The real estate market may have seen a dip in prices this year, but sales of homes and other properties generally have been stronger than anticipated for the first half of 2009, according to two long-time Emporia Realtors.
“We have been swamped, all spring and summer,” said Maurice Schmidt of Ek Real Estate. “... We’re going to have a record year, I think.”
Schmidt said that overall, he did not think there would be more volume than in past years, though individual agencies may fare better because one agency downsized to one agent last year.
Lee Garriott of Re/Max held much the same opinion.
“It’s different than what we’re used to, but I’ve had a very good year, so I’m pleased,” Garriott said.
She noted that pricing, financing and buyers all are different, as they adjust to a different economy and market.
“I think we’ve seen lower offers made,” she said.
She said, however, that the local market is not like the markets shown in news media nationwide.
“Some price ranges have a lot of listings, and some price ranges we could use more listings,” Garriott said. “I think we’ve seen some higher-priced houses sell this year.”
The attitude seems to be that “you’re not going to let this good buy pass,” she said. “There have been some terrific buys out there and still are.”
Schmidt said that prices have held steady this spring.
“What happens this fall and winter, I think, is yet to be determined,” he said.
Both agents said that sales have slowed recently, though it’s a phenomenon typical this time of year. Both agents have been through market highs and lows, as recessions and boom times come and go.
Garriott said she had been pleasantly surprised that the Tyson layoffs did not have as drastic effect as anticipated.
“I thought that Tyson was just going to devastate our market, and it didn’t have the effect we thought it would,” she said.
“(Prices) are not where they were two years ago, by any means. ... They’re lower, but I think now they’ve leveled out,” she said, predicting and hoping at the same time that next year will be a good one. “I’m optimistic that we’ll come out of this.”
House prices overall in Emporia have shown a 5 percent to 15 percent decline, depending upon the type of property, Schmidt said.
“Expensive ones have been the ones least hit, but you’ve got to remember, Emporia doesn’t have a lot of high-dollar houses compared to most markets our size,” Schmidt said. “We are a blue-collar community.”
He said that houses in the $60,000 to $120,000 range likely have been hit hardest by the drop in values.
“I want to say our market here has proven over the past many years that it is very resilient,” he said. “It will, in my opinion, receive another test this fall and winter.”
Garriott provided a breakdown of home sales in this area in the first six months of the year:
• 20 percent were priced under $50,000
• 39 percent, $50,000 to $100,000
• 33 percent, $100,000 to $200,000
• 7 percent, $200,000 to $400,000
The average home sale price was approximately $101,000.
“We had a $364,000 sale, so that brought it up considerably,” she said.
A new federal program to help first-time home buyers or buyers who have not purchased a home for 3 years, is becoming a popular option that is helping sell houses in certain price ranges.
Garriott said that a number of buyers have been able to utilize a tax credit of up to $8,000 that is available to people who meet certain criteria.
“That’s a pretty good chunk to have dropped into your lap,” she said.
There are limitations on income and house prices to be able to receive full credit, and she recommends those eligible buyers to consult their tax preparers before deciding what to do. Single buyers are limited to $75,000 and joint owners are limited to $150,000 in purchase prices.
“Sometimes, they still can get a partial credit,” she said.
dale011 (anonymous) says...
Houses have been way over priced in this community, so a drop in prices was due.
July 28, 2009 at 4:31 p.m. ( permalink | suggest removal )
barefootin (anonymous) says...
Ditto
July 28, 2009 at 9:50 p.m. ( permalink | suggest removal )
reddog (K. B. Thomas Jr.) says...
a new bill in congress if passed will give all buyers a 15,000 dollar tax credit by christmas. the government is giving away money for people to buy homes. i just hope my grandson will be able to pay for the future taxes on all these giveaway programs.
July 28, 2009 at 10:38 p.m. ( permalink | suggest removal )
reddog (K. B. Thomas Jr.) says...
the big wildcard on predicting the future housing market in emporia is the incredible shrinking boomer economy. i think these folks are becoming very frugal.
July 28, 2009 at 11:59 p.m. ( permalink | suggest removal )
reddog (K. B. Thomas Jr.) says...
. i sought for the greatness of emporia in the city and county commissions and it was not there. it was only after that i went into the churches of emporia and heard the good news that i understood her wisdom and power. emporia is great because emporia is good, and if emporia ever ceases to be good, emporia will cease to be great. when you buy a home in emporia you are making a bet on the future of our community and cheering as those dreams struggle forward and applauding when they finally come true.
July 29, 2009 at 2:02 a.m. ( permalink | suggest removal )