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Summer 2010 Market Update
Market Commentary Provided byMary Anne Farmen ABR CRS GRI SRES |
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| Average Home Price | $150,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | More than 120 days |
| Best Selling Price Range | $100,000 - $149,000 |
| Worst Selling Price Range | $1,000,000+ |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Johnson City is | No Change |
| Seller Activity for the past 90 days in Johnson City is? | No Change |
| Multiple Offers? | No |
| Multiple Offers Commentary | In Tennessee, when a home goes under contract, it is essentially identified in the MLS as being no longer available. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 5-10% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | I can recommend you to a very qualified mortgage broker who can consistantly 'beat the bank'. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | There are also quality homes for sale in nice areas adjacent to Johnson City that have no city property taxes. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | There are currently more homes on the market than at any time in history. Thus, the large selections and the |
| Nearest Metro Area | Kingsport (population ~ 45,000) |
| Housing Hot Spots | Jonesborough, Gray, Piney Flats, Colonial Heights, and Sulphur Springs are excellent areas that can offer country atmospheres with easy access to Johnson City amenities. |
| Average Sold Price | $150,000 - View Graph Trend |
Johnson City Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
---------------------------------
30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Mary Anne Farmen ABR CRS GRI SRES
REALTY WORLD - Tri-Cities Metro |
423- 367-0536 |
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