Year to Date through June 30th, 2010 MLS Statistics
The year 2010 will be one of the most interesting years as far as most of us will see in our life time. With the extremely low interest rates along with the Great Deals available, it is a once in a lifetime opportunity for someone to make a great investment in real estate. People are still sitting on the side lines thinking the market may get worse while others have already made the purchase. If you are planning to finance the property, now is the time to make the move before rates go back up.
If you were to purchase a $200,000 property at today’s interest rate, of approximately 4.75%,(payments of $834.64 on $160,000) versus waiting until the rate goes back up, to 6.75%, (payments of $1,037.76 on $160,000) and put 20% down; you will have saved $73,123 over the life of the loan. Another interesting point is basically you could afford a home that is worth $73,123 more today. That is an astonishing 36% increase in the value of your property. As you can see from this analysis, if you wait, you are going to lose out on a great deal.
We have just completed doing the YTD sales for our market as reported by the CCAR MLS and have the results shown for you below:
|
Units Sold |
% of Asking Price |
% of Distressed Sales |
Regular Re-sales |
|
|
Residential |
2,066 |
92.91% |
25.27% |
74.73% |
|
All Condos |
1,751 |
91.64% |
37.80% |
62.20% |
|
Ocean F/V |
781 |
90.07% |
43.14% |
56.86% |
|
Land |
364 |
81.29% |
36.54% |
63.46% |
We still have a lot of short sales and foreclosures available and they are definitely having a huge impact on values of property here at the beach as it is probably affecting your local market. Some of our clients need to sale a property in another area of the country before they purchase a property here at the beach. Let us know how we can help you, we will be glad to assist you with any questions.
Be ready for some great things happening at the beach!!
Life’s A Beach and We Sell It!!
The Willis Team
Information is deemed reliable but not guaranteed
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