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Lee & Harrell Report - April 2019

by Jason Harrell & Kevin Lee

This is the first Lee & Harrell Report, so I think it's important that I introduce myself.  I am Kevin Lee, listing partner with Lee and Harrell Real Estate Professionals with RE/MAX.   I have been selling homes in Pitt County since before the internet was a tool in the profession. I have seen all kinds of market.  The one thing I know is that whats true today about the current market conditions and trends will most certainly not be true a year from now, heck maybe even a month from now.  The market is very different from location to location at any given moment.  A short drive 30 miles in any direction can find a market as different as 3000 miles away.  The market is always changing.  The purpose of this report is to keep Pitt county folks up to speed. We will issue a new report each month so you can stay up to speed on whats going on in Real Estate. Each month I will focus on a specific area, I will translate the numbers you see into market trends and market conditions.  I look forward to keeping our viewers up to date on this fascinating Real Estate market.

 

Price Range

Active

Pendings

Closed Last 30 Days

100,000 - 150,000

28

66

39

152,000 - 200,000

51

88

59

201,000 - 250,000

69

66

36

251,000 - 300,000

74

47

26

301,000 - 350,000

31

18

11

351,000 - 400,000

13

13

4

401,000 - 450,000

14

8

1

451,000 - 500,000

10

3

3

501,000 - 550,000

4

1

1

551,000 - 600,000

4

1

2

601,000 +

18

2

1

 

The number above represents the month of April 2019.  The fascinating thing about these numbers is that it highlights the real shortage of homes on the market.  A shortage translates into higher prices and typically happy sellers. Prices are definitely on the rise in Pitt county housing, and that’s not the worst thing because for many years our market has been improving but prices stayed stagnate because the supply was still great.  The downside in this market is for buyers.   It can be quite frustrating for buyers now.  When every home you view is also being viewed by multitudes of other buyers at the same time.  As frustrating as this is, buying a home still makes more sense than renting, because along with the improving home buying market the rental market has also been improving. In large part because of the decrease in the amount of rental homes on the market.  As the prices and demand have gone up, many of the rental homes are owned by, let's call them the “reluctant landlords”. (These are landlords that are only landlords because in the previous market they couldn't sell their homes and instead, rented them, but now as tenants move on these homes have gone on the sells market creating a shortage in rental homes)

 

What these numbers specifically show is that homes under 250k are selling at a rate 2 to 4 times the rate that they are coming on the market.  These are the best price ranges if you are looking to sell.  Also, the most frustrating if you are looking to buy.   From 250-400 homes are selling at about the same rate they are coming on the market.  This is what I call the most improved price range in Greenville. Sure these homes stay on the market longer than the ones under 250 but way less than this same price range did even a year ago.  This trend continues as we go up in price at a rate that might be expected until we get over  600k.  This is what I call no mans land.  Currently, as you can see, there are 18 homes in Pitt County priced between 600k-over a million.  Of those only 1 closed and 2 went pending.  There is quite a large supply in this high-end market. This is why I have always advised folks to avoid building their “Dream Home” over $600k, when there has always been a great supply of resale homes that often sell for a fraction of what it cost to build them because the supply has always outnumbered the demand.   This price point often takes years and many significant price drops to sell, why not take advantage of these great prices.

 

My Advice if you are a seller in any of these price ranges to get the most money in the least amount of time is to make sure your condition is on target with the most recent color schemes and finishes.  I have found in a strong market buyers want move-in ready.  It was just a few years ago when the opposite was true; buyers were all looking a deal and were excited by a fixer upper priced under value.

 

My advice to buyers, find that house that needs new carpet and fresh paint, and new appliances. The house that you must spend a little money on to make it your own.  Because you are paying for instant gratification when you demand a home to be move-in ready and with all the competition out there for these homes you will pay handsomely.  Remember, the market is always changing.  In a future down market you will thank me for this advice. It could save you a small fortune.  Until next time, my wish for you all is that you are able to buy low and sell high!

Lee and Harrell Real Estate Professionals at REMAX Preferred Realty

“Experience Is Our Key To Your New Home”

(252) 327-9668

www.BestHomesInGreenville.com

Beautiful Private Home on Exceptional Lot

by Jason Harrell & Kevin Lee

1240   QUARTERPATH DRIVE WINTERVILLE, NC  28590

BEAUTIFUL HOME ON EXCEPTIONAL LOT. 3 BR, 2 BATH HOME W/FORMAL DINING ROOM, BRIGHT WHITE KITCHEN. FIREPLACE, CATHEDRAL CEILING IN GREATROOM. MASTER SUITE IS LARGE W?WHIRLPOOL TUB & SEPARATE SHOWER. ROOF, FENCE, CARPET & STORAGE BUILING ARE ONLY 1 YEAR OLD. THE YARD HAS SO MUCH ADDED VALUE. LUSH LANDSCAING ADD SO MUCH PRIVACY. LARGE DECK W/ADDED FEATURES & PATIO. MUST SPEND SOME TIME IN THIS YARD TO APPREICATE ALL THATS THERE.

 

LIKE NEW HOME ON AMAZING CUL-DE-SAC LOT, GREENVILLE NC REAL ESTATE

by Jason Harrell & Kevin Lee

2881   ELIZABETH EDWARDS COURT GRIMESLAND, NC  27837

LIKE NEW HOME ON AMAZING CUL-DE-SAC LOT IN POPULAR NATURES BEND, SIT OUT ON SCREENED PORCH & SOAK IN THE EVENING BREEZE IN TOTAL PRIVACY. THIS LOT IS HUGE - JUST UNDER A FULL ACRE WITH BOTH YARD & WOODED AREAS. KITCHEN IS BEAUTIFUL & BEDROOMS ARE LARGE ALL W/WALK-IN CLOSETS. SO MUCH STORAGE SPACE. KITCHEN PANTRY & ADDITIONAL OUTSIDE STORAGE ROOM.

 

 

So Much House for the Money, Greenville NC Real Estate

by Jason Harrell & Kevin Lee

1398 Speight Drive Greenville NC 27834

SO MUCH HOUSE FOR THE MONEY. LIVE CLOSE TO HOSPITAL BUT W/A RUAL FEEL. LARGE PRIVATE LOT, FRONT PORCH THAT GOES THE LENGTH OF THE FRONT. 3 BR 2 BATH, DRAMATIC CEILINGS. BIG LAUNDRY ROOM, CERAMIC TILE, LOTS OF CUSTOM TILE WORK, WIRED STORAGE BUILDING. SOLID SURFACE COUNTERTOPS.

Price Reduction on 2420 King Richard Court

by Jason Harrell & Kevin Lee

There has been a reduction in the price of 2420 Unit: F King Richard Court Greenville NC 27858! The new price is $99,900.

 

Corner Lot With Fenced In Yard, Winterville NC Real Estate

by Jason Harrell & Kevin Lee

404 Branchwood Drive Winterville, NC 28590

Corner lot with trees and fenced in yard. Big bright kitchen with smooth top range. Beautiful flooring throughout, large family room and formed dining, downstairs master, 3 bedrooms upstairs and a bonus room.

 

Beautiful Move In Ready Home in Grimesland, NC Greenville

by Jason Harrell & Kevin Lee

 

565 Simpson Street Grimesland NC 27837

BEAUTIFUL HOME -MOVE-IN READY. NEAT AS A PIN! 3 BEDROOMS, 2 BATHS, OPEN PLAN, FENCED IN YARD. TWO STORAGE ROOMS, LARGE MASTER SuITE W/WALK-IN CLOSET. GOOD SIZED LOT, EXCELLENT LOCATION.

 

 

Great Home A Must See, Greenville NC Real Estate

by Jason Harrell & Kevin Lee

1303 Evergreen Drive Greenville, NC 27858

WHAT A GREAT HOME! YOU MUST SEE INSIDE. TOTAL RENOVATION, 3 BR, 2 FULL BATH, LARGE RMS, SCREENED PORCH, DECK, FENCED IN YARD. HARDWOODS & CERAMIC TILE FLOORING. GREAT APPLIANCES, VINYL REPLACEMENT WINDOWS, MASTER CLOSET W/BUILT-INS.

 

Rare Home on Over 2 Acres, Greenville NC Real Estate

by Jason Harrell & Kevin Lee

1260 Worthington Lane, Greenville NC 27858

RARE HOME ON OVER 2 ACRES. SO CLOSE TO TOWN W/NO CITY TAXES. THIS HOME IS BEING GUTTED CURRENTLY, THE RENOVATIONS TO BE COMPLETED BY 9-1-10. ALL NEW PAINT, HARDWOODS, SOME NEW FIXTURES. HOME HAS LARGE ROOMS, MASTER ON 1ST FLOOR, 8X26 UTILITY ROOM. IN GROUND POOL.

Large Private Lot, Greenville NC Real Estate

by Jason Harrell & Kevin Lee

 

217 Farmington Road Grimesland, NC 27837

PRIVACY ON A LARGE LOT IN EXCLUSIVE HOLLYRIDGE. THIS HOME HAS BEEN TOTALLY RENOVATED, HAS AN ENORMOUS ISLAND KITCHEN W/DOUBLE OVENS & DOWN DRAFT DROP IN STOVE TOP. LARGE SUNROOM. TASTEFULLY DECORATED. BONUS W/SEPERATE STAIRCASE, LAUNDRY ROOM W/SINK & LOTS OF STORAGE & HANGING ROD. DBL GARAGE & ADDITIONAL DETACHED WIRED GARAGE W/LOFT & WORKSHOP.

 

 

 

 

Displaying blog entries 1-10 of 29

Contact Information

Photo of Kevin Lee & Jason Harrell Real Estate
Kevin Lee & Jason Harrell
RE/MAX Preferred Realty
3208 Charles Blvd
Greenville NC 27858
252-347-8520
252-327-9668

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