Exit Smokey Mountain Realty in Franklin North Carolina reported a huge spike in home sales since the last week of October 2009. John Becker / Bald Head, one of Exit Realty’s lead listing and selling agents said, “The office was a frenzy of activity!” “Phones ringing off the hook, fax machines humming, copiers/printers gobbling up paper to write contracts, and it seemed like all the agents in the office were making daily trips to the closing attorney”, said John. This phenomenom might seem like an anomaly to you, but it is bustling here at Exit Smokey Mountain Realty and is continuing right up through Christmas week! We are elated! I happened across a news article this afternoon that confirmed my suspicions about the market at large.. See some excerpts below: Friends, this is nothing but GOOD NEWS, and right before Christmas!
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Tue Dec 22, 1:16 pm ET
WASHINGTON – Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
“Things are stabilizing,” said Pete Flint, chief executive of real estate Web site Trulia.com. “There is a significant amount of buyer interest out there.”
About 2 million homebuyers have taken advantage of the TAX credit so far, the National Association of Realtors said Tuesday. The group forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44 percent above last year’s levels, a record jump.
“In the short run, its an effective stimulus,” said John Ryding, chief economist at RDQ Economics. “If you give someone money to spend on something, they will spend it.”
November’s sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October, the Realtors group said. It was the highest level since February 2007. Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.
Sales are now up 46 percent from the bottom in January, but down 10 percent from the peak more than four years ago. The inventory of unsold homes on the market fell about 1 percent to 3.5 million. That’s a healthy 6.5 month supply at the current sales pace, the lowest level in three years.
Have the best CHRISTMAS EVER!
John Becker/ Bald Head
Franklin NC Real Estate – Macon County NC- Otto, NC
“Offering Solutions To My Clients”
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, Otto NC, and the Great Smoky Mountains. You can find every bit of information you require for your Franklin, NC real estate endeavor with John Becker / Bald Head Exit Smokey Mountain Realty.Call 828-506-3719