The Week in Review Wilmington NC September 20, 2008

 

The Week in Review

..…your Wilmington Connection

September 20, 2008

The weather has been gorgeous here! This is the season we have all been waiting for. If have never been to Wilmington this time of year you might want to visit now. The real estate marke: Yes, home sales are down 35%, however people still retire, have new babies, want to downsize, or just want a change. This week in Wilmington there are 2849 homes on the market and 369 are under contract. In the last 6 months there have been 1533 solds not bad, but yes slower than the year before. If you are planning on relocating drop me a line and we can set up your home search and you can have homes sent to you on a daily basis.

 

Wilmington’s August home sales

More than 37 percent fewer homes closed in August than in August 2007 – 403 versus 643. It was the slowest August since 2001, according to the local Realtors’ data. The latest sales also were down nearly 22 percent from July’s.

Home sales that closed in August reflect market conditions in July, June or earlier, because normally 30 to 60 days elapse between signing of a sales contract and closing the deal.

Mortgage interest rates in that period ranged from 6.09 percent to 6.63 percent, according to weekly surveys by Freddie Mac.

In the last week, however, mortgage interest rates have tumbled in the wake of the government’s bailout of mortgage giants Fannie Mae and Freddie Mac. Freddie’s latest survey showed an average interest rate of 5.78 percent on a 30-year, fixed-rate mortgage.

Additionally, mortgage applications have soared, especially for refinancings, according to the Mortgage Bankers Association. The Washington-based trade group said its index for applications this week was up more than 65 percent from the week before.

With lower interest rates, sales could rise in the coming months, though the traditional height of the selling season here is late spring and summer.

 

Of course if you are in the market to buy a home…it is a fantastic time to do it with interest rates down and home prices down, if you are considering it dont wait to long and miss this opportunity.

 

..……….until next week in the Week in Review

Tina

 

 

 

 

 

 

 

 

 

 

 

The Week in Review September 15, 2008 Wilmington NC

The Week in Review

…..your Wilmington Connection

September 13, 2008

Wilmington has been warm and windy this week with some cooler evenings. But the feel of summer is still here. Lets have a look what has been going on in the Port City.

Port City at No. 6 in best-performing cities list

Last year, Wilmington made the No. 2 spot on the Milken Institute/Greenstreet Real Estate Partners’ 2008 best-performing cities list, with a nod toward its role as a port.

This year No. 2 goes to Raleigh-Cary as strong technology and global trade centers influenced the top 10 list. Which is only 1 hour and a half from Wilmington.

Wilmington still was up there, though, at No. 6, while Provo-Orem, Utah, led the pack.

None of America’s 10 largest cities made the list this year as limited room for expansion hurt their ability to compete with faster-growing regions, especially in the South and West.

The index ranks U.S. metros based on their ability to create and sustain jobs. It includes five- and one-year measurements of employment and salary growth, the organizations said.

The national decline in the housing and construction markets pushed some past performers significantly lower in ranking, including the Riverside-San Bernardino-Ontario area of California and metro Phoenix. But energy center Houston became the top performer among the 10 largest cities at 16th on the list and Dallas rose to 23rd.

El Paso, Texas, was the most improved city, moving from 122nd to 37th, the survey found.

The Milken Institute, based in Santa Monica, Calif., describes itself as a nonprofit, independent economic think tank. Greenstreet Real Estate Partners is an investment and asset management company.

Federal Mortgage Success stories

So far, these government-linked lenders — including other, smaller Maes and Macs — have come through the credit crisis largely unscathed. Some of them, in fact, are even prospering.

The Federal Agricultural Mortgage Corporation, or Farmer Mac, for example, has been on a roll lately. Its shares have soared 153 percent this year, and its profit is up. Chartered by the federal government in 1988, Farmer Mac buys mortgages on farmland from agricultural lenders and then sells instruments backed by those loans. The company is thriving because the price of crops — and farmland — has been rising.

The Government National Mortgage Association, or Ginnie Mae, meantime, has also come through the last year without the credit problems that have brought Fannie Mae and Freddie Mac to their knees. Fully owned by the federal government, Ginnie Mae provides guarantees on mortgage-backed securities backed by federally insured or guaranteed loans. Earlier this year, Ginnie Mae’s sales of new government-guaranteed debt soared to the highest point since 2003, as the market for other mortgage-linked debt collapsed.

Southport aldermen OK annexation of 93 acres

But the 93 acres the city intends to annex is much different than the large swath officials had originally hoped to grab.

The board voted 5-1, with Alderman Nelson Adams dissenting, to approve a resolution of intent to annex land along North Atlantic Avenue, Jabbertown Road and across the Progress Energy cooling canal.

But this intent goes nowhere near the Long Beach Road-N.C. 211 intersection the city had hoped to take in. Oak Island beat Southport to the table in June by passing its resolution of intent first, giving it exclusive rights to land both communities were eyeing.

Oak Island is in the process of annexing land along Long Beach Road to the N.C. 211 intersection.

Southport’s original swath went past Sunny Point to the north and almost to St. James to the west. Both communities were vying for land near the Long Beach Road intersection, which contains two large shopping centers and a Lowe’s Home Improvement store.

Oak Island’s quick move forced Southport to take its annexation in a different direction, which includes 11 parcels along Jabbertown Road.

Adams argued the board originally agreed on a different direction and should have stuck to it.

 

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

Tina

Finding a motivated Seller

Finding a motivated seller, what to look for and why. The reason it is so important to finding a motivated seller, is because that is what makes an awesome real estate transaction.

 

When you are looking to purchase real estate, the seller you want to look for, is one that wants to sell their home. They will be easier to negotiate with, more eager to please, and finally want to get the process over with.

 

If you spend your time working with sellers that are unmotivated, you will be spending a great deal of time energy, and money on a deal that may never go through. This can not only be discouraging, but also devastating to some.

 

If you have ever tried to push a friend up a rope when they were trying to learn to climb, or try to walk up a slippery hill that others have walked up so many times it is ice. Trying to work with a seller who is not ready to sell can be much like this.

 

This is why it is not suggested to fall in love with a home, until the closing is complete. You could find that you will be disappointed, or paying a great deal more for something that was not that great.

 

The first step to finding a motivated seller is to let everyone know you want to buy a home. You can do this in several different ways.

 

1. Tell friends, family and co workers
2. Find a buyer’s agent or Realtor to have them start looking
3. Find listings and start putting the word out that you want to look through email and phone calls
4. Run an ad in the local newspaper. This can show others that you are looking to buy a home. They will want to call you if they are motivated.

 

Remember the more people you talk to, the higher amount of options you will have to look at and find the best property with the most motivated seller.

 

Your best friend in all this is going to be your buyer’s agent or Realtor. They will start to get you listings of homes with the requirements you wan right away. They will start by sorting through the information you give them, set up a criteria, and then show you homes that will fit that criteria.

 

You may be able to receive listings from your real estate professional on a daily or weekly basis. This will give you a chance to find the right people you want to work with. The Realtor or agent will start setting up meetings if you find a home you find interesting. They will also be able to let you know what kind of seller you would be working with.

 

The best thing about a Realtor or buyer’s agent is that they want you to buy a home, and will be working for your benefit. They will also be doing a great deal of the legwork for you. You may even find that your Realtor or agent has homes for you to look at that have not even hit the market yet.

 

Once you have the listings you are interested in, you can start talking to the sellers. There are a few things that you will want to look for. What makes a motivated seller?

 

Divorce

Death

Job transfer

Financial distress

 

While it is never good to be happy about another person’s distress, it is a time that they need someone to purchase their property. They need the money from the sell, or they need to be rid of the property for some reason.  Therefore they will be more likely to be motivated to sell.

 

When you have found a motivated seller, you will find that you will not only get a better deal, but also the closing process will go faster. This will make the overall transaction more successful.

 

Finding a motivated seller is no secret. Now you know how, and why. All you have to do is a little homework and research and you will find just what you are looking for.

 

How long does it take to close on a home?

How long does it take to close on a home? The closing of a home is negotiated between the buyer and the seller of a specific home or real estate property. This is usually about 30 to 60 days. However there are many factors that are determining factors for the closing date.

 

When you are ready to buy a home there are many parts of the process that takes a great deal of time. However since this is probably going to be the largest and most important purchase of your lifetime, it is a good idea to let the process run its course.

 

Either the seller or the buyer can start the first negotiation of the closing date. If the home has sat for a while it is usually started with the owner or seller of the property. They may have a few different reasons for requesting a specific date or time frame. If you are a buyer, it is important to watch this date and ask questions. Because, you may be able to save yourself some money on the purchase or down if the seller wants out of the house quickly.

 

A seller will set the closing date anywhere from one to two months. If the seller has already purchased another home, they will want to move the closing earlier. This is going to save them money. The cost of having a payment on two homes can become very expensive.

 

This would be the time that you could negotiate a smaller down payment or lower total cost. This can usually in the total amount of the house payment for that month. It will also make move in for the buyer sooner and will save them money on rent if possible.

 

If a seller has plenty of time to sell the home, or in no hurry to move, you will likely see a longer time frame like two months. This may also be for a couple different reasons. The seller may not be able to move into their new home. They may not have had enough time to find a home for themselves yet. If moving a long distance or different country, it may be that their travel plans and expenses are not going to be available.

 

The buyer of a home will be able to submit for a date if different from the date the seller has requested. This will go back and forth until there is a date that is agreed upon. If a buyer wants a specific date, one that might inconvenience the sellers significantly, then it may end up costing a little money.

 

In some situations a buyer has the advantage when the negotiation for closing dates occur. They may be pre-approved for a loan, and therefore can move in quickly. This is a good idea if you want to rush the closing date a bit.

 

There is another thing to consider that coexists with the time frames of purchasing a home. The date that the seller releases the possession of the home does not have to be the same date as the closing.

 

If the seller wants to live for a longer period of time in the home after the closing, it will turn into a rental situation. It is called rent-back and in some situations is negotiated due to problems with their ability to move to their new home.

 

If the interest rates are rising, then it is often set that a closing date is within 30 days and then the release of the property is in 60. This makes the transaction convenient for the seller, and a wiser financial decision for the buyer.

 

What ever the circumstances are that surrounds the purchase, it is a good idea to watch for the best time that will work for both parties in the transaction. If there are specific reasons and time frames that you need negotiated, be ready to give a little to get a little. http://www.tinaabraham.com

 

 

 

 

The Week in Review Wilmington NC August 30, 2008