Reported by Jim Weese, Broker, REALTOR®, ABR, CRS, e-PRO, GRI, SRES
Updated July 1, 2009.
Current Market Rating: 1
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Current Price Trend: 2
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The number comparisons for the second quarter of 2009 are in. Real Estate in the Greenville/Pitt County area still shows signs of an improving residential homes sales market. According to our local board numbers, Pitt County saw a decrease in the number of new listings, but an increase in the number of closings, a decrease in the average sales price and an increase in the average days on market when you compare the 1st qtr to the 2nd qtr of 2009. The two good numbers are the decrease in new listings and the large increase in solds. This translates into a shrinkage in the inventory (toward more normal numbers) and an increase in actual sales (more activity in the market). When you compare this year to last year you can still see that the market is still slower than 2008. Again I still want to caution you concerning the average sales price figures. They can be misleading. It doesn't mean that property values have decreased, it means that the average price of the homes that have sold is less. To put it another way, lower priced houses are the ones selling as opposed to the higher priced ones. According to PMI (Private Mortgage Insurance, Co.), the insurer of billions of dollars of mortgages of people who don't have 20% to put down, the risk of home prices decreasing in Greenville is "minimal" with a 2.1 % risk of that happening (or a 97.9 % chance that it will not decrease). The outlook for the market in the near future is good. Interest rates still remain low. I think as the summer continues we will continue to see an improvement in the market. This is great time to buy real estate. Here are the numbers:
Source: Greenville-Pitt Board of REALTORS Information Deemed Reliable But Not Guaranteed
According to PMI Mortgage Insurance Company —
In every recession for which we have data, going back to 1960-61 for singly family housing starts and 1969-70 for new and existing home sales, housing activity has turned upward before the end of the economic downturn. Conversely, job market indicators (payroll employment and the unemployment rate) have never improved before a recession's end, and usually have not improved until some months after the beginning of the next expansion. As a result, in past recessions the housing market has always rebounded before the job market. But will the same relationship hold in the current downturn?
For more go to: http://www.pmi-us.com/media/pdf/products_services/eret/pmi_eret09v2.pdf
ZIP Codes: 27858, 27834 Approximate Location Boundaries: Greenville-Winterville
Location Characteristics: Greenville & Pitt County is the Gateway to Eastern North Carolina-- The preferred base to explore the historic, natural, and recreational resources of the coastal plain. Greenville and Pitt County have emerged as the commercial, cultural, educational, and medical hub of the region. Home to East Carolina University, the third largest university in North Carolina , the area exhibits a wealth of amenities and a Southern atmosphere that are "more than you expect."
About Jim Weese:
●Jim has lived in Greenville since 1991 with his wife Rhonda, who is a Greenville native. They have been married since 1983. ●They have two wonderful children, Ben, who is ten and Lauren, who is seven. ●Jim holds a bachelors from Free Will Baptist Bible College in Nashville TN and was recognized in the 1998 edition of Who’s Who Among America’s Colleges and Universities. ●Jim has taught at both middle school and high school levels here in Pitt county, most recently at CM Eppes Middle school. ●Jim has served on staff at two different churches in Greenville over the past 18 years. ●Rhonda currently works for PCMH in the outreach area of the lab. ●As a Real Estate agent, continuing education is very important and so Jim has earned the prestigious GRI® designation offered through the North Carolina Association of Realtors. This intense program gives real estate professionals the necessary information and skills to excel in the residential real estate market. ●Accredited Buyer Representation (ABR®) designation. The ABR® designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC®) of the National Association of REALTORS® who meet the specified educational and practical experience criteria. To attain this designation, a real estate practitioner must complete an extensive classroom training program on buyer agency practices and procedures, pass a written examination and submit evidence of practical experience as a buyer’s representative. ●Ninja Trained Certified Resiential Specialist (CRS®). Realtors who receive the CRS® Designation have completed advanced courses and have demonstrated professional expertise in the field of residential real estate. Fewer than38,000 Realtors nationwide have earned the credential. ●Real estate agents and brokers who have earned REALTOR e-PRO® Certification are Internet Professionals who have completed extensive training using the Web. REALTOR e-PRO® Certification means the real estate professional is prepared to employ the latest techniques and services for your benefit, just like you've grown to expect from a professional. In addtion to the e-PRO® Certification, Jim is also a certified e-PRO® Trainer, using his skills in teaching to help educate other REALTORS® to become proficient in the internet skills. ●Senior Real Estate Specialist (SRES®). This designation is given to those who complete the intensive program Senior Real Estate Council. Seniors Real Estate Specialists help seniors make wise decisions about selling the family home, buying rental property, managing the capital gains and estate tax implications of owning real estate, obtaining a reverse mortgage, moving to a senior community, and other issues. By earning the SRES® designation, I have demonstrated that I have the requisite knowledge, experience and expertise to be a Seniors Real Estate Specialist®. ●Star Power University Listing Specialist Course. Jim has earned the Listing Specialist Designation from Star Power University which certifies that he has been trained in all the latest listing systems that will help him perform at the highest level of professionalism while listing your home. ●Jim is also a Certified North Carolina Real Estate Instructor. My goal as a Real Estate agent is to assist clients in realizing their real estate goals. This may be through both buying and selling their homes or investing in real estate. It is my desire to help my clients complete a worry free transaction, leaving them with the wonderful feeling that they accomplished their dream.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
