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