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Housing Market Outlook - National and Greenville, NC

by Pistol Tingen

 

Earlier this month, the  National Association of Realtors® reported that a modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year. 

Other information that the NAR shared regarded the Pending Home Sales Index—a forward-looking indicator based on contracts signed in May. The index fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

It’s no surprise that Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

As the NAR President, Richard Gaylord pointed out, this market offers immediate benefits and long-term value for many buyers.  “Home are getting a great deal right now. Although inflationary expectations appear to be under control the time being, sharper consumer price gains could lead to notably higher mortgage interest rates in 2009.”

Based on current indicators, the 30-year fixed-rate mortgage is forecast to rise gradually to 6.5 percent by the end of this year, and then hold at that level for most of 2009.

Greenville, NC—Pitt County     

Locally, the Pitt County area remains a market  less adversely  affected by the extreme reactions to the subprime loans. Generally speaking, the Greenville, NC area is still somewhat insulated from the harshest aftershocks felt by many areas of the country.

No matter how insulated our market is, though, unfortunately we are not immune. According to recent statistics from the Pitt County-Greenville, NC Board of Realtors®  Multiple Listing Service (MLS) statistics, single family house sales are down 20% YTD Jan-June, as compared to last year for the same period. Townhouses are down 28.8% and Condos are down 36.7%. Keep in mind Jan-June was the best half of 2007 for sales.

In many instances, our insulation factor relies on individuals relocating to Pitt County—for a variety of reasons. And quite often, these same individuals are left owning a house that won’t sell in the upside-down market they’re leaving behind.

So indirectly, their market affects our market. No matter how much the  newcomers would like to become Pitt County homeowners, they’re forced to delay purchasing in Greenville, NC—often, renting a house or apartment instead.

Not surprising, another trend the  Pitt County area is witnessing  is a sharp increase in sellers renting their houses. As a direct result of the soft housing market in the Greenville, NC  area, houses are not selling at the price or pace they have in the past. 

Depending on their situation, some sellers must choose to either rent or sell at a sales price lower than hoped for and move on, while other sellers are electing to wait until the market  returns to  where it meets their expectations.

Affecting both the national and our local housing market, uplifting news seems to be on the horizon. A newly released survey commissioned by Move, Inc., a leader in online real estate, revealed that nearly half of all home buyers (44%) believe the housing market will improve once the new President takes office in January 2009.

And despite some reservations about perceived barriers such as the cost of down payment, the survey indicates  underlying demand for homeownership is healthy. Survey statistics also reveal that nearly half (41%) of current homeowners plan to purchase a home again, and 80% of all renters plan to purchase a home someday with 47% planning to purchase a home within the next five years.  Perhaps the most encouraging fact of the survey reveals that homebuyers are more than willing to make sacrifices to afford down payments in order to purchase a home, maintaining that homeownership continues to be the American dream.

Looking for A Great Place to Work or Retire?

by Pistol Tingen

Pitt County Memorial Hospital is one of four academic medical centers in North Carolina and is the flagship hospital for the University Health Systems of Eastern Carolina.  PCMH serves as the teaching hospital for the Brody School of Medicine at East Carolina University.  Additionally, PCMH is a regional resource for all levels of services, information and careers.

Pitt County Memorial Hospital acts as a referral center and provides acute, intermediate, rehabilitation and outpatient health services to more than 1.3 million people in 29 counties.  Each year, approximately 33,000 inpatients and more than 266,000 outpatients are treated in the PCMH facilities. Over 3,000 babies are born here in an average year.  The clinical staff includes more than 500 physicians and 1,200 nurses.

Moreover, clinical education is an important part of the PCMH mission and helps demonstrate its commitment to the community. Pitt Memorial is a teaching site for medical students and residents, nurses and other health professionals.

When chosing the ideal city for purposes of either endless career possibilities or outstanding health care resources, Greenville, NC is your choice. With a stellar community hospital such as PCMH, Pitt County, Greenville, NC is an obvious winner.

 

 

 

Pitt County Special Olympians Win

by Pistol Tingen

An inspiration to all, the Special Olympics athletes from Pitt County in Greenville, NC competed earlier this month in Raleigh, NC for the North Carolina Special Olympics Summer Games.

With a winning spirit and brave efforts, the 15 Pitt County competitors brought home to Greenville, NC over 30 ribbons and medals.  The Pitt County athletes are part of the Special Olympics Movement that includes more than 2.25 million athletes who train and compete in 30 sports through more than 200 programs in over 160 countries around the world.

The Pitt County athletes who competed and demonstrated an inspiring level of courage and success are named below along with their awards:

  • Anthony Paul Bartlett:  2nd place 25-yd. butterfly, 5th place 50 yd. freestyle, 3rd place 25-yd. freestyle.
  • Scotsha Brown:  2nd place 50-yd. freestyle, 2nd place 25-yd. freestyle, 2nd place 25-yd. freestyle, 1st place 25-yd. backstroke.
  • Billy Davis:  5th place 50-yd. freestyle, 5th place 25-yd. freestyle.
  • George Davis:  3rd place 25-yd. freestyle.
  • Leslie Feldbush:  3rd place 25-yd. freestyle, 2nd place 25-yd. backstroke.
  • Aaron Flower:  1st place 50-yd. freestyle, 1st place 50-yd. breastroke, 4th place 50-yd. butterfly.
  • Robert Michael Lang:  1st place 50-yd. freestyle, 2nd place 25-yd. freestyle.
  • Gary W. McGowan:  2nd place 50-yd. freestyle, 4th place 25-yd. freestyle.
  • Alice Quiggins:  1st place 50 yd. backstroke, 3rd place 25-yd. backstroke.
  • Nathan Richardson:  4th place 50-yd. freestyle, 4th place 25-yd. freestyle.
  • John Duncan Shaw:  1st place 50-yd. freestyle, 3rd place 25-yd. freestyle, 2nd place 25-yd. backstroke.
  • Casey Taylor:  2nd place 50-yd. freestyle, 1st place 25-yd. freestyle.
  • Jenna Tucci:  2nd place 25-yd. freestyle, 4th place 25-yd. backstroke.
  • Dana Wall:  6th place 50-yd. freestyle, 2nd place 25-yd. freestyle, 4th place 25-yd. backstroke.
  • Karen Janette Weikel:  4th place 50-yd. freestyle, 6th place 25-yd. freestyle.

Greenville NC Foreclosures as Investments

by Pistol Tingen

By definition, a foreclosure is “the legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt".  

According to FannieMae, "A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments”. Properties listed as foreclosures have passed the point of auction or public sale. Because an investor did not buy the properties, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through the assistance of a Realtor®. Even though the U.S. Congress recently passed a national economic package that will enact legislation and help thousands of families, the housing market, and the U.S. economy—for many it comes too late.   

Fortunately, Greenville, NC real estate and Pitt County have experienced immunity, so to speak—in comparison to the majority of the nation’s cities where foreclosures have become far too commonplace.  Although somewhat   sheltered from a severe reaction to the nation’s housing slump and risky lending, Greenville has experienced a variety of  foreclosed properties—presenting both home investors, as well as home buyers, with golden opportunities. Enticing interest rates, some of the lowest in several years, are encouraging many individuals to consider adding real estate to their retirement portfolios.   

For the past 16 years, The Pistol Tingen Team has been the exclusive Realtor® for all Fannie Mae Foreclosures for Pitt and Greene County counties. FannieMae (Federal National Mortgage Association) is a New York stock exchange company and is a public company that operates under a federal charter as the nation’s largest source of financing for home mortgages. FannieMae (FNMA) does not lend money directly to consumers, but instead works to ensure that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers. 

Today some of the best deals on the real estate market are foreclosures. If you, your friends, or relatives are interested in receiving advance notification regarding foreclosure properties, please contact Jody Tingen at 252-902-9990 or by email Jody@PistolTingen.com. By letting Jody know the type and price range of properties that interest you, he can subscribe you to our New Listing Alert service. Our personalized, automatic system permits you to be alerted about the "good deals” even before they reach the standard real estate publications

While considering the purchase of a foreclosure property, remember that the Seller’s primary objective is to recover the amount of the loan balance that was not paid by the previous homeowner, as well as the costs of the foreclosure action and other expenses. Put simply, the longer lenders own the property, the more eager they become to sell, whether they collect all of the above or not. 

Pitt County is named among 100 best communities for youth.

by Pistol Tingen

One of the main considerations for relocating families throughout the nation, is the well being of their kids. Families looking to relocate to the Greenville or Winterville, NC area will be interested in reading a recent article making the front page of our local newspaper, The Daily Reflector.

Printed below in its entirety, the article further illustrates that the Greenville, Winterville area is a great place to raise a family. A diverse economic base and a somewhat stable real estate climate further enhance the attractiveness of the Greenville, Pitt County, NC area for families considering relocating. Questions concerning our area can be directed by phone at 252-321-6161 or email at Pistol@PistolTingen.com.

The Daily Reflector

Thursday, January 24, 2008

A national collaborative founded by Colin Powell to nurture America's youth today named Pitt County one of the nation's 100 best communities for young people.

America's Promise Alliance and Capital One Thursday announced the county has been named a winner in a national competition honoring the 100 best communities for young people to grow up.

Citing the county's ability to unite different sectors to work on behalf of its young people, officials picked Pitt from more than 750 participants in 300 communities that applied.

"The prosperity of every community and this country depends on how well we care for our children and youth," Marguerite W. Kondracke, president and CEO of America's Promise Alliance, said. "Although no place is perfect, when we have communities that make young people a priority and are working to make sure they stay in school and have all the resources necessary to lead healthy, productive lives, we must recognize them and by extension inspire other cities and towns to follow their lead."

Winners and participants in the third annual competition are eligible to apply for $300,000 in grants from the group beginning next month.

The group's partners include corporations, nonprofit service organizations, foundations, policymakers, advocacy organizations and faith groups – work collaboratively to ensure that it's "Five Promises" are kept for America's young people.

The promises include caring adults, safe places, a healthy start, effective education and opportunities to help others.

Communities completed an application based upon research from the National Academies of Science, Search Institute, Academy for Educational Development and Child Trends.

Officials submitted information on how their existing programs and initiatives help deliver the five promises.

Winners were chosen by a panel of judges including civic, business and nonprofit leaders.

April 11, 2007


Dear Mr. Tingen,

     Let me take a moment to tell you of our “Pistol Tingen Team” experience.

     Jody Tingen was our agent; we looked at a house of interest on March 19th, put a contract on the property March 20th, and Jody guided and reassured us through a few of the “usual” negotiations over the next week.  Post the home inspections, which were put together by the very capable Rebecca Taylor, all repairs were done by the 6th of April!  We closed as scheduled without a single glitch on April 11th.  Did you count the days?  Just 24 days from first sight to closing!  It was all painless and easy!!

     Jody and Rebecca did an exemplary job, from start to finish. Any time we contacted either of them, they made us feel we were their only customers (I know we weren’t).  Their demeanor was always pleasant, reassuring, and professional.  Their responses were prompt, via phone or e-mail.

     This was not the only house we had looked at with Jody—along the way he continued to encourage us that we would find the house that would suit us.  Jody worked with us regarding schedules and phone calls outside of usual business hours (we currently live in Pamlico County).  We really appreciate the dedication Jody and Rebecca displayed.

     You can certainly be proud of your “Team”.  Thank you for a job well done and a pleasant experience overall.  We will recommend your services in the future.

Sincerely,

Susan Koepp and Dick Jacksland

 

FYI...Following Jody’s recommendations, we also had the pleasure of working with Wanda Hager of Dover Mortgage, Danny Harrington, Pestech, Jim’s Liquid Waste, and Jeffery Mathis.

P.S.  Thank you for taking care of setting up our new account with Eastern Pines Water Corporation, enclosed is a check for the $55.00.

Southwest Bypass

by Pistol Tingen

The Department of Transportation Team has made it's selection from the three potential routes for the Southwest Bypass. The route selected - Corridor 4 - will connect N.C. 11 south of Ayden with the U.S. 264 Bypass in Greenville. This corridor swings farther west than the other two options and bypasses Greenville, Winterville and Ayden. The Bypass will supposedly relieve growing congestion on Memorial Drive while having the least impact on homes, wetlands and streams. It will however impact approximately 120 acres of the Renston Historic District and 42 homes.

Department of Transportation officials plan to start right-of-way acquisitions in 2009 and construction sometime after 2013.

Displaying blog entries 41-47 of 47

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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