Franklin NC real estate market fueled by signs of life emerging in housing sector
Sales are picking up in some of the nation’s hardest hit regions.
A sign advertising homes for sale is seen on Feb. 5th in Corona, Calif. California’s shattered real estate market has brought heartbreak and ruin, but some investors, speculators and first-time buyers are finding opportunities.
Signs of life emerging in housing sector fuels Franklin NC real estate market –
Last year the Cape Coral area of Florida had the largest foreclosure rate in the USA. My brother Jeff left Houston to relocate in Cape Coral and found that almost 1 in 10 homes was in foreclosure in the Gulf Coast Community of 165,000. Needless to say, he was able to purchase a first class waterfront home for HALF of the asking price. Jeff has been keeping me up on the real estate movement in the Cape Coral area over the past year, and in the last 3 months something has started to “shake lose” in his community. All of a sudden Jeff says, “There are no more real estate for-sale signs” . Almost overnight it seems, that he noticed everything was selling! TO READ THE FULL STORY FROM BUSINESS WEEK MAGAZINE CLICK HERE.
For more information on Franklin NC Real Estate and MACON County,
contact John Becker / Bald Head – Broker at Exit Smokey Mountain Realty
A curious thing is happening in this blighted former boomtown: Buyers are flowing in from all over the world from as far away as Spain and Germany! First time home buyers are suddenly entering bidding wars with real estate speculators causing sales in February to outpace those at the peak of the boom… Some homes are getting as many as 50 offers and selling above their asking price!
Cape Coral isn’t the only place in the country experiencing these reverberations in real estate. It appears that some of the regions that led the U.S. housing market into the free fall are now beginning to show renewed signs of life as well. Home sales on the Gulf Coast of Florida, California’s Inland Empire near L.A. and the Las Vegas metro area also surged.
What is fueling these sales surges in markets across the country? A few things for sure.
- Banks are dumping foreclosed properties for pennies on the dollar and this is attracting “cash laden” buyers looking for cute rate bargains.
- First Time Home Buyers are appearing in great number armed with government incentives such as the $8000 tax credit, plunging home prices, and super low interest rates. These incentives are just too good to pass up for some.
Franklin, NC is primarily a second home market but also attracts a good deal of buyers who want to relocate here on a permanent basis. As such, home sales in Franklin surge when sales in other regions make it possible for people to gather their cash, follow their dreams, and move to the Smokey Mountains. Home prices in Franklin have declined some, but not nearly as much as in other areas of the U.S.
An interesting observation in the local Franklin Real Estate market is that had one been searching for stick built homes here a year ago, one would’ve been hard pressed to find any listings under $150K. But now, with the downward pressure on the market this scenario has changed drastically and there are plenty of great housing opportunities appearing between $115K-$155K with the median “sold price” falling to $139K from $152K at the same time last year. Since January 1st, 2009 to date, there have been 66 homes sold in the Franklin NC market, average days on the market 132, for a total sales volume of $10,292,001. This same time last year the Franklin, NC market logged 74 sales, average days on the market was 170, for a total sales volume of $14,858,310. With the uptick in sales in Florida, Franklin is experiencing a “rush” in potential home buyers who are armed with great incentives, and dreams of moving to the lush Smokey Mountains.
FRANKLIN NC REAL ESTATE-MACON COUNTY
Franklin NC Real Estate – Macon County NC- Otto,NC
John Becker / Bald Head – your gateway to Paradise in the Smokey Mountains of Franklin, NC. John Becker / Bald Head, provides a superior level of informed, professional real estate service to Buyers and Sellers of real estate in Franklin NC, Macon County, and the Great Smoky Mountains. Call 828-506-3719..