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THE TORTOISE’S RACE
One of the best things about real estate is that the market just does not change overnight. This is a good thing because a downturn is usually visible at least a few months out, and an upturn tends to move slowly enough that savvy buyers have some notice to get in while the getting is good.
This is what we’re seeing now. The tortoise is gradually winning the race to a real estate market upturn in North Carolina’s Brunswick County. The numbers bear this out: nothing flashy, nothing wild and certainly not a nail biter. Just a slow and steady move to the goal of a turnaround.
A few other items of note: keep an eye on interest rates, especially if you are planning to buy soon. We have seen the mortgage market tortoise moving. Many predictions show a fairly steady hold for the next few months, but there seems to be general agreement that rates will get higher later in 2009 and into 2010.
Also, if you are looking for Oak Island property under $275,000, you should know that sales for this quarter are exactly the same as this time last year, before the worst of the downturn. The inventory is going down as buyers snap up well-priced homes near the beach that weren’t affordable two years ago. There’s plenty on the market -- 178 homes right now with an average price of $202,000, but Three Rivers Realty agents are seeing the better properties moving at a faster pace. The Oak Island tortoise is picking up speed!
--Peter Heck, Broker-in-Charge
When working with Three Rivers Realty, you’ll quickly find that The Difference is in the Details! Click here to read our blog; it focuses on local real estate issues here in Brunswick County, NC.
Three Rivers Realty covers all of Brunswick County, and we specialize in Oak Island, Southport, St. James, Boiling Spring Lakes, Bald Head Island, Sunset Harbor, River Run, Shallotte, Arbor Creek, and Winding River.
