Wednesday, October 27, 2010

NAR Home Sales Recovery Has Begun

NAR Study Finds Home Sales Recovery Has Begun

Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of Realtors (NAR). Existing-home sales, defined as completed transactions that include single-family, town homes, condominiums and co-ops, jumped 10 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time homebuyers were ramping up in advance of the initial deadline for the tax credit last November.

“A housing recovery is taking place, but will be choppy at times depending on the duration and impact of a foreclosure moratorium," said Lawrence Yun, NAR chief economist. "But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.35 percent in September from 4.43 percent in August; the rate was 5.06 percent in September 2009

The national median existing-home price for all housing types was $171,700 in September, which is 2.4 percent below a year ago. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009.

“A decade ago, mortgage rates were almost double what they are today, and they’re about one-and-a-half percentage points lower than the peak of the housing boom in 2005,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “In addition, home prices are running about 22 percent less than five years ago when they were bid up by the biggest housing rush on record.”

To illustrate the jump in housing affordability, the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was five years ago. “In fact, the median monthly mortgage payment in many areas is less than people are paying for rent,” Golder said.

Housing affordability conditions today are 60 percentage points higher than during the housing boom, so it has become a very strong buyers’ market, especially for families with long-term plans. “The savings today’s buyers are receiving are not a one-time benefit. Buyers with fixed-rate mortgages will save money every year they are living in their home – this is truly an example of how homeownership builds wealth over the long term,” said Golder.

Total housing inventory at the end of September fell 1.9 percent to 4.04 million existing homes available for sale, which represents a 10.7-month supply at the current sales pace, down from a 12.0-month supply in August. Raw unsold inventory is 11.7 percent below the record of 4.58 million in July 2008.

“Vacant homes and homes where mortgages have not been paid for an extended number of months need to be cleared from the market as quickly as possible, with a new set of buyers helping the recovery along a healthy path,” Yun said. “Inventory remains elevated and continues to favor buyers over sellers. A normal seasonal decline in inventory is expected through the upcoming months.”

A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in September, almost unchanged from 31 percent in August. Investors were at an 18 percent market share in September, down from 21 percent in August; the balance of purchases were by repeat buyers. All-cash sales were at 29 percent in September compared with 28 percent in August.

Single-family home sales increased 10.0 percent to a seasonally adjusted annual rate of 3.97 million in September from a pace of 3.61 million in August, but are 19.5 percent below the 4.93 million level in September 2009. The median existing single-family home price was $172,600 in September, down 1.9 percent from a year ago.

Existing condominium and co-op sales rose 9.8 percent to a seasonally adjusted annual rate of 560,000 in September from 510,000 in August, but are 16.2 percent lower than the 668,000-unit level one year ago. The median existing condo price5 was $165,400 in September, down 6.2 percent from September 2009.

Regionally, existing-home sales in the Northeast increased 10.1 percent to an annual pace of 760,000 in September but are 20.8 percent below September 2009. The median price in the Northeast was $239,200, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest jumped 14.5 percent in September to a level of 950,000 but are 26.4 percent below a year ago. The median price in the Midwest was $139,700, down 5.2 percent from September 2009.

In the South, existing-home sales rose 10.6 percent to an annual pace of 1.77 million in September but are 14.9 percent lower than September 2009. The median price in the South was $149,500, down 2.6 percent from a year ago.

Existing-home sales in the West increased 5.0 percent to an annual level of 1.05 million in September but are 16.7 percent below a year ago. The median price in the West was $213,600, which is 4.9 percent lower than September 2009.

If You Are Looking to Buy or Sell a Home in Matthews NC, Mint Hill NC or the Charlotte NC Area visit

Rich Ferretti is your Mint Hill NC, Matthews NC and Charlotte NC real estate specialist.

Contact Rich today for the latest Charlotte NC real estate update.

Sunday, October 17, 2010

Mint Hill NC Homes for Sale

Featured Mint Hill NC Home of the week…

Mint Hill NC Featured Home of the Week


  • All Brick Mint HIll NC Ranch
  • Perfect Home for all
  • Easy Maintenance


This Mint Hill NC Ranch Home has all the amenities you need and want.

Call Rich Ferretti for a personal tour of this gorgeous home

Rich Ferretti, Mint Hill NC Homes and Property specialist.

Saturday, October 9, 2010

Mint Hill NC Homes for Sale

Featured Mint Hill NC Home of the Week

66681-02_resampled - Copy

  • Classic All Brick Ranch
  • Numerous Upgrades
  • Bainbridge Community of Mint Hill
  • 3 Large Bedrooms
  • 2 1/2 Baths


  • Welcome Home


  • Great Room with Fireplace


  • Granite Counter
  • Gas Stove
  • Cooks Delight


  • Beautiful Screened Porch
  • Over looks Deck with Hot Tub


  • How’s this for a back yard
  • Gunite Pool
  • Can’t you see yourself floating in the pool?

Visit the virtual tour of this home at

For a personal tour of this gorgeous home call Rich Ferretti, your Mint HIll NC Homes and Property Specialist.


Tuesday, October 5, 2010

Charlotte NC Real Estate Agents

How do you choose the right Charlotte NC Real Estate broker and firm?

Here are some things to consider:

  • Experience
  • Marketing plan
    • Do you have one
  • Communications
    • What is your preference?
    • Call, email or text
    • How often?
  • Support of firm
    • Does your agent have the support of the firm?
    • How will their firm promote your home?

These are just a few questions you need answers.

Call Rich Ferretti at 704 564 0807 and let Rich Ferretti discuss these and other issues you need to know.

There really is a difference.

Indian Trail NC Home===Short Sale

Looking for an affordable Indian Trail NC home?

Do you understand the “Charlotte NC Short Sale” Process?


  • 4/Bonus Bedrooms
  • 2 1/2 Baths
  • Formal dining room
  • Living/Office room
  • Hardwoods/Ceramic flooring

Call Rich Ferretti at 704 564 0807 for a personal tour of this home.

Rich Ferretti is your Indian Trial NC homes and property specialist.

Saturday, October 2, 2010

Charlotte NC Real Estate Market==Charlotte NC Real Estate Agents

We are our worse enemies- make the right choice.

Ever wonder why the public has a negative perception about realtors? Ever wonder why we’re compared to used car salespeople?

This morning I was checking our MLS for expired listings as I do every morning and low and behold I came across 3 expired listings that I thought I would contact and offer my services.

Trying to figure out why these listings didn’t sell several points jumped out at me..

· Only 3 pictures—we’re allowed to place 16

· Misspelled words..can you believe it?

· Blah descriptions

· I couldn’t find these homes anywhere else other than our MLS…too bad

Further analysis revealed 2 of the listings were placed with discount brokers, you know they put it in the MLS for a flat fee and walk away…sort of gives full time professional agents a bad rap but I understand people want to save money..but sacrificing on service..Does that make sense? After all you want your house sold right?

The sellers are willing to co broker with a buyer’s agent at 3% but skimp on the selling side…hey the selling broker is responsible for promoting and marketing your house to get it under contract right???? This is where you don’t want to skimp on marketing.

Talk to a real professional about marketing your home….after all you want your house sold Right?

Rich Ferretti is a full time Real Estate Professional, specializing in the Charlotte NC, Mint Hill NC and Matthews NC real estate market….

Call Rich Ferretti today at 704.564.0807 for a complimentary marketing analysis and get your home sold.

When you’re ready call Rich Ferretti

Friday, October 1, 2010

Mint Hill NC – Bainbridge Community – 9501 Edwards Place Home for Sale

You don’t want to miss this fabulous Mint Hill home!!!


  • All Brick Ranch
  • 3 large Bedrooms
  • 2 1/2 baths


  • Inviting home
  • Full Irrigation System
  • Very private setting







  • Shows like a model

View the virtual tour at

Call Rich Ferretti, your Mint Hill Real Estate specialist.

Visit Rich Ferretti on Active Rain

You can find great local Mint Hill, North Carolina real estate information on Rich Ferretti is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

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