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