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Local housing market a ‘bright spot'
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By Kris Hilgedick
News Tribune
Standing in the soaring foyer of your average mansion, a group of bankers, real estate agents and builders said Mid-Missouri's housing market continues to be a “bright spot in the housing nightmare.”
Still under construction, the custom home was the setting for the group's third quarterly press conference.
“Our message is: Central Missouri - and the state of Missouri - is a different housing market than the national news is showing,” said Craig Overfelt, senior vice president for the Missouri Bankers Association.
Overfelt noted interest rates are good right now - about 6.5 percent - making homes a worthy investment.
“In Missouri, the banks didn't get involved with subprime mortgages, making (ours) a much more stable housing market,” he added.
Representing the Home Builders Association, Ken Otke said mid-sized cities, like Jefferson City, are seeing “modest gains” of 2 to 3 percent in housing values.
Otke noted Mid-Missouri didn't see the rapid run-ups in home values during the recent housing bubble; likewise homeowners are not suffering large lapses, either.
Dana Wildhaber, spokesperson for the Jefferson City Area Board of Realtors, said, “Prices appear to be holding steady for most price ranges, with some downward pressure showing up in others.”
From May to July, 292 single-family homes sold in 2008, compared to the 455 sold in 2007.
On average, a home - one which has sold - spends 80 days on the market in 2008 and 70 days in 2007. (Homes that have not sold have spent an average of 118 days on the market.)
The average sales price in 2008 is $137,314, versus $140,389 last year.
In early 2006, 900 properties were available on the market, compared to a current listing of 840 properties now.
Of the 840 residential listings, 4 percent are foreclosures. Foreclosed-upon homes that aren't in good condition, or have been stripped of appliances, are showing the most weakness in price, he said.
Joyce Harkins, a senior loan officer with Cornerstone Mortgage Inc., noted job losses are the No. 1 contributor to an economic bust. She believes Columbia and Jefferson City are insulated from employment downturns and the Lake region - with its healthy retail and tourism environment - hasn't been affected.
“We're an oasis of stability,” she said.
Government incentives also are enticing wary buyers, she said.
The federal housing stimulus package offers a $7,500 tax credit to first-time homebuyers (defined as people who haven't owned a home in three years) who move in between April and July 2009.
Still under construction, the custom home was the setting for the group's third quarterly press conference.
“Our message is: Central Missouri - and the state of Missouri - is a different housing market than the national news is showing,” said Craig Overfelt, senior vice president for the Missouri Bankers Association.
Overfelt noted interest rates are good right now - about 6.5 percent - making homes a worthy investment.
“In Missouri, the banks didn't get involved with subprime mortgages, making (ours) a much more stable housing market,” he added.
Representing the Home Builders Association, Ken Otke said mid-sized cities, like Jefferson City, are seeing “modest gains” of 2 to 3 percent in housing values.
Otke noted Mid-Missouri didn't see the rapid run-ups in home values during the recent housing bubble; likewise homeowners are not suffering large lapses, either.
Dana Wildhaber, spokesperson for the Jefferson City Area Board of Realtors, said, “Prices appear to be holding steady for most price ranges, with some downward pressure showing up in others.”
From May to July, 292 single-family homes sold in 2008, compared to the 455 sold in 2007.
On average, a home - one which has sold - spends 80 days on the market in 2008 and 70 days in 2007. (Homes that have not sold have spent an average of 118 days on the market.)
The average sales price in 2008 is $137,314, versus $140,389 last year.
In early 2006, 900 properties were available on the market, compared to a current listing of 840 properties now.
Of the 840 residential listings, 4 percent are foreclosures. Foreclosed-upon homes that aren't in good condition, or have been stripped of appliances, are showing the most weakness in price, he said.
Joyce Harkins, a senior loan officer with Cornerstone Mortgage Inc., noted job losses are the No. 1 contributor to an economic bust. She believes Columbia and Jefferson City are insulated from employment downturns and the Lake region - with its healthy retail and tourism environment - hasn't been affected.
“We're an oasis of stability,” she said.
Government incentives also are enticing wary buyers, she said.
The federal housing stimulus package offers a $7,500 tax credit to first-time homebuyers (defined as people who haven't owned a home in three years) who move in between April and July 2009.
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boscoe wrote on Aug 29, 2008 4:19 PM: