The Week in Review

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….your Wilmington Connection

January 22,  2012

Oh what  grey rainy weekend we had in Wilmington.  But a perfect time to enjoy some Hot cocoa with family and friends and watching a good movie.  I hope you all enjoyed your weekend!

There has definately been some awakening in the real estate world.  The phones seem to be stirring again and more than likely buyers are tired of sitting on the sideline waiting while all the great deals are passing them buy.  Now with the holidays out of the way time to refocus on whats important.  Getting a great house at a incredible price with low interest rates. Drop me an email if you want to get started.

Wilmington NC Real Estate

Currently on the market there are 1564 single family homes in the greater Wilmington Area and 164 homes under contract.  In the last week we have seen 100 homes sold.

Housing Starts highest increase in a year.

Starts increased 9.3 percent to a 685,000 annual rate, exceeding the highest estimate of economists surveyed by Bloomberg News and the highest level since April 2010, Commerce Department figures showed today in Washington. Building permits, a proxy for future construction, also climbed to a more than one- year high. New construction of single-family houses rose 2.3 percent from the prior month to a 447,000 annual rate, the most since June.

Existing Home Sales Show an Uptrend

Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the National Association of Realtors®.

The latest monthly data shows total existing-home sales¹ rose 5.0 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.

…until next week in The Week in Review

     Tina

The Week in Review

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….your Wilmington Connection

January 15, 2012

Wow…Wilmington sure had a chill the last few days! The winter coats came out and the heat was on. Hope you all enjoyed your weekend and was able to keep warm. Well the start to a new year is underway and I have to say that I think its going to be a great one in the form of real estate! Many people have been on  the sidelines waiting to see whats going to happen and now the sidelines are emptying out as people realize you are not going to get better interest rates or more importantly low home prices. If you are looking to buy some Wilmington NC Real Estate then shoot me an email and lets get the process started.

Wilmington NC Real Estate

Currently on the market there are 1562 homes listed.  You can be sure as spring nears inventory will go up. Are you planning on putting your home on the market?  Lets talk. In the last 3 months there have been 460 homes sold, 262 of those were priced under $200,000. A pretty strong price range.

Last Years Home Sales Results

Home sales had a minor gain last year but they had their best results since 2008, according to the Wilmington Regional Association of Realtors .

Sales of homes in the area covered by the WRAR are New Hanover, Pender counties and northern Brunswick County; rose to 4,590 in 2011 from 4,567 in 2010, according to the statistics.

The down side were prices  were down to levels not seen since 2004.

The average price of a home sold last year dropped by 4.8 percent, to $219,656 from $230,790 in 2010. The average had been as high as $272,784 in 2007.

The median price – the point at which half of homes sold for less and half for more – fell by 5.7 percent, to $173,063 from $183,512, according to WRAR figures.

The main reason for those drops were so-called distressed sales, which have comprised as much as 30 percent of all sale.

Figure Eight Home Sales

How did the luxury market stack up in 2011? Figure Eight being one of the exclusive areas in New Hanover County to shop for Luxury Homes. In 2011 there were 10 homes sold on Figure Eight Island a jump from 2010 where there were only 7 homes sold. The highest price one being $2.8 million. Most of the homes sold between 85 and 90% of their list price.  Look at this home I have listed on Figure Eight Island. This home is one of a kind located in the middle of the island on the intracoastal on one of the most coveted lot on the island.

 

….until next week in The Week in Review

Tina

The Week in Review

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….your Wilmington Connection

January 8, 2012

Temperatures have been mild very unlike winter weather, most people dream of living in an area that has sunny warm days in January!  If you are planning on relocating to the area drop me an email and lets get started.

Wilmington NC Real Estate

Currently on the market there are 1551 single family homes listed and 159 homes under contract. In the last month there have been 141 homes sold. Not bad considering the normal slow of the holiday season.

FHA Loan Amounts on the Rise

There has been a change to the FHA loan amounts.  FHA will be going back to the original max loan amounts we had last year.  Starting Immediately on any new FHA Loans. The maximum base loan amount will be $303,750.

Pending Home Sales Rise Again

Pending home sales continued to gain and reached the highest level in 19 months, according to the National Association of Realtors®.

Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.

….until next week in The Week in Review

        Tina

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The Week in Review

.…your Wilmington Connection

January 1, 2012

Happy New Year!  I hope you and your friends and family had a great holiday! 2012 will bring many great things including an active real estate market! If you are thinking of putting your home on the market or relocating to the area please drop me an email or call and lets talk about the best way forward.

Wilmington NC Real Estate

Currently on the market there are 1538 single family homes and 157 homes under contract. In the last 2 months there have been 464 homes sold and 265 of those were priced below $200,000.

Housing Starts in U.S. Increase to Highest Level in a Year

Builders broke ground in November on the most houses in over a year, led by a three-year high on work in multifamily units, a sign the market is stabilizing heading into 2012.

Starts increased 9.3 percent to a 685,000 annual rate, exceeding the highest estimate of economists surveyed by Bloomberg News and the highest level since April 2010, Commerce Department figures showed today in Washington. Building permits, a proxy for future construction, also climbed to a more than one- year high.

N.C. Third Among Best States for Business

N.C. continues to garner praise for its business environment. Forbes magazine recently ranked North Carolina third in its annual ranking of best states for business, based on costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

Existing Home Sales continue to rise

Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.

The latest monthly data shows total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.

Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”Reported by NAR.

.            ..until next week in The Week in Review                                         Tina

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The Week in Review

…your Wilmington Connection

December 11, 2011

Chilly week in Wilmington! Only 14 days till Christmas.  Wow does it go by quick. Forget about all the marketing at the stores have you seen the interest rates?  Really now is the time to buy, especially with the unimaginable home prices. Email me and let me show you the incredible deals.

Wilmington NC Real Estate

Currently on the market there are 1657 homes on the market and 177 homes currently under contract. In the last month there have been 130 sold and 79 of those were priced under $200,000.

N.C. Third Among Best States for Business

N.C. continues to garner praise for its business environment. Forbes magazine recently ranked North Carolina third in its annual ranking of best states for business, based on costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

November home sale prices

(November 2010 in parentheses)

Average price of homes closed: $228,650 ($235,276)

Median price of homes closed: $179,900 ($180,640)

– Wilm. Regional Association of Realtors

Mortgage rates

(Dec. 8)

30-year fixed: 3.99% (4.00%) +

15-year fixed: 3.27% (3.30%) *

5-year adjustable: 2.93% (2.90%) ^

1-year adjustable: 2.80% (2.78%) -

* Plus 0.8

+ Plus 0.7

- Plus 0.6

^ Plus 0.5

– Freddie Mac

…..until next week in The Week in Review

       Tina

The Week in Review

   …your Wilmington Connection

December 4, 2011

December is here and Christmas is around the corner. The new year will bring thoughts of things to accomplish why not finally make the move and get and buy that house you keep thinking of. Give me a call you would not believe how great the interest rates are!  Lock it in before the new year. Email me  lets make a plan. 

Wilmington NC Real Estate

Currently on the market there are 1673 homes and 167 homes are currently under contract.  In the last 3 months there have been 371 homes sold and 368 of those homes were priced under $300,000. 

Beach Properties Tax Re-Evaluation

New Hanover County’s beach properties will take the hardest hit from the routine tax revaluation.

This time, though, the overall tax base will drop as some beach property values are lowered by almost 50 percent.

The revaluation brings property values closer to a fair market price, a likely sigh of relief for some owners whose values significantly increased in 2007′s revaluation.

Property values will be slashed by about 50 percent for some owners in Carolina Beach and Kure Beach, and Wrightsville Beach values are expected to drop less than 20 percent.

The city of Wilmington is expected to see the lowest decrease in home values at 13 percent, according to estimates from the county’s tax office.

Given those estimates, town boards in Carolina, Kure and Wrightsville beaches will have to decide whether to adopt a revenue-neutral tax rate, meaning one that would bring in the same amount of revenue as the rate for properties before the revaluation.

 Investors still buying

Investors purchased 18 percent of homes in October, compared with 19 percent in September and 19 percent in October 2010. First-time buyers accounted for 34 percent of transactions in October, up from 32 percent in September; they were 32 percent in October 2010.

Existing Home Sales in the south

In the South, existing-home sales increased 2.1 percent to an annual level of 1.94 million in October and are 14.1 percent above a year ago. The median price in the South was $145,700, down 1.6 percent from October 2010.

…until next week in The Week in Review

                      Tina

The Week in Review

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….your Wilmington Connection

November 27, 2011

I hope everyone had a wonderful Thanksgiving and had the chance to spend time with friends and loved ones. Is all of that crazy bargain shopping over?  Oh yes, tomorrow is Cyber Monday….

Thinking of buying a home?  Lets get started inventory is going down as we are seeing a slight increase in home sales.  Make sure you are a part of the great home prices and incredible interst rates.  Email me or call.

 

Wilmington NC Real Estate

Currently on the market there are 1695 single family homes for sale a slight decrease on inventory due to home sales and some sellers taking their homes off of the market for the holiday. 173 homes are currently under contract and in the last 2 months there have been 332 homes sold.

Unsold Inventory Continues to Decline, Sales up in October

Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors®.

An ongoing positive trend is a steady decline in the number of homes on the market. Total housing inventory at the end of October fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply³ at the current sales pace, down from an 8.3-month supply in September. Inventories have been trending gradually down since setting a record of 4.58 million in July 2008.

The national median existing-home price⁴ for all housing types was $162,500 in October, which is 4.7 percent below October 2010.

 

Local Real Estate Business indicators

OCTOBER 2011 home sale prices

(OCTOBER 2010 in parentheses)

Average price of homes closed: $228,650 ($235,276)

Median price of homes closed: $179,900 ($180,640)

– Wilm. Regional Realtors

Mortgage rates

30-year fixed: 3.98% (4.00%) +

15-year fixed: 3.30% (3.31 %) +

5-year adjustable: 2.91 % (2.97%) -

1-year adjustable: 2.79% (2.98%) -

* Plus 0.8

+ Plus 0.7

- Plus 0.6

^ Plus 0.5

Freddie Mac

.until next week in The Week in Review

  Tina

The Week in Review

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….your Wilmington Connection

November 20, 2011

Well What A Week! So much exciting news. We are such an awesome company, with awesome agents and awesome sales! If you are thinking of listing your home give me a call and watch what our team of sales professionals can do!

 

Sea Coast Realty Merges with Coldwell Banker Advantage.

The merger of our company Sea Coast Realty and CB Advantage is simply a tremendous move on both company’s part.  Together we have over 600 Sales Associates and 26 offices from Raleigh to the coast and including Fayetteville.   According to Real Trends, in 2010 we would have been the 3rd largest North Carolina real estate company in Closed Sales  with over 1.3 Billion Closed and over 6,500 Closed Sales.

Wilmington NC Real Estate

Currently on the market there are 1706 homes and 167 homes under contract. In the last month there have been 178 homes sold just a bit over 10%.  Only 15 of those were priced above $500,000. Home sales in the Wilmington area rose to 341 in October compared with 311 in October 2010, the Wilmington Regional Association of Realtors announced.
Prices of homes whose sales closed last month, however, continued to lag year-earlier levels in the area covered by the WRAR — New Hanover, Pender and northern Brunswick counties.
The average price of a home sold last month was $228,650, down from $235,276 in October 2010.

Congress Reinstates FHA Loan Limits

The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets. The floor will remain at $271,050.The loan limits for Fannie Mae- and Freddie Mac-backed mortgages will remain at 115 percent of local area median home prices, up to $625,500.

NAR believes thereinstated loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families throughout the country, not just wealthy individuals or those in costly markets. Nearly two-thirds of buyers who will be helped by the loan limits provision have incomes below $100,000.

 

….until next week in The Week in Review

                                      Tina

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The Week in Review

….your Wilmington Connection

November 6, 2011

Chilly day here in
Wilmington especially near the river, but plenty of sunshine. I hope you all
had a chance to enjoy the day with friends or family.

Wilmington NC Real
Estate

Currently on the
market there are 1722 single family homes and 161 homes under contract. Last
month there were 173 homes sold in the Wilmington area. There is a slight slow
down now in contracts, but this happens annually due to the holidays on our
heals.

New Hanover delays Tax notices till December

Notices of
changes in New Hanover County property values will arrive in taxpayers‘
mailboxes about the same time they’ll expect holiday cards in December.

Property values are expected to drop nearly 50 percent for some
in Carolina Beach and Kure Beach, bringing tax values closer to what the market
says they’re worth.

The city of Wilmington will see the lowest decrease in home
values at 13 percent, while Wrightsville Beach values are expected to drop less
than 20 percent.

Some home values in these areas might increase, depending on
various factors about the property and the neighborhood, and some values might
only decrease slightly.

The anticipated drop in property values, however, will mean the
county and its municipalities will rake in fewer tax dollars. So, elected
officials will adjust tax rates to a revenue-neutral rate, meaning a rate that
would bring in the same amount of tax revenue as the previous rate.

Foreclosure slow down stabilizes the market

Overall,
prices have dropped 30.5 percent since an April 2006 peak, according to
CoreLogic. When distressed sales (bank-owned homes and short sales) are
excluded, the drop from peak stood at 21 percent in August.

Zillow‘s
index report showed a somewhat similar drop from a June 2006 peak: 28.3
percent. That index tracks 157 metropolitan areas nationwide. Of the 25 largest
metros tracked, all saw their index values remain virtually the same on a
monthly basis.

…until
next week in The Week in Review

Tina

September 2011 home sale prices

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The Week in Review

…your Wilmington
Connection

October 30, 2011

Happy Halloween to all!  Enjoy the cold air while you
bumble around the streets looking for candy!

Real estate market cools off a bit. House prices are great and
interest rates are incredible…if  you are even thinking of buying a home
dont hold back now. Give me a call or email me.

Wilmington NC Real Estate

Currently
on the market there is 1748 single family homes and 181 under contract. In the
last 3 months there have been 512 homes sold and 325 of those homes were priced
$250,000 and under.

What affects our market?

There are many factors that affect our current housing
market in a positive fashion:

1.30 year fixed mortgage rates near historic lows of 3.52% (Freddie Mac – .

2.NAR’s Housing Affordability Index has reached its highest point during 2011.
It reveals how home prices, household income and interest rates combine to
provide an overview of affordability conditions on a national basis.

3.Pent up demand – the addition of about 3 million in population should assist
in the rise in homes sales.

There are factors that affect our current housing market:

1.Foreclosures and short sales: these tend to bring market values down.

2.No more tax incentives: the incentives ended last summer – congress may
consider adjustments to the mortgage interest deduction.

3.Debt Ceiling: will Congress increase our taxes or remove some tax
“breaks”? Until we have answers, there will be uncertainty in the
market.

4.Unemployment: the current rate climbed to 9.2%.

Our local area is showing signs of improvement – purchase activity will pick up
slowly as the improvement in the job market eventually leads to greater
willingness to buy. The year 2011 presents us with a housing opportunity that
makes it the most affordable in generations. So now is the time to buy.

Pending Home Sales down

Pending home sales declined in September, although activity
remains above a year ago, according to the National Association of Realtors®.

The Pending Home
Sales Index,* a forward-looking indicator based on contract signings, fell
4.6 percent to 84.5 in September from 88.6 in August but is 6.4 percent higher
than September 2010 when it stood at 79.4. The data reflects contracts but not
closings.

Lawrence Yun,
NAR chief economist, said the housing market is being excessively constrained.
“A combination of weak consumer confidence and continuing tight lending
criteria held back home buyers, even though the private sector added nearly 2
million net new jobs in the past 12 months,”

(September 2010 in parentheses)

Average price of homes closed: $221,011 ($223,262)

Median price of homes closed: $170,000 ($173,250)

Mortgage rates

(Oct. 27)

30-year fixed: 4.100% (4.11%)+

15-year fixed: 3.38% (3.38%)-

5-year adjustable: 3.08% (3.01%)*

1-year adjustable: 2.90% (2.94%)

 

...until
next week in The Week in Review

Tina