Last year was a better year for sold homes in the Cabot area than 2008. Hopefully 2010 will be a better year than 2009. Here are the number of sold homes in Jan. 2010 compared to previous years.
Jan. 2010 29
Jan. 2009 46
Jan. 2008 54
Jan. 2007 73
As you can see, this Jan. home sales in the Cabot area were considerably lower than previous years. Hopefully the the coming months will be better than January.
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This is my last post on a recent study the National Association of Realtors conducted concerning home repairs. If you would like to get caught up on the past two blog posts click here. The interesting part of the study is that it is broke down into geographical regions in the United States. The last two posts listed the best additions to make and the best rooms to remodel.
This post will highlight the best replacements to make in your home that will get you the highest returns in resale.
Best Items to Replace in Your home
Front Entry Door The article highlights the best replacement for an entry door is 20 guage steel. The average cost is listed at $1,043 and the average return is estimated at $2,496.
Vinyl Siding Switching from another siding to vinyl siding. The average cost of the replacement is $11,671 and the average return is estimated $9,738.
Those are the two replacements listed that are said to have the highest returns. If you have any questions about the repairs mentioned feel free to visit www.cabot4sale.com and send us an email.
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My last post was the first in this series about repairs that you can do to your home in Cabot. The National Association of Realtors recently released a report that highlighted the best repairs to do that get the highest returns. The report broke down different areas of the nation and which repairs get the best returns. Here are the best remodels to do in this area.
Best Remodels to do in the Cabot Area
Bathroom
The report lists the average bathroom remodel is $14K and the average return after resale is $11.5K. If someone was able to do a remodel for cheaper than the average they may look into considering a remodel.
Minor Kitchen
A minor kitchen remodel includes updating appliances, redoing cabinets and fixtures, painting, and possibly new flooring. According to the report the average minor kitchen remodel is 20K and the average return after resale is $16.5K.
This report is a broad and general report for the area, each house and subdivision varies. Please consult a professional before doing remodels. The next report will talk about replacements in the home that get the best returns.
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We have several clients we speak with throughout the year that want to know what improvements will get them the best returns for resale. Recently the National Association of Realtors released a report of cost to value for each area in the U.S. I am going to write a couple of posts that tell the best Cost to Value repairs for homes in the Cabot Arkansas area.
What addition to my home will get the best returns?
Attic bedroom
According to the study, the average cost of adding an attic bedroom is $41K and the average recouped during resale is $40K. If you were able to do a professional job for cheaper than the average costs it may be a wise decision to look into having it done. Of course each home and neighborhood is different. Some homes have the right roof and rafters to make it easy to add a bedroom. I would check with a professional before making any decisions.
Next post I will highlight which remodels the study says has the highest cost to value ratio.
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This post we will be looking at the best price ranges to have sold a home in the Cabot area. I will break it down in 10K increments until I get to 250K. These numbers only include home sales that were recorded in the MLS. They also include home sales in Austin AR, Ward AR, and area surrounding Cabot.
0-100K 184
100-110K 97
110-120K 115
120-130K 89
130-140K 94
140-150K 60
150-160K 41
160-170K 48
170-180K 41
180-190K 39
190-200K 25
200-210K 19
210-220K 13
220-230K 10
230-240K 23
240-250K 8
250-275K 18
275-300K 7
300 and above 16
The 110K-120K price range sold real well last year, as did the 130K-140K price range. This may help Cabot sellers get an idea of how homes in their price range are selling. If you have any questions about the real estate market in Cabot contact us at www.cabot4sale.com.
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From Jan. 1 to to Dec. 31 of 2009 there were 932 homes sold in the Cabot Arkansas area. That is only including home sales that were recorded in the MLS. Here is how 2009 Cabot home sales compared to previous years.
Total Cabot Home Sales Per Year
2009-932
2008-830
2007-953
2006-1045
2005-1013
As you can see, the housing market in Cabot was better last year than it was in 2008. It is still not quite what it was in the 2005, 2006 boom, but it is getting there. Hopefully 2010 will be a prosperous year for the Cabot real estate market.
I will continue to break down last year's home sales in the Cabot area. My next post will focus on which price ranges sold the best in 2009.
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Before I begin writing reports about the Cabot real estate market, I thought it would be interesting to highlight the economic outlook. The National Association of Realtors recently released their outlook for 2010. Here are some of the forecast the NAR is predicting for 2010.
Home Prices
up 3.6% from 2009
New Home Prices
up 4.2% from 2009
Mortgage Rates
30 Year fixed 5.7% up a 1/2% from 2009
The economist are predicting a better year from the national real estate market. Hopefully they are right. My next posts will have the year end home sales in the Cabot area.
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Well well well, we did not have a white Christmas this year but it did snow here shortly after the new year. In Arkansas when it snows the smallest bit everything shuts down. Why not? It don't happen to often so I guess people want to enjoy it.
We are looking forward to a great 2010 in Cabot Arkansas. In 2009 the Cabot real estate market held up pretty good. I will have loads of year end reports about the Cabot real estate market in 2009. Right now I am giving it a week or so after the new year so all of the total sales can be recorded. Then I will be filling blog pages with reports and year end numbers.
I also have an interesting article I read about home improvements. It highlights which home improvements give the best returns in resale. The article is specific to Arkansas. After writing the year end reports I will be doing a series based on that article.
I hope that everyone had happy holidays and is looking forward to 2010. We are are always happy to serve families in the Cabot area. Until next time.
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Currently the number of homes on the market in the Cabot area is substantially lower than past years. There are many buyers that have been disappointed because the type of home they are looking for is not on the market. If you have been on the fence about selling your home, after the holidays is a perfect time to list your home. Here are three reasons why the first of the year is a good time to list your home.
1. Competition is low
Currently there are 358 homes listed for sale in the Cabot area. Last year I wrote a blog post on Dec. 10 about the number of homes for sale in the Cabot area and there were 506 homes for sale. That is about a 30% drop in the number of homes listed for sale in Cabot.
2. Plenty of Buyers
The government decided to extend the tax credit until April of 2010 and include move up home buyers. That has helped to entice many potential buyers into buying. In the past couple of months we have seen more and more buyers come out to buy. The problem is they are limited on their choices because of the small amount of homes on the market in Cabot.
3. The Real Estate Market in Cabot is not that bad
Many potential sellers have been discouraged because of the national news coverage about the real estate market. I have wrote several posts about Cabot home sales this year compared to the past two years. This year home sales are higher than they were last year. The real estate market never tanked in Cabot like other parts of the nation. Sure we seen a drop in home sales last year, but this year there have been more homes sold then last year.
January would be a great time to list your home for sale if you have been considering it. If you have any questions about the Cabot real estate market or listing your home feel free to visit www.cabot4sale.com. You can fill out the feedback form on the home page and we will respond as soon as possible.
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November Cabot Home sales were significantly higher than the previous three years. I think the first time home buyer tax credit has helped home sales in the Cabot area these past few months. We have seen several first time homes buyers decide to buy because of the tax credit.
Here are the numbers of sold homes in the Cabot area in November of this year and the past three years.
2009 70
2008 42
2007 66
2006 68
This year's November was considerably better than last year. This year's Cabot homes sales are also better than last year. I will give a year end report in January to show the total number of homes sold.
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Today I did a quick search for the number of short sales available in the Cabot Arkansas area. There are currently 13 homes listed as short sales in the Cabot area. That number is higher than when I looked a couple of weeks ago and there were only 7 available.
Short sales are a different process than foreclosures are. It takes patience when making an offer to a home that is listed as a short sale. If you have any questions about the process on making an offer to a short sale or would like to see the homes listed as short sales send us an email at the homepage of www.cabot4sale.com we would love to talk about it with you.
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Currently there are several nice foreclosures for sale in the Cabot Arkansas area. On the market right now there are 27 homes that have been foreclosed on. Of those 27 homes there are 4 mobile homes. The rest are detatched single family dwellings.
The foreclosures in the Cabot Arkansas area range in price from 38K-329K. There are a variety of foreclosures for sale in the Cabot area. If you would like to see them visit www.cabot4sale.com and fill out the foreclosed home notifier and we will send you the foreclosures you request.
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On Nov. 6 new legislation was past to extend the first time home buyer tax credit until April 30Th, 2010. Home buyers must enter into a legal binding contract before then and close on their home before June 30, 2010. The tax credit is still $8,000 for first time home buyers.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a home buyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
For more information click on this IRS LINK.
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The last market report I posted showed that for 2009 home sales in the Cabot area are ahead of where they were last year. I believe I wrote a quarterly report about the total years home sales.
Last year during the month of October there were 66 Cabot area homes sold. This year there were 96 sold homes in the Cabot area.Those figures include mobile home sales and rural home sales. This year the total number of homes sold in the Cabot area is 808. That is a 6% increase of year over year sales compared to last year. Last year from Jan.1 to Nov.9 there were 760 home sold in the Cabot area.
The reports have consistently indicated all year that the Cabot real estate market is coming around. The one thing that is difficult right now is there are not many homes on the market right now. The inventory of active homes is low. If you have have any questions about this report feel free to contact me at www.cabot4sale.com click on the feedback form.
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A new bill has been through the senate to extend the home buyer tax credit. Some changes are expected to be included in the extension. One item mentioned is to allow home buyers to move up and purchase a larger or more expensive home. I do not know the specifics on the move up option, all I know is that it is part of the bill that has been moved passed the senate.
They are talking about extending the tax credit through April. If everything goes through with this bill and the extention of the tax credit I will be sure to write a post about the specifics.
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