Jackson County, NC - Real Estate and Community Blog

Jackson County real estate market report for 2006 - 2007

Sales data comparison for 2006 and 2007 for mountain real estate in Jackson County, NC.  Data was derived from the Northern Jackson County MLS. 

TOTAL UNITS  (Residential and Land)

2006-521 units

2007-426 units

Avg. Sales Price

2006-$155,800

2007-$162,002

Avg. Days on Market

2006-235 days

2007-208 days

RESIDENTIAL UNITS

2006-305 units

2007-237 units

Avg. Sales Price

2006-$191,777

2007-$201,006

Avg. Days on Market

2006-174 days

2007-156 days

LAND UNITS

2006-199 units

2007-156 units

Avg. Sales Price

2006-$41,000

2007-$45,000

Avg. Days on Market

2006-326 days

2007-260 days

The major difference between 2006 and 2007 was the drop in total units sold, evidenced by the 18.23% decrease.  This was primarily caused by other markets coming to a halt therefore preventing potential buyers from coming into the market in Jackson County.  The Subdivision moratorium would also be a factor in the lower sale volume.  Days on Market for total units decreased by 11.4%.  Residential pricing went up by 4.8% while Land prices reduced on average by 8.97% from the beginning of 2006 to the end of 2007.  This reduction in land prices could also be attributed to the Subdivision moratorium.

Federal Tax Rebate, will it jumpstart the housing slump?

The Bush Administration is proposing a Tax Rebate that will provide approximately $800 to single taxpayers and around $1600.00 to joint filers.  This rebate is an attempt to help the sluggish to standing still real estate market.  Many people feel that this will not spur the market along.  But, I choose to disagree.

This tax rebate may help some families catch up on a mortgage payment therefore, stalling foreclosure of a home, which is rampant at this time in history.  It could also be used by the family looking to buy a new home to go toward the down payment or pay off another debt to shore up the credit score or help the debt/income ratio also considered in financing.  This rebate could also be utilized by the property owner attempting to sale a property to do some minor improvements to the property to make it stand out amidst the competition. 

So, in short, if everyone runs out and purchases a flat screen or new laptop, then the rebate will not help the banking or housing industry.  But, if it is used wisely for it's intended purpose it could be useful and help to start some momentum in the market.

Obtaining updated surveys

I just recently had a listing sale that would have closed much easier if the buyer had obtained an updated survey.  We were set to close on a 2.79 acre agricultural/commercial property on a Thursday afternoon.  The buyers attorney revealed a number of utility easements to the buyer at closing and he became afraid and hesitant to close.  The utility lines were visible on inspection of the property as they are all over head, but when he heard the attorney comment he wanted to investigate further.  The attorney did not have the exact width of each easement on hand, but a new survey would have detailed these easements.  The buyer agent called me in a panic that afternoon, afraid the deal was doomed.  I procured a survey of an adjacent property that contained the easement width of the high transmission line that barely crossed one corner and the service line by the  road right of way.  I took the buyer out to the site the next afternoon with my range finder and we deternined that the utility easements possibly affected .25 acres in one corner of the property.  This would not prevent him from using the property for it's intended use and we closed the following Monday. 

In conclusion, it is recommended to get an updated survey when attempting to sale a property and if the seller is not providing a fairly current survey, a buyer should most certainly obtain one.

What is the Future of the Dillsboro Dam?

The removal of the Dillsboro Dam is the major component of a cooperative agreement by and between Duke Energy and some 40 "stakeholders".  This cooperative agreement is backed by the U.S. Fish and Wildlife, the United States Forest Service and the Division of Water Quality .  The Town of Sylva, Town of Dillsboro , Eastern Band of the Cherokee Indians, as well as, NC Wildlife Federation, America Whitewater and the Carolina Canoe Club have all signed the agreement.  Jackson County did not sign the agreement and have spent approximately $166,000.00 in opposition of the dam removal. 

This past Monday night, January 7th, commissioners voted 4-1 to study the possiblity of condemning the dam.  Paul Nolan, an energy attorney from Virginia, stated that this could be the quickest route to a resolution of this matter.  The county would condemn the property, through normal condemnation proceedings, then would pay Duke Energy, fair market value for the asset and then the county would lease the operations to a company or entity to produce power. 

Commissioner Brian McMahan was quite in favor of studying this action further, he stated,"the stakes are too high to give up now."  Commissioner Tom Massie was the lone opponent of studying condemnation of the dam, he said that he did not feel comfortable spending more taxpayer money on a "losing battle". 

Personally, I hate to even guess the outcome of this great debate. But, if the county petitions the Federal Energy Regulation Commission to operate the dam, the condmenation proceeding could become a reality.  The FERC is in the business of generating power from renewable resources and might the best source to operate and lease the dam from Jackson County.

Resource:

 

http://www.thesylvaherald.com/html/county_leaders_to_look_at_cond.html

Justin Goble, The Sylva Herald

Now is the time for the "honey-do" list

If you are trying to sale a property, now is the time to get all those little things fixed around the house.  While there seems to be a resurgence of activity in the local market, there are definitely fewer "lookers" than we had in 2005-2006.  Right now is a great time to fix the loose faucet, pressure wash the siding, clean up overgrown areas or clean the carpets.  Make every effort to have your property stand out among the competition. 

New football staff at WCU settling in

The new coaches for WCU football are settling into the community and are hard at work.  These guys have plenty on their plate right now.  They are hustling to have a good recruiting class as well as find the grocery store, drug store, gas station, post office and a place to reside.  We are doing our best to help them out and wish them tons of luck as the Catamounts gear up for a new era!!!

Activity is picking up in local market

Contrary to reports seen all over TV and print media, the market seems to be making a slight resurgence in Jackson County.  Obviously the mild winter weather is helping to drive this surge in activity. 

The banks are still quite cautious in lending practices and will be for quite some time.  Sellers of real estate should make best efforts to have properties in presentable conditions at all times,  be attentive to ALL terms of an offer and remember "cash is king" in this current market.  A lesser offer, NOT contingent upon financing approval, may be more attractive than a higher priced offer, contingent upon buyer obtaining bank financing.