In our ongoing effort to provide you with the tools and services that you would like to have from the association, we would like to ask you a couple of questions.
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With our 1,000+ member organization, our primary goals are to serve the REALTOR®, the community and you, through education, involvement and property rights protection.
Friday, February 6, 2009
Thursday, February 5, 2009
Local Real Estate Holds Value, Becomes Buyers Market
Even though the economic news, and particularly the real estate market news across the country, is less than optimal, the word in Corpus Christi is that our home values are holding, and if you are a buyer 2009 is the year for you.
“There is no doubt that real estate has taken a hit nationwide. But in Corpus Christi,” explains Carole Edwards, 2009 chairman of the Corpus Christi Association of REALTORS®, “ we are fairing well in relationship to the rest of the country. One of the major reasons we are doing better here is that we did not have inflated prices. Our market increased steadily over time, rather than suddenly skyrocketing exponentially. The second reason is we had very few sub-prime loans here.”
“But what is important to note, is that there has been a shift in our market. Even though values have remained strong, in fact the average sales price increased from $161,216 in 2007 to $162,594 in 2008 and the median price increased from 136,500 to 138,900, according to the Coastal Bend Multiple Listing Service (MLS) statistics, our market has become a buyer’s market.”
A buyer’s market is defined as one in which there is a high inventory – one with an inventory between 9-12 months. Currently MLS statistics reflect that we have 3,949 properties on the market. That is a 9.2-month supply. For the same period in 2007, there were 3,041 listings reported through MLS, 7.6 month supply.
“We are also looking at 50-year low interest rates,” and explains Edwards, “if you are a qualified buyer not only do you have a large number of homes from which to choose, but with 4 to 5 percent interest rates on 30-year fixed mortgages, you can buy much more house for your money. It is definitely the time to buy.
And the good news is if you are a seller, the average sales price remains strong, so you can continue to get your equity out of your home when you decide to sell. But since we do have more properties for sale, and it is a buyer’s market you also might want to do more to prepare your home for sale so you can compete with the other properties on the market in Corpus Christi.”
To give you some idea on how Corpus Christi compares to the state and the nation, according to the Texas A & M Real Estate Research Center average sales prices in Texas are static across the state, but in Arizona the average sales price dropped $115,000. Median sales prices were the same in Texas for 2007 and 2008. But they are down as much as 41 percent in California from 2007 to 2008.
As for the number of homes sold in 2008, compared to 2007, according to the Coastal Bend MLS we are down 19 percent. In specific numbers that translates to 4,844 homes sold in 2007 compared to 3,949 in 2008. Total dollar volume has decreased 18 percent. In 2007 total dollar volume was $7.8 million compared to $64.2 million in 2008.
“There is no question, our sales are down here. It would be impossible for us not to be affected by what is going on across the nation. But looking at 2009,” Edwards says, “we are cautiously optimistic. No one could predict that we would be where we are today. But we think we will come out on the better side of this in Corpus Christi. The positives for our real estate market in 2009 include the following:
· Housing remains strong, but affordable in Corpus Christi
· It’s a great time to buy – We are in a buyer’s Market
· Interest rates are the lowest they have been in 50 years
· Values remain strong
· We had very few sub-prime loans in the Coastal Bend
· We have not been in an inflated real estate housing market
· Developers and Investors continue to look at our market as very affordable
Download PowerPoint
“There is no doubt that real estate has taken a hit nationwide. But in Corpus Christi,” explains Carole Edwards, 2009 chairman of the Corpus Christi Association of REALTORS®, “ we are fairing well in relationship to the rest of the country. One of the major reasons we are doing better here is that we did not have inflated prices. Our market increased steadily over time, rather than suddenly skyrocketing exponentially. The second reason is we had very few sub-prime loans here.”
“But what is important to note, is that there has been a shift in our market. Even though values have remained strong, in fact the average sales price increased from $161,216 in 2007 to $162,594 in 2008 and the median price increased from 136,500 to 138,900, according to the Coastal Bend Multiple Listing Service (MLS) statistics, our market has become a buyer’s market.”
A buyer’s market is defined as one in which there is a high inventory – one with an inventory between 9-12 months. Currently MLS statistics reflect that we have 3,949 properties on the market. That is a 9.2-month supply. For the same period in 2007, there were 3,041 listings reported through MLS, 7.6 month supply.
“We are also looking at 50-year low interest rates,” and explains Edwards, “if you are a qualified buyer not only do you have a large number of homes from which to choose, but with 4 to 5 percent interest rates on 30-year fixed mortgages, you can buy much more house for your money. It is definitely the time to buy.
And the good news is if you are a seller, the average sales price remains strong, so you can continue to get your equity out of your home when you decide to sell. But since we do have more properties for sale, and it is a buyer’s market you also might want to do more to prepare your home for sale so you can compete with the other properties on the market in Corpus Christi.”
To give you some idea on how Corpus Christi compares to the state and the nation, according to the Texas A & M Real Estate Research Center average sales prices in Texas are static across the state, but in Arizona the average sales price dropped $115,000. Median sales prices were the same in Texas for 2007 and 2008. But they are down as much as 41 percent in California from 2007 to 2008.
As for the number of homes sold in 2008, compared to 2007, according to the Coastal Bend MLS we are down 19 percent. In specific numbers that translates to 4,844 homes sold in 2007 compared to 3,949 in 2008. Total dollar volume has decreased 18 percent. In 2007 total dollar volume was $7.8 million compared to $64.2 million in 2008.
“There is no question, our sales are down here. It would be impossible for us not to be affected by what is going on across the nation. But looking at 2009,” Edwards says, “we are cautiously optimistic. No one could predict that we would be where we are today. But we think we will come out on the better side of this in Corpus Christi. The positives for our real estate market in 2009 include the following:
· Housing remains strong, but affordable in Corpus Christi
· It’s a great time to buy – We are in a buyer’s Market
· Interest rates are the lowest they have been in 50 years
· Values remain strong
· We had very few sub-prime loans in the Coastal Bend
· We have not been in an inflated real estate housing market
· Developers and Investors continue to look at our market as very affordable
Download PowerPoint
Tuesday, February 3, 2009
eKEY for Blackberry is Finally Here
We FINALLY have the eKEY software and fobs for BlackBerry devices here at the association office. If you are interested please call Josh, Jay, Judith, or Loretta and setup and appointment to have your BlackBerry device setup.
Real Estate - eKEY for BlackBerry
Supra eKEY software is now available for the BlackBerry Pearl, BlackBerry Curve, BlackBerry Pearl Flip, BlackBerry Storm, BlackBerry Bold and BlackBerry 8800 series smartphones. BlackBerry users can now join the thousands of real estate professionals already enjoying the timesaving benefits of eKEY service on their Palm and Windows smartphones.
eKEY Basic
eKEY Basic Service allows you to use your BlackBerry to retrieve listing keys from your iBoxes. No more extra lockbox key to carry. eKEY Basic features include:
Retrieve listing keys from iBoxes
eKEY Professional
eKEY Professional Service (available Q1, 2009) adds the ability to search your MLS from your BlackBerry, using the eDATA Mobile program. You’ll have answers to your clients’ questions in an instant.
Configure a market area from your device. Always have the MLS data you need.
Search listings by MLS listing ID number, street address, or buyer profile
View listings on your MLS Hotsheet
Google maps connected directly to listings
Find the latest contact information for other agents, even if they’ve changed companies
Receive real-time showing notifications
View showing details right on your BlackBerry. See who is showing your listings while they’re at the property!
For the BlackBerry eKEY to open iBoxes, you will need a small Bluetooth to Infrared converter. The converter looks like the key fob you use to lock and unlock your car remotely.
After entering your PIN in your BlackBerry, you can put your BlackBerry away and then use the fob to open the iBox.
When you point the fob at an iBox, it converts your BlackBerry’s Bluetooth signal to Infrared, which is needed to communicate with the iBox.
The converter is very easy to set up, much like a Bluetooth headset.
It features inexpensive, user-replaceable batteries.
Real Estate - eKEY for BlackBerry Supra eKEY software is now available for the BlackBerry Pearl, BlackBerry Curve, BlackBerry Pearl Flip, BlackBerry Storm, BlackBerry Bold and BlackBerry 8800 series smartphones. BlackBerry users can now join the thousands of real estate professionals already enjoying the timesaving benefits of eKEY service on their Palm and Windows smartphones.
Part of the eKEY for BlackBerry solution is the eKEY Fob. The fob is used to convert the Bluetooth in the BlackBerry to Infrared so the BlackBerry can communicate with the lock box.
There are two levels of eKEY Service to chose from with BlackBerry. Both levels receive real-time showing notifications and both can be deactivated or reactivated instantly.
eKEY Basic
eKEY Basic Service allows you to use your BlackBerry to retrieve listing keys from your iBoxes. No more extra lockbox key to carry. eKEY Basic features include:
Retrieve listing keys from iBoxes
Program iBox access hours, even custom hours, when you take the listing
Beam specific showing notes, listing highlights and your business card into your iBoxes
Change your own shackle codes
Track your KeyBox inventory by number, shackle code and address
eKEY Professional
eKEY Professional Service (available Q1, 2009) adds the ability to search your MLS from your BlackBerry, using the eDATA Mobile program. You’ll have answers to your clients’ questions in an instant.
Configure a market area from your device. Always have the MLS data you need.
Search listings by MLS listing ID number, street address, or buyer profile
View listings on your MLS Hotsheet
Google maps connected directly to listings
Find the latest contact information for other agents, even if they’ve changed companies
Receive real-time showing notifications
View showing details right on your BlackBerry. See who is showing your listings while they’re at the property!
For the BlackBerry eKEY to open iBoxes, you will need a small Bluetooth to Infrared converter. The converter looks like the key fob you use to lock and unlock your car remotely.
After entering your PIN in your BlackBerry, you can put your BlackBerry away and then use the fob to open the iBox.
When you point the fob at an iBox, it converts your BlackBerry’s Bluetooth signal to Infrared, which is needed to communicate with the iBox.
The converter is very easy to set up, much like a Bluetooth headset.
It features inexpensive, user-replaceable batteries.
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