The Week in Review Wilmington NC October 26, 2008

The Week in Review

…your Wilmington Connection

October 26, 2008 

 

 Spooky….Happy Halloween.!....Homes still selling under Economic cloud… understand while there are 27  states that are considered to be in a recesssion North Carolina is not one of them. People are still buying in Wilmington. This week in Wilmington there has been some movement in the housing market, currently there are 2845 homes on the market and 285 are currently under contract. In the last six months there have been 1161 homes sold and on average selling at 95% of their list price.  Of course homes with the price range of 300 are selling quicker with an average of 100 days on the market. 

Thinking of selling your home? Email me and I can get you a no obligatory market analysis.

A Wall Street Alternative: 5 Timely Reasons to Invest in Vacation Property

There are plenty of great deals to be had. Thanks to the aftermath of the real estate bubble, home prices are down right now across the board. That means in many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. And that means that if you’ve been kicking yourself for not buying a vacation home back before prices escalated beyond all reason, you’ve got a reprieve-Karpinski says that in some markets homes are back to 2000 prices.
“Housing bubble or no housing bubble, you’re not going to get bargain basement prices on, say, a cottage right on the ocean-but if you’re willing to buy a few rows back, you’ll likely find that prices have fallen substantially,” notes Karpinski. “Because houses aren’t flying off the shelf, there’s less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan.”
Interest rates are attractive right now. Recently, the Federal Reserve cut interest rates by half a percentage point in an effort to shore up America’s faltering economy. And rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That’s good news for anyone (anyone with good credit, that is) who’s in the market for a mortgage.
Add the lower interest rates to the lower housing prices, and it’s clear that now is the time to buy, Of course, for the sake of our nation’s economy, we want the real estate market to pick up, but from an individual buyer’s perspective, the combination of lots of houses for sale, low prices, and falling interest rates is hard to beat.
If you’re worried about investing in a sluggish real estate market, relax. Recent reports indicate housing is on the rebound. Last week the National Association of Realtors® reported that, “The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4%…and is 8.8 percent higher than August 2007.”

 Gateway rezoning appears destined for approval

Make room for the upscale residential and retail development, Wilmington Gateway LLC wants to rezone about 10 vacant acres on Surry Street from industrial to riverfront mixed use. The rezoning request is on the agenda for the council meeting at 6:30 p.m. Tuesday in the City Council Chambers at City Hall, 102 N. Third St.
When council considered the Gateway rezoning in January, it remanded it back to the Planning Commission with a number of recommendations.
The current 11-story Gateway plan, which has been modified significantly from earlier proposals, includes 260 condominiums, a restaurant, 40 boat slips and first-floor retail space, which might include a small food market, coffee shop and hair salon, developer Ron Pickett said Monday.
Pickett said the alternative to Gateway is expanded industrial use on the riverfront.
But some downtown residents made last-minute appeals Monday, urging council members to support the project only if they impose conditions recommended by the Planning Commission in September. Conditions include limiting the average building height to 110 feet, creating a “varied skyline” to make the building appear smaller and permanently dedicating land north of the Cape Fear Memorial Bridge as public open space.
 Landscaped roof blends pretty and practical
The Fortunas are the first in Wilmington to sprout a residential green roof, which soaks up some of the rainwater and keeps their roof a lot cooler than tar tops.
Steve Mott, owner of Mott Landscaping, planned and planted the Fortunas’ roof on the building.
Mott, who has completed classes in green roof design and installation, also transformed part of the roof of his business into a green roof. And while the trees and greenery thriving on Carrabba’s Italian Grill may be seen as a green roof, it is not in the traditional sense.
 
….until next week in The Week in Review
                           Tina
 

The Week in Review Wilmington NC October 18, 2008

The Week in Review

 

…..your Wilmington Connection

October 18, 2008

Politics, housing market, gas prices...we have heard it all recently. Bottom line these things will always be something to contend with, varying in degrees of good and bad and the ugly. Yes, the real estate market has slowed, but you can benefit. If you are buyer/investor this is one of the best times to buy, for yourself or for investment purposes. There are always people who need to rent, buy low and sell high in years to come. Housing has been a fantastic long term investment. Have a look at some of the great homes at great prices .

Wilmington Housing Market.

The housing industry struck a minor chord in a major way this week as national construction numbers came in weaker than expected and local new-home sales showed continued steep drops.

Gathered for a general membership meeting, the local builders heard the sober reality of the Wilmington market: “The marketplace is ugly,” researcher Bernard Helm told the Wilmington-Cape Fear Home Builders Association Thursday. “The outlook is dismal.”

His company had just released figures to the builders that showed sales of new-construction single-family dwellings in the three-county area fell more than 40 percent in the second quarter compared with a year earlier.

The county breakdown didn’t look any better. Sales of new-construction homes were down nearly 40 percent in New Hanover, 37 percent in Brunswick and more than 56 percent in Pender.

National Association of Realtors and the 4 point Stimulus Plan

The National Association of Realtors® will offer a four-point legislative plan to reinvigorate the housing market, calling on Congress to act during a lame-duck session. NAR believes the plan will give a boost to the economy and help to calm jittery potential homebuyers.

“Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible. NAR are asking Congress to act right away.”

NAR recommends Congress pass new housing stimulus legislation that includes the following priorities:

1. Remove the requirement in the current law that first-time home buyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence.

2. Revise the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increases to make them permanent. The Economic Stabilization Act, enacted in February, made loan limit increases temporary, and subsequent legislation reduced the loan limits and made them permanent. This has broad implication for home buyers in high cost areas.

3. Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:

• Extend credit down to Main Street, making credit more available to consumers and small businesses;
• Expedite the process for short sales;
• Expedite the resolution of banks’ real estate owned (REOs) properties.

4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

 

….until next week in The Week in Review

Tina

The Week in Review Wilmington NC Real October 11, 2008

The Week in Review

….your Wilmington Connection

October 11, 2008

 

Currently in Wilmington there are 2771 homes on the market. There are 323 which are currently under contract and 1489 homes have sold in the last 6 months. Thats about 12%. The price range $250,000 and under are fairing the best with 8 months of inventory on the market. Whereas the higher priced homes are suffering with almost a year and a half and upwards. Homes are selling but patience is needed.

Federal Dollars to fund Holden Beach Sand

The estimated damage to Holden’s beach also constituted the biggest chunk of the $14 million in statewide damage to public infrastructure attributed to the storm and helped push the state over the threshold to seek federal help.

Gov. Mike Easley is seeking a federal disaster declaration that would enable federal grants to be used to repair the damage, including to Holden’s beach.

But the damage to the town’s beach has raised some eyebrows, both for the amount of sand Holden officials claim was washed away and the estimated cost to replace it.

Hanna wasn’t a particularly big or strong tropical systems, bringing rain but not much else to Southeastern North Carolina.

Pending Home Sales Up Strongly

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up.

 

….until next week in The Week in Review

Tina

5 tips for finding the best local realtor

Finding the best local realtor does not have to be hard, however it does take a little effort. Here are five tips to make your search a little easier.

 

In the common talk of real estate topics, there are questions that come about regarding the amount of work that is actually completed for the commission a realtor is paid. However, with out knowing what to expect from a realtor, you would not know what a good realtor would do.

 

There are many good realtors available. Though, in order for you to find the best local realtor in your area, you will need to do a little work.

 

First you will need to find several names of realtors in your area. You can do this in a couple different ways. Get online and check out some of the listing web sites in your area and write down a few names of the realtors that are listed on the houses you are interested in looking at. You can do the same thing by going to the MLS.com web site and check out the listings there, and then locate the names of the realtors. It is also a good idea to ask your friends and neighbors if they have worked with any realtors that have helped them in successful real estate transactions. Finally you can look at signs in yard of homes that are for sale in the area you want to live in. This will give you several options to review and then you can move to the next tip.

 

Now you need to set up your interview process. You should at least interview three realtors. Interviewing realtors is just like interviewing anyone else for a job. You will want to find out about the amount of experience the realtor has. Also, you will want to review a few of the recently completed contracts and sales they have done. The next question and probably one of the most important is what type of work with listings and advertisements will they be doing to help you get the real estate transaction for you completed in the best way possible.

 

After the interview process you will need to choose the realtor that appeared to have the personality and skills. This may take a little time thinking about and going over the information you gathered about each of the interviews with the realtors.

 

Once you have chosen your realtor, it is time to set the wheels in motion for a positive and successful relationship that will result in either the purchase of your home, or the selling of your home.

 

A real estate transaction takes knowledge and wisdom to create the smooth flow of success. That knowledge comes from good communication and expectations discussed from the realtor to the seller, or buyer.

 

The wisdom comes from the experience the realtor has gained when working on several real estate transactions in the area they specialize in. they know the neighborhoods, values of the homes and contacts to find the best deal available.

 

Finally, you need to trust your realtor after you have made the choice to sign with them. This means listen and do what they say. They will listen and do what you ask. Therefore you will both be working to meet the same goal. Get you the home you want, or sale your home for the most profit for you.

 

The Week in Review Wilmington NC October 4, 2008

 

The Week in Review

….your Wilmington Connection

October 4, 2008

This week in Wilmington….welcome to the annual Riverfest.

Almost as soon as it began in October of 1979, Riverfest became the seasonal little sister to the Azalea Festival, which of course is held in the spring.

But Riverfest is far from little anymore, with multiple stages, nearly 200 food and craft vendors, a budget of $80,000 and, of course, the thousands and thousands of people it draws annually to downtown Wilmington. Many visitors from out of town realize that Wilmington is the ideal place to live with great year round temperatures and a lifestyle that many can only dream about.

What about home prices?
In theory, repairing the credit markets could lower mortgage rates and make loans more available for home buyers. That boost in demand could help pull the housing market out of its deepest recession since the 1930s.

But it won’t help reduce the backlog of unsold homes — especially foreclosed, bank-owned homes that are being dumped on the market at fire-sale prices. Every time a bank sells a house cheaply to get it off their books, that price becomes the neighborhood’s new market rate.

It’s also harder for a lender to extend a loan for willing buyers in neighborhoods where home prices are still falling. That means buyers have to put up more money, reducing the number of eligible buyers.

Why isn’t more being done to stop foreclosures?
Good question. Congress has been debating this issue for more than a year.

 

. ….until next week in The Week in Review

Tina