CFR News – Issue 4 – September 2009
NAR 2009 Housing Pulse Survey
Survey Reveals Down Payment, Closing Costs Still Greatest Obstacles to Home Ownership
The telephone survey of 1,250 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program.
Some key results include:
* Eight in 10 Americans (82 percent) still consider having enough money for down payment and closing costs to be the biggest obstacle to buying a home.
* Two-thirds of Americans think job layoffs and unemployment are a big problem; 83 percent cite these issues as a barrier to homeownership.
* Eighty-three percent of Americans still believe buying a home is a good financial decision.
* Three-fourths of those surveyed also believe now is a good time to buy a home, a number that has increased steadily the past two years.
* The number of those who feel buying and selling activity has stabilized or stayed nearly the same has grown significantly, up more than 44 percent since last year.
* The majority (58 percent) report that activity in their market has slowed.
* Regarding home sales, nearly eight in 10 say it’s harder to sell a home in their area today than it was a year ago, despite the fact that nearly three-fourths of respondents say home prices are less expensive.
* Foreclosures remain a real concern among survey respondents. Slightly more than half (51 percent) say foreclosures are a big to moderate problem in their area.
* The rate of foreclosures is generally seen as stabilizing; 41 percent say the rate of foreclosures in their area is about the same as last year.
* Ninety-two percent of respondents said neither they nor members of their immediate family have experienced a foreclosure in the past year, yet it is still a personal concern for many. One in five respondents said they are very or fairly worried that they will have difficulty making their mortgage payments over the next year.
* Thirty-two percent say it’s a big or moderate worry that they, or a member of their family, may have their home repossessed or foreclosed because they are unable to pay rising monthly mortgage payments.
* In 2008, more than half of respondents (54 percent) were open to the federal government taking a more active role in overseeing mortgage and lending practices. The number dropped this year to 47 percent.
* Forty-two percent of Americans believe the country is back on the right track, more than double the number last year (16 percent).
All Connestee Falls Realty’s agents are members of NAR. Go to www.ConnesteeFallsHomes.com to learn more about the area, see our featured homes and search the Western North Carolina MLS.
Incentives and Tax Credits
Sales Tax Holiday for Energy Efficient Appliances
Certain EnergyStar® certified appliances are exempt from the sales and use tax if purchased during the first weekend in November. Eligible appliances include:
- clothes washers;
- refrigerators and freezers;
- central air conditioners and window air conditioners;
- air-source or geothermal heat pumps;
- ceiling fans;
- dehumidifiers; and
- programmable thermostats.
Solar Energy Systems Property Tax Abatement
Eighty percent of the appraised value of a solar energy system is excluded from the property tax base for any property. A “solar energy system” is defined as all equipment “used directly and exclusively for the conversion of solar energy to electricity.”
The maximum credit for property installed on residential property is:
- $1,400 per dwelling unit for solar energy equipment for domestic water heating, including pool heating;
- $3,500 per dwelling unit for solar energy equipment for active space heating, combined active space and domestic hot water systems, and passive space heating; and
- $10,500 per installation for any other renewable energy property. The credit will not be effective for property installed after January 1, 2011.
Give us a call today and We Will Move Mountains to Make Your Dreams of owning a home in the mountains Come True!
Box Score
Homes sold as of 08-31: 2009 2008 2007 2006
in Connestee Falls 19 69 52 67
Homes sold as of 08-31: 2009 2008 2007 2006
in Transylvania County 135 179 311 434
Residences for Sale in Connestee Falls as of 9-01-2009 – 152
Residences for Sale in Transylvania County as of 9-01-2009 – 770
Prices of Residences sold: (Price) (Price)
~~~~~~~~~~~~~Range Median Average
2009 $ 15,000 – $873,500 $210,000 $248,614
Connestee Falls
Prices of Residences sold: (Price) (Price)
~~~~~~~~~~~~~Range Median Average DOM
2009 $142,500 – $560,000 $300,000 $311,263 237
2008 $123,000 – $845,000 $329,000 $366,000 185
2007 $159,000 – $872,999 $399,850 $419,457 108
2006 $90,000 – $800,000 $321,000 $343,151 122