February 19, 2010 Real Estate Market Report
I. Market Report-All Residential.
Week-to-Week Under Contract. For the week ending February 19, 2010, 45 residential listings were placed under contract by Columbia area agents. Of these, 40 have Columbia mailing addresses. This compares to 49/37 respectively for the prior week, which is a decrease of 11% overall, but an increase of 16% for Columbia addresses.
II. When to move?
Is it a good time to buy? Is it a good time to sell? Let's take some examples assuming John and Mary have a $200,000 house and want to buy a $300,000 one. Let's assume a 10% variance:
Average Market:
* Sell for $200,000.
* Buy for $300,000.
* Pay additional $100,000, plus expenses.
Sellers Market with 10% Premium:
* Sell for $220,000.
* Buy for $330,000.
* Pay additional $110,000, plus expenses.
Buyers Market with 10% Discount:
* Sell for $180,000
* Buy for $270,000
* Pay additional $90,000 plus expenses.
The truth of the matter is that the higher the price in today's Boone County market, the deeper the discount. The moral of the story in this example is that you are at least $20,000 better off selling for a discount and taking advantage of the discount when you replace your house in a Buyer's Market, than waiting for a Seller's Market. Unfortunately, the news is not as good for the Buyer who is downsizing now. Regardless of which you are, if you do it before April 30, you may be eligible for a $6,500 stipend to offset the bite on the house you are selling.
III. Featured Listing:
2401 Slickrock Drive - Price: $300,000
Executive Home near Lake of the Woods Golf Course and Swimming Pool. 4 bedrooms, 3.5 baths, 22 x 15 Master bedroom, 10 x 40 Composition Deck, attached "John Deere" room. Cathedral and 11 ft ceilings. Custom cabinets, doors and hallways wheelchair width. Woods on back of 1.19 acre corner lot ideal for second driveway off side street w/space to build additional shop/RV/motorcycle/boat garage. (Electric panel already in attached garage suitable for large power tools. Private setting near major arteries so you don't have to drive 20 minutes just to start your trip. A REAL DEAL at $300,000 (pre-negotiated price) with potential for astronomical appreciation with construction of Columbia's 3rd major High School. Call 864-9796 or 823-7393 for appointment to see or come see us tomorrow between 2:30 and 4:00.
