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
