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