The Week in Review Wilmington NC December 27, 2009

The Week in Review

….your Wilmington Connection

December 27, 2009

Looking back on the months gone by,
As a new year starts and an old one ends,
We contemplate what brought us joy,
And we think of our loved ones and our friends.

 

Recalling all the happy times,
Remembering how they enriched our lives!

Warm wishes to you and your family for the New Year! The festivities are drawing to a close, the New Year is upon us. What are your plans for the New Year? Moving to Wilmington?  Moving away from Wilmington?  Let me know if you need any help in making a decision on real estate in the area. Email me with any questions.

Wilmington NC Real Estate

Currently in Wilmington there are 2210 homes on the market.  Not much of an increase in the last couple of weeks, due to the holidays. 232 homes are under contract and 539 solds in the last 3 months. Still a strong show.

Another Gain for existing home sales

Nationally existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently expanded tax credit, according to NAR. Home sales – including single-family, townhomes, condominiums and co-ops – were up 7.4 % to 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than in November 2008. Sales are at the highest  since February 2007 when they hit 6.55 million. We can expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. by Lawrence Yun 

Are mortgages becoming Easier to Obtain?

In some parts of the country, borrowers with good credit are more likely to be able to borrow 95 percent of the purchase price than they were just a few months ago.

In Florida and other troubled markets credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing.

Rennovating before selling….is it wise?

Buyers are using the unimproved houses to negotiate lower prices, but they wind up buying the remodeled homes.

So, if there are two similar houses in the area, buyers will use the listing price of the one that has not gone through a metamorphosis to get the seller of the renovated house to slash their price. Buyers want to pay for the caterpillar but get the butterfly.

Seller must play along if they want to make deals. You get to sell the house more quickly if you do the renovations. Thinking about rennovating before selling?  Have questions as to whether it is wise. Drop me an email.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC December 20, 2009

The Week in Review

 ….your Wilmington Connection

 

December 20, 2009

 

May every gift, every hope of the season be yours. May this season be a very joyful one for you and your family. Happy Holidays!!

Have a Happy and Healthy Holiday Season!

 A bit chilly here in Wilmington.  It appears Winter has finally decided to take its toll on sunny Wilmington. Temperatures in the low 40’s.  

 Well the store parking lots are full plenty of shoppers out there, does this mean consumers are feeling more confident? We will soon find out. The real esate market continues with a bit of slower momentum during the holidays. Serious buyers are still on the lookout so be prepared if your home is on the market. Have quesetions?  drop me an email.

 Wilmington NC Real Estate

 November home sale prices

 (November 2008 in parentheses)

 Average price of homes closed: $223,697 ($250,546)

 Median price of homes closed: $179,900 ($191,823)

 – Wilm. Regional Realtors

 FHA loan still top pick

 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.

 “FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market

 Distressed Sales

 The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure. The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®

 Mortgage rates

 Average, Dec. 17

 (Week earlier in parentheses)

 30-year fixed: 4.94 (4.81%)*

 15-year fixed: 4.38% (4.32%)+

 5-year ARM: 4.37% (4.26%)+

 1-year ARM: 4.34% (4.24%)-

 * Plus 0.7 point

 + Plus 0.6 point

 - Plus 0.5 point

 – Freddie Mac

 .…until next week in The Week in Review

 

                            Tina

The Week in Review Wilmington NC Dec 6, 2009

 

The Week in Review

 

….your Wilmington Connection

December 6, 2009

The Christmas lights are up in Wilmington, and the stores are seeing a surge in shoppers. Did you get your tree up this wekend?  I know we did, the kids of course wanted to buy a tree taller than our celings. 12ft was not going to work, I explained no point in buying and then chopping. Anyway i hope your weekend went well.  We saw some really cool temps (well for us) last night in the low 30’s.  Still showing property, good time to buy before then end of the year.  Thinking of selling your home? Let’s plan it out.  Drop me an email.

Wilmington Real Estate

Currently there are 2217 homes on the market 271 homes are under contract and its no surprise that is less than the previous months. 543 homes have been sold in the last 3 months. There are still some great deals to be had. This is the time to buy, thats for sure. We are all preparing for the market to pick up even more in the new year. Dont miss out!

 Commercial Real Estate still feeling pain

Many of the same forces that put the housing market into a down turn have been at work in the commercial sector, and they are still feeling it.

Deteriorating employment conditions and falling home prices have prompted a massive pullback in discretionary spending, which has hurt the neighborhood and community shopping centers,” said Brian Eckel, partner at Cape Fear Commercial in Wilmington.

The entire commercial real estate market in Wilmington has suffered from the recent economic downturn. Office absorption is down with mounting job losses in financial, professional and business services. However there are some definate signs of a slow recover.  Luckily commerical real estate locally was not as overbuilt as its residential counterpart.

 2010 Sales to Rise 15 Percent

Home sales will increase 15 percent to about 5.7 million units and REALTOR® income will be up 20 percent in 2010, NAR Chief Economist Lawrence Yun recently told a packed room of REALTORS® in a residential economic update at the 2009 NAR Conference & Expo.

The tightening inventory at all price points will help improve market performance by bringing supply into better balance with demand, but the added sales, particularly on the higher end, will also increase the number and quality of the market comparables used by appraisers to assign valuations. Once appraisals improve, foreclosures will ease, blunting their drag on the market and making it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer.

Then we’ll be set for a durable economic expansion!

…until next week in The Week in Review

 Tina

The Week in Review Wilmington NC November 29, 2009

The Week in Review ….your Wilmington Connection November 29,2009 Quite a buzz around the Wilmington area. Consumer confidence must be up as the parking lots to many stores were jammed packed.  A big difference to last years black Friday. The weather continues with cooler temperatures although I believe today its supposed to hit 70 degrees.  A nice little break. Its true the real estate market tends to take a back seat during the holiday season. But one thing I can say, if there are buyers out looking now.  Typically they are serious buyers.  So if you are planning on putting your home on the market, let me know if you have any questions.  You can drop me a line or give me a call. Wilmington NC Real Estate This week in Wilmington we are still seeing contracts flowing in. In my business this is the time you reflect and anaylze the market and what changes are happening and what is working. At the moment there are 2275 homes on the market and 274 under contract, as slight dip compared to the last 3 months but as I mentioned before this is normal this time of year. In the last year we have seen 1839 single family homes sold. In the last 3 months there were 542 sold homes. The market above $500,000 has slowed some, but there some evidence that even that market will see an incline in the coming months. Home Buyer Tax Credit and its Income limits The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts. Housing Inventories Continue to Shrink Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply in September. Unsold inventory totals are 14.9 percent below a year ago. Thankfully, the supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers. The last time the housing inventory was this low was in February 2007 when it also was at a 7.0 month supply. The national median existing-home price for all housing types was $173,100 in October, down 7.1 percent from October 2008.   until next week in The Week in Review   Tina

The Week in Review Wilmington NC November 15, 2009

The Week in Review

….your Wilmington Connection

November 15, 2009

What a beautiful day here in Wilmington.  Much needed after the onslaught of rain we had this week.  Back to sunshine and smiles, and here is your Week in Review.

Wilmington NC Real Estate

Real estate continues to level out.  Its great to see first time home buyers out there looking and knowing they can take advantage of the tax credit, without the rush. Currently there are 2269 homes on the market 197 under contract and in the last 3 months there have been 540 solds and 356 of those homes were priced $250,000 and under.  Predominantly due to the prior deadline of the first time home buyer tax credit. 46 homes between $500,000 to $1,000,00 sold.  Not a bad indication at all.

Pending Home Sales rise again

Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

Outlook for 2010

Realogy CEO Richard Smith told us that Fannie Mae and Freddie Mac estimate that 2010 numbers of sales will be in the 5.4 to 5.5 million in closed sales. Currently the estimate for 2009 is 5 million. If all continues we will see a slight incline in home purchases.  

 

until next week in The Week in Review

    Tina

The Week in Review Wilmington NC November 1, 2009

The Week in Review ….your Wilmington Connection November 1, 2009 Whew! a warm wet week in Wilmington…quite unusual for Wilmington this time of year.  Today was the half marathon at the Battleship, we were all looking forward to the 13.1 mile run…until we saw how hot it was going to be…we then knew.  It would be a race to remember. November 1st…..if you are thinking of buying a home before the tax cedit finishes you better jump on board quick 29 days left. Some lenders may sitll be able to make it happen.  Wilmington NC Real Estate This week in Wilmingon its that price range $250,000 and under that is still seeing the majority of the activity.  Currentlly there are 2310 homes on the market. There are 345 homes that are currently under contract. Just to confirm homes are still selling there were 501 homes sold, and 325 of those homes sold at $250,000 and under. Status of the Extention of the Tax Credit Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill. The Senate is expected to vote Monday evening for a “Motion to Invoke Cloture”. If 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment. Once the Senate acts, the tax credit must still go to the House of Representatives for action. NAR will continue to provide us with updates on the tax credit as events warrant. National Housing Inventory  A change in the inventory. The Total housing inventory at the end of September was down7.5 percent to 3.63 million existing homes available for sale, which shows an 7.8-month supply at the current sales time frame, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago. “The current housing supply is the lowest we’ve seen in two and a half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year. 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45 percent of home sales during the past year. This does not come as a shocking surprise with the first time home buyer tax credit out there. A separate practitioner survey shows that distressed  (short sales, foreclosures) homes accounted for 29 percent of transactions in September. Movement in the first time buyer range allows for tmore opportunites for those sellers who want to move up to their next home.  All in favor to continue the housing tax credit say Ay!   ….until next week in The Week in Review    Tina

The Week in Review….your Wilmington NC connection Oct 18, 2009

The Week in Review ….your Wilmington Connection October 18, 2009 Well i do believe winter has arrived.  It feels like we missed the fall.  But we may still get a few weeks. I hope you all had a wonderful weekend. Perhaps buying pumpkins or putting up some scary decorations. Halloween is around the corner. Wilmington Real Estate Yes, you guessed right!  Homes are still moving at the magic price of $250,000 and under.  Thanks to the Obama tax credit for first time home buyers.  Due to finish up on November 30th.  If you are looking to buy or you know someone who is email me and lets get started. NO TIME TO WASTE! Currently in the Wilmington area there are 2309 single family homes on the market, and only 976 of those are priced under $250,000.  With a whopping 390 homes under contract and 255 of those are guess….thats right priced at $250,000 and under.  In the last 3 months there have been 484 homes sold and 318 of them were priced in the magic spot. Homes are still moving. Homes that are priced right that is. First Time Home Buyer Tax Credit Extended…but only for some. The House of Representatives recently voted 416 – 0 to extend through 2010 the benefits of the first-time homebuyer tax credit to military, intelligence and diplomatic personnel. To be eligible, purchasers in these categories must have been outside the US on active duty for at least 90 days in 2009. The measure (H.R. 3590) now goes to the Senate. Source: The National Association of REALTORS®  CNN Money loves Wilmington NC CNN Money placed Wilmington NC number 14 for the best places to launch a small business. Growing economies, affordable workers, stable housing markets, low crime — these metro areas have all the features entrepreneurs need to thrive.   ….until next week in The Week in Review.                                Tina

The Week Review Wilmington NC October 4, 2009

The Week in Review

....your Wilmington Connection

October 4, 2009

A Marvelous week in Wilmington, the weather was great and perfect timing for the riverfest this weekend. The Cape Fears 31st annual Riverfest featured: a street fair with more than 200 arts and crafts, exhibits, visiting ships, food vendors and many other special festival events and activities. Featured events include:Invasion of the Pirates Flotilla, Fireworks, A Classic Car Show, Skate Board Jam Competition,Shag Dance Contest,The Run the River 8K Race. If you missed it this year make sure and see how Wilmington celebrates the history and culture.

Wilmington Real Estate

Homes priced $250,000 and under continues to dominate the market. The race to take advantage of the $8000 home buyer tax credit is on. These last couple of weeks are imperative to get your contracts in so that the underwriter can get started on the loans and get them closed out in time. Let me know if i can be of help or if you know someone that needs some advice. Questions with this? Currently there are 2326 homes on the market and 494 homes have sold in the last 3 months and there are 371 homes currently under contract. All of which the majority are $250,000 and under.

Mortgage Rates

The average rate on a 30-year fixed mortgage was 4.94 percent, down from 5.04 percent last week, Freddie Mac said. The last time the 30-year home loan averaged less than 5 percent was the week ended May 28, when it was 4.91 percent.

Rates hit a record low of 4.78 percent hit in the spring, and remain appealing for people interested in buying a home or refinancing.

On Thursday, the National Association of Realtors said the number of signed sales contracts rose for the seventh straight month in August, as home buyers rushed to take advantage of a tax credit for first-time owners that expires at the end of November.

Record Streak for Pending home Sales.

Pending home sales have increased for seven straight months, the longest in the series of the index which started in 2001, info taken from the NAR.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

 

until next week in The Week in Review

                             Tina

The Week in Review…Wilmington NC September 20, 2009

The Week in Review ….your Wilmington Connection September 20, 2009 The threat of rain was here all weekend, but it turned out to be a gorgeous weekend! With sunshine and breeze. My colleagues and I at Sea Coast Reatly did the YMCA Triathlon, it was a great accomplishment for all! 1500 meter swim, 12 mile bike ride and 5k run. Then back to selling real estate the next day! Wilmington Real Estate this week Currently in wilmington there are 2368 single family homes on the market. 362 homes are currenlty under contract and 493 homes have sold in the last 3 months that is a great number. That coincides with the fact from August 2008 till August 2009 there has been a 18% decline in inventory.  Interestingly so the price range for $225,000 to $250,000 is the hottest price range to buy in, and the inventory in that price range is down -28%. Wilmington continues to do well and much better than last year. Also dont forget that first time home buyer tax credit will end Novemeber 30th. Let me know if you would like to take advantage or know of anyone who would. Tax Credits for Energy A 30 percent tax credit is available through 2016 for existing homes and new construction upgrades of geothermal heat pumps, solar panels, solar water heaters, small wind energy systems and fuel cells. Requirements to access the credits are listed at the U.S. Environmental Protection Agency’s Web site, www.energystar.gov. In addition, the General Assembly in its last session extended North Carolina’s 35 percent tax credit for small-scale renewable energy generated at homes until 2016 and expanded renewables to include geothermal units. Builders Get Some Help Home builders in North Carolina got some help in the midst of a housing crisis with a bill that was passed by state lawmakers allowing builders to defer for up to three years paying county and municipal property taxes on their unsold new homes. Qualifying for the exemption are homes that have been issued a Certificate of Occupancy but remain unoccupied. The measure will take effect for tax years beginning after July 1, 2010. Gov. Beverly Perdue signed the bill into law July 17. Tim Minton, executive director of the Home Builders Association of Raleigh-Wake County, says builders in the Triangle welcome the breaks and adds that local builders are seeing some light at the end of the tunnel.   until next week in The Week in Review Tina

The Week in Review Wilmington NC September 13, 2009

The Week in Review ….your Wilmington Connection September 13, 2009 I trust you all had a great weekend.  It was extremely nice here in Wilmington.  This is the weather we all wait for. We continue to stay busy with first time home buyers, still taking advantage of the tax credit.  Wilmington Real Estate Currently there are 2400 single family homes on the market, with 359 homes under contract at the moment. Homes are still selling. In the last 3 months there have been 490 homes sold. Prices are still dropping however, and this will be the case as long as there are foreclosures and short sales around. I believe in the near future we will be seeing a settling down of prices.  If you are thinking of putting your home on the market, send me an email and we can get the ball rolling.  At least find out what your homes is worth.  Why not?   The Tax Credit, will you be able to take advantage? Who qualifies? First time home buyers buying a home from December 2008 till November 30 2009. The countdown begins with only 74 days to take action. Currently it is taking about 6 weeks to close a loan. So if are looking to buy dont miss this oportunity. Many are pushing for an extension on this but as of yet there has been no changes.   Local Mortgage Rates Average, Sept. 10 (Week earlier in parentheses) 30-year fixed:5.07% (5.08%)* 15-year fixed: 4.5% (4.54%)* 5-year ARM: 4.51% (4.59%)+ 1-year ARM: 4.64% (4.62%)- * Plus 0.7 point - Plus 0.6 point +Plus 0.5 point – Freddie Mac  until next week in The Week in Review          Tina

The Week in Review Wilmington NC September 7, 2009

 

The Week in Review

….your Wilmington Connection

September 7, 2009

The week in in review coming to you a day late. My family and I were rertuning from family vacation and we were in flight all day yesterday. We had a wonderful time in Los Angeles visiting family and of course visiting the best friends of my children.  “Mickey Mouse”. So here it is a day late. Enjoy your day of Rest!

Wilmington Real Estate

Currently in Wilmington there are 2392 single family homes on the market and 328 homes are under contract.  510 homes have sold in the last 3 months.  I think we are experiencing an upturn in the market and with a warm welcome i might add. 

Pending Home Sales

Activity for pending homes sales has risen for 6 months in a row, this has not been seen the case since the history of the index began in 2001. The index is at its highest level since 2007 and housing affordability has been at record hights this year with the added stimulus of the first time home buyer tax credit.

Sellers still cutting prices

Competition heats up every summer with more inventory on the market, this in turn has sellers competing for buyers.  Really you need to be one of the 3 best price in your price range to ensure some activity. One in four homes for sale in August had their prices prices reduced at least once since coming on the market with the average discount of 10%. Homes that are priced competitively are the ones that are selling.  

Take note, sales are increasing but prices are still falling.

 

…until next week in The Week in Review

          Tina

The Week in Review Wilmington NC August 23, 2009

The The Week in Review
…..your Wilmington Connection
August 23, 2009
Hope you all had a nice weekend. It turned out to be a nice weekend overall. With plenty of sunshine overall. Welcome back to school, all schools will be in full tilt tomorrow marking the end of the summer. The housing market still shows signs of promise.
Wilmington Real Estate Market
Currently in New Hanover County there are 2401 single family homes, and 330 homes are under contract. 509 Homes have sold in the last 3 months thats an increase. Im sure the race to take advantage of the $8000 tax credit has something to do with it.
An amazing leap in existing home sales.
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.
Not since June 2004 have we seen home sales rise 4 months in a row. Single-family, townhomes, condominiums and co-ops – rose 7.2 percent, and the last time sales were higher than a year earlier was November 2005.
The chief economist from the National Association of realtos , said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.
Take note: the monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
As you know with the tax credit involved first time home buyers purchcased 30% of the homes in July and 31% of all homes sold were distressed.
Commercial Real Estate
Continues to decline but has steadied off some. Hopefully with the end of the recession in the next 6 months. The reduction in commercial real estate will continue through the first quarter of 2010,

…until next week in The Week in Review
Tina

Week in ReviewThe Week in RevieThe Week in Review
…..your Wilmington Connection

The Week in Review Wilmington NC August 16, 2009

The Week in Review ….your Wilmington Connection August 16,2009   Whew….a rainy week in Wilmington, but it finished with a blast of sunshine. Its nice to have a break. Summer is coming close to an end, its the best time to look at homes and I wont even bring up the fantastic deals that are awaiting you.  Give me a ring or drop me a line if you would like to start looking.  Wilmington Real Estate Currently there are 2376 single family homes on the market and 329 homes under contract in the greater Wilmington Area. There have been 518 homes sold in the last 3 months.  Thats a definate increase to celebrate. Some home prices are still falling, the majority are homes that are overpriced, but there are some forclosures and short sales that are doing some damage. If you are thinking of putting your home on the market and you would like a market analysis send me an email and we can set up a time for me to come look at your home.   The highest reward “Green Certificate” for Custom Home builder Custom home builder Mark Johnson won the platinum certification from Leadership in Energy and Environmental Design for his house in Landfall.  Many builders are finding ways to stand out, and in this day in age this is one way to do it. “An EnergyStar home is going to be 15 percent more efficient” than a home that does not qualify for the government rating, Johnson said. More info Click here. Great National news for the 2nd Quarter for the Housing Market.  Total state existing-home sales, including single-family and condo, rose 3.8 percent to a seasonally adjusted annual rate1 of 4.76 million units in the second quarter from 4.58 million units in the first quarter, but remain 2.9 percent below the 4.90 million-unit pace in the second quarter of 2008. Chief economist has been quoted as saying: “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy. Here is a taste of what we all are waiting for.   …until next week in The Week in Review           Tina

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The Week in Review Wilmington NC August 9, 2009

The Week in Review

….your Wilmington Connection

August 9, 2009

Happy Sunday Afternoon! Hope you all have had a wonderful sunny weekend.  The real estate market continues to heat up, with the best priced homes going under contract. Thinking of selling?  drop me a line and we can discuss your options. Currently in Wilmington there are 322 homes under contract in Wilmington area. A good thing!

The Tax Credit Clock Is Ticking

To be eligible for a tax credit of up to $8,000, first-time
homebuyers have until the end of business on Nov. 30
to close their loans. There has been discussion that some
members of Congress want to extend and increase the
homebuyer tax credit. It remains to be seen if an extension or
enhancements will be made.
Historically, it has taken 45 to 60 days to close a loan.
However, new appraisal and disclosure requirements that
recently took effect may add extra time to the closing process.
To be certain homebuyers can take advantage of the tax
benefit – as the law stands today – interested buyers should
apply for their loan no later than the beginning of October

Pending Home Sales Continue to Rise in Wilmington and around the country.

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, where does it come from i such a “down market” its a combination of positive factors, including low mortgage interest rates and affordable home prices.  

Inventory of Houses Falls in July
The number of homes listed for sale declined again in many U.S. cities last month, the persistence of bargain hunters, continued to search for short sales and or foreclosed properties. The supply of homes available for sale in 28 major metropolitan areas at the end of July was down 2.5 percent from a month earlier, according to figures compiled by ZipRealty, Inc. Historically, inventory declines only 1 percent from June to July. Things are starting to level out and lets hope it continues.  We all want to be back in a normal market….all except those smart investors who are buying now.

 

.…until next week in

The Week in Review

Tina

The Week in Review…Wilmington NC August 2, 2009

The Week in Review

…your Wilmington Connection

August 2, 2009

Great Weekend here in Wilmington.  The weather forecast predicted rain….but there has only been short downpours and then sunshine again. Great summer weather! 

Wilmington Real Estate

There definately has been many homes go under contract in the $300,000 range and under. The end of the $8000 dollar tax credit is drawing near,I’m sure that has something to do with it. It sure is a pleasant change from 6 months ago. Currently there are 2353 single family homes on the market. 332 homes are under contract and in the last 3 months 527 homes have sold. Those are the kind of numbers we are looking for!

Housing Index shows some Hope

The Case/Shiller Home Price Index reported its best reading in nearly twelve months and the first month-over-month improvement in three years. This is good news, especially when combined with the last few months of improved Existing and New Home Sales.

 

San Rio Lot owners to Sue Develper

 

A year away from when they were supposed to start building their dream homes, the buyers are finding themselves paying for nothing…no building..only dirt.

 20 of the  60 people who bought lots in San Rio for anywhere from $200,000 to $700,000 are going to sue Wakefield Development Co. claiming misrepresentation. As the lot owners try to get their money back, the town of Shallotte is also trying to collect on the project. The group hired  Hodges and Coxe law firm of Wilmington to recover damages.

  New Appraisal Rules
Fannie Mae and Freddie Mac made some clarification on its websites to try to dispel confusion over a new code of conduct for home appraisers.Mortgage lenders have been told that appraisers must have experience in the geographic areas where they get assignments.

 

….until next week In the Week in Review
          Tina

 

The Week in Review July 19, 2009

The Week in Review

…your Wilmington Connection

July 19,2009

 

Great weather in Wilmington this week.  Cooler temperatures, but still had a few hot days.  Yesterday the weather was pretty warm for our 5 & 10 mile Summer of love run. Great to see so many people out there a great event, with a 60’s tribute band after the run.

Wilmington NC Real Estate

The real estate market has been pretty steady. After all is said and done we all still have to buy homes, whether we are first time home buyers, second home buyers, or moving up.  As I’m sure your all aware its a great time to buy with low home prices and amazing mortgage rates. Currently in New Hanover cournty there are 2368 single family homes on the market, 329 homes are currently under contract and in the last 3 months there has been 524 homes closed.  Not bad at all!

 New Tax Law to help builders?

The new law if Perdue signs off: Builders after Jan. 1 will be able to apply to defer tax for up to three years on their finished, unsold homes. They will still have to pay the tax, in addition to interest, when they sell the home or the deferral expires. 

This week the supply of new construction inventory homes was about 450 in the Wilmington MLS. The MLS covers all of New Hanover County, most of Pender County and parts of Brunswick County. In Brunswick County, that number was about 235, according to the Brunswick MLS. Any help will be beneficial,to keep these builders afloat.

 Golf course for sale. Will the city of Wilmington Purchase?

Inland Greens par 3 golf course is for sale and the city of Wilmington has money to buy.  Although the economy is rocky, it makes sense for the city to purchase it now at a good price and keep developer from laying more asphalt. 

The new course would provide an ideal, low-stress environment for a beginner, child, or any family memberr looking to play a little but not intersted in spending all day there, or losing out on a paycheck.

Low-handicappers could use it to fine-tune their short games. High-handicappers might come home with more golf balls than usual.

….until next week in The Week in Review

  Tina

The Week in Review Wilmington NC Real Estate June 28, 2009

The Week in Review

…your Wilmington Connection

June 28, 2009

You can definatly tell summer is here, Hot weather, thunderstorms, BBQ’s, open houses, vacationers and outdoors sporting events. This morning I did a double sprint Triathlon in Kure Beach the warm weather and ocean were very inviting. Great to see so many people out there and having fun.

If you are visiting here and thinking of relocating to the Wilmington area, drop me an email or give me a call and we can discuss your options.

Wilmington Real Estate

This week in Wilmington we have seen some rumbling in the real estate makret. Currently there are 2394 single family homes homes on the market and 797 condos on the market. There are 406 single family homes under contract and 74 condos. Solds in the last 3 months are as follows: 477 homes and 84 condos. Definately some stirring.  If you are a first time home buyer dont forget the tax credit is up Dec 1st 2009.

New Washington data suggest recession is over?

US factories had a surge in orders last month everything from computers to aircraft and business investment rose by the most in 5 years. But the drop in new homes sales lets us know that it will be a slow recovery.

Existing Home Sales continue to rise in NC

Existing homes sales rose 2.4% In May. Housing inventory at the end of May fell to 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April. Good news for many home sellers,  there is a light at the end of the tunnel.

 

until next week in The Week in Review   

 Tina

The Week in Review Wilmington NC June 21 2009

The Week in Review

….your Wilmington Connection

June 21, 2009

Wishing all of the fathers a Happy Fathers Day! Sit back and Relax. Wow was it hot in Wilmington this weekend Saturday it reached a record breaking 99F, but if you have the ocean or a swimming pool no need to feel the heat!

Wilmington Real Estate

This week in the Real Estate Market there are 2390 single family homes on the market. 318 homes are currently under contract. 109 homes have sold in the last 3 weeks. The average SP % to LP is 93%. If you are selling your home let me help you come up with a price that will ensure you get it sold swiftly and at the right price.  The longer it sits on the market the less your home will get.  Email and let me know if I can be of some help.

US Puts more Money into the Foreclosure Program

The Obama administration circulated $50 billion in March to try and entice mortgage lenders to modify loans to help consumers make monthly payments more affordable. However, the plan hasn’t been very effective as not many are able to qualify.

The administration last month expanded the program to provide incentives to further encourage lenders to make the short-sale processes easier and quicker.

 May Reports show Construction jumps by 17.2%

The Commerce Department reported that construction of new homes and apartments jumped 17.2 percent in May. An adjusted annual rate of 532,000 units. Better than the expected 500,000-unit pace that economists had anticipated and came after construction fell in April to a record low of 454,000 units.

Looking for positive signs?  Well here is another one, applications for building permits, a good indicator of future activity, rose 4 percent in May to an annual rate of 518,000 units.

The better-than-expected rebound in construction was the most recent sign that the slump in housing is coming to an end. A plus for the economy.

 

…..until next week in The Week in Review

   Tina

 

 

 

The Week in Review Wilmington NC June 14, 2009

The Week in Review

….your Wilmington Connection

June 14, 2009

What a warm week here in Wilmington, and I had a real taste of the heat Saturday morning when I did the Diligence Dash which is a 5k run in historic downtown.  The humidity must of been 100%. Great seeing everyone out there. Currently in Wilmington there are 2384 single family homes on the market. 316 homes are under contract and 462 sf homes sold in the last 3 months. First time buyers are racing to get a home under contract to take advantage of the $8000 credit.  If you have any questions about this please dont hesitate to email or call me, I would be more than happy to help.  If you are thinking of putting your home on the market locally or out of town let me know as I have a fantastic marketing plan for you, or I can provide you with some names of proffessional realtors in your state that do business like I do.

 

 North Carolina Foreclosures are going down.

In the month of May the total number of new foreclosures in the North Carolina was down 32 percent from last year.

There were 2,587 foreclosure filings in the state, or one for every 1,594 homes, during the month. That is down 31.7 percent from May 2008, when 3,786 foreclosure notices were filed.From April to May filings were down 16%

This information was brought to you by RealtyTrac, which tracks default notices, auction sale notices and bank repossessions. The company counts every foreclosure filing.

 

Housing and Economic Indicators taken from National Association of Realtors.

 

	Current Figures	Period Covered
Existing-Home Sales	EHS increased 2.9 percent in April.	April
Pending Home Sales Index	PHSI rose 6.74 percent to 90.30	April
New-Home Sales	Up .3 percent from last month  (PDF: 36KB)	April
Housing Starts	SAAR* of 458,000 units (PDF: 29KB)	April
Housing Affordability	158.8 — up 15.6 from previous month (PDF: 16KB)	December
Mortgage Purchase Application Index	Up 1 % to 256.60 from last week.  (PDF: 37KB)	Week of May 27
Fixed-Rate Mortgage Rate	Up .38 percent to 5.29 (PDF: 39KB)	Week of June 4
GDP	Moved from -6.5% to -5.8% last quarter. (PDF: 38 KB)	Q1 2009
Consumer Confidence	Down 32.35% from a month ago (PDF: 40KB)	March
Employment Situation	Down 345,000 jobs (PDF: 40KB)	May
Consumer Price Index	Up  .1% from the previous month  (PDF: 27KB)	April
Producer Price Index	Up .3% from the previous month (PDF: 30KB)	April
Retail Sales	Down .4% from the previous month (PDF: 39KB)	April

 

 

……until next week inThe week in Review

Tina

 

The Week in Review Wilmington NC June 7, 2009

The Week in Review

….your Wilmington Connection

June 7, 2009

 The Wilmington real estate market hasnt stopped buzzing. Its definately the season for looking.There is still a large inventory on the market which is giving buyers a confusing choice.  With so many on the market it poses the question of how many homes do I look at.  Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!

Should Home Sellers Offer Price Protection

Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won’t regret their purchases even if home prices continue to fall further. This might give those buyers that are “waiting for the bottom” the confidence that they need to buy now. If buyers gain confidence, prices won’t fall, so sellers won’t have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.

Pending Home Sales up the Third month in a Row

NAR’S Chief economists Lawrence Yun stated that buyers are responding favorably.  Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.

 

….until next week in The Week in Review

                                   Tina

  

The Week in Review

….your Wilmington Connection

June 7, 2009

 The Wilmington real estate market hasnt stopped buzzing. Its definately the season for looking.There is still a large inventory on the market which is giving buyers a confusing choice.  With so many on the market it poses the question of how many homes do I look at.  Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!

Should Home Sellers Offer Price Protection

Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won’t regret their purchases even if home prices continue to fall further. This might give those buyers that are “waiting for the bottom” the confidence that they need to buy now. If buyers gain confidence, prices won’t fall, so sellers won’t have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.

Pending Home Sales up the Third month in a Row

NAR’S Chief economists Lawrence Yun stated that buyers are responding favorably.  Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.

 

.…until next week in The Week in Review

                                   Tina

 

The Week in Review Wilmington NC May 31, 2009

The Week in Review …..your Wilmington Connection May 31, 2009   A super sunny weekend here in Wilmington. A light breeze to keep you cool, I hope everyone had a great weekend. Anyone driving by a home that you would like to look at? Let me know if you have, we can make an appontment to go and see it. call or  email me. Wilmingotn Real Estate Currently in New Hanover county there are 3483 properties on the market, 377 are under contract  and 561 have sold in the last 3 months. We are definatley feeling a buzz of activity here in the real estate market. Real Estate Market Nationally Nationally existing-home sales rose in April with large buyer activity in lower price ranges, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums rose to  2.9 percent The Majority of home sales are homes that are in the lower price ranges. Most of the homes sold are taking place in the lower price ranges and we are seeing some activity in the midprice ranges, but high-end home sales remain very slow. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market. Over the rest of the year there will be more foreclosed properties  released into the market., it is very important for these properties to be cleared. April showed first-time buyers declined to 40 percent of transactions, revealing that there are more repeat buyers shopping. The national median existing-home price was $170,200 in April, which is 15.4 percent below 2008. Unfortunatley the distressed properties will continue to distort the median home price because they sell at a much lower price compared to traditional homes.info gathered from National Association of Realtors

The Week in Review…..Wilmington NC May 24, 2009

The Week in Review

…..your Wilmington Connection

May 24, 2009

Its absolutely gorgeous out this weekend! Perfect weather for the long weekend. Thinking of looking at some homes?  Give me a call or drop me an email I can show you any home on the mls!

New Hanover county agrees to the Tax Revaluation

Property revalutaions are scheduled for 2011 although there were some who wanted it to be delayed until the economy improves. Many property owners want it to take place.  The sooner the better. The council all agreed that it will be done every 4 years from 2011. However this could mean the upcoming revaluation would mean lower tax bills for residents along the coast and higher bills for inland residents in Wilmington.

 Facing Foreclosure?

Are you close to foreclosure? There is help. TheFirst Federal of Charleston and the Southeastern Foreclosure Task Force will give free foreclosure clinics in Wilmington on Saturday, June 6, at 9 or 11 a.m. and 1 or3 p.m.Located at the Executive Development Center at the University of North Carolina Wilmington.These free clinics are open to all homeowners who face this problem doesnt matter who your lender is.

 Real Estate in our Port City?

April home sale prices

(APRIL 2008 in parentheses)

Average price of homes sold: $221,742 ($244,703)

Median price of homes sold: $184,500 ($199,590)

-from the WRAR

Mortgage rates

Average, MAY 21 (Week earlier in parentheses)

30-yr fixed: 4.82 (4.86%)*

15-yr fixed: 4.50% (4.52%)*

5-yr ARM: 4.79% (4.82%)+

1-yr ARM: 4.82% (4.71%)+

* Plus 0.7 point

+ Plus 0.6 point

- Freddie Mac

 

until next week in The Week in Review

….Tina

The Week in Review Wilmington NC May 17, 2009

The Week in Review
….your Wilmington Connection
May 17, 2009
Summer sun and rainfall is what we have seen this week in Wilmington, get ready its time to break out your swimsuits!
Just want you all to know something fantastic has happened to me, I have returned to my real estate family at Coldwell Banker Seacoast, this is where I started my real estate career and am excited to be back and associate my business with the best real estate company in Wilmington!
This week there are 2842 homes on the market with 396 under contract thats 14%, it has definately picked up in the last 2 months. 476 properties have sold in the last 3 months and on average are selling 94% to their list price, not including the price range of $875,000 and above they are taking a bigger hit of about 90% of their list price. $250,00 and under are looking at an average of 4 months on the market. There are some great houses out there and with the low interest rates, dont take a chance and miss out.

NC Foreclosure filings fall 15% in April
The number of foreclosures in North Carolina fell 14.9 percent in April from the same period last year, according to RealtyTrac Inc.
The state had 3,082 foreclosures in April, with one in every 1,339 homeowners receiving a default notice, auction-sale notice or bank-repossession filing.
North Carolina ranked 34th in the nation for foreclosure filings in the latest quarter.
Vote by trade commission to boost Southport’s Archer Daniels Midland plant
A vote by the U.S. International Trade Commission to impose duties on citric acid and citrate sales from China and Canada may underpin the future of Archer Daniels Midland’s plant in Southport, the company said.
“If the commission had not ruled the way it did, ADM’s Southport facility would have been seriously threatened by unfairly traded imports from citric acid producers in China and Canada.

until next week in The Week in Review
Tina

The Week in Review Wilmington NC May 10, 2009

What a stunning weekend here in Wilmington! Beach time has arrived.
The markets have been all a-giddy of late over the improved economic trends, evidenced by recent reports on housing, manufacturing and retail sales are on the upswing. Has the recession finally hit its bottom? We would like to think so.

More Houses gain Multiple offers
Markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
When you begin to see people willing to fight for a property, that’s a good sign!
Pending Home Sales in the South
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.

Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate recently approved a version of the latest foreclosure-prevention plan.
The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.
The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.
The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
The Senate version of the bill didn’t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration’s foreclosure prevention plan. Lawmakers consider it dead in the water.
The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.
…until next week in The Week in Review
Tina

The Week in Review Wilmington NC April 26, 2009

The Week in Review

 …..your Wilmington Connection

April 26, 2009

Warm weather in Wilmington perfect weather for making that house move.Currently there are 2826 properties on the market in Wilmington, 378 are under contract thats 13%. Two percent more than recent months. 417 homes have sold in the last 3 months and the average sale to list price is 93%. Inventory is still high and its still a buyers market, but it also depends on what price range your home is. For example if your home is priced between $500,000 to $600,000 it has 75 months of inventory, this is how long it will take to sell a home in this price range if nothing were to come on the market. Of course the lower price ranges have a better chance. Ultimately if your home is one of the best priced in your price range then it doesnt matter it will sell. But it has to be priced competitively.

March home sales slip nationally but First Time Home Buyers are up

NAR chief economist, said the market appears to be stabilizing with modest monthly ups and downs, and that first-time buyers are driving the market. “The share of lower priced home sales has trended up, indicating a return of many first-time buyers, which we also see in a parallel member survey,” he said. “Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans.” Although prices rose from February to March, the national median existing-home price2 for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes. An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time home buyer tax credit became available. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit,” Yun said. “By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.”

HOPE award Winners remove Barriers to Minority Home ownership

This year’s HOPE Awards (Home Ownership Participation for Everyone) winners exemplify the efforts of countless individuals and organizations across the country committed to closing the minority housing gap. Award recipients are selected for their outstanding leadership and achievement in helping minority families realize and sustain their homeownership dreams, forever enhancing and changing their lives. The 2009 HOPE Awards winners are the Korean Churches for Community Development, Los Angeles (Education Award); Illinois Assistive Technology Program, Springfield, Ill. (Finance Award); Community Reinvestment Association of North Carolina, Durham, N.C. (Media Award); Chris McCarthy, Nashville Area Habitat for Humanity (Leadership Award); and Affordable Homes of South Texas Inc., McAllen, Texas (Project of the Year Award). HOPE Awards winners receive $10,000 and a $1,500 gift card from cosponsor Lowe’s. On May 12 the winners will present their programs and answer questions from journalists and industry experts at a symposium moderated by national real estate columnist Ken Harney.

until next week in The Week in Review

….Tina

The Week in Review….Wilmington NC April 19, 2009

The Week in Review

….your Wilmington Connection

April 19, 2009

The end of a lovely weekend here in Wilmington, this is why we live here. This is why many people would like to live here and if you are one of them and want some info please email me and we can get you started. The market has been heating up many transactions have taken place, but who can resist with home prices as they are.

Local real estate leaders aren’t ready yet to say that the outlook is sunny, but there may be light at the end of the long, dark housing tunnel.

Sales contracts signed in recent weeks have soared, according to real estate agencies here. And a big factor in that is the government’s $8,000 tax credit for first-time home buyers, Realtors and lenders say.

One is that first-home buyers have to close on their purchases by Dec. 1 to receive the $8,000 tax credit. Another is that families with children tend to buy in the spring or summer so they are moved in before school starts in the fall. Finally, mortgage interest rates are at historic lows.

That final factor has heated up the mortgage business, brokers here say. Not only have they spurred a jump in refinancings, but a big chunk of the business is for purchases as well.

Closed home sales here rose in March from the month before, but were still down from March 2008, according to data from the Wilmington Regional Association of Realtors.

Sales rose to 335 in March from 250 in February in the area covered by the WRAR – essentially New Hanover and Pender counties and the northern part of Brunswick. But they were still down from the 409 that closed in March 2008. Contracts for those homes would have been signed in January and February.

The prices of sold houses continued to decline from year-earlier levels, according to the Realtors’ data. The median price of homes sold in March – that is the price at which half of homes sold for more and half for less – was $175,683 compared with $201,000 in March 2008. The average price fell to $218,130 from $236,996.

Prices are on homes closed in March and do not necessarily reflect the general market value of area property.

Though first-time home buyers are big players in the local market, they are not the only force at work.

That said, the inventory of homes for sale is still high. A check of houses for sale this week found more than 140 on the market in Landfall, for instance, though the overall number of listings by all Realtors here has dropped from last year.

Experts see a drop in listings – and by extension, inventory – as a positive sign. The market cannot stabilize until much of that inventory is sold.

…until next week in

The Week in Review

Tina

The Week in Review….Wilmington NC April 5, 2009

The Week in Review

…..your Wilmington Connection

April 5, 2009

Wilmington has been busy this week with The Azalea Festival in town. A few Races (Triathalon, 5k) and spring break for the Kids. And what a gorgeous day! In real estate this week it has been busy. I haven’t stopped, there definately more confidence out there we have more contracts this week than there was the whole of March. No doubt consumers are realizing there are deals to be had.

Wilmington Market overview

Currently there are 2803 homes on the market, 368 homes have sold in the last 3 months. There are 314 homes under contract and on average they are selling at 94% to their list price. The price range $200,000 to $250,000 have 54 homes under contract. If you want more detailed market overview email me and I will be glad to send it to you.

Dow surges, New signs that the recession could be nearing bottom

WASHINGTON | New signs that the recession could be nearing a bottom emerged Thursday, as factory orders were far better than expected and the Dow industrials surged over 8,000 for the first time in two months.

 

The Commerce Department said orders for manufactured goods rose 1.8 percent in February, reversing six straight monthly declines and easily beating estimates of another drop. Other economic indicators came in better than expected Wednesday, including construction spending and pending home sales.

Meanwhile, world leaders meeting in London on Thursday pledged $1.1 trillion to global institutions such as the International Monetary Fund to combat the downturn. And the European Central Bank agreed to cut a key interest rate to a record low of 1.25 percent. (taken from the star news)

First-Time Home Buyer? Choose When to Claim Your Tax Credit

RISMEDIA, April 4, 2009-With the deadline for filing federal tax returns fast approaching, the National Association of Home Builders (NAHB) has made information available for qualified home buyers about how and when to claim the $8,000 first-time home buyer tax credit.

The basic eligibility requirements for the credit are: the home must have been purchased on or after Jan. 1 and before Dec. 1, 2009; the buyer may not have owned a home in the three years prior to the purchase; and the buyer must have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers.

Two factors affect the amount of credit qualified buyers can claim: it can only be equal to 10% of the purchase price of the home, up to a maximum of $8,000; and it is reduced for buyers with a MAGI between $75,000 for single taxpayers ($150,000 for married filers) and the upper income limit.

To claim the credit, buyers must complete IRS Form 5405 to calculate the amount of the tax credit, and enter it on line 69 of the IRS 1040 income tax return.

Qualified buyers have several options for when to claim the tax credit, but they can claim it only after the purchase of the home is complete, which in most cases happens when the title of the property transfers.

 

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

The Week in Review….Wilmington NC March 29, 2009

Rainy week in Wilmington…however a busy one. Preparation is in effect for the Azalea Fetival which starts this coming weekend. The scheudle of events was printed in the Star News this weekend. If you missed I am sure you can get all the info online. Some exciting news for me. I was awarded Top Listing Agent for 2008. Thank you to all of my clients, if it weren’t for you it would have never happened!

The Azalea Festival Azalea Festival will be held April 1-5, 2009 in the greater Wilmington area. The Festival is a celebration of Wilmington’s exceptional artwork, gardens, rich history and culture during its five days of entertainment that includes: a parade, street fair, circus, concerts, pageantry, and all that is Southern. Since its inception in 1948, the Festival has blossomed into an extended weekend celebration that attracts more than 300,000 people. The Festival is a non-profit civic organization and this year is sponsored in substantial part by its four (4) major sponsors: Progress Energy, My Rewards, Wachovia Bank, and the Hilton Wilmington Riverside. Click here for more info.

Existing Home Sales Rise in February In the South, existing-home sales rose 6.1 percent to an annual pace of 1.74 million in February but are 11.2 percent below February 2008. The median price in the South was $146,700, down 10.0 percent from a year ago. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity. Lawrence Yun, NAR chief economist, said first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges. “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he said. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price.” taken from NAR. The company behind Brunswick, Pender County filed for Bankruptcy Companies developing the Villages at Goose Marsh subdivision near Bolivia and the Villages at Turtle Creek in Surf City have filed for Chapter 11 bankruptcy protection. Only last March, the developments were offering deals, saying “we will pay your principal and interest payments for one full year. No catches, no gimmicks.” Goose Marsh LLC filed March 16 in the U.S. Bankruptcy Court for Eastern Pennsylvania. The parent firm, Dilsheimer Communities LLC, is based in the Philadelphia suburb of Bala Cynwyd, Pa. A company called DCNC North Carolina I LLC – whose principal assets are in Surf City – also filed for Chapter 11 the same day. Goose Marsh, which has been dormant for months, was planned for 700 homes. Only one house is occupied at Goose Marsh, according to Jana Berg, assistant Brunswick County attorney. …until next week in The Week in Review Tina

The Week in Review Wilmington NC March 22, 2009

The Week in Review

…..your Wilmington Connection

March 22, 2009 

 

Currently in Wilmington there are 2767 properties on the market, in the last 3 months there have been 360 solds.  Right now there are 314 properties under contract that’s 11%. If you are selling your home you need to be serious about the price. Buyers now look across the board to see what is the best value for money. They dont look in a particular subdivision or area anymore.  You need to make sure yours is one of the top 4 best values in your price range. The price range $450,000 and upward are looking at a minimum of at least 39 months worth of inventory. Two really difficult price ranges are $800,000 to $900,000 and  $600,000 to $700,000 topping out at 72 months. Buyers for you it is an opportunity.

 
Now for good news for NC

The N.C. economy could start to recover this summer if banks begin making more loans and the federal stimulus package puts more people to work, a UNC Charlotte economist said Tuesday.

“We’re through the worst of it,” John Connaughton said of the recession. “We’ve probably got another couple of months before it turns around.”

That rebound, though, will be slow and won’t keep North Carolina from losing more than 178,000 jobs between the start of 2008 and end of 2009, said Connaughton, author of the quarterly UNC Charlotte economic forecast.

The state lost 120,100 jobs last year and is expected to lose another 58,200 this year – a two-year total that is nearly double what Connaughton estimated just three months ago. He also gave a bleaker outlook for N.C. unemployment – which was 9.7 percent in January – saying it could peak at 11 percent at year’s end.

Surprise Surprise …Housing starts surge.

WASHINGTON — Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.

While the surge in construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces.

The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units.

Wilmington ranked 26 in population growth 

Even as the national recession began, North Carolina’s metro areas continued to rank high in population growth, according to estimates released Thursday by the U.S. Census Bureau. In fact, Raleigh-Cary was ranked No. 1 and Wilmington, 26.

The population estimates, however, cover July 1, 2007, to July 1, 2008 – a period before unemployment had struck hard in the state. Since then construction jobs have dried up and the bottom dropped out of the banking industry.

North Carolina, and Wilmington, continued to draw new residents even as the recession hit hard in other areas of the country, according to James H. Johnson, of the Kenan-Flagler Business School at the University of North Carolina.

Though Johnson said he doesn’t see a strong correlation between jobs and population growth, “the recession hit other places much earlier and harder,” he said. “In things like construction there are tight networks, particularly in the Hispanic community. You go to where the jobs are.”

The rankings were based on percentage growth. The actual number of new residents for the Wilmington area grew by 8,232 between July 2007 and July 2008, to 347,012 from 338,780.

info and stats taken from observer, starnews and NAR

 

...until next week in The Week in Review

Tina

The Week in Review Wilmington NC March 15, 2009

The Week in Review ….your Wilmington Connection March 15, 2009   This Week in Wilmington there has been quite a bit of activity around the real estate market. Partly due to  Mortgage rates being the lowest since 1970 and of course the house prices are floating around 2003 prices. If you are considering selling lets talk about how we can get your home sold. Hard work, priced right and good condition. Email me . Did you know that CNN and Money Magazine voted Wilmington NC 7th best place to buy real estate now? Despite the downward trends in many cities across the country, Wilmington’s real estate market continues to show signs of strength and offers great opportunities for residential home buyers and commercial investment property buyers alike. The Wilmington metropolitan area has skyrocketed to over 500,000. Surprisingly, property here remains affordable in comparison to other affluent parts of the country. In 2006, the median home price was $217,000. This is expected to increase to $297,000 by 2011.  Foreclosures down 50% in NC The number of foreclosures in North Carolina fell 49.7 percent in February from the same period last year, according to data from RealtyTrac Inc. The state had 2,039 foreclosures in February, with one in every 2,023 homeowners receiving a default notice, auction-sale notice or bank-repossession filing. Foreclosure filings in North Carolina fell 14.5 percent in February from January. Across the country, foreclosure filings rose nearly 30 percent last month from February 2008. Green Rating System gets approval  The American National Standards Institute (ANSI) has approved the National Green Building Standard for residential construction work including single-family homes, apartments and condominiums, land development and remodeling and renovation. “The National Green Building Standard is now the first and only green building rating system approved by ANSI, making it the benchmark for green homes,” said Jeff Stokley, Wilmington-Cape Fear Home Builders Association (WFCHBA) president, in a press release.                               until next week in The Week in Review  Tina

The Week in Review Wilmington NC March 8, 2009

The Week in Review .

…your Wilmington Connnection

 March 8, 2009

 

Well it is inevitable that inventory has gone up with spring around the corner. We are up to 2758 houses on the market. The average list to sell price is down to 92%. 339 homes sold in the last 3 months. Currently there are 307 homes under contract. The price ranges from $450,000 and up are looking at single digit under contracts. On the sunnier side it is absolutely gorgeous here in Wilmington, temperatures reached 72 yesterday and will be a bit warmer today. Wilmington is a great place to live. If you are thinking of buying in Wilmington drop me an email . Enjoy the rest of your weekend.

Sliding sales in Wilmington?

The number of area homes whose sales closed in January totaled 187, down from 307 a year earlier and 293 in December. The average price of a home that closed in January also fell, and was 22 percent lower than in January 2008 – $229,940 versus $295,582. That figure can reflect not only a drop in home value, but also a preponderance of sales at the lower end of the market.There are still challenges in our market, but there is still business to be done.

Housing Affordability

 Housing affordability is at a record high – the buying power of a typical family has risen significantly. With the drop in interest rates, a median-income family can afford a home costing $20,000 more than a year ago for the same monthly mortgage payment. With the strong housing stimulus, we are hopeful inventory will get trimmed and which will help prices stabilize in many areas by the end of this year. Housing Affordability Index rose 13.6 percentage points in January to 166.8, a new record high. The HAI, a broad index of affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.(facts and figures taken from NAR)

…until next week in The Week in Review

Tina

The Week in Review March 1, 2009 Wilmington NC

The Week in Review

....your Wilmington Connection

March 1, 2009

Wilmington has seen some crazy weather this week, the real estate market has seen an increase this week. Homes that are priced right are seeing showings and offers. Our office has seen a large increase in contracts this week.

 Just announced Keller Williams is now the third largest Real Estate Company! 

Are we at the Tipping Point? 

 Are we somewhere near the “tipping point” for real estate, where an accumulation of positive economic and government policy developments

This week there are some strong signs that we just might be there.

Tops on the list: The massive stimulus bill signed into law by President Obama is certain to pull buyers into the market who otherwise would have stayed on the sidelines.

The new tax credit in the legislation goes up to $8,000 and is non-repayable  unlike last year’s credit program. It’ s intended for “first time” purchasers, but under the program definition, you’re a first timer as long as you haven’t owned or co-owned a house during the previous three years.

 

 

 

Wilmington NC Real Estate Market Overview

 

 

 Information taken from the Star News and Aol Stats

 

 

 

 until next week in The Week in Review

Tina 

The Week in Review Wilmington NC February 15, 2009

The Week in Review ….your Wilmington Connection February 15, 2009 Currently in Wilmington there are 2736 homes on the market and 279 of those are under contract which is 10%. The price range $250,000 and under you are seeing roughly worth a months inventory. The worse price range is the 1 million and above where there is 85 months worth of inventory. The range from 700,000 to 800,000 is looking at 47 months worth of inventory. If you are selling your home you either have to be patient or price it very, I mean very aggressive. In the last six months there has been 968 homes sold. Buyers are not looking in particular areas anymore they are looking across the board to see what is the best offer out there. If you are thinking of selling lets talk and see where you stand. Lawmakers and Real estate Well in their collective infinite wisdom, the lawmakers of this Country have decided that the housing market isn’t in all that bad of a shape and decided to yank the tax credit from the bill. Yep, no tax credit for buyers. Unless of course they are of the first time home buyer variety. This means the market for short sales has gotten even more lucrative. You see the banks were counting on this as well as a way that they felt was going to help them not to have to take as many losses as they have been. Now, it’s going to be even easier to get your short sale approved. Banks and LM’s are going to be even MORE aggressive in settling these non-performing assets.  Raleigh Builder with local Projects Files for Chapter 11 The Raleigh-based builer firm, which also has operations in Charlotte and Cincinnati, has taken a toll in the residential construction and real estate markets in its filing earlier this month in U.S. Bankruptcy Court for the Eastern District of North Carolina. Under Chapter 11, companies seek temporary protection from creditors as they seek to reorganize into profitable concerns. It does not mean the company has shut down or has stopped doing normal business. Just scaling back. Locals Help Shape Port Project The N.C. State Ports Authority says the future terminal in Brunswick County will be similar in size and technology to the APM Terminal in Portsmouth, Va. From a getting a sound wall built to having the rail line that runs through several neighborhoods relocated, residents here made clear from the beginning what they wanted.   ...until next week in The Week in Review                     Tina

The Week in Review Wilmington NC, February 8, 2009

The Week in Review

.….your Wilmington Connection

Febuary 8, 2009

Wilmington Weather…Wow is all I can say. Today in te 70’s the beach was just stunning…how could you not want to live here? Let me know if you are planning on making the move I can help make it an uneventful move. This is a great time to buy with interest rates extremely low and home prices the best they have been in 4 years.

 

The nine changes new city Residents can expect: Monkey Junction Annexation

Property taxes

The most painful change. City residents and businesses pay city and county property taxes. City’s current tax rate is 33.25 cents per $100 of property value. That means the owner of a $250,000 property would pay an additional $831.25 a year in property taxes.

Sewer and water

Those without public sewer and water would be required to get it. Costs vary based on the size of lines. The charge for a regular 5/8-inch water connection is $1,295. New water customers also must pay a $179 meter installation fee. A 4-inch sewer connection costs $900. The charges can be financed over five years.

Fire service

The city is exploring whether to contract with the Myrtle Grove Volunteer Fire Department, which serves the area now, with backup from the city fire department, or build and staff a new fire station. Public water service installed throughout the area should increase water capacity to fight fires. New city residents would no longer pay the county fire district tax, which currently is 5 cents per $100 of property value, or $125 a year for a $250,000 house.

Police service

The Wilmington Police Department would take over patrol of the area from the New Hanover County Sheriff’s Department. There is a need for six additional officers to ensure adequate response times.

Stormwater

Single-family residences pay $5 a month, or $60 a year, for stormwater service. Commercial areas pay a fee based on the amount of impervious surface on the property. The annexation area would be studied for drainage problems and improvements would be made as funding becomes available. Street sweeping would be provided on public streets with curbs and bike lanes.

Trash

The cost for city trash service is $23.50 a month for a large trash cart and $19.40 for a small one. Residents of private streets would maintain existing arrangements with their haulers and wouldn’t have to pay the city fees.

Smaller businesses might be able to petition the city for city trash service, but the city wouldn’t provide Dumpster service.

Property insurance

Policies vary, so check with your insurance provider. Better fire protection doesn’t necessarily mean lower homeowners’ insurance rates, but commercial insurance rates are likely to go down, according to the city’s draft annexation service plan.

Voting

City residents are eligible to vote in city elections, held in October of odd-numbered years. They are also eligible to serve on city boards and commissions.

Golf course fees

City residents pay less to play at the Municipal Golf Course. During the week, rates for 18 holes and a cart are $26 for city residents and $34 for non-residents.

Foreclosure Grant for New Hanover County?

Be Prepared

The Neighborhood Stabilization Program is a $3.92 billion pool created by the federal government last fall.

The purpose to provid funds to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop them.

It can help stabilize property values in areas that are hit by foreclosures as the economy tanks.

North Carolina received $52 million of that federal funding pie, which it will then distribute to local governments that apply.

Mortgage Rates – should you really play the Waiting Game

Borrowers are holding out for lower rates, but this waiting game will be costly when rates suddenly increase as they did this week. Last week when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07. The average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month. So dont keep waiting.

 

…until next week in The Week in Review

Tina

The Week in Review Wilmington NC February 1, 2009

 

The Week in Review

…..your Wilmington Connection

February 1, 2009

Well its February, one month closer to warmer weather. Currently in the Wilmington real estate market there are 2673 on the market and 238 are under contract thats 9%. The best price range to be in if you are selling a home now is that $300,000 and under range you looking at anywhere from 8-13 months worth of inventory. The price ranges with the most inventory? $700,000 – $800,000 has 47 months worth of inventory and the 1 million and above???well 74 months worth of inventory…whew! Homes are still going for an average of 94% of their list price, so keep that in mind buyers if you are making offers.Drop me an email if you have questions about the real estate market here in Wilmington.

Lowes in Porters Neck?

Will it happen? Developers are saying it will take close to two years. The Developer Jimmy Black of Alliance Commercial Properties in Greensboro ran into some holdups with the residents complaining that there would not be enough exits from the faciliity. The devleopment will take place in 3 phases, the second to be completed by the third quarter and no time line as yet for the final phase.

A boost in home sales in Leland.

Brunswick counties association reporteed a higher value of home sales in 2008 than the year before. Compared to the Wilmington-area sales reported by the WRAR fell 30 percent and the total dollar volume sales fell 25 percent.Thirty-three percent of the Brunswick County market is in the Leland area and home values have not dropped there. But on the not so positive side….Brunswick county seen a 85 percent increase in foreclosures. Foreclosure hearings are booked through March. The Brunswick Clerk of courts are averaging 10-12 hearings a day.

Reccomendations by REALTORS & NAR

 

The letter sent to Congress earlier this week, NAR begged I mean pleaded to Congress to make the loan limit increases permanent so that secure, affordable, safe financing is available for American families regardless of where they live. NAR is also putting pressure on to expand the tax credit to all home buyers and extend the expiration date to December 31, 2009.

Other items under consideration in the bill will help communities: the expansion of the tax-exempt housing bonds, increased funding for rural housing loan programs, additional funding for neighborhood stabilization activities, more grants for low-income housing and rehabilitation, more energy efficiency incentives for housing. Will this all come into play….we can only wait and see.

 

until next week in The Week in Review

Tina

The Week in Review Wilmington NC January 25 2009

The Week in Review

…..your Wilmington Connection

January 25, 2009

Back to warmer temperatures…thank goodness the whole city shut down with maximum of 2 inches of snow. Weather is back to normal here. The real estate market has been seeing some big movement. I had 4 showings on just one property and a multi offer on one….is this the real estate market we are hearing about? Hmm I dont think so.

 

Obama and the Troubled Asset Relief Program

As Congress and the new Obama administration consider additional initiatives for the Troubled Asset Relief Program, the NATIONAL ASSOCIATION OF REALTORS® is continuing its push for a comprehensive U.S. strategy that will stimulate home sales, prevent foreclosures, and restore confidence in the housing market.

“The housing sector is at the core of the current economic crisis,” NAR President Charles McMillan said. “A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and stability. We are eager to see this happen and look forward to working with the Obama administration and Congress to quickly implement housing stimulus efforts.” 

 

 

The proposed Monkey Junction annexation area just got bigger, and Alford’s – a Carolina Beach Road fixture – is now in it. That news left store owner Jack Alford Jr., who didn’t learn of it until Thursday morning, less than thrilled.

“I didn’t ask for it,” Alford said. “It don’t matter though, does it?”

The city’s latest annexation plan includes 218 more acres, mainly commercial and residential areas that border the west side of Carolina Beach Road. It also includes a commercial stretch just east of South College Road and north of Piner Road.

The total annexation area now includes about 1,040 acres and about 3,900 people, according to city estimates.

At its Feb. 3 meeting, City Council is expected to consider a resolution of intent to annex the area. That would start the long annexation process. Barring lawsuits or other delays, it is currently slated to take effect in mid-2010.

City leaders have long said they planned to annex the area around Monkey Junction and released a map last year showing the proposed boundaries.

But recently, after a survey of the area, city officials learned that land annexed voluntarily in 1997 – land that isn’t connected to the existing city limits – lies between the northern and southern parts of the proposed annexation area.

The 1997 area stretches all the way from Carolina Beach Road to South College Road and includes the roads themselves, an important detail found by surveyors.

 

NAR supports Chairman Barney Frank’s proposal, H.R. 384, the TARP Reform and Accountability Act, introduced earlier this month. This bill contains key components of NAR’s Housing Stimulus Plan, including enacting a mortgage buy-down program to reduce interest rates below prevailing rates, increasing foreclosure prevention and mitigation efforts, and providing needed liquidity to the residential and commercial mortgage markets to ensure that financing is available.

 

Home Buyer Tax Credit

 If all home buyers become eligible for a tax credit without a repayment feature, it could result in an additional 555,000 home sales – enough to meaningfully draw down excess housing inventory, according to the National Association of Realtors^®.

An evaluation of options for a home buyer tax credit by NAR shows wide ranging implications and benefits. A full credit to all buyers means an additional 2.22 million households would meet the income requirements for purchasing a home, but only one in four of those households would actually make a purchase.¹

Under the current $7,500 first-time home buyer tax credit, which must be repaid over 15 years, 264,000 households meet the purchase requirements. Using the same assumptions, with plans to hold their home for a median 10 years, it would mean only 66,000 additional sales.²

Lawrence Yun, NAR chief economist, said NAR is advocating a tax credit for any home purchase meeting qualifying underwriting standards.

until next week in The Week in Review

Tina

Monkey Junction Annexation

The Week in Review Wilmington NC January 18, 2009

The Week in Review

…..your Wilmington Connection

January 18, 2009

Cold this week in Wilmington. Brrrrr…The Real estate market has been dragging a bit…but on a high note there has been a lot more activity these last two weeks than we have seen in the last 2 months. I hope this is a sign that buyers have taken on board that this is the best time as any with the interest rates at the lowest they have been in 50 years.

50 years! So if you are planninng on buying anytime soon you would be crazy not to do it now!

In the last six months 1,276 homes have sold and 726 listings have expired. With only 1,276 homes sold in the last 6 months, that would mean we have approximately have 12.8 , so wouldn’t you think that sellers would be very motivated to sell?

Contact me if you are ready to look at some homes, or if you are planning on selling and would like to find out what your home is worth ?

 

Obama Inauguration Spurs Hopes for Housing

Brokers are optimistic that the change in administration next week will have an impact on the extremely sluggish housing market, according to a “Housing Beat” survey of its members by Leading Real Estate Companies of the World(r). Over three fourths of those responding felt that the changing of the guard will have a moderate to significant influence.

Mortgage rates drop below 5%

 

Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.

Mortgage rates have been dropping since late November, when the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money and perhaps aid the ailing U.S. housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages dropped to 4.96 percent this week from the previous record low of 5.01 percent established last week. It was the 11th straight weekly drop, and way below the rate of 5.69 percent at the same time last year.

Circle B Trailer Park residents face loss of homes to development

The owner of the 8-acre Circle B property, Circle Properties LLC, wants to build a six-building, 144-unit apartment complex, Cardinal Crossing.

Last July, Circle B Properties and Biltmark Construction, the builder, sent one-page letters to the residents informing them that the companies are “exploring the possibility” of redeveloping the site.

“Many details remain to be worked out, but if we obtain the needed approvals, and if the project is otherwise viable, you will be given notice to remove your trailer from the premises,” the letter stated, adding that their “best guess” for that notice would be between June and September 2009.

The next step for developers is to ask City Council to rezone the property from regional business district to multi-family residential – medium high density. A public hearing and vote are slated for the council’s Feb. 3 meeting.The project has the backing of Wilmington city planners, as well as the Planning Commission, which unanimously endorsed it earlier this month.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC January 11 2009

The Week in Review

….your Wilmington Connection

January 11, 2009

Currently in Wilmington there are 2589 Homes on the Market. 8% of these are under contract, just a little over 200 homes. Currenlty the average list to sell price is 94%. The price range of $700,000 and above are looking at 35 months worth of inventory. That means if nothing comes on the market in that price range this is how long it will take to sell these homes. Thinking of selling your home? There are two things that are most important. Pricing and an agent that knows how to market your home on the internet. Let me know if you have any questions or would like to sit down and talk about this.

If you are a buyer the world is your oyster now, dont wait to long though there are talks of the interest rates going up again. Email me and lets find out what your needs are.

 

Condo developers apply to work in the Intracoastal Waterway

The company planning to build two 135-foot-tall condo towers near Oak Island has submitted an application with the Army Corps of Engineers to work in the Intracoastal Waterway.

The application is the next step in the permitting process for the project, and the company hopes to have all permits in 45 days, said Steve Saieed, consultant for Oak Island Property Holdings LLC.

“All we’re trying to do is just complete our permit process,” he said.

Oak Island Property Holdings LLC has plans to build a marina and dry-stack boat storage facility on Oak Island’s mainland where the former Sandy’s restaurant and dock now stand.

The project also includes the two high-rise condominium buildings and three smaller buildings in Brunswick County territory.

But how soon ground will break on the project depends on when the slumping housing market rebounds.

Saieed said he is hoping to start construction on the marina in a year and the condos by 2011.

NAR Offers Clarification on the Required Size of a Down Payment for a Mortgage

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:

An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers. A borrower who puts down less than 20 percent is required to obtain mortgage insurance. Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment. FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.

PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

 

….until next week in The Week in Review

Tina

The Week in Review Wilmington NC January 4, 2009

 

 

The Week in Review

…..your Wilmington Connection

January 4, 2009

Another year is over and a new one beginning. I sincerely hope all
turned out the way you wished for in 2008.

May all the dreams in your eyes and all the desires in your heart
blend together to give you the most spectacular 2009.

Real Estate in Wilmington. The average sales price has been $243,445 and the list versus sales ratio has dropped a tad to 94% with an average of 146 days on the market. Thinking of selling your home. Try the free market analysis .

 

NC is The Fourth fastest Growing State in US, Census Report Shows

North Carolina’s population rose 2 percent during the past year, making it the nation’s fourth fastest growing state – and the most rapidly growing of any state east of Texas, a new report shows.

The state gained almost 181,000 residents from July 2007 to July 2008, according to the report released Monday by the U.S. Census Bureau. With a 2008 population of 9.2 million, North Carolina remains the nation’s 10th largest state.

While the new figures don’t reflect any changes during the past five months, when the economy registered its sharpest declines, they do show the state’s growth rate is slowing. From 2006 to 2007, the state’s population increased 2.17 percent.

NC ranked Second Best Business Climate

Ease of transportation is one of the things considered in ranking North Carolina as the second best business climate in the country.

According to a recent survey done by development counselors international, North Carolina ranks behind Texas as the most desirable business climate.

Executives cite a strong labor market, low operating costs, and a pro-business climate as the main influences on their rankings.

Billy King of Wilmington Industrial Development says businesses can take advantage of those same qualities right here in the Cape Fear area.

“I think our diversity in the size and the types of businesses that we help recruit and help expand has served our region very well,” said King.

The survey says the perception about a location’s business climate often plays a crucial role in site selection, and where companies invest money and create jobs.

For the last 10 years, North Carolina has ranked in the top five business climates.

This may be the year you really want to file your income tax returns early.

For first-time homebuyers, it’s a chance to get your hands on up to $7,500 via a tax credit approved by Congress last year.

It offer a stimulus to those who have spent their last dollar to buy a home. That $7,500 could help pay for furniture, pay off credit card debt or replenish savings.The tax credit is actually a no-interest loan that must be paid back over a 15-year period.

There is a way to tap into the equivalent of the tax credit sooner than when you file your 2008 or 2009 tax return.

Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding, according to the National Association of Home Builders tax credit Web site – www.FederalHousingTaxCredit.com.

Reducing tax withholding (up to the amount of the credit) will enable the future homebuyer to accumulate cash by raising his/her take-home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment.

What homes qualify?

Any home purchased by an eligible first-time homebuyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats, according to the National Association of Home Builders.

...until next week in The Week in Review

Tina