Patrick Wilkinson Blog

In this Quarterly Market Snapshot (QMS), I reveal my research into the Roanoke Valley MLS’s™ 4th quarter 2011 housing market activity, and the annual activity for the years 2008 through 2011 (see chart below).

We have seen an INCREASE in number of transactions from 2010. The number of Roanoke Valley transactions increased by 154 sales (up 5%) from 2010 to 2011. The trend in the average number of days on market (DOM) is up by 3 days from 2010 to 2011 (up 3%). That is not good news because 112 DOM is still historically a very long time to wait until a seller receives a contract. These DOM numbers are also skewed because they only reflect DOM for homes that actually sold, and not the cumulative days those homes may have been on the market.

The average price of homes sold in 2011 DECREASED substantially (over 8%) from 2010. Average sales price has now taken its 6th consecutive year of losses. While this is extremely difficult news for sellers, it is an EXCELLENT opportunity for buyers to take advantage of low prices and low interest rates!

I still maintain that the reduction in the average price is a function of higher priced homes simply not selling (jumbo loans of $417,000 or more carry a higher interest rate as seen below, and are more difficult to obtain). Since these higher priced homes are NOT being added into the equation, I do NOT believe the average price of homes in the $100,000 to $400,000 price ranges have declined as dramatically as the numbers would suggest (see below).

5 story brick office building built in 1964. Currently both units are occupied by an active law practice. 14,080 square feet on 2 floors includes several individual suites with offices, conference rooms, work areas, reception, break rooms/kitchenette, 2 libraries and plenty of storage space. May be purchased individually for $462,500. Sale includes 20% interest of adjacent lot which provides $9,000+ income in annual parking revenues: Click Here to see the video:

In this Quarterly Market Snapshot (QMS), I reveal my research into the Roanoke Valley™s 3rd quarter 2011 housing market activity, & compare it to 2009 & 2010 (see chart below).

We have seen a significant INCREASE in number of transactions from the same period during 2010. The number of Roanoke Valley transactions increased by 160 sales (up 20%) from 2010 to 2011. The trend in the number of days on market is down by 1 day from 2010 to 2011. But 111 days on the market is still historically a very long time to wait until a seller receives a contract.

The average price of homes sold in Q3 2011 DECREASED substantially (over 13%) from the same period in 2010. However, I still maintain that the reduction in the average price is a function of higher priced homes simply not selling (jumbo loans of $417,000 or more carry a higher interest rate as seen below, and are more difficult to obtain). Since these higher priced homes are NOT being added into the equation, I do NOT believe the average price of homes in the $100,000 to $400,000 price ranges have declined as dramatically as the numbers would suggest (see below).

Finally, if sales of homes in the Roanoke Valley continue to stay on this course for the remainder of 2011, it will be the 6th consecutive year of a drop in transactions, drop in average sales price. While this is hard news for sellers, it is an EXCELLENT opportunity for buyers!

Quarterly Market Snapshot Q3 2011

When friends ask me “how’s the market” I am tempted to focus on the seller’s side of the transaction. As everyone knows, most sellers are taking a beating when selling a home in this downturn (6 years and counting). Additionally, the condition of the economy is not helping the jobs picture (reported 9.1% unemployment). But I’m now avoiding that temptation because there  are so many  good things  to be excited about  on the buyer’s side!
 

The federal reserve has decided to keep short term rates at near zero which is driving down home loan interest rates to the lowest level in 60 years. So,  consumers who are gainfully employed  (over 80% of workers), and who have great credit can get phenomenal rates and excellent deals on buying a home. To see how amazing the interest rates are today, take a look at this article from Ed Ferrara at RealtyTimes.com.

Here’s the before and after video we put together showing the total renovation of 1218 Boulevard in Salem, VA. We stuffed  3 months of renovations into 7 minutes.  Once complete, a great family bought the home in August 2011. Enjoy….
Click Here to view video.

On 8/9/11  an article from  Inman News states: “Realogy Corp. has sent a formal request to President Obama calling for a ‘White House Summit on Housing.’ ‘Housing has an enormous impact on our nation’s GDP (gross domestic product) and given its substantial influence on all aspects of the economy, we believe it warrants special attention from the White House.’”  Click Here  to see the Inman article.

I  believe the guy in the White House has  no interest in turning this economy around. If he did, he and the Democrats would not have gone on a spending binge to  grow government over the  past 2.5  years by stuffing through outrageously expensive new programs NOT approved by US Citizens. Programs such as TARP, QE2, ObamaCare, Auto Bailouts, new EPA regulations, etc. His idea of “helping people save thier homes” is for government (using taxpayer money)  to throw  money at people who never were able, and never will be able to pay thier mortgages.

The real way to help people save thier  homes is to provide a booming economy that provides jobs so  homeowners can pay thier mortgages. How could the president do this? Slash spending, let taxpayers keep more of thier own money but cutting federal taxes, CUT FEDERAL JOBS, and repeal all new Federal Governmet programs enacted during Obama’s term! If you have not seen the real numbers on Obama’s government growth spree see the article by Sean Hazlett from  April 23, 2011  at BigPeace.com.

So, sorry Reology Corp., even if you do get to meet with this White House, you will get nothing for all of your efforts. They want power, not a great economy. The only way to get anywhere with this economy or housing is to vote out all of the socialists who are content to hold onto thier power by making more an more US Citizens dependent on them.

Patio pavers can revitalize your back yard, and improve the value of your home considerably.

Smart Options: Patio Pavers

A broad selection of patio pavers accompanies increased demand for outdoor living spaces. Read

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS ®

In this Quarterly Market Snapshot (QMS),  I reveal  my research into the Roanoke Valley™s  2nd quarter 2011 housing market activity,  & compare it to 2009 & 2010  (see chart below).

We  have seen a drop in number of transactions from the same period during 2009 & 2010. The number of Roanoke Valley transactions decreased (down 11%) from 2010 to 2011.  The trend  in the  number of days on market is up 6% from 2010 to 2011.

The average price of homes sold was down 5% from the same period (2nd Quarter) in 2010. However, I  still maintain that  the reduction in the average price is a function of higher priced homes simply not selling (jumbo loans of $417,000 or more  carry a higher interest rate  as seen below, and are more difficult to obtain). Since these higher priced homes are  NOT  being added into the equation,  I do NOT believe the average price of homes in the $100,000 to $400,000 price ranges have declined as dramatically as the numbers would suggest (see below).

Even if your central air conditioner is just eight to 10 years old, it could suck up to twice the electricity that even a low-end new one would use.

Air Conditioning Equipment: Repair or Replace?

If you™re deciding whether to repair or replace central air conditioning equipment, assess the quality of your house™s ductwork and insulation first. Read

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS ®

On May 15, 2011 at 14:00 PM, you are invited to an Open House at 1218 Roanoke Boulevard in Salem. If you are looking for a Resale – single family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Resale – single family property, check out my site at pcwilkinson.topproducerwebsite.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.