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