $100 Each Month!! Click HERE to join our SOLD Real Estate Update.

 

The Poltrock Team – REMAX Mountain Properties – Murphy NC – www.iLoveMurphy.com– Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

Murphy NC’s SOLD Real Estate Market Update for Third Quarter 2014

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Happy Fall from the mountains of Murphy, North Carolina! The leaves are now showing off their brilliant colors and marks an excellent time for folks to come to the mountains, both for leisure and to buy real estate! If you’re not already here and want to enjoy the Fall colors, I recommend you arrive to the mountains soon as the colors look like they will change quite quickly. This would be a great weekend to come! The picture below is one I took Tuesday for you to enjoy 🙂 It’s a panorama, so may want to make your screen as large as possible.

Mountain Picture

SOLD REAL ESTATE UPDATE

So far, this year’s real estate sales have been wonderful and sporadic. We have seen some of the best months we have seen in many years and while some fell to 2011 records. Despite mixed results, this year has continued to show incredible stability in one of the most important parts to sellers – pricing. We have not noticed any major indicators pointing toward lower prices for about a year and a half. On the flip side, we have not noticed any rising prices as of yet either. This is a strong positive considering the rapidly declining prices we have seen in years past. It takes stability first to have rising prices!

RE/MAX Has 44% Market Share in Cherokee County

Here are some useful facts about our current HOUSING market:

  • Both August and September yielded higher monthly volume than the past 5 years
  • Total house sales volume is down 10.3% (2013 sold 321 to end of Q3 and 2013 sold 288)
  • The Absorption Rate of Homes is steadily improving. We’re at a 12.9 month supply of homes – an incredible improvement! In 2008, we had reached an astonishing 54 month supply of homes! The lower this number is, the better for sellers.
  • There are 620 homes currently for sale in Cherokee County.
  • List to Sell Ratio continues to hold steady at 93%. That means sellers take an average of 93% of their asking price. The lowest we saw was 84%. The higher this number is, the better for sellers.
  • An average of 45 homes sold each month in the third quarter! That’s incredibly strong – especially if you look at the attached Monthly Volume, you’ll see what I mean!
  • Days on Market – aka. time for a home to sell – is continuing to improve! Last month it took an average of 188 days to sell a home. 209 days is the annual average which is one full month faster than past!

CLICK HERE to Join our SOLD UPDATE! Here you will see a link to see all the SOLD homes, land, and commercial property. Pictures, prices, sold dates, and more!

Here are some useful facts about our current LAND market:

  • Land sales volumes continue to hold steady – low teens is the average monthly volume consistently and has been for several years now.
  • Large tract acreage prices tends to average $2,000-3,000
  • List to Sell Ratio has averaged 81-85% for this year
  • There is a 73 month supply of land available for sale
  • There are 977 Parcels of land for sale in Cherokee County

The next 45 days on the market are crucial. We’re able to capitalize on some of the busiest time of the year. Make sure you’re prepared for it and making the most of the activity we’re going to have moving forward.

Looking to the future, we can expect sales are going to continue to be great. We’ll see seasonality kick in and sales drop off once we get to about 2 weeks before Christmas. Once that hits, we’ll have a lull of approximately 30 days. We’ll then see buyers begin to come back into the marketplace yielding a great February and March. It’s contrary to many folk’s popular belief, but it is the case. In today’s world of communication, buyers are still able to search and find the property they’ve been dreaming of no matter the weather or time of year. If you’re thinking, “nothing’s going to happen in the winter,” you can be very wrong.

And if you’re a subscriber, you’ll also be able to get our market statistics included! Join on the link above to see Cherokee County’s Market Absorption Report, Average Market Price, Monthly, Volume, and more!

We thank you for the opportunity to serve you and work for you. Any time you need us, we’re no more than a phone call away. Give us a call and let us know what we can do to help! We’re here for you.

Call The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.com – JohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

Murphy NC Real Estate Market 2013 SOLD Update and Market Statistics

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It’s official! I have completed the Murphy NC Real Estate Market Statistics for 2013, we have some great information to share with you! The market showing signs of healing and there’s good news abroad. We send out our SOLD Real Estate Update every 3 months, so be sure to join our update for this information, exclusive market research, and all the SOLD real estate for that quarter – including pictures, prices, and more!

REMAX Number 1 LogoRecent Murphy Area Statistics courtesy of Phyllis Blackmon of the Cherokee County NC Chamber of Commerce:

•$35.3 Million were spent in Cherokee County by tourists in 2013. That’s up 4.2% from 2012.

•Those dollars are directly responsible for approximately 290 jobs.

•Where did they come from? Great question! Based on Chamber of Commerce records:

•37% are from FL

•13% come from GA

•7% come from NC (outside of Cherokee County)

•3% from AL

•2% from foreign countries

•October is the most recent published unemployment numbers and it is down to 9.5%. That is down substantially from a high of more than 16%.

In the real estate world, 2013 provided the best market we’ve seen since the “boom.” 449 homes sold in 2013, which is 30.9% more than 2012, 53.2% more than 2011, and 61.5% more than 2010. That is huge improvements! You’ll see the figures and sales in the attached chart which includes monthly sales and a chart so you can see activity by each month. It’s a great way to notice trends of which months are busiest. Bear in mind the activity reflects contracts from 30 days earlier. So a closing in March most likely originated from February and so on.

You’ll also notice little change in the average price of houses that are selling. This chart indicates the price point of the average buyer is purchasing at. Even though this number continues to stay at the same levels, we’ve noticed substantially more home sales in most every price point of the market place, including the $200,000+ range. That particular segment of the market struggled for several years to have sales of any volume and we have seen more than in any year since about 2008/09. That’s great! And one question that always still looms is regarding foreclosures. There are still foreclosures in the marketplace, and they currently make up only 17.7% of house sales. The rest are traditional folks selling their property.

CLICK HERE to Subscribe to Our Quarterly SOLD Update! When you’re a subscriber, here’s where you would see ALL the houses that sold.

Land sales continue to remain on par with what they have for a number of years now. Each quarter average between 9-14 sales per month while inventory remains high approaching 800 parcels available for sale. Even at that, inventory has reduced substantially from a high of 2,701 parcels in Q3 of 2008. As time moves on, this market will rebound especially as house prices recover/rise or if available inventory isn’t desired and building becomes even more attractive.

Click Here to Subscribe to Our Quarterly SOLD Update! When you’re a subscriber, here’s where you would see ALL the land that sold. Pictures, prices and more are included!

Status of RE/MAX Mountain Properties and The Poltrock Team 

It’s been an exciting year at RE/MAX! We’ve had several developments over the year. Here’s some great facts:

•RE/MAX Sold 310 transactions making up 35.47% of the local real estate market! That’s way more than any other company. See REMAX Market Share Report 2013 for more details.

•The Poltrock Team sold 91 transactions in 2013, 71 in 2012, 64 in 2011, and 59 in 2010. That’s impressive considering the average Realtor closes only 12.

•We recently welcomed Donna Srabian as The Poltrock Team’s Buyer Specialist. She works only with buyers to focus on selling your property! She’s excellent.

•Want to hear what folks are saying about us? Check out our Testimonials.

We very much appreciate your business and thank you for the opportunity to work for you. If you are considering selling your property and would like to know what the impact of today’s market is on your specific property, contact us today! I hope you’ve enjoyed our SOLD Real Estate Update and don’t forget to subscribe to our update to receive our EXCLUSIVE market statistics too!

The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.com–JohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

Early April Murphy NC Real Estate Market Update

Posted by I Love Murphy on

Good afternoon! If you’re not in Murphy right now, you’re missing out on TONS of rain! It’s coming down by the bucket full!

March proved itself by being a great real estate month! 25 homes sold in March – surpassing every month so far this year. There’s lots of activity on the ground and lots of agents are showing. Many of our properties have been getting a great level of showings and we have quite a few of them under contract. The market has 44 homes pending sale – many of which will close this April.

I just finished publishing our Exclusive Market Absorption Report, and to get your copy, you have to be a subscriber to our Murphy NC Real Estate Update! Email me now to join! You can see trends, pricing tiers, and activity on each. Months supply indicates how many months it will take to sell the current inventory at the current selling volume. Generally, anything less than 12 months indicates a seller’s market and anything greater than 12 months is a buyer’s market.

You must be a subscriber of The POLTROCK TEAM’s
Murphy NC Bi-Weekly Real Estate Update to get the Link to
the sold properties for March 2010.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update for Free!

We’re finding this to be a great time to sell – believe it or not! There’s been more activity this year – and we are surpassing 2008 & 2009’s second quarter results already! 2008 averaged only 18 homes per month and 2009 average 21 homes per quarter – that’s a 19% improved over ’09 and a staggering 39% improvement over 2008! Buyer confidence is up and people are itching to buy!

There are still a lot of foreclosures in the process that are “shadow inventory” which are scheduled to come on the market in the future. Foreclosures, short sales, and other economical drivers are pushing prices down as illustrated below:

Average Selling Price

  • Q1 2009 – $165,888
  • Q2 2009 – $157,442
  • Q3 2009 – $161,964
  • Q4 2009 – $147,195
  • Q1 2010 – $132,809

Likely over this year, we will continue to see a slight decline in prices unless volume of transactions increases tremendously, which is possible! I’m finding in many cases its far better to go ahead and sell properties while they are worth more. Land especially falls in this category with almost 2000 parcels of land for sale, we have a 400 month supply or a 33 YEAR SUPPLY of land for sale! Prices have no where to go with land but down. The large majority of those are lots, which are the most affected.

With that said, we’re working hard for you! We’re having a great year with tremendous buyer interest. We appreciate the opportunity to work for you and do so tirelessly. If there’s anything we can do to help you, get your property sold, or if you know someone looking to buy and find a great deal, let us know. THANK YOU and we hope you have a great Spring!

Looking for one of those great deals to buy or sell your property and get the most you can? Contact The Poltrock Team Today!

John Poltrock – The Poltrock Team – RE/MAX Mountain Properties in Murphy NC – www.MyMurphy.com – Call Toll Free 1-866-Murphy-NC or 1-866-687-7496 – JohnPoltrock@gmail.com

The Poltrock Team’s SOLD Real Estate Market Update for Murphy NC – Mid January 2010 Edition

Posted by I Love Murphy on

Holy cow it’s hard to believe it’s already 2010 and January is flying by. With that said, there’s lots of great things going on in Murphy NC real estate right now. In fact, for number nerds out there like me, you’ll love this edition of our real estate market update. For those of you who want the information quick and conveniently, I’ll give you a fast summary before I get to all the dirty details of what happened. As always, you’ll be able to click the links below to see what real estate has sold, for how much, pictures, and much more!

2009 has proven to be a great year for improvements here in Cherokee County. In fact, 2009 has all the indicators that the market is improving and is doing all the right things. I’ll follow with more detail later, but overall in comparison with 2008, 2009 had more sales, properties sold faster, and the amount of properties available for sale was less. These three items are absolutely essential to stabilizing a real estate market, and that’s exactly what has happened. I believe with every bone in my body than 2010 will be even better than 2009. I’m expecting great things.

You must be a subscriber of The POLTROCK TEAM’s
Murphy NC Bi-Weekly Real Estate Update to get the Link to
the sold properties for January 2010 and December 2010.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update for Free!
 
 
Now on to the facts of the real estate market – no fluff, no bull, just facts. Forget what you hear on the radio, watch on the TV, or read on 2010 - Year of Growth!!!the internet. Here’s statistical facts of what happened in 2009 vs. 2008.

Residential Properties (Homes)

  • Sales increased every single quarter excluding Q1 (first quarter). In fact Q4 (fourth quarter, and so forth) saw an astounding increase in value of 53% over 2008! That’s impressive by anyone’s standards and indicates buyers are becoming more willing to buy, which is the most important factor.
  • The supply of homes decreased every single quarter across the board. The less supply there is on the market, the more demand will go up.
  • Days on Market for sold properties decreased in every quarter, which means homes sold faster than in 2008.
  • Average Home Selling Prices decreased every quarter. The average price of homes selling in Cherokee County fell every quarter indicating prices have fallen and buyer’s price bracket/comfort zone has shifted lower in 2009.
  • The list to sale price ratio held steady. The average home sold for 90-92% of list price in 2008 and 2009. This is a solid number when many real estate markets across the country fell significantly below our range.

Land

  • Volume had mixed results. Half the year was up from 2008 in number of transactions, half the year was down. Q1 represented the worst quarter in land transactions we’ve seen averaging a mere 7 transactions per month. Once Q2 hit, transactions jumped back into double digits with similar results the rest of the year.
  • Like homes, the supply of land decreased every single quarter across the board. The less supply there is on the market, the more demand will go up.
  • Again like homes, the Average Land Selling Prices decreased every quarter. The average price of land selling in Cherokee County fell every quarter indicating prices have fallen, and for land, they have. There are more than 2,000 parcels of land for sale in Cherokee County, and prices must be aggressive to get them sold.
  • The Average Days on Market fell in every quarter except Q3. We believe this was caused because of land prices falling and property owners realizing the trend dropped some prices and caused buyers to snatch them up faster than before. This is a great thing – they’re selling!

We also have completed the Market Absorption Report, and to get your free copy, you have to join our free Market Update via email! It’s chock full of market information, so email me at JohnPoltrock@gmail.com to join and get your free copy.

January has only 4 sales recorded on the MLS system as of today. With that said, I know there is a lot of real estate pending right now. Every RE/MAX Realtor in Murphy is experiencing quite a busy month. There’s a lot of people planning to come in the Spring! Right now we are doing a lot of prospecting to get them here so they can find the property they want to buy. There’s a lot of buyers on the sidelines looking to get in to the market!

For all of you who helped make 2009 a great year, Thank You. Without you, our business doesn’t exist. I know 2010 will be an outstanding year and am looking forward to it. In fact we’ve set our goals at twice that of 2009 – a rather lofty undertaking. We will do it and with your help! If there’s anything we can do for you, or if you have any referrals who need real estate help, please give us a call. As you know, we’re never too busy for your business.

Poltrock Team at REMAX Murphy NC Logo

Murphy’s #1 Real Estate Team

Contact us Today! Toll-Free 1-866-687-7496 – JohnPoltrock@gmail.com – www.MyMurphy.com

Read Our Past Murphy NC Real Estate Market Updates

The Murphy NC Real Estate Market Update – November 2009 Sales are In!

Posted by I Love Murphy on

Every two weeks, we email our sellers and those subscribed to our Bi-Weekly Sold Real Estate Update. Here’s this month’s edition! To get the most out of this update, subscribe to it! Email me at JohnPoltrock@gmail.com with your name, email address, and anything else you’d like to share. We’ll take care of the rest! Enjoy!

christmas tree and fireplace in murphy ncMerry Christmas! With the holiday season in full effect, real estate buyer activity in Murphy NC is beginning to to take its seasonal curb in the mountains. We still have folks here who are coming up later in the month, but more often than not, we’re finding they are looking to find Christmas presents for family members rather than shopping for homes and land. Personally, I think a good piece of real estate would be a heck of a Christmas present! 😉 Once we get past New Year’s, we’ll see buyers beginning to come in. Fear not – all is not lost! The buyers who come in the next several months are not as many in numbers, but for whatever reason are more qualified and ready to buy. Those are great buyers!

Now that November sales are in, we’re able to find out what the real estate market did last month and really get a good feel for things. Here we go:

Home sales for November reached 20 closed transactions in Cherokee County – which is quite an improvement over last year’s 4th Quarter average of 17 sales in a month. In fact, last November’s sales reached as low as only 10 transactions on homes.

Another impressive fact is that land sales last month hit 17 transactions – which is much better than the 13 transactions the market was averaging for land in 2008. Thats very close to the high side of what sold in a month for 2008 – and it’s November! We continue to expect great things from land because there are some outstanding opportunities for buyers out there and they are beginning to realize it.

Inventory is one of the largest obstacles we face in today’s real estate market. The more homes there are on the market, the more chances a buyer has of finding a similar property and buying it. The lower the inventory, the better your chances of selling. In the past month, we have seen the inventory of homes decrease 3.8% (which is a GOOD thing!) and decrease 7.6% from last year. Inventory is coming off the market – nice!

You must be a subscriber of The POLTROCK TEAM’s
Bi-Weekly Real Estate Update to get the Link to
the sold properties for the month of November.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update!

 

With all this said, this is the last time you’ll get a SOLD Real Estate Update from us until December’s sales are in, so it should be the first of January. Until then, we wish you a

Merry Christmas!!

Written By: John Poltrock, Certified Residential Specialist – www.MyMurphy.com – JohnPoltrock@gmail.com – The POLTROCK TEAM at REMAX Mountain Properties – Murphy’s #1 Real Estate Team – Contact us Today Toll Free 1-866-687-7496

 

September – Best Month for Real Estate Sales in Murphy NC

Posted by I Love Murphy on

Wow! It’s hard to believe that it’s October already! There are so many things going on in the world of real estate right now – which is great! It seems like it’s been forever since the last Bi-Weekly update. Since we began this column in Murphy’s newspaper – The Cherokee Scout – it threw a curve ball in the “release” of our update. We’re working on getting that in sync now, so please pardon the delay.

October brings several wonderful things! Be sure to remember The RE/MAX Client Appreciation Picnic is next Saturday from 4-8! BE SURE TO COME!!! If you think you can make it and haven’t confirmed already, please let us know – we’d love to have you!
 
Fall appears as its going to be early this year, so be sure to enjoy while its here!
 september
On to real estate! September was a tremendous month. It proved to be the best September in the past 3 years. An astounding 63 properties sold in a one month period – and by anyones calculations – two per day is phenomenal! Also not reflected in these sold properties, United Community Bank (UCB) did an online auction that yielded quite a few sold properties – lots sold from a mere $2,000 to $8,000 in several instances.
 

You must be a subscriber of The POLTROCK TEAM’s
Bi-Weekly Real Estate Update to get the Link to
the sold properties for the past 14 Days.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update!

 

 
SOLD Home Statistics in Murphy NC for September
(40 listings)
  Low High Average Median Total
List Price $40,000 $299,900 $172,424 $165,000 $6,896,950
Selling Price $40,000 $300,000 $152,836 $143,500 $6,113,432
List/Sold(%) 59.93% 100.09% 88.44% 89.78% —
Price/SqFt ($) $0.00 $146.34 $43.22 $0.00 —
Days on Market 16 701 233 175 —
 
 
SOLD Land in Murphy NC Statistics
(23 listings)
  Low High Average Median Total
List Price $12,500 $215,000 $60,691 $39,900 $1,395,900
Selling Price $10,000 $185,000 $51,447 $29,100 $1,183,270
List/Sold(%) 37.93% 209.80% 83.63% 81.08% —
Days on Market 113 648 301 190 —
 
Note the interesting phenomena on the lowest SOLD percentage of list price – Land reached as low as 38% of list and homes as low as 60% indicating some steep discounts (or high overpricing) on homes sold. There’s a direct relation between over pricing a home in today’s market and an extreme high time on market. In fact, the high time on market was an astonishing 701 days! If you don’t want to have an extended time on market like this, ensuring your home is priced competitively in the market is of the utmost importance. If you want a review of your property to see if any adjustments are necessary, give us a call or email and we’ll do the work for you.
We have seen a lot of offers thrown out there – in fact The Poltrock Team alone closed 13 transaction sides in September. We’re still seeing some of the Offers to Purchase come in extremely low and did not fly – we had offers as low as 33% of listing price. This was what I call a “Vulture” offer – folks offering ridiculous offers to see what they could get away with. Even with this happening, most of our buyers realize value even today, and that is perfectly indicative of the market. In fact the highest list to sell ratio was 100.09% of asking price – this means someone paid slightly more than asking price to ensure they bought the property.
 
Real estate is currently on the rise! Keep your fingers crossed and say your prayers for consumer confidence to continue to rise and for people to buy homes and land in the mountains of Murphy, NC!
 
As always, we thank you for the opportunity to work for you. We work hard every day and work 60+ hours per week for our clients and would love to work for you and your real estate referrals.
 
If you have any questions or anything we can do for you, please CONTACT US! Thank you for your business and trust. If you know of anyone looking to buy or sell real estate anywhere in the United States, please give us their name and number and we will take care of them to make certain they get the best service no matter where they are.
Written By: John Poltrock, Certified Residential Specialist – www.MyMurphy.com – The POLTROCK TEAM at REMAX Mountain Properties – Murphy’s #1 Real Estate Team – Contact us Today Toll Free 1-866-687-7496
 
Read previous editions of our Murphy NC Real Estate Market Update and Report.

The Poltrock Team’s Bi-Weekly SOLD Real Estate Update for Murphy NC – August 2009 Edition

Posted by I Love Murphy on

Back to school! Even my daughter is excited to be back to school at Murphy Elementary – which is a true blessing! Schools are starting all over the United States, and as a result, folks are busy. Parents and grandparents alike are busy getting their children back into the “grind.” Every year, we see a drop in new buyers coming in for 2-4 weeks during August when schools are starting back.

Even with the “Back to School” effect, the past two weeks in the real estate market have been HUGELY impressive in Murphy NC! In the past 14 days, an astronomical TWENTY-SIX properties went under contract and are currently pending totaling upwards of $4.1 million in potential real estate transactions. Coupled with the 19 properties that have sold and closed in the past 14 days, which makes for a great August when over $2.7 million is already closed in a two week period.

Over the past month, the average selling price of a home has been fluctuating from $130,253 to $148,068. July yielded the highest average selling price at $188,683. With all this being said, it makes sense that 61% of our market activity has been on properties priced $175,000 and under. With that said, we’re seeing two “holes” in the real estate inventory where supply is dwindling.

  • Properties priced at less than $100,000 are selling very well – so well in fact that supply has dropped more than 36% in the past 12 months.
  • Properties priced from $125,000 to $150,000 have benefited from a 38.3% reduction in inventory in the past year.

Interestingly enough, our new system also finds developing demand as well as price points that do not have active buyers. For example, the price range of $300,000 – $325,000 has had no demand in the past year, indicating a need for homes in those ranges to get under $300,000, which is a significantly more active price range.

Land is another category that needs attention. In the first quarter of 2009, there seemed to be no buyers searching for land. In fact, it was the lowest land sales ever since July of 2002! With that being said, we had nowhere to go but up! Sales volume in land has literally more than doubled since then and Realtors are experiencing more land buyers than we’ve had this entire year. Sales have largely been attributed to tracts less than three acres. In fact, they account for 70% of the transactions and 55% of total land dollar volume.

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Sold Home Statistics
(17 listings)

Low

High

Average

Median

Total

List Price

$69,900

$479,000

$205,666

$164,800

$3,496,325

Selling Price

$59,000

$475,000

$185,235

$160,000

$3,149,000

List/Sold(%)

79.81%

104.46%

90.21%

88.93%

–

Price/SqFt ($)

$0.00

$218.25

$91.10

$106.91

–

Days on Market

45

670

255

168

–

Sold Land Statistics
(6 listings)

Low

High

Average

Median

Total

List Price

$14,900

$218,020

$91,043

$48,525

$546,260

Selling Price

$11,100

$218,020

$108,337

$110,000

$650,020

List/Sold(%)

74.50%

318.69%

127.58%

91.47%

–

Days on Market

22

497

242

255

–

2009 is an exciting year for real estate and we look forward to a continually growing market. August has been a great month and we will continue to work for more to come! We appreciate your business very much, and if there’s anything we can do to help you or someone you know, please let us know! We’re in business because of you.

Written and researched by John Poltrock of The Poltrock Team at RE/MAX Mountain Properties can be reached at 877-837-3002 or by email at JohnPoltrock@gmail.com – You can read a summarized version of this article in the business section Murphy’s #1 Newspaper – The Cherokee Scout.

You can read previous editions of the Murphy NC Real Estate Market Solds and Update by Clicking Here