Recently our daughter, Lindsay, married a grand young man, Patrick. Happily, they’ve started their lives together and immediately wanted to put down roots. After a bit of travel, much research and balancing options like job, climate and the all important access to me, they decided to remain in Knoxville, TN, where they have lived and worked for the last year or so. They’re just over the mountains from us – about 4 hours by car – and that’s great. Of course, not as great as if they had given in to my not-very-subtle requests that they move to Greensboro and buy a house next door.
Why, oh why, would a young couple not want to be next door to me and Mr. Durango? That’s a question for another day.
The point of this already rambling post is that Lindsay & Patrick have been working with a Realtor in Knoxville to whom I am grateful for guiding them so well. Also, this agent has a kicking website. Patrick was so pleased he wrote up props for her on his well read blog.
Understanding that it takes an artist to create but real genius to steal, I’m boosting some of her ideas. (I advised her of such and she said she was cool with it. Thanks, Suzy)
I’m irritated with myself for not having posted more stats before. Not that numbers are the be all and end all of research, but it does give one a framework from which to build.
All that having been written, let’s move on to some data:
Stories about foreclosures are all over the news and have been for a few months now. While Greensboro and surrounding areas in Guilford County haven’t been clobbered as have some other regions of the country (California, Michigan, Florida we pass along our good thoughts for things to improve soon) there have certainly been properties that have been taken back by the lender and put up for sale.
Looking at 2008, below are the number of listings of single family houses that were listed each month*”
Single-family houses listed as foreclosures in Guilford County 2008
*All info is pulled from the Triad MLS (Multiple Listing Service) for Guilford County only, single-family houses.
Well, that’s icky to see.
But the good news is that most of these houses (that is, those listed this year) have SOLD. When we overlay the properties that have closed (that is, all papers are signed and new owner takes possession) it looks a bit more positive:
Showing foreclousures that have closed. Look at October!
Below, we can see the trend of foreclosures that are now “pending”. which means the seller and buyer have come to agreement on terms and the sale is awaiting final closing.
As you can see, there were few that went under contract during the first months of the year but the number has increased precipitously in the last couple of months:
Adding the number of properties that went under contract each month.
What does all this tell us?
First – There are many, many people who have been through some really rough months. They are more than stats on a chart. And we should all hope that our country never goes through this on the present scale again.
Second – There are many motivated sellers out there. And banks are included in that as they have no motivation to own these houses.
Third – LOTS of buyers are stepping up to take the opportunity to buy.
And keep in mind that these foreclosures are only a small percentage of the houses currently on the market. There are plenty of great buying opportunities out there. Interest rates (hovering below 6% this morning) are good.
Suffice to say that this is a Buyer’s Market like none we’ve seen in decades. No joke. If you have decent credit and the hankering to own a home, start your engines.
If you’re in the Knoxville, TN area and need a Realtor, call Suzy Trotta. And if you see Lindsay & Patrick, newlyweds and new homeowners, tell them to give this ol’ woman a call. I miss them!
{ 4 comments… read them below or add one }
Charts! Analysis!
It’ll be interesting to see how these numbers shift over the coming months. Dare I say years? Hopefully it won’t take that long to see some real change, but I guess it’s possible.
Way to break down the numbers.
In our area I’m thinking months, not years. But who knows? We were late to feel the real hurt and will probably recover sooner.
Last in/first out, but in a good way!
Wow! I’m totally flattered and blushing as I type this. Love your stats and thanks for all the kind words!
Thank YOU for getting my lovely loved ones through today. I understand that pizza is being eaten on the floor, by candlelight, at the new house at this very moment.