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  • Mary Ann Cumpata of Tarboro Realty adjusts For Sale sign at 1111 Crestview Drive. W. Terry Smith

    Homes
August 26, 2010

Home sales slow despite low rates

W. TERRY SMITH Editor

TARBORO — It’s a buyers market if you are in the market for a house.

Mortgage rates have not been this low in decades.

“Now is the time to buy a house in North Carolina!” exclaims the North Carolina Bankers Association during a news conference this week with the North Carolina Association of Realtors.

“It is a great time to buy,” agreed Sheila Anderson of Anderson Realty.

“The interest rates are great, 3.75 percent,” said Donna Dew of Century 21 The Combs Co.

“(Interest rates) have never been lower,” said Al Hull, a Realtor with Tarboro Realty. “Super, super low, 4.25 –5 percent.”

“But it’s having no effect,” Dew added, “no more than you would think.”

“It’s slow,” Hull said. “There’s no getting around it.”

“It’s the worst I have seen it in the 15 years I have been in real estate,” said Carlton Jones of Main Street Realty. “It’s as slow as I have ever seen it.”

Real estate agents point to several reasons.

“I’ve got people waiting to sell their houses in other states,” said Mary Ann Cumpata, broker in charge at Tarboro Realty. “We are dependent upon people selling their houses.”

Dew said five homeowners she is working with took their houses off the market in the last week in order to rent them.

“They are tired of their houses sitting empty and can get $800-$850 per month renting,” she said.

She also pointed out many school teachers prefer to rent.

“Teachers don’t want to buy,” she said. “They come here and get two years experience and then they can go back up north.”

Anderson said many would-be buyers do not get approved for loans.

“Banks have tightened up,” she said. “It’s more difficult to get loans now. Unfortunately too many (people) haven’t kept their credit in good standing.

“Having good credit is affecting people more and more. It can affect your insurance rate.”

“Lenders have gotten stricter,” agreed Dew. “I may have a buyer, but then they don’t qualify (for a loan). It’s difficult.”

Nevertheless, there are plenty of houses for sale in Edgecombe County.

“We have an ample supply,” Cumpata said. “Normally very nice homes in all price ranges. The re-sell market had held. We don’t have a lot of new construction.”

The veteran Realtor with more than 30 years of experience says many people are waiting to see what happens with the economy and taxes.

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