The Week in Review Wilmington NC December 27, 2009

The Week in Review

….your Wilmington Connection

December 27, 2009

Looking back on the months gone by,
As a new year starts and an old one ends,
We contemplate what brought us joy,
And we think of our loved ones and our friends.

 

Recalling all the happy times,
Remembering how they enriched our lives!

Warm wishes to you and your family for the New Year! The festivities are drawing to a close, the New Year is upon us. What are your plans for the New Year? Moving to Wilmington?  Moving away from Wilmington?  Let me know if you need any help in making a decision on real estate in the area. Email me with any questions.

Wilmington NC Real Estate

Currently in Wilmington there are 2210 homes on the market.  Not much of an increase in the last couple of weeks, due to the holidays. 232 homes are under contract and 539 solds in the last 3 months. Still a strong show.

Another Gain for existing home sales

Nationally existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently expanded tax credit, according to NAR. Home sales – including single-family, townhomes, condominiums and co-ops – were up 7.4 % to 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than in November 2008. Sales are at the highest  since February 2007 when they hit 6.55 million. We can expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. by Lawrence Yun 

Are mortgages becoming Easier to Obtain?

In some parts of the country, borrowers with good credit are more likely to be able to borrow 95 percent of the purchase price than they were just a few months ago.

In Florida and other troubled markets credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing.

Rennovating before selling….is it wise?

Buyers are using the unimproved houses to negotiate lower prices, but they wind up buying the remodeled homes.

So, if there are two similar houses in the area, buyers will use the listing price of the one that has not gone through a metamorphosis to get the seller of the renovated house to slash their price. Buyers want to pay for the caterpillar but get the butterfly.

Seller must play along if they want to make deals. You get to sell the house more quickly if you do the renovations. Thinking about rennovating before selling?  Have questions as to whether it is wise. Drop me an email.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC December 20, 2009

The Week in Review

 ….your Wilmington Connection

 

December 20, 2009

 

May every gift, every hope of the season be yours. May this season be a very joyful one for you and your family. Happy Holidays!!

Have a Happy and Healthy Holiday Season!

 A bit chilly here in Wilmington.  It appears Winter has finally decided to take its toll on sunny Wilmington. Temperatures in the low 40’s.  

 Well the store parking lots are full plenty of shoppers out there, does this mean consumers are feeling more confident? We will soon find out. The real esate market continues with a bit of slower momentum during the holidays. Serious buyers are still on the lookout so be prepared if your home is on the market. Have quesetions?  drop me an email.

 Wilmington NC Real Estate

 November home sale prices

 (November 2008 in parentheses)

 Average price of homes closed: $223,697 ($250,546)

 Median price of homes closed: $179,900 ($191,823)

 – Wilm. Regional Realtors

 FHA loan still top pick

 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.

 “FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market

 Distressed Sales

 The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure. The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®

 Mortgage rates

 Average, Dec. 17

 (Week earlier in parentheses)

 30-year fixed: 4.94 (4.81%)*

 15-year fixed: 4.38% (4.32%)+

 5-year ARM: 4.37% (4.26%)+

 1-year ARM: 4.34% (4.24%)-

 * 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 Dec 6, 2009

 

The Week in Review

 

….your Wilmington Connection

December 6, 2009

The Christmas lights are up in Wilmington, and the stores are seeing a surge in shoppers. Did you get your tree up this wekend?  I know we did, the kids of course wanted to buy a tree taller than our celings. 12ft was not going to work, I explained no point in buying and then chopping. Anyway i hope your weekend went well.  We saw some really cool temps (well for us) last night in the low 30’s.  Still showing property, good time to buy before then end of the year.  Thinking of selling your home? Let’s plan it out.  Drop me an email.

Wilmington Real Estate

Currently there are 2217 homes on the market 271 homes are under contract and its no surprise that is less than the previous months. 543 homes have been sold in the last 3 months. There are still some great deals to be had. This is the time to buy, thats for sure. We are all preparing for the market to pick up even more in the new year. Dont miss out!

 Commercial Real Estate still feeling pain

Many of the same forces that put the housing market into a down turn have been at work in the commercial sector, and they are still feeling it.

Deteriorating employment conditions and falling home prices have prompted a massive pullback in discretionary spending, which has hurt the neighborhood and community shopping centers,” said Brian Eckel, partner at Cape Fear Commercial in Wilmington.

The entire commercial real estate market in Wilmington has suffered from the recent economic downturn. Office absorption is down with mounting job losses in financial, professional and business services. However there are some definate signs of a slow recover.  Luckily commerical real estate locally was not as overbuilt as its residential counterpart.

 2010 Sales to Rise 15 Percent

Home sales will increase 15 percent to about 5.7 million units and REALTOR® income will be up 20 percent in 2010, NAR Chief Economist Lawrence Yun recently told a packed room of REALTORS® in a residential economic update at the 2009 NAR Conference & Expo.

The tightening inventory at all price points will help improve market performance by bringing supply into better balance with demand, but the added sales, particularly on the higher end, will also increase the number and quality of the market comparables used by appraisers to assign valuations. Once appraisals improve, foreclosures will ease, blunting their drag on the market and making it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer.

Then we’ll be set for a durable economic expansion!

…until next week in The Week in Review

 Tina

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

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

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

The Week in Review Wilmington NC August 23, 2009

The The Week in Review
…..your Wilmington Connection
August 23, 2009
Hope you all had a nice weekend. It turned out to be a nice weekend overall. With plenty of sunshine overall. Welcome back to school, all schools will be in full tilt tomorrow marking the end of the summer. The housing market still shows signs of promise.
Wilmington Real Estate Market
Currently in New Hanover County there are 2401 single family homes, and 330 homes are under contract. 509 Homes have sold in the last 3 months thats an increase. Im sure the race to take advantage of the $8000 tax credit has something to do with it.
An amazing leap in existing home sales.
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.
Not since June 2004 have we seen home sales rise 4 months in a row. Single-family, townhomes, condominiums and co-ops – rose 7.2 percent, and the last time sales were higher than a year earlier was November 2005.
The chief economist from the National Association of realtos , said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.
Take note: the monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
As you know with the tax credit involved first time home buyers purchcased 30% of the homes in July and 31% of all homes sold were distressed.
Commercial Real Estate
Continues to decline but has steadied off some. Hopefully with the end of the recession in the next 6 months. The reduction in commercial real estate will continue through the first quarter of 2010,

…until next week in The Week in Review
Tina

Week in ReviewThe Week in RevieThe Week in Review
…..your Wilmington Connection

The Week in Review Wilmington NC August 16, 2009

The Week in Review ….your Wilmington Connection August 16,2009   Whew….a rainy week in Wilmington, but it finished with a blast of sunshine. Its nice to have a break. Summer is coming close to an end, its the best time to look at homes and I wont even bring up the fantastic deals that are awaiting you.  Give me a ring or drop me a line if you would like to start looking.  Wilmington Real Estate Currently there are 2376 single family homes on the market and 329 homes under contract in the greater Wilmington Area. There have been 518 homes sold in the last 3 months.  Thats a definate increase to celebrate. Some home prices are still falling, the majority are homes that are overpriced, but there are some forclosures and short sales that are doing some damage. If you are thinking of putting your home on the market and you would like a market analysis send me an email and we can set up a time for me to come look at your home.   The highest reward “Green Certificate” for Custom Home builder Custom home builder Mark Johnson won the platinum certification from Leadership in Energy and Environmental Design for his house in Landfall.  Many builders are finding ways to stand out, and in this day in age this is one way to do it. “An EnergyStar home is going to be 15 percent more efficient” than a home that does not qualify for the government rating, Johnson said. More info Click here. Great National news for the 2nd Quarter for the Housing Market.  Total state existing-home sales, including single-family and condo, rose 3.8 percent to a seasonally adjusted annual rate1 of 4.76 million units in the second quarter from 4.58 million units in the first quarter, but remain 2.9 percent below the 4.90 million-unit pace in the second quarter of 2008. Chief economist has been quoted as saying: “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy. Here is a taste of what we all are waiting for.   …until next week in The Week in Review           Tina

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The Week in Review Wilmington NC August 9, 2009

The Week in Review

….your Wilmington Connection

August 9, 2009

Happy Sunday Afternoon! Hope you all have had a wonderful sunny weekend.  The real estate market continues to heat up, with the best priced homes going under contract. Thinking of selling?  drop me a line and we can discuss your options. Currently in Wilmington there are 322 homes under contract in Wilmington area. A good thing!

The Tax Credit Clock Is Ticking

To be eligible for a tax credit of up to $8,000, first-time
homebuyers have until the end of business on Nov. 30
to close their loans. There has been discussion that some
members of Congress want to extend and increase the
homebuyer tax credit. It remains to be seen if an extension or
enhancements will be made.
Historically, it has taken 45 to 60 days to close a loan.
However, new appraisal and disclosure requirements that
recently took effect may add extra time to the closing process.
To be certain homebuyers can take advantage of the tax
benefit – as the law stands today – interested buyers should
apply for their loan no later than the beginning of October

Pending Home Sales Continue to Rise in Wilmington and around the country.

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, where does it come from i such a “down market” its a combination of positive factors, including low mortgage interest rates and affordable home prices.  

Inventory of Houses Falls in July
The number of homes listed for sale declined again in many U.S. cities last month, the persistence of bargain hunters, continued to search for short sales and or foreclosed properties. The supply of homes available for sale in 28 major metropolitan areas at the end of July was down 2.5 percent from a month earlier, according to figures compiled by ZipRealty, Inc. Historically, inventory declines only 1 percent from June to July. Things are starting to level out and lets hope it continues.  We all want to be back in a normal market….all except those smart investors who are buying now.

 

.…until next week in

The Week in Review

Tina

The Week in Review…Wilmington NC August 2, 2009

The Week in Review

…your Wilmington Connection

August 2, 2009

Great Weekend here in Wilmington.  The weather forecast predicted rain….but there has only been short downpours and then sunshine again. Great summer weather! 

Wilmington Real Estate

There definately has been many homes go under contract in the $300,000 range and under. The end of the $8000 dollar tax credit is drawing near,I’m sure that has something to do with it. It sure is a pleasant change from 6 months ago. Currently there are 2353 single family homes on the market. 332 homes are under contract and in the last 3 months 527 homes have sold. Those are the kind of numbers we are looking for!

Housing Index shows some Hope

The Case/Shiller Home Price Index reported its best reading in nearly twelve months and the first month-over-month improvement in three years. This is good news, especially when combined with the last few months of improved Existing and New Home Sales.

 

San Rio Lot owners to Sue Develper

 

A year away from when they were supposed to start building their dream homes, the buyers are finding themselves paying for nothing…no building..only dirt.

 20 of the  60 people who bought lots in San Rio for anywhere from $200,000 to $700,000 are going to sue Wakefield Development Co. claiming misrepresentation. As the lot owners try to get their money back, the town of Shallotte is also trying to collect on the project. The group hired  Hodges and Coxe law firm of Wilmington to recover damages.

  New Appraisal Rules
Fannie Mae and Freddie Mac made some clarification on its websites to try to dispel confusion over a new code of conduct for home appraisers.Mortgage lenders have been told that appraisers must have experience in the geographic areas where they get assignments.

 

….until next week In the Week in Review
          Tina

 

The Week in Review July 19, 2009

The Week in Review

…your Wilmington Connection

July 19,2009

 

Great weather in Wilmington this week.  Cooler temperatures, but still had a few hot days.  Yesterday the weather was pretty warm for our 5 & 10 mile Summer of love run. Great to see so many people out there a great event, with a 60’s tribute band after the run.

Wilmington NC Real Estate

The real estate market has been pretty steady. After all is said and done we all still have to buy homes, whether we are first time home buyers, second home buyers, or moving up.  As I’m sure your all aware its a great time to buy with low home prices and amazing mortgage rates. Currently in New Hanover cournty there are 2368 single family homes on the market, 329 homes are currently under contract and in the last 3 months there has been 524 homes closed.  Not bad at all!

 New Tax Law to help builders?

The new law if Perdue signs off: Builders after Jan. 1 will be able to apply to defer tax for up to three years on their finished, unsold homes. They will still have to pay the tax, in addition to interest, when they sell the home or the deferral expires. 

This week the supply of new construction inventory homes was about 450 in the Wilmington MLS. The MLS covers all of New Hanover County, most of Pender County and parts of Brunswick County. In Brunswick County, that number was about 235, according to the Brunswick MLS. Any help will be beneficial,to keep these builders afloat.

 Golf course for sale. Will the city of Wilmington Purchase?

Inland Greens par 3 golf course is for sale and the city of Wilmington has money to buy.  Although the economy is rocky, it makes sense for the city to purchase it now at a good price and keep developer from laying more asphalt. 

The new course would provide an ideal, low-stress environment for a beginner, child, or any family memberr looking to play a little but not intersted in spending all day there, or losing out on a paycheck.

Low-handicappers could use it to fine-tune their short games. High-handicappers might come home with more golf balls than usual.

….until next week in The Week in Review

  Tina

The Week in Review Wilmington NC Real Estate June 28, 2009

The Week in Review

…your Wilmington Connection

June 28, 2009

You can definatly tell summer is here, Hot weather, thunderstorms, BBQ’s, open houses, vacationers and outdoors sporting events. This morning I did a double sprint Triathlon in Kure Beach the warm weather and ocean were very inviting. Great to see so many people out there and having fun.

If you are visiting here and thinking of relocating to the Wilmington area, drop me an email or give me a call and we can discuss your options.

Wilmington Real Estate

This week in Wilmington we have seen some rumbling in the real estate makret. Currently there are 2394 single family homes homes on the market and 797 condos on the market. There are 406 single family homes under contract and 74 condos. Solds in the last 3 months are as follows: 477 homes and 84 condos. Definately some stirring.  If you are a first time home buyer dont forget the tax credit is up Dec 1st 2009.

New Washington data suggest recession is over?

US factories had a surge in orders last month everything from computers to aircraft and business investment rose by the most in 5 years. But the drop in new homes sales lets us know that it will be a slow recovery.

Existing Home Sales continue to rise in NC

Existing homes sales rose 2.4% In May. Housing inventory at the end of May fell to 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April. Good news for many home sellers,  there is a light at the end of the tunnel.

 

until next week in The Week in Review   

 Tina

The Week in Review Wilmington NC June 21 2009

The Week in Review

….your Wilmington Connection

June 21, 2009

Wishing all of the fathers a Happy Fathers Day! Sit back and Relax. Wow was it hot in Wilmington this weekend Saturday it reached a record breaking 99F, but if you have the ocean or a swimming pool no need to feel the heat!

Wilmington Real Estate

This week in the Real Estate Market there are 2390 single family homes on the market. 318 homes are currently under contract. 109 homes have sold in the last 3 weeks. The average SP % to LP is 93%. If you are selling your home let me help you come up with a price that will ensure you get it sold swiftly and at the right price.  The longer it sits on the market the less your home will get.  Email and let me know if I can be of some help.

US Puts more Money into the Foreclosure Program

The Obama administration circulated $50 billion in March to try and entice mortgage lenders to modify loans to help consumers make monthly payments more affordable. However, the plan hasn’t been very effective as not many are able to qualify.

The administration last month expanded the program to provide incentives to further encourage lenders to make the short-sale processes easier and quicker.

 May Reports show Construction jumps by 17.2%

The Commerce Department reported that construction of new homes and apartments jumped 17.2 percent in May. An adjusted annual rate of 532,000 units. Better than the expected 500,000-unit pace that economists had anticipated and came after construction fell in April to a record low of 454,000 units.

Looking for positive signs?  Well here is another one, applications for building permits, a good indicator of future activity, rose 4 percent in May to an annual rate of 518,000 units.

The better-than-expected rebound in construction was the most recent sign that the slump in housing is coming to an end. A plus for the economy.

 

…..until next week in The Week in Review

   Tina

 

 

 

The Week in Review Wilmington NC June 14, 2009

The Week in Review

….your Wilmington Connection

June 14, 2009

What a warm week here in Wilmington, and I had a real taste of the heat Saturday morning when I did the Diligence Dash which is a 5k run in historic downtown.  The humidity must of been 100%. Great seeing everyone out there. Currently in Wilmington there are 2384 single family homes on the market. 316 homes are under contract and 462 sf homes sold in the last 3 months. First time buyers are racing to get a home under contract to take advantage of the $8000 credit.  If you have any questions about this please dont hesitate to email or call me, I would be more than happy to help.  If you are thinking of putting your home on the market locally or out of town let me know as I have a fantastic marketing plan for you, or I can provide you with some names of proffessional realtors in your state that do business like I do.

 

 North Carolina Foreclosures are going down.

In the month of May the total number of new foreclosures in the North Carolina was down 32 percent from last year.

There were 2,587 foreclosure filings in the state, or one for every 1,594 homes, during the month. That is down 31.7 percent from May 2008, when 3,786 foreclosure notices were filed.From April to May filings were down 16%

This information was brought to you by RealtyTrac, which tracks default notices, auction sale notices and bank repossessions. The company counts every foreclosure filing.

 

Housing and Economic Indicators taken from National Association of Realtors.

 

	Current Figures	Period Covered
Existing-Home Sales	EHS increased 2.9 percent in April.	April
Pending Home Sales Index	PHSI rose 6.74 percent to 90.30	April
New-Home Sales	Up .3 percent from last month  (PDF: 36KB)	April
Housing Starts	SAAR* of 458,000 units (PDF: 29KB)	April
Housing Affordability	158.8 — up 15.6 from previous month (PDF: 16KB)	December
Mortgage Purchase Application Index	Up 1 % to 256.60 from last week.  (PDF: 37KB)	Week of May 27
Fixed-Rate Mortgage Rate	Up .38 percent to 5.29 (PDF: 39KB)	Week of June 4
GDP	Moved from -6.5% to -5.8% last quarter. (PDF: 38 KB)	Q1 2009
Consumer Confidence	Down 32.35% from a month ago (PDF: 40KB)	March
Employment Situation	Down 345,000 jobs (PDF: 40KB)	May
Consumer Price Index	Up  .1% from the previous month  (PDF: 27KB)	April
Producer Price Index	Up .3% from the previous month (PDF: 30KB)	April
Retail Sales	Down .4% from the previous month (PDF: 39KB)	April

 

 

……until next week inThe week in Review

Tina

 

The Week in Review Wilmington NC June 7, 2009

The Week in Review

….your Wilmington Connection

June 7, 2009

 The Wilmington real estate market hasnt stopped buzzing. Its definately the season for looking.There is still a large inventory on the market which is giving buyers a confusing choice.  With so many on the market it poses the question of how many homes do I look at.  Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!

Should Home Sellers Offer Price Protection

Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won’t regret their purchases even if home prices continue to fall further. This might give those buyers that are “waiting for the bottom” the confidence that they need to buy now. If buyers gain confidence, prices won’t fall, so sellers won’t have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.

Pending Home Sales up the Third month in a Row

NAR’S Chief economists Lawrence Yun stated that buyers are responding favorably.  Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.

 

….until next week in The Week in Review

                                   Tina

  

The Week in Review

….your Wilmington Connection

June 7, 2009

 The Wilmington real estate market hasnt stopped buzzing. Its definately the season for looking.There is still a large inventory on the market which is giving buyers a confusing choice.  With so many on the market it poses the question of how many homes do I look at.  Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!

Should Home Sellers Offer Price Protection

Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won’t regret their purchases even if home prices continue to fall further. This might give those buyers that are “waiting for the bottom” the confidence that they need to buy now. If buyers gain confidence, prices won’t fall, so sellers won’t have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.

Pending Home Sales up the Third month in a Row

NAR’S Chief economists Lawrence Yun stated that buyers are responding favorably.  Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.

 

.…until next week in The Week in Review

                                   Tina

 

The Week in Review Wilmington NC May 31, 2009

The Week in Review …..your Wilmington Connection May 31, 2009   A super sunny weekend here in Wilmington. A light breeze to keep you cool, I hope everyone had a great weekend. Anyone driving by a home that you would like to look at? Let me know if you have, we can make an appontment to go and see it. call or  email me. Wilmingotn Real Estate Currently in New Hanover county there are 3483 properties on the market, 377 are under contract  and 561 have sold in the last 3 months. We are definatley feeling a buzz of activity here in the real estate market. Real Estate Market Nationally Nationally existing-home sales rose in April with large buyer activity in lower price ranges, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums rose to  2.9 percent The Majority of home sales are homes that are in the lower price ranges. Most of the homes sold are taking place in the lower price ranges and we are seeing some activity in the midprice ranges, but high-end home sales remain very slow. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market. Over the rest of the year there will be more foreclosed properties  released into the market., it is very important for these properties to be cleared. April showed first-time buyers declined to 40 percent of transactions, revealing that there are more repeat buyers shopping. The national median existing-home price was $170,200 in April, which is 15.4 percent below 2008. Unfortunatley the distressed properties will continue to distort the median home price because they sell at a much lower price compared to traditional homes.info gathered from National Association of Realtors

The Week in Review…..Wilmington NC May 24, 2009

The Week in Review

…..your Wilmington Connection

May 24, 2009

Its absolutely gorgeous out this weekend! Perfect weather for the long weekend. Thinking of looking at some homes?  Give me a call or drop me an email I can show you any home on the mls!

New Hanover county agrees to the Tax Revaluation

Property revalutaions are scheduled for 2011 although there were some who wanted it to be delayed until the economy improves. Many property owners want it to take place.  The sooner the better. The council all agreed that it will be done every 4 years from 2011. However this could mean the upcoming revaluation would mean lower tax bills for residents along the coast and higher bills for inland residents in Wilmington.

 Facing Foreclosure?

Are you close to foreclosure? There is help. TheFirst Federal of Charleston and the Southeastern Foreclosure Task Force will give free foreclosure clinics in Wilmington on Saturday, June 6, at 9 or 11 a.m. and 1 or3 p.m.Located at the Executive Development Center at the University of North Carolina Wilmington.These free clinics are open to all homeowners who face this problem doesnt matter who your lender is.

 Real Estate in our Port City?

April home sale prices

(APRIL 2008 in parentheses)

Average price of homes sold: $221,742 ($244,703)

Median price of homes sold: $184,500 ($199,590)

-from the WRAR

Mortgage rates

Average, MAY 21 (Week earlier in parentheses)

30-yr fixed: 4.82 (4.86%)*

15-yr fixed: 4.50% (4.52%)*

5-yr ARM: 4.79% (4.82%)+

1-yr ARM: 4.82% (4.71%)+

* Plus 0.7 point

+ Plus 0.6 point

- Freddie Mac

 

until next week in The Week in Review

….Tina

The Week in Review Wilmington NC May 17, 2009

The Week in Review
….your Wilmington Connection
May 17, 2009
Summer sun and rainfall is what we have seen this week in Wilmington, get ready its time to break out your swimsuits!
Just want you all to know something fantastic has happened to me, I have returned to my real estate family at Coldwell Banker Seacoast, this is where I started my real estate career and am excited to be back and associate my business with the best real estate company in Wilmington!
This week there are 2842 homes on the market with 396 under contract thats 14%, it has definately picked up in the last 2 months. 476 properties have sold in the last 3 months and on average are selling 94% to their list price, not including the price range of $875,000 and above they are taking a bigger hit of about 90% of their list price. $250,00 and under are looking at an average of 4 months on the market. There are some great houses out there and with the low interest rates, dont take a chance and miss out.

NC Foreclosure filings fall 15% in April
The number of foreclosures in North Carolina fell 14.9 percent in April from the same period last year, according to RealtyTrac Inc.
The state had 3,082 foreclosures in April, with one in every 1,339 homeowners receiving a default notice, auction-sale notice or bank-repossession filing.
North Carolina ranked 34th in the nation for foreclosure filings in the latest quarter.
Vote by trade commission to boost Southport’s Archer Daniels Midland plant
A vote by the U.S. International Trade Commission to impose duties on citric acid and citrate sales from China and Canada may underpin the future of Archer Daniels Midland’s plant in Southport, the company said.
“If the commission had not ruled the way it did, ADM’s Southport facility would have been seriously threatened by unfairly traded imports from citric acid producers in China and Canada.

until next week in The Week in Review
Tina

The Week in Review Wilmington NC May 10, 2009

What a stunning weekend here in Wilmington! Beach time has arrived.
The markets have been all a-giddy of late over the improved economic trends, evidenced by recent reports on housing, manufacturing and retail sales are on the upswing. Has the recession finally hit its bottom? We would like to think so.

More Houses gain Multiple offers
Markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
When you begin to see people willing to fight for a property, that’s a good sign!
Pending Home Sales in the South
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.

Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate recently approved a version of the latest foreclosure-prevention plan.
The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.
The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.
The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
The Senate version of the bill didn’t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration’s foreclosure prevention plan. Lawmakers consider it dead in the water.
The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.
…until next week in The Week in Review
Tina

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

The Week in Review Wilmington NC March 22, 2009

The Week in Review

…..your Wilmington Connection

March 22, 2009 

 

Currently in Wilmington there are 2767 properties on the market, in the last 3 months there have been 360 solds.  Right now there are 314 properties under contract that’s 11%. If you are selling your home you need to be serious about the price. Buyers now look across the board to see what is the best value for money. They dont look in a particular subdivision or area anymore.  You need to make sure yours is one of the top 4 best values in your price range. The price range $450,000 and upward are looking at a minimum of at least 39 months worth of inventory. Two really difficult price ranges are $800,000 to $900,000 and  $600,000 to $700,000 topping out at 72 months. Buyers for you it is an opportunity.

 
Now for good news for NC

The N.C. economy could start to recover this summer if banks begin making more loans and the federal stimulus package puts more people to work, a UNC Charlotte economist said Tuesday.

“We’re through the worst of it,” John Connaughton said of the recession. “We’ve probably got another couple of months before it turns around.”

That rebound, though, will be slow and won’t keep North Carolina from losing more than 178,000 jobs between the start of 2008 and end of 2009, said Connaughton, author of the quarterly UNC Charlotte economic forecast.

The state lost 120,100 jobs last year and is expected to lose another 58,200 this year – a two-year total that is nearly double what Connaughton estimated just three months ago. He also gave a bleaker outlook for N.C. unemployment – which was 9.7 percent in January – saying it could peak at 11 percent at year’s end.

Surprise Surprise …Housing starts surge.

WASHINGTON — Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.

While the surge in construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces.

The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units.

Wilmington ranked 26 in population growth 

Even as the national recession began, North Carolina’s metro areas continued to rank high in population growth, according to estimates released Thursday by the U.S. Census Bureau. In fact, Raleigh-Cary was ranked No. 1 and Wilmington, 26.

The population estimates, however, cover July 1, 2007, to July 1, 2008 – a period before unemployment had struck hard in the state. Since then construction jobs have dried up and the bottom dropped out of the banking industry.

North Carolina, and Wilmington, continued to draw new residents even as the recession hit hard in other areas of the country, according to James H. Johnson, of the Kenan-Flagler Business School at the University of North Carolina.

Though Johnson said he doesn’t see a strong correlation between jobs and population growth, “the recession hit other places much earlier and harder,” he said. “In things like construction there are tight networks, particularly in the Hispanic community. You go to where the jobs are.”

The rankings were based on percentage growth. The actual number of new residents for the Wilmington area grew by 8,232 between July 2007 and July 2008, to 347,012 from 338,780.

info and stats taken from observer, starnews and NAR

 

...until next week in The Week in Review

Tina

The Week in Review Wilmington NC March 15, 2009

The Week in Review ….your Wilmington Connection March 15, 2009   This Week in Wilmington there has been quite a bit of activity around the real estate market. Partly due to  Mortgage rates being the lowest since 1970 and of course the house prices are floating around 2003 prices. If you are considering selling lets talk about how we can get your home sold. Hard work, priced right and good condition. Email me . Did you know that CNN and Money Magazine voted Wilmington NC 7th best place to buy real estate now? Despite the downward trends in many cities across the country, Wilmington’s real estate market continues to show signs of strength and offers great opportunities for residential home buyers and commercial investment property buyers alike. The Wilmington metropolitan area has skyrocketed to over 500,000. Surprisingly, property here remains affordable in comparison to other affluent parts of the country. In 2006, the median home price was $217,000. This is expected to increase to $297,000 by 2011.  Foreclosures down 50% in NC The number of foreclosures in North Carolina fell 49.7 percent in February from the same period last year, according to data from RealtyTrac Inc. The state had 2,039 foreclosures in February, with one in every 2,023 homeowners receiving a default notice, auction-sale notice or bank-repossession filing. Foreclosure filings in North Carolina fell 14.5 percent in February from January. Across the country, foreclosure filings rose nearly 30 percent last month from February 2008. Green Rating System gets approval  The American National Standards Institute (ANSI) has approved the National Green Building Standard for residential construction work including single-family homes, apartments and condominiums, land development and remodeling and renovation. “The National Green Building Standard is now the first and only green building rating system approved by ANSI, making it the benchmark for green homes,” said Jeff Stokley, Wilmington-Cape Fear Home Builders Association (WFCHBA) president, in a press release.                               until next week in The Week in Review  Tina

The Week in Review Wilmington NC March 8, 2009

The Week in Review .

…your Wilmington Connnection

 March 8, 2009

 

Well it is inevitable that inventory has gone up with spring around the corner. We are up to 2758 houses on the market. The average list to sell price is down to 92%. 339 homes sold in the last 3 months. Currently there are 307 homes under contract. The price ranges from $450,000 and up are looking at single digit under contracts. On the sunnier side it is absolutely gorgeous here in Wilmington, temperatures reached 72 yesterday and will be a bit warmer today. Wilmington is a great place to live. If you are thinking of buying in Wilmington drop me an email . Enjoy the rest of your weekend.

Sliding sales in Wilmington?

The number of area homes whose sales closed in January totaled 187, down from 307 a year earlier and 293 in December. The average price of a home that closed in January also fell, and was 22 percent lower than in January 2008 – $229,940 versus $295,582. That figure can reflect not only a drop in home value, but also a preponderance of sales at the lower end of the market.There are still challenges in our market, but there is still business to be done.

Housing Affordability

 Housing affordability is at a record high – the buying power of a typical family has risen significantly. With the drop in interest rates, a median-income family can afford a home costing $20,000 more than a year ago for the same monthly mortgage payment. With the strong housing stimulus, we are hopeful inventory will get trimmed and which will help prices stabilize in many areas by the end of this year. Housing Affordability Index rose 13.6 percentage points in January to 166.8, a new record high. The HAI, a broad index of affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.(facts and figures taken from NAR)

…until next week in The Week in Review

Tina

The Week in Review March 1, 2009 Wilmington NC

The Week in Review

....your Wilmington Connection

March 1, 2009

Wilmington has seen some crazy weather this week, the real estate market has seen an increase this week. Homes that are priced right are seeing showings and offers. Our office has seen a large increase in contracts this week.

 Just announced Keller Williams is now the third largest Real Estate Company! 

Are we at the Tipping Point? 

 Are we somewhere near the “tipping point” for real estate, where an accumulation of positive economic and government policy developments

This week there are some strong signs that we just might be there.

Tops on the list: The massive stimulus bill signed into law by President Obama is certain to pull buyers into the market who otherwise would have stayed on the sidelines.

The new tax credit in the legislation goes up to $8,000 and is non-repayable  unlike last year’s credit program. It’ s intended for “first time” purchasers, but under the program definition, you’re a first timer as long as you haven’t owned or co-owned a house during the previous three years.

 

 

 

Wilmington NC Real Estate Market Overview

 

 

 Information taken from the Star News and Aol Stats

 

 

 

 until next week in The Week in Review

Tina 

The Week in Review Wilmington NC February 15, 2009

The Week in Review ….your Wilmington Connection February 15, 2009 Currently in Wilmington there are 2736 homes on the market and 279 of those are under contract which is 10%. The price range $250,000 and under you are seeing roughly worth a months inventory. The worse price range is the 1 million and above where there is 85 months worth of inventory. The range from 700,000 to 800,000 is looking at 47 months worth of inventory. If you are selling your home you either have to be patient or price it very, I mean very aggressive. In the last six months there has been 968 homes sold. Buyers are not looking in particular areas anymore they are looking across the board to see what is the best offer out there. If you are thinking of selling lets talk and see where you stand. Lawmakers and Real estate Well in their collective infinite wisdom, the lawmakers of this Country have decided that the housing market isn’t in all that bad of a shape and decided to yank the tax credit from the bill. Yep, no tax credit for buyers. Unless of course they are of the first time home buyer variety. This means the market for short sales has gotten even more lucrative. You see the banks were counting on this as well as a way that they felt was going to help them not to have to take as many losses as they have been. Now, it’s going to be even easier to get your short sale approved. Banks and LM’s are going to be even MORE aggressive in settling these non-performing assets.  Raleigh Builder with local Projects Files for Chapter 11 The Raleigh-based builer firm, which also has operations in Charlotte and Cincinnati, has taken a toll in the residential construction and real estate markets in its filing earlier this month in U.S. Bankruptcy Court for the Eastern District of North Carolina. Under Chapter 11, companies seek temporary protection from creditors as they seek to reorganize into profitable concerns. It does not mean the company has shut down or has stopped doing normal business. Just scaling back. Locals Help Shape Port Project The N.C. State Ports Authority says the future terminal in Brunswick County will be similar in size and technology to the APM Terminal in Portsmouth, Va. From a getting a sound wall built to having the rail line that runs through several neighborhoods relocated, residents here made clear from the beginning what they wanted.   ...until next week in The Week in Review                     Tina

The Week in Review Wilmington NC, February 8, 2009

The Week in Review

.….your Wilmington Connection

Febuary 8, 2009

Wilmington Weather…Wow is all I can say. Today in te 70’s the beach was just stunning…how could you not want to live here? Let me know if you are planning on making the move I can help make it an uneventful move. This is a great time to buy with interest rates extremely low and home prices the best they have been in 4 years.

 

The nine changes new city Residents can expect: Monkey Junction Annexation

Property taxes

The most painful change. City residents and businesses pay city and county property taxes. City’s current tax rate is 33.25 cents per $100 of property value. That means the owner of a $250,000 property would pay an additional $831.25 a year in property taxes.

Sewer and water

Those without public sewer and water would be required to get it. Costs vary based on the size of lines. The charge for a regular 5/8-inch water connection is $1,295. New water customers also must pay a $179 meter installation fee. A 4-inch sewer connection costs $900. The charges can be financed over five years.

Fire service

The city is exploring whether to contract with the Myrtle Grove Volunteer Fire Department, which serves the area now, with backup from the city fire department, or build and staff a new fire station. Public water service installed throughout the area should increase water capacity to fight fires. New city residents would no longer pay the county fire district tax, which currently is 5 cents per $100 of property value, or $125 a year for a $250,000 house.

Police service

The Wilmington Police Department would take over patrol of the area from the New Hanover County Sheriff’s Department. There is a need for six additional officers to ensure adequate response times.

Stormwater

Single-family residences pay $5 a month, or $60 a year, for stormwater service. Commercial areas pay a fee based on the amount of impervious surface on the property. The annexation area would be studied for drainage problems and improvements would be made as funding becomes available. Street sweeping would be provided on public streets with curbs and bike lanes.

Trash

The cost for city trash service is $23.50 a month for a large trash cart and $19.40 for a small one. Residents of private streets would maintain existing arrangements with their haulers and wouldn’t have to pay the city fees.

Smaller businesses might be able to petition the city for city trash service, but the city wouldn’t provide Dumpster service.

Property insurance

Policies vary, so check with your insurance provider. Better fire protection doesn’t necessarily mean lower homeowners’ insurance rates, but commercial insurance rates are likely to go down, according to the city’s draft annexation service plan.

Voting

City residents are eligible to vote in city elections, held in October of odd-numbered years. They are also eligible to serve on city boards and commissions.

Golf course fees

City residents pay less to play at the Municipal Golf Course. During the week, rates for 18 holes and a cart are $26 for city residents and $34 for non-residents.

Foreclosure Grant for New Hanover County?

Be Prepared

The Neighborhood Stabilization Program is a $3.92 billion pool created by the federal government last fall.

The purpose to provid funds to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop them.

It can help stabilize property values in areas that are hit by foreclosures as the economy tanks.

North Carolina received $52 million of that federal funding pie, which it will then distribute to local governments that apply.

Mortgage Rates – should you really play the Waiting Game

Borrowers are holding out for lower rates, but this waiting game will be costly when rates suddenly increase as they did this week. Last week when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07. The average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month. So dont keep waiting.

 

…until next week in The Week in Review

Tina

The Week in Review Wilmington NC February 1, 2009

 

The Week in Review

…..your Wilmington Connection

February 1, 2009

Well its February, one month closer to warmer weather. Currently in the Wilmington real estate market there are 2673 on the market and 238 are under contract thats 9%. The best price range to be in if you are selling a home now is that $300,000 and under range you looking at anywhere from 8-13 months worth of inventory. The price ranges with the most inventory? $700,000 – $800,000 has 47 months worth of inventory and the 1 million and above???well 74 months worth of inventory…whew! Homes are still going for an average of 94% of their list price, so keep that in mind buyers if you are making offers.Drop me an email if you have questions about the real estate market here in Wilmington.

Lowes in Porters Neck?

Will it happen? Developers are saying it will take close to two years. The Developer Jimmy Black of Alliance Commercial Properties in Greensboro ran into some holdups with the residents complaining that there would not be enough exits from the faciliity. The devleopment will take place in 3 phases, the second to be completed by the third quarter and no time line as yet for the final phase.

A boost in home sales in Leland.

Brunswick counties association reporteed a higher value of home sales in 2008 than the year before. Compared to the Wilmington-area sales reported by the WRAR fell 30 percent and the total dollar volume sales fell 25 percent.Thirty-three percent of the Brunswick County market is in the Leland area and home values have not dropped there. But on the not so positive side….Brunswick county seen a 85 percent increase in foreclosures. Foreclosure hearings are booked through March. The Brunswick Clerk of courts are averaging 10-12 hearings a day.

Reccomendations by REALTORS & NAR

 

The letter sent to Congress earlier this week, NAR begged I mean pleaded to Congress to make the loan limit increases permanent so that secure, affordable, safe financing is available for American families regardless of where they live. NAR is also putting pressure on to expand the tax credit to all home buyers and extend the expiration date to December 31, 2009.

Other items under consideration in the bill will help communities: the expansion of the tax-exempt housing bonds, increased funding for rural housing loan programs, additional funding for neighborhood stabilization activities, more grants for low-income housing and rehabilitation, more energy efficiency incentives for housing. Will this all come into play….we can only wait and see.

 

until next week in The Week in Review

Tina

The Week in Review Wilmington NC January 25 2009

The Week in Review

…..your Wilmington Connection

January 25, 2009

Back to warmer temperatures…thank goodness the whole city shut down with maximum of 2 inches of snow. Weather is back to normal here. The real estate market has been seeing some big movement. I had 4 showings on just one property and a multi offer on one….is this the real estate market we are hearing about? Hmm I dont think so.

 

Obama and the Troubled Asset Relief Program

As Congress and the new Obama administration consider additional initiatives for the Troubled Asset Relief Program, the NATIONAL ASSOCIATION OF REALTORS® is continuing its push for a comprehensive U.S. strategy that will stimulate home sales, prevent foreclosures, and restore confidence in the housing market.

“The housing sector is at the core of the current economic crisis,” NAR President Charles McMillan said. “A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and stability. We are eager to see this happen and look forward to working with the Obama administration and Congress to quickly implement housing stimulus efforts.” 

 

 

The proposed Monkey Junction annexation area just got bigger, and Alford’s – a Carolina Beach Road fixture – is now in it. That news left store owner Jack Alford Jr., who didn’t learn of it until Thursday morning, less than thrilled.

“I didn’t ask for it,” Alford said. “It don’t matter though, does it?”

The city’s latest annexation plan includes 218 more acres, mainly commercial and residential areas that border the west side of Carolina Beach Road. It also includes a commercial stretch just east of South College Road and north of Piner Road.

The total annexation area now includes about 1,040 acres and about 3,900 people, according to city estimates.

At its Feb. 3 meeting, City Council is expected to consider a resolution of intent to annex the area. That would start the long annexation process. Barring lawsuits or other delays, it is currently slated to take effect in mid-2010.

City leaders have long said they planned to annex the area around Monkey Junction and released a map last year showing the proposed boundaries.

But recently, after a survey of the area, city officials learned that land annexed voluntarily in 1997 – land that isn’t connected to the existing city limits – lies between the northern and southern parts of the proposed annexation area.

The 1997 area stretches all the way from Carolina Beach Road to South College Road and includes the roads themselves, an important detail found by surveyors.

 

NAR supports Chairman Barney Frank’s proposal, H.R. 384, the TARP Reform and Accountability Act, introduced earlier this month. This bill contains key components of NAR’s Housing Stimulus Plan, including enacting a mortgage buy-down program to reduce interest rates below prevailing rates, increasing foreclosure prevention and mitigation efforts, and providing needed liquidity to the residential and commercial mortgage markets to ensure that financing is available.

 

Home Buyer Tax Credit

 If all home buyers become eligible for a tax credit without a repayment feature, it could result in an additional 555,000 home sales – enough to meaningfully draw down excess housing inventory, according to the National Association of Realtors^®.

An evaluation of options for a home buyer tax credit by NAR shows wide ranging implications and benefits. A full credit to all buyers means an additional 2.22 million households would meet the income requirements for purchasing a home, but only one in four of those households would actually make a purchase.¹

Under the current $7,500 first-time home buyer tax credit, which must be repaid over 15 years, 264,000 households meet the purchase requirements. Using the same assumptions, with plans to hold their home for a median 10 years, it would mean only 66,000 additional sales.²

Lawrence Yun, NAR chief economist, said NAR is advocating a tax credit for any home purchase meeting qualifying underwriting standards.

until next week in The Week in Review

Tina

Monkey Junction Annexation

The Week in Review Wilmington NC January 18, 2009

The Week in Review

…..your Wilmington Connection

January 18, 2009

Cold this week in Wilmington. Brrrrr…The Real estate market has been dragging a bit…but on a high note there has been a lot more activity these last two weeks than we have seen in the last 2 months. I hope this is a sign that buyers have taken on board that this is the best time as any with the interest rates at the lowest they have been in 50 years.

50 years! So if you are planninng on buying anytime soon you would be crazy not to do it now!

In the last six months 1,276 homes have sold and 726 listings have expired. With only 1,276 homes sold in the last 6 months, that would mean we have approximately have 12.8 , so wouldn’t you think that sellers would be very motivated to sell?

Contact me if you are ready to look at some homes, or if you are planning on selling and would like to find out what your home is worth ?

 

Obama Inauguration Spurs Hopes for Housing

Brokers are optimistic that the change in administration next week will have an impact on the extremely sluggish housing market, according to a “Housing Beat” survey of its members by Leading Real Estate Companies of the World(r). Over three fourths of those responding felt that the changing of the guard will have a moderate to significant influence.

Mortgage rates drop below 5%

 

Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.

Mortgage rates have been dropping since late November, when the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money and perhaps aid the ailing U.S. housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages dropped to 4.96 percent this week from the previous record low of 5.01 percent established last week. It was the 11th straight weekly drop, and way below the rate of 5.69 percent at the same time last year.

Circle B Trailer Park residents face loss of homes to development

The owner of the 8-acre Circle B property, Circle Properties LLC, wants to build a six-building, 144-unit apartment complex, Cardinal Crossing.

Last July, Circle B Properties and Biltmark Construction, the builder, sent one-page letters to the residents informing them that the companies are “exploring the possibility” of redeveloping the site.

“Many details remain to be worked out, but if we obtain the needed approvals, and if the project is otherwise viable, you will be given notice to remove your trailer from the premises,” the letter stated, adding that their “best guess” for that notice would be between June and September 2009.

The next step for developers is to ask City Council to rezone the property from regional business district to multi-family residential – medium high density. A public hearing and vote are slated for the council’s Feb. 3 meeting.The project has the backing of Wilmington city planners, as well as the Planning Commission, which unanimously endorsed it earlier this month.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC January 11 2009

The Week in Review

….your Wilmington Connection

January 11, 2009

Currently in Wilmington there are 2589 Homes on the Market. 8% of these are under contract, just a little over 200 homes. Currenlty the average list to sell price is 94%. The price range of $700,000 and above are looking at 35 months worth of inventory. That means if nothing comes on the market in that price range this is how long it will take to sell these homes. Thinking of selling your home? There are two things that are most important. Pricing and an agent that knows how to market your home on the internet. Let me know if you have any questions or would like to sit down and talk about this.

If you are a buyer the world is your oyster now, dont wait to long though there are talks of the interest rates going up again. Email me and lets find out what your needs are.

 

Condo developers apply to work in the Intracoastal Waterway

The company planning to build two 135-foot-tall condo towers near Oak Island has submitted an application with the Army Corps of Engineers to work in the Intracoastal Waterway.

The application is the next step in the permitting process for the project, and the company hopes to have all permits in 45 days, said Steve Saieed, consultant for Oak Island Property Holdings LLC.

“All we’re trying to do is just complete our permit process,” he said.

Oak Island Property Holdings LLC has plans to build a marina and dry-stack boat storage facility on Oak Island’s mainland where the former Sandy’s restaurant and dock now stand.

The project also includes the two high-rise condominium buildings and three smaller buildings in Brunswick County territory.

But how soon ground will break on the project depends on when the slumping housing market rebounds.

Saieed said he is hoping to start construction on the marina in a year and the condos by 2011.

NAR Offers Clarification on the Required Size of a Down Payment for a Mortgage

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:

An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers. A borrower who puts down less than 20 percent is required to obtain mortgage insurance. Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment. FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.

PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

 

….until next week in The Week in Review

Tina

The Week in Review Wilmington NC January 4, 2009

 

 

The Week in Review

…..your Wilmington Connection

January 4, 2009

Another year is over and a new one beginning. I sincerely hope all
turned out the way you wished for in 2008.

May all the dreams in your eyes and all the desires in your heart
blend together to give you the most spectacular 2009.

Real Estate in Wilmington. The average sales price has been $243,445 and the list versus sales ratio has dropped a tad to 94% with an average of 146 days on the market. Thinking of selling your home. Try the free market analysis .

 

NC is The Fourth fastest Growing State in US, Census Report Shows

North Carolina’s population rose 2 percent during the past year, making it the nation’s fourth fastest growing state – and the most rapidly growing of any state east of Texas, a new report shows.

The state gained almost 181,000 residents from July 2007 to July 2008, according to the report released Monday by the U.S. Census Bureau. With a 2008 population of 9.2 million, North Carolina remains the nation’s 10th largest state.

While the new figures don’t reflect any changes during the past five months, when the economy registered its sharpest declines, they do show the state’s growth rate is slowing. From 2006 to 2007, the state’s population increased 2.17 percent.

NC ranked Second Best Business Climate

Ease of transportation is one of the things considered in ranking North Carolina as the second best business climate in the country.

According to a recent survey done by development counselors international, North Carolina ranks behind Texas as the most desirable business climate.

Executives cite a strong labor market, low operating costs, and a pro-business climate as the main influences on their rankings.

Billy King of Wilmington Industrial Development says businesses can take advantage of those same qualities right here in the Cape Fear area.

“I think our diversity in the size and the types of businesses that we help recruit and help expand has served our region very well,” said King.

The survey says the perception about a location’s business climate often plays a crucial role in site selection, and where companies invest money and create jobs.

For the last 10 years, North Carolina has ranked in the top five business climates.

This may be the year you really want to file your income tax returns early.

For first-time homebuyers, it’s a chance to get your hands on up to $7,500 via a tax credit approved by Congress last year.

It offer a stimulus to those who have spent their last dollar to buy a home. That $7,500 could help pay for furniture, pay off credit card debt or replenish savings.The tax credit is actually a no-interest loan that must be paid back over a 15-year period.

There is a way to tap into the equivalent of the tax credit sooner than when you file your 2008 or 2009 tax return.

Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding, according to the National Association of Home Builders tax credit Web site – www.FederalHousingTaxCredit.com.

Reducing tax withholding (up to the amount of the credit) will enable the future homebuyer to accumulate cash by raising his/her take-home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment.

What homes qualify?

Any home purchased by an eligible first-time homebuyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats, according to the National Association of Home Builders.

...until next week in The Week in Review

Tina

 

The Week in Review Wilmington NC December 27, 2008

The Week in Review

….your Wilmington Connection

December 27, 2008

We are approaching the end of another year….did you accomplish what you wanted? Never fear another year is around the corner. If one of your goals was to purchase an investment property, now is the best time. With interest rates extremely low and of course propery prices have dropped. But remember spring is around the corner and prices tend to climb a little. So start looking now. Let me know if I can be of some help, we can set up a search and have your properties sent right to you.

Great News for Wilmington

Wilmington named AmongTop Six Cities Where Housing Values have Climbed

News reports have been packed with stories about declining home values, but a recent government report shows that the situation is not nearly so dire as some reports make it sound.

Despite big loses in some areas of the country, the majority of markets continue to show growth in home value over the last five years.

According to the third-quarter survey released by the Federal Housing Finance Agency, out of 292 metropolitan markets, 273 showed positive net home values in the last five years. Only 19 percent were negative.

While home values declined 4 percent on average in the last year, values were up nearly 29 percent over the past five years.

According to the Federal Housing Finance Agency, markets that gained the most over the last five years were:
Honolulu: up 78.7 percent
Virginia Beach: 72.6 percent
Flagstaff, Ariz.: 66.5 percent
Bellingham, Wash.: 65.6 percent
Wilmington, N.C.: 62.1 percent
Baltimore: 60.6 percent

 

Source: The National Association of REALTORS

 

Project paves the way for Brunswick airport growth

Officials will be ringing in the New Year with a relocated Airport Road and a traffic light at its intersection with Long Beach Road. The light is the final step to realigning the road that runs behind the airport in Oak Island.

The new road is necessary to make way for a runway extension that will stretch over the current Airport Road route. The road should be open in the first or second week of January.

“We’re doing this because of the demand for aircraft business,” airport director Howie Franklin said. Franklin and business owners at the airport are hoping to get the rest of the funding needed to expand the airport runway from 4,300 feet to 5,505 feet and add a new hangar.

That extra length will make room for more planes and executive jets, which in turn will fuel the local economy, Franklin said.

A 2006 state study predicts after the expansion the airport will bring $52.1 million to the local economy. The expansion would double the airport’s overall economic impact in Brunswick County and add 132 jobs, according to the study. Franklin said those dollars and jobs include more business at the airport and surrounding hotels, restaurants and shops.

Historic Low Mortgage Rates

 

Mortgage rates remained low last week and many states saw sub-5.00% rates for the first time in recent history. The weekly average rates for 30-year fixed mortgages declined to 4.96%, down from 5.15% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Rates for 15-year fixed mortgages decreased to 4.91%, down from 5.00% and 5-1 adjustable rate mortgages decreased significantly to 5.54% from 5.94%.

Mortgage Type Average Rate Average Rate % Change
Week ending 12/21/08 Week ending 12/14/08
30-year fixed 4.96% 5.15% -3.7%
15-year fixed 4.91% 5.00% -1.8%
5-1 ARM 5.54% 5.94% -6.7%

Rates for 30-year fixed mortgages remained fairly steady on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.11%.

 

.…until next week in The Week in Review

Tina

How an experienced realtor can help avoid buying a money pit.

An experienced realtor knows the warning signs of a home purchased that is bound to be a money pit. Over time and through the inspections that an experienced realtor will have conducted, help them know what to watch for in order to protect their clients.

 

These things are the areas that when you are looking at paint and carpet your realtor will be looking at foundations and roofs. Here is a basic explanation of the inspections that will help keep your investments safe.

 

These inspections cover areas of the house and property such as appliances, utility meters, electrical wiring, plumbing, fuse and circuit breaker boxes, furnaces, water heater, sinks, toilets, bath tubs, central air, or swamp coolers, and any other electrical or water system that is part of the property.

 

A home is a significant investment that should be a positive experience. However in a situation that the home you purchase has flooding issues, power problems, phone line changes, pipes that are rotted, or any other miscellaneous problem can result in being an on going living nightmare.

 

With this is mind knowing what and who to have completed these inspections with your best interest in mind it very important. You can also review the appraisal that was completed on the home. Your realtor will be able to show you several options that would be able to protect you from these types of issues.

 

There are organizations that help realtors know which inspectors are really making sure the house is up to code. One that is a great resource is NACHIS their web site is located at http://foresighthomeinspection.biz/?D=12. This is the type of contacts your realtor will have to make sure you are getting the best home for your money. No one wants to make a huge investment into something that is going to continue to be a money pit.

 

Some homes have incurable defects. This is a situation that is beyond the standard repair of the home. Some defects are worse than others. If you have never lived next to a train track, be prepared for noise at all times of day and night. This is a form of a defect. Another defect is a freeway that has traffic all the time day and night. Those are defects that we can learn to deal with, however there are some defects that will affect the home and living experience on a much grander scale.

 

There are what is called economic obsolesce. This term is used primarily by appraisers and realtors when there is a bad floor plan, very poor location, located near hazardous things like high voltage power lines, or a city dump. There are also defects that can be very expensive and dangerous that your realtor or agent can make sure you are not stuck with.

 

For example: You find the most charming home, it is a beautiful cottage style, 70 years old, remodeled from what you can see. The neighborhood is safe for kids, with a peaceful back yard with trees and flowers. It is perfect. Or so you thought, three months into the stay, the bad plumbing has problems due to weather, or something, and then your house is filled with sewage. We are not talking water. Now the previous owners new this, they covered it up.

 

The appraisal they have been completed by a family friend who really did not look that close and there was not a good inspection completed. Now you moved your entire family and there is raw sewage all over your carpets and floors. What can you do. The cost for the repairs will be in the range of $10,000 and you have to have the repair done in order to live in the home at all.

 

The pipes out in the yard and into the street are bad. There is no way around it. The responsibility is now yours. This is why you need to have the support of a realtor on your side, making sure this does not become your problem.

 

When you are looking to purchase a home, it is important to have a buyer’s agent or realtor there with you through the process to make sure you are not buying a home that will cost you in the long run.

 

Remember that it does not cost you any extra money to have a realtor or buyer’s agent help you. This is because the commission will be paid in most cases with the commission from the purchase of the house. Therefore there really is no reason not to have the help you need to make a good decision.

The Week in Review Wilmington NC, December 21, 2008

 

 

The Week in Review

…your Wilmington Connection

December 21, 2008

Wishing you and your family every happiness this Holiday Season and prosperity in the New Year.

With the New Year around the corner…..everyone has the same question in mind. What will happen to the real estate market? Are we at the bottom? When will it bounce back. Some say late next year other analyst say not till 2011.

Local Home Sales

The average price of homes closed here in November was $252,331, while the median price – the point at which half of homes sold for more and half for less – was $194,000. Those figures compared with $273,460 and $205,000, respectively, in November 2007.

The figures for the first 11 months of 2008 showed a drop in average price of 5.5 percent compared with the same period in 2007, while the median price was down 3.7 percent. Prices, however, are only of homes sold and do not necessarily reflect the value of homes here in general, although they are one indication.

The number of homes on the market continued to drop in November, but “foreclosure problems are exacerbating inventory. I don’t have any numbers, “but the feeling I get – and it’s from bankers – is that the rate is increasing but is not as great here as elsewhere.” The numbers certainly are not as great as California, Nevada, Florida and other areas of the country.

Take your own look at the data at www.wrar.com. In the left column, click on “local area information,” then “statistical reports for residential real estate sales from the Wilmington MLS.”

 

Positive signs in Cape Fear area

Wilmington’s economy is diversified, but real estate and construction are a major part of the equation here. So anything positive on that front is as welcome as a single week without a major delay on the Cape Fear Memorial Bridge.

Here are some other positive economic signs amid the gloom:

Average mortgage rates fell to their lowest point nationwide – an average 5.19 percent – since the government mortgage firm Freddie Mac began tracking them 37 years ago. Rates have fallen to such a point – one Wilmington firm was quoting a 30-year, fixed-rate loan at around 4.37 percent last week – that refinancers are seeing a way to cut their house payments by a chunk.

For example, a $200,000 mortgage at the early January rate of 6.07 percent would equal a monthly payment of about $1,208 before adding in property taxes and insurance. At 4.375 percent, it falls to about $998.

Builders and real estate agents, of course, are hoping that those same rates will attract buyers into the moribund market here. It’s debatable whether “it’s never been a better time to buy a home,” but first-time buyers can benefit from the new $7,500 U.S. tax rebate to help with the down payment, according to Donna Girardot, executive officer of the Wilmington-Cape Fear Home Builders Association.

.…until next week in the Week in Review

Tina

 

 

Immediate Release HGTV – Wilmington NC realtor My house is worth What?

Wilmington NC Realtor featured on National TV Show HGTV’s MY House is Worth What?

Come November 30^th , there could be an influx of new residents as Seasoned Realtor Tina Abraham with Keller Williams Realty helps put Wilmington in the national spotlight, highlighting Wilmington as an fantastic coastal town.

Wilmington NC (Press Release) November 18, 2008 – The episode which airs Sunday evening (November 30^th, 2008) at 7pm on HGTV, gives the Wilmington community, an opportunity to remind prospective buyers around the country of the very best qualities of the region. Tina sees this as a powerful opportunity to remind prospective buyers of the benefits of buying a home here. “This is the perfect opportunity to “shout out” the great things Wilmington has to offer,” says Tina, “….Wilmington is a great place to relocate for outdoor amenities like boating, year round golf, and of course the beach.

This could not have come at a better time as the market’s economic downturn has played a key role in the sales, buying and building of homes across the 3 counties. Wilmington, like many communities in the Greater Wilmington area, has seen a significant reduction on market value with quite a few of recent foreclosures. “This could be a great shot in the arm for Wilmington,” says Tina optimistically.”….it’s a real opportunity to bring buyers here!”

Having been in the real estate business for years in London, England and the last 3 years here in Wilmington, Tina is of Keller Williams Top Producers. Excited about (the place she calls) her hometown in the national spotlight, Tina lets her enthusiasm show; “This could mean great things for Wilmington!” The episode (episode # 1112) will be posted via a streaming link on Tina Abraham’s website; www.tinaabraham.com starting December 30, 2008. But until then…. Don’t miss the first show November 30^th at 7pm on HGTV! or check out here when is the next one.

The Week in Review Wilmington NC December 7, 2008

The Week in Review

…..your Wilmington Connection

December 7, 3008

Keller Williams had their 2nd Annual Fashion Victims Ball last night.It was a success with alot of hard work for our team. First it’s hard to believe we raised so much money by looking so awful. and wow…..its hard to believe that clothes like that exist. Smile.

Currently in the Wilmington area there are 2728 properties on the market, at the moment about 9 % are under contract which equates to 256. Homes are still getting about 95% of their list price. The 1 million above are actually only getting 92% of their list price. In the last six months 1276 homes have sold. with an overall average days on market being 200.

What Will 2009 Bring?

 

With 2009 rapidly approaching, we must consider the changes that have occurred in our market, and plan for what we will experience in the coming year. While 2009 will be a difficult year for many, it will also bring unprecedented opportunities for the few who choose to adapt now, before it’s too late.

Prices may continue to fall a little, but dramatic price drops such as those we saw between 2006 and 2008 are unlikely.

Affordability will drive an increase in existing-home sales. Proper pricing, as always, is essential.

 

Mortgage defaults will remain elevated as job and economic growth slows and the next significant wave of mortgages reset.

Onward and Upward !

Thank you to those who sent a response to my HGTV stint on My House is Worth What? The comments were a joy to read. You can catch the program again. Click here to find out when.

 

.…until next week in The Week in Review

Tina

 

 

The Week in Review Wilmington NC November 23, 2008

The Week in Review

…..your Wilmington Connection

November 23rd 2008

Chilly start to the Week…I would like to wish you and your Family a Happy Thanksgiving. Thanks is an expression of gratitude, not an expression of selfishness, which unfortunately, we have all gotten too accustomed of doing. ou know, we’re in the ‘Me Society.’ It’s all about me, me, me.

But as we draw to the Thanksgiving holiday, I trust that we’ll all take a little time and reflect on all we have to be thankful for.

 

2.5 Million…to Dredge Intracoastal Waterway

U.S. Rep. Mike McIntyre’s office on Thursday afternoon announced that $2.5 million has been secured for maintenance dredging of the Intracoastal Waterway.

The federal funds were included in the recently passed Consolidated Security, Disaster Assistance, and Continuing Appropriations Act of 2009.

President Bush had proposed less than $1 million for waterway dredging in North Carolina. The Army Corps of Engineers, which manages the waterway, received $5.5 million for dredging in the 2008 fiscal year, which ended Sept. 30.

“This is truly a blessing for public safety, emergency preparedness, tourism, our boating community and our marine businesses,” McIntyre said in a release announcing the funding. “An open and navigable Intracoastal Waterway greatly contributes to a thriving economy, and I am thrilled these federal funds have come through!”

The release also states that the work will be centered in Brunswick County and start next month.

Titan Cement Plant

New Hanover County officials worked quietly for three years to lure Titan America LLC to Castle Hayne. When the news finally broke in April, county officials said the new cement plant would create jobs and send a positive ripple through the regional economy. But a growing number of concerned residents say the environmental price is too high. And they are preparing for a fight.

New Home Sales

Lost among the bank failures and resale downsizing has been the plight of new home sales and marketing companies. Once the high-flying benefactors of an explosion of new home sales, they now find themselves wondering where future closings will come from.

While there is excessive new home inventory at the moment, builders have withdrawn from the market and will not return any time soon. In regions with limited developable land, such as San Diego, they won’t be back at all. Infill, multi-family, and urban redevelopment characterize a builder’s options. They may not offer the economy of scale required by large builders nor the large promotional budget needed to support the infrastructure of a sales and marketing company.

For the most part, new home sales and marketing companies are paid for their expertise and act in a consultant’s capacity, advising developers. At the moment, most of that advice is being directed toward lowering prices because, in reality, it doesn’t matter how much traffic you generate if the traffic perceives the product as overpriced.

Generally, they are the organizations who coordinate the work of an ad agency, designer, and a public relations firm while also providing an on-site sales force. Compensation is usually a commission at closing and, possibly, bonuses for hitting certain milestones. In many ways, new home marketers aren’t all that different from a resale real estate agent.

But, the perception is that new home sales and marketing companies are able to do things that individual real estate agents cannot. Advice on a print media ad campaign or directing public relations initiatives are their primary activities. Generating traffic to the sight and converting that traffic to sales are their objectives.

Obviously, the developer feels as though he hired the consultant to help him make a profit. But, with business dwindling, new home sales and marketing companies can be tempted to not be emphatic for fear of losing the account altogether. As a result, builders have been chasing the market down, compounding expenses and making sales even more difficult to close.

….until next week in The Week in Review

Tina

The Week in Review Wilmington NC November 15, 2008

The Week in Review

….your Wilmington Connnection

November 15, 2008

Currently their are 2809 homes on the market with 243 under contract and a total of 1401 solds in the last 6 months. Interest rates are still low so its still an optimal chance to buy. Why wager on the stock market that appears to be so unreliable. If you would like any info regarding what your home may be worth please feel free to fill out the CMA form here and I will give you an up to date market analaysis.

 

Construction halted on two Brunswick County developments

One of the state’s largest community developers has stalled construction on two developments in southwestern Brunswick County, leaving municipal officials wondering if they’ll ever see the tax base there grow.

Wakefield Development Co. has stopped building at San Rio Ocean and River Club in Shallotte and Kingfish Bay in Calabash, said Jim Wiseman, project manager and senior vice president of the company’s coastal division.

“We are in a maintenance mode as we negotiate with our lenders,” Wiseman said of San Rio, which is planned to be a gated resort-style community with a Caribbean theme off of Gray Bridge Road.

Original plans for that development called for more than 2,000 single-family homes, townhomes and condos. The properties had been projected to be worth more than $800 million and would generate $3 million to $4 million in local revenue to the town of Shallotte.

But only a partially constructed model house stands on the property, said Shallotte Town Administrator Paul Sabiston.

He said the town expected to see at least a handful of houses there already.

The town and the developer have disagreed before about plans for the community and the town’s regulations, but Sabiston said he hasn’t heard much from the developer lately except for a notice that Wakefield was renewing its bond for phase three of the development.

What will it take to get consumers back to buying:

Financing remains one of the biggest issues for both buyers and sellers. As long as mortgage credit is not widely available, the demand for real estate purchases will remain low.

In addition to facilitating selling of distressed properties and nonperforming loans to buttress the capital base of lenders, government must have an active role in ensuring that mortgage credit is available. FHA, as well as Fannie Mae and Freddie Mac, have jumped in aggressively to fill the void. Still, there are gaps in the product mix in the market and many consumers are being left behind. For instance, many minority and immigrant borrowers lack traditional credit history but can demonstrate payment patterns related to rent, phone, utilities and so on. A new provision within the FHA bill includes the development of an automated underwriting solution for alternative credit borrowers to ensure that individuals with consistent but alternative credit history can get a fair priced loan. This has huge importance to minorities that are otherwise in a position to buy now.

What is happening in the market locally and how is the national discussion about real estate affecting that?

Many parts of the Wilmington real estate market’s long decline began to slow this summer, but the overall financial market meltdown and the economic slowdown have triggered additional fallout locally. The implementation of the federal Emergency Economic Stabilization Act will have a far-reaching impact on the recovery. If implemented well, the new law will help to stabilize the market, reduce the number of foreclosures and rebuild confidence in the housing market. We need to keep people in their homes. It is critical that those affected by the crisis are given an opportunity to recover by getting a loan that they can afford and keep.

.…until next week in The Week in Review

Tina

The Week in Review Wilmington, NC November 9, 2008

 

The Week in Review

….your Wilmington Connection

November 9, 2008

Hooray! The Elections are over….Now we can all get back to making plans for the upcoming year. Thinking of buying? Waiting for….? the bottom to drop out? Don’t wait too long house price are hovering about the same they were 5 years ago….that’s right 2003 prices. Dont even think of waiting….spring is around the corner…and prices will start bumping up again. Have a look at what is out there.

Home borrowing limit stops climbing amid slump

As housing prices climbed over the first half of the decade, so did the amount a buyer could finance and still get the best mortgage rates.

That borrowing limit, for a so-called conforming loan, rose from $252,700 in 2000 to $417,000 this year.

Now, because home prices have stopped climbing, the

limit on most borrowing has too. So, next year the limit on conforming loans will remain $417,000 in most areas of the country, including Southeastern North Carolina, according to information from the Federal Housing Finance Agency, which has regulated mortgage companies Fannie Mae and Freddie Mac since their rescue in September.

Conforming loans are bought by Fannie and Freddie and now are backed by the U.S. government. Loans above $417,000, called jumbo loans, are not bought by Fannie and Freddie and, as a result, are considered riskier by investors and carry higher interest rates.

The rate Friday on a 30-year, fixed conforming mortgage was just over 6 percent, while that on a jumbo was about 7.5 percent.

Wilmington to invest $7 million in private development near convention center

City Council on Wednesday evening approved a development agreement with Riverfront Holdings II, LLC, which plans to build hotels, a marina, office and retail space and condominiums on the Northeast Cape Fear River just north of the city’s convention center site over the next 20 years.

The vote came after a public hearing during the regular City Council meeting, but no one spoke in favor of or against the request, and the hearing was quickly closed.

Steve Shuttleworth, of Riverfront Holdings, told council members that the four-phase, $750 million project would eventually include 24 buildings, three hotels, office and retail space, 908 residential units, about 200 boat slips and 4,430 parking spaces.

Under the agreement, the city agrees to provide some street and utility improvements, and pay a percentage of the cost of the bulkhead around the marina. The city will also extend the Riverwalk through the Riverfront Holdings property at a cost of an estimated $4.3 million. The developer will provide the land to build it on.

 

…until next week in The Week in Review

Tina

 

The Week in Review November 2, 2008 Wilmington NC

The Week in Review

...your Wilmington Connection

November 2, 2008

 

Wow! Halloween is gone and Thanksgiving is on the way. The air is cooler and so is the real estate market. But never fear, a turn around is near. If you are planning on buying better take advantage soon, no matter what kind of market we are in prices always tend to hold strong or inch up more towards the spring which is the start the busiest time for real estate. Let me know if you are considering on purchasing and lets get you started.

Half of U.S. Homeowners Still Do Not Think Their Home’s Value Has Decreased

Months of government bailouts and stock market volatility brought Americans’ perception of the values of their own homes closer to reality than it was last quarter, but surprisingly half of U.S. homeowners still believe their home is insulated from the nation’s home value declines, according to the Zillow Q3 Homeowner Confidence Survey(1).

This quarter, 49% of homeowners said they think their own home’s value has increased or stayed the same over the past year. However, nearly three-quarters (74%) of homes have lost value in the past 12 months, according to preliminary analysis of Zillow’s Q3 Real Estate Market Reports, which will be released Nov. 12.

Perception-Reality Gap Shrinks in Third Quarter, but Many Still Show “Not My Home” Sentiment

Homeowners are not quite as confident as they were in the second quarter, when 62% said their homes either increased in value or remained the same, but a significant gap between the reality of home values and homeowners’ perceptions persists. This is despite the timing of the survey – it was fielded from Oct. 7 to 9, during the worst week in stock market history.

Zillow’s Home Value Misperception Index(2), which measures homeowners’ perceptions of their home’s value over time, shrank to 16 in the third quarter from 32 in the second quarter. An index of zero would mean homeowners’ perceptions were in line with actual values.

Homeowners in the South and West had the most accurate perceptions of home values. In the South, where 67% of homes decreased in value, the Misperception Index was 13. In the West, where 85% of homes declined in value, the Misperception Index was also 13. Northeasterners’ perceptions were most out of line with reality: 71% of homes there lost value, and the Misperception Index was 20.

Re/Max turns to consolidation amid housing slump

 

Re/Max Coastal Properties plans to consolidate its four Wilmington-area offices into one to remain profitable amid the region’s home-sales slump.

The franchise, owned by Bob McWaters, also plans to trim its roster of agents, said Danny McPherson, chief financial officer of Re/Max Coastal. He cited the area’s 52 percent drop in total dollar sales as well as the company’s 15 percent decline, both since 2005.

The firm currently has its corporate and commercial offices at 2018 Eastwood Road, plus sales offices downtown at 112 Market St., in Carolina Beach at 1300 Lake Park Blvd., and in Leland at 9111 Ocean Highway E.

 

Proposed international port may need new partner

The economy’s slide means the N.C. State Ports Authority might have to find a new private partner for its proposed N.C. International Terminal.

CenterPoint Properties of Oak Brook, Ill., reached a preliminary agreement with the Authority in June for the $2.3 billion port near Southport. But because of the depressed housing market and a struggling economy, members of CalEast Global Logistics, which owns CenterPoint, have limited capital, ports authority CEO Tom Eagar said Wednesday, after giving a presentation on port plans to the Southport-Oak Island Chamber of Commerce and its members at Surf Cinemas on Long Beach Road.

…..until next week in The Week in Review

Tina

The Week in Review Wilmington NC October 26, 2008

The Week in Review

…your Wilmington Connection

October 26, 2008 

 

 Spooky….Happy Halloween.!....Homes still selling under Economic cloud… understand while there are 27  states that are considered to be in a recesssion North Carolina is not one of them. People are still buying in Wilmington. This week in Wilmington there has been some movement in the housing market, currently there are 2845 homes on the market and 285 are currently under contract. In the last six months there have been 1161 homes sold and on average selling at 95% of their list price.  Of course homes with the price range of 300 are selling quicker with an average of 100 days on the market. 

Thinking of selling your home? Email me and I can get you a no obligatory market analysis.

A Wall Street Alternative: 5 Timely Reasons to Invest in Vacation Property

There are plenty of great deals to be had. Thanks to the aftermath of the real estate bubble, home prices are down right now across the board. That means in many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. And that means that if you’ve been kicking yourself for not buying a vacation home back before prices escalated beyond all reason, you’ve got a reprieve-Karpinski says that in some markets homes are back to 2000 prices.
“Housing bubble or no housing bubble, you’re not going to get bargain basement prices on, say, a cottage right on the ocean-but if you’re willing to buy a few rows back, you’ll likely find that prices have fallen substantially,” notes Karpinski. “Because houses aren’t flying off the shelf, there’s less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan.”
Interest rates are attractive right now. Recently, the Federal Reserve cut interest rates by half a percentage point in an effort to shore up America’s faltering economy. And rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That’s good news for anyone (anyone with good credit, that is) who’s in the market for a mortgage.
Add the lower interest rates to the lower housing prices, and it’s clear that now is the time to buy, Of course, for the sake of our nation’s economy, we want the real estate market to pick up, but from an individual buyer’s perspective, the combination of lots of houses for sale, low prices, and falling interest rates is hard to beat.
If you’re worried about investing in a sluggish real estate market, relax. Recent reports indicate housing is on the rebound. Last week the National Association of Realtors® reported that, “The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4%…and is 8.8 percent higher than August 2007.”

 Gateway rezoning appears destined for approval

Make room for the upscale residential and retail development, Wilmington Gateway LLC wants to rezone about 10 vacant acres on Surry Street from industrial to riverfront mixed use. The rezoning request is on the agenda for the council meeting at 6:30 p.m. Tuesday in the City Council Chambers at City Hall, 102 N. Third St.
When council considered the Gateway rezoning in January, it remanded it back to the Planning Commission with a number of recommendations.
The current 11-story Gateway plan, which has been modified significantly from earlier proposals, includes 260 condominiums, a restaurant, 40 boat slips and first-floor retail space, which might include a small food market, coffee shop and hair salon, developer Ron Pickett said Monday.
Pickett said the alternative to Gateway is expanded industrial use on the riverfront.
But some downtown residents made last-minute appeals Monday, urging council members to support the project only if they impose conditions recommended by the Planning Commission in September. Conditions include limiting the average building height to 110 feet, creating a “varied skyline” to make the building appear smaller and permanently dedicating land north of the Cape Fear Memorial Bridge as public open space.
 Landscaped roof blends pretty and practical
The Fortunas are the first in Wilmington to sprout a residential green roof, which soaks up some of the rainwater and keeps their roof a lot cooler than tar tops.
Steve Mott, owner of Mott Landscaping, planned and planted the Fortunas’ roof on the building.
Mott, who has completed classes in green roof design and installation, also transformed part of the roof of his business into a green roof. And while the trees and greenery thriving on Carrabba’s Italian Grill may be seen as a green roof, it is not in the traditional sense.
 
….until next week in The Week in Review
                           Tina
 

The Week in Review Wilmington NC October 18, 2008

The Week in Review

 

…..your Wilmington Connection

October 18, 2008

Politics, housing market, gas prices...we have heard it all recently. Bottom line these things will always be something to contend with, varying in degrees of good and bad and the ugly. Yes, the real estate market has slowed, but you can benefit. If you are buyer/investor this is one of the best times to buy, for yourself or for investment purposes. There are always people who need to rent, buy low and sell high in years to come. Housing has been a fantastic long term investment. Have a look at some of the great homes at great prices .

Wilmington Housing Market.

The housing industry struck a minor chord in a major way this week as national construction numbers came in weaker than expected and local new-home sales showed continued steep drops.

Gathered for a general membership meeting, the local builders heard the sober reality of the Wilmington market: “The marketplace is ugly,” researcher Bernard Helm told the Wilmington-Cape Fear Home Builders Association Thursday. “The outlook is dismal.”

His company had just released figures to the builders that showed sales of new-construction single-family dwellings in the three-county area fell more than 40 percent in the second quarter compared with a year earlier.

The county breakdown didn’t look any better. Sales of new-construction homes were down nearly 40 percent in New Hanover, 37 percent in Brunswick and more than 56 percent in Pender.

National Association of Realtors and the 4 point Stimulus Plan

The National Association of Realtors® will offer a four-point legislative plan to reinvigorate the housing market, calling on Congress to act during a lame-duck session. NAR believes the plan will give a boost to the economy and help to calm jittery potential homebuyers.

“Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible. NAR are asking Congress to act right away.”

NAR recommends Congress pass new housing stimulus legislation that includes the following priorities:

1. Remove the requirement in the current law that first-time home buyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence.

2. Revise the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increases to make them permanent. The Economic Stabilization Act, enacted in February, made loan limit increases temporary, and subsequent legislation reduced the loan limits and made them permanent. This has broad implication for home buyers in high cost areas.

3. Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:

• Extend credit down to Main Street, making credit more available to consumers and small businesses;
• Expedite the process for short sales;
• Expedite the resolution of banks’ real estate owned (REOs) properties.

4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

 

….until next week in The Week in Review

Tina

The Week in Review Wilmington NC Real October 11, 2008

The Week in Review

….your Wilmington Connection

October 11, 2008

 

Currently in Wilmington there are 2771 homes on the market. There are 323 which are currently under contract and 1489 homes have sold in the last 6 months. Thats about 12%. The price range $250,000 and under are fairing the best with 8 months of inventory on the market. Whereas the higher priced homes are suffering with almost a year and a half and upwards. Homes are selling but patience is needed.

Federal Dollars to fund Holden Beach Sand

The estimated damage to Holden’s beach also constituted the biggest chunk of the $14 million in statewide damage to public infrastructure attributed to the storm and helped push the state over the threshold to seek federal help.

Gov. Mike Easley is seeking a federal disaster declaration that would enable federal grants to be used to repair the damage, including to Holden’s beach.

But the damage to the town’s beach has raised some eyebrows, both for the amount of sand Holden officials claim was washed away and the estimated cost to replace it.

Hanna wasn’t a particularly big or strong tropical systems, bringing rain but not much else to Southeastern North Carolina.

Pending Home Sales Up Strongly

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up.

 

….until next week in The Week in Review

Tina

5 tips for finding the best local realtor

Finding the best local realtor does not have to be hard, however it does take a little effort. Here are five tips to make your search a little easier.

 

In the common talk of real estate topics, there are questions that come about regarding the amount of work that is actually completed for the commission a realtor is paid. However, with out knowing what to expect from a realtor, you would not know what a good realtor would do.

 

There are many good realtors available. Though, in order for you to find the best local realtor in your area, you will need to do a little work.

 

First you will need to find several names of realtors in your area. You can do this in a couple different ways. Get online and check out some of the listing web sites in your area and write down a few names of the realtors that are listed on the houses you are interested in looking at. You can do the same thing by going to the MLS.com web site and check out the listings there, and then locate the names of the realtors. It is also a good idea to ask your friends and neighbors if they have worked with any realtors that have helped them in successful real estate transactions. Finally you can look at signs in yard of homes that are for sale in the area you want to live in. This will give you several options to review and then you can move to the next tip.

 

Now you need to set up your interview process. You should at least interview three realtors. Interviewing realtors is just like interviewing anyone else for a job. You will want to find out about the amount of experience the realtor has. Also, you will want to review a few of the recently completed contracts and sales they have done. The next question and probably one of the most important is what type of work with listings and advertisements will they be doing to help you get the real estate transaction for you completed in the best way possible.

 

After the interview process you will need to choose the realtor that appeared to have the personality and skills. This may take a little time thinking about and going over the information you gathered about each of the interviews with the realtors.

 

Once you have chosen your realtor, it is time to set the wheels in motion for a positive and successful relationship that will result in either the purchase of your home, or the selling of your home.

 

A real estate transaction takes knowledge and wisdom to create the smooth flow of success. That knowledge comes from good communication and expectations discussed from the realtor to the seller, or buyer.

 

The wisdom comes from the experience the realtor has gained when working on several real estate transactions in the area they specialize in. they know the neighborhoods, values of the homes and contacts to find the best deal available.

 

Finally, you need to trust your realtor after you have made the choice to sign with them. This means listen and do what they say. They will listen and do what you ask. Therefore you will both be working to meet the same goal. Get you the home you want, or sale your home for the most profit for you.

 

The Week in Review Wilmington NC October 4, 2008

 

The Week in Review

….your Wilmington Connection

October 4, 2008

This week in Wilmington….welcome to the annual Riverfest.

Almost as soon as it began in October of 1979, Riverfest became the seasonal little sister to the Azalea Festival, which of course is held in the spring.

But Riverfest is far from little anymore, with multiple stages, nearly 200 food and craft vendors, a budget of $80,000 and, of course, the thousands and thousands of people it draws annually to downtown Wilmington. Many visitors from out of town realize that Wilmington is the ideal place to live with great year round temperatures and a lifestyle that many can only dream about.

What about home prices?
In theory, repairing the credit markets could lower mortgage rates and make loans more available for home buyers. That boost in demand could help pull the housing market out of its deepest recession since the 1930s.

But it won’t help reduce the backlog of unsold homes — especially foreclosed, bank-owned homes that are being dumped on the market at fire-sale prices. Every time a bank sells a house cheaply to get it off their books, that price becomes the neighborhood’s new market rate.

It’s also harder for a lender to extend a loan for willing buyers in neighborhoods where home prices are still falling. That means buyers have to put up more money, reducing the number of eligible buyers.

Why isn’t more being done to stop foreclosures?
Good question. Congress has been debating this issue for more than a year.

 

. ….until next week in The Week in Review

Tina

 

The Week in Review Wilmington NC September 20, 2008

 

The Week in Review

..…your Wilmington Connection

September 20, 2008

The weather has been gorgeous here! This is the season we have all been waiting for. If have never been to Wilmington this time of year you might want to visit now. The real estate marke: Yes, home sales are down 35%, however people still retire, have new babies, want to downsize, or just want a change. This week in Wilmington there are 2849 homes on the market and 369 are under contract. In the last 6 months there have been 1533 solds not bad, but yes slower than the year before. If you are planning on relocating drop me a line and we can set up your home search and you can have homes sent to you on a daily basis.

 

Wilmington’s August home sales

More than 37 percent fewer homes closed in August than in August 2007 – 403 versus 643. It was the slowest August since 2001, according to the local Realtors’ data. The latest sales also were down nearly 22 percent from July’s.

Home sales that closed in August reflect market conditions in July, June or earlier, because normally 30 to 60 days elapse between signing of a sales contract and closing the deal.

Mortgage interest rates in that period ranged from 6.09 percent to 6.63 percent, according to weekly surveys by Freddie Mac.

In the last week, however, mortgage interest rates have tumbled in the wake of the government’s bailout of mortgage giants Fannie Mae and Freddie Mac. Freddie’s latest survey showed an average interest rate of 5.78 percent on a 30-year, fixed-rate mortgage.

Additionally, mortgage applications have soared, especially for refinancings, according to the Mortgage Bankers Association. The Washington-based trade group said its index for applications this week was up more than 65 percent from the week before.

With lower interest rates, sales could rise in the coming months, though the traditional height of the selling season here is late spring and summer.

 

Of course if you are in the market to buy a home…it is a fantastic time to do it with interest rates down and home prices down, if you are considering it dont wait to long and miss this opportunity.

 

..……….until next week in the Week in Review

Tina

 

 

 

 

 

 

 

 

 

 

 

The Week in Review September 15, 2008 Wilmington NC

The Week in Review

…..your Wilmington Connection

September 13, 2008

Wilmington has been warm and windy this week with some cooler evenings. But the feel of summer is still here. Lets have a look what has been going on in the Port City.

Port City at No. 6 in best-performing cities list

Last year, Wilmington made the No. 2 spot on the Milken Institute/Greenstreet Real Estate Partners’ 2008 best-performing cities list, with a nod toward its role as a port.

This year No. 2 goes to Raleigh-Cary as strong technology and global trade centers influenced the top 10 list. Which is only 1 hour and a half from Wilmington.

Wilmington still was up there, though, at No. 6, while Provo-Orem, Utah, led the pack.

None of America’s 10 largest cities made the list this year as limited room for expansion hurt their ability to compete with faster-growing regions, especially in the South and West.

The index ranks U.S. metros based on their ability to create and sustain jobs. It includes five- and one-year measurements of employment and salary growth, the organizations said.

The national decline in the housing and construction markets pushed some past performers significantly lower in ranking, including the Riverside-San Bernardino-Ontario area of California and metro Phoenix. But energy center Houston became the top performer among the 10 largest cities at 16th on the list and Dallas rose to 23rd.

El Paso, Texas, was the most improved city, moving from 122nd to 37th, the survey found.

The Milken Institute, based in Santa Monica, Calif., describes itself as a nonprofit, independent economic think tank. Greenstreet Real Estate Partners is an investment and asset management company.

Federal Mortgage Success stories

So far, these government-linked lenders — including other, smaller Maes and Macs — have come through the credit crisis largely unscathed. Some of them, in fact, are even prospering.

The Federal Agricultural Mortgage Corporation, or Farmer Mac, for example, has been on a roll lately. Its shares have soared 153 percent this year, and its profit is up. Chartered by the federal government in 1988, Farmer Mac buys mortgages on farmland from agricultural lenders and then sells instruments backed by those loans. The company is thriving because the price of crops — and farmland — has been rising.

The Government National Mortgage Association, or Ginnie Mae, meantime, has also come through the last year without the credit problems that have brought Fannie Mae and Freddie Mac to their knees. Fully owned by the federal government, Ginnie Mae provides guarantees on mortgage-backed securities backed by federally insured or guaranteed loans. Earlier this year, Ginnie Mae’s sales of new government-guaranteed debt soared to the highest point since 2003, as the market for other mortgage-linked debt collapsed.

Southport aldermen OK annexation of 93 acres

But the 93 acres the city intends to annex is much different than the large swath officials had originally hoped to grab.

The board voted 5-1, with Alderman Nelson Adams dissenting, to approve a resolution of intent to annex land along North Atlantic Avenue, Jabbertown Road and across the Progress Energy cooling canal.

But this intent goes nowhere near the Long Beach Road-N.C. 211 intersection the city had hoped to take in. Oak Island beat Southport to the table in June by passing its resolution of intent first, giving it exclusive rights to land both communities were eyeing.

Oak Island is in the process of annexing land along Long Beach Road to the N.C. 211 intersection.

Southport’s original swath went past Sunny Point to the north and almost to St. James to the west. Both communities were vying for land near the Long Beach Road intersection, which contains two large shopping centers and a Lowe’s Home Improvement store.

Oak Island’s quick move forced Southport to take its annexation in a different direction, which includes 11 parcels along Jabbertown Road.

Adams argued the board originally agreed on a different direction and should have stuck to it.

 

……...until next week in The Week in Review

Tina

Finding a motivated Seller

Finding a motivated seller, what to look for and why. The reason it is so important to finding a motivated seller, is because that is what makes an awesome real estate transaction.

 

When you are looking to purchase real estate, the seller you want to look for, is one that wants to sell their home. They will be easier to negotiate with, more eager to please, and finally want to get the process over with.

 

If you spend your time working with sellers that are unmotivated, you will be spending a great deal of time energy, and money on a deal that may never go through. This can not only be discouraging, but also devastating to some.

 

If you have ever tried to push a friend up a rope when they were trying to learn to climb, or try to walk up a slippery hill that others have walked up so many times it is ice. Trying to work with a seller who is not ready to sell can be much like this.

 

This is why it is not suggested to fall in love with a home, until the closing is complete. You could find that you will be disappointed, or paying a great deal more for something that was not that great.

 

The first step to finding a motivated seller is to let everyone know you want to buy a home. You can do this in several different ways.

 

1. Tell friends, family and co workers
2. Find a buyer’s agent or Realtor to have them start looking
3. Find listings and start putting the word out that you want to look through email and phone calls
4. Run an ad in the local newspaper. This can show others that you are looking to buy a home. They will want to call you if they are motivated.

 

Remember the more people you talk to, the higher amount of options you will have to look at and find the best property with the most motivated seller.

 

Your best friend in all this is going to be your buyer’s agent or Realtor. They will start to get you listings of homes with the requirements you wan right away. They will start by sorting through the information you give them, set up a criteria, and then show you homes that will fit that criteria.

 

You may be able to receive listings from your real estate professional on a daily or weekly basis. This will give you a chance to find the right people you want to work with. The Realtor or agent will start setting up meetings if you find a home you find interesting. They will also be able to let you know what kind of seller you would be working with.

 

The best thing about a Realtor or buyer’s agent is that they want you to buy a home, and will be working for your benefit. They will also be doing a great deal of the legwork for you. You may even find that your Realtor or agent has homes for you to look at that have not even hit the market yet.

 

Once you have the listings you are interested in, you can start talking to the sellers. There are a few things that you will want to look for. What makes a motivated seller?

 

Divorce

Death

Job transfer

Financial distress

 

While it is never good to be happy about another person’s distress, it is a time that they need someone to purchase their property. They need the money from the sell, or they need to be rid of the property for some reason.  Therefore they will be more likely to be motivated to sell.

 

When you have found a motivated seller, you will find that you will not only get a better deal, but also the closing process will go faster. This will make the overall transaction more successful.

 

Finding a motivated seller is no secret. Now you know how, and why. All you have to do is a little homework and research and you will find just what you are looking for.

 

How long does it take to close on a home?

How long does it take to close on a home? The closing of a home is negotiated between the buyer and the seller of a specific home or real estate property. This is usually about 30 to 60 days. However there are many factors that are determining factors for the closing date.

 

When you are ready to buy a home there are many parts of the process that takes a great deal of time. However since this is probably going to be the largest and most important purchase of your lifetime, it is a good idea to let the process run its course.

 

Either the seller or the buyer can start the first negotiation of the closing date. If the home has sat for a while it is usually started with the owner or seller of the property. They may have a few different reasons for requesting a specific date or time frame. If you are a buyer, it is important to watch this date and ask questions. Because, you may be able to save yourself some money on the purchase or down if the seller wants out of the house quickly.

 

A seller will set the closing date anywhere from one to two months. If the seller has already purchased another home, they will want to move the closing earlier. This is going to save them money. The cost of having a payment on two homes can become very expensive.

 

This would be the time that you could negotiate a smaller down payment or lower total cost. This can usually in the total amount of the house payment for that month. It will also make move in for the buyer sooner and will save them money on rent if possible.

 

If a seller has plenty of time to sell the home, or in no hurry to move, you will likely see a longer time frame like two months. This may also be for a couple different reasons. The seller may not be able to move into their new home. They may not have had enough time to find a home for themselves yet. If moving a long distance or different country, it may be that their travel plans and expenses are not going to be available.

 

The buyer of a home will be able to submit for a date if different from the date the seller has requested. This will go back and forth until there is a date that is agreed upon. If a buyer wants a specific date, one that might inconvenience the sellers significantly, then it may end up costing a little money.

 

In some situations a buyer has the advantage when the negotiation for closing dates occur. They may be pre-approved for a loan, and therefore can move in quickly. This is a good idea if you want to rush the closing date a bit.

 

There is another thing to consider that coexists with the time frames of purchasing a home. The date that the seller releases the possession of the home does not have to be the same date as the closing.

 

If the seller wants to live for a longer period of time in the home after the closing, it will turn into a rental situation. It is called rent-back and in some situations is negotiated due to problems with their ability to move to their new home.

 

If the interest rates are rising, then it is often set that a closing date is within 30 days and then the release of the property is in 60. This makes the transaction convenient for the seller, and a wiser financial decision for the buyer.

 

What ever the circumstances are that surrounds the purchase, it is a good idea to watch for the best time that will work for both parties in the transaction. If there are specific reasons and time frames that you need negotiated, be ready to give a little to get a little. http://www.tinaabraham.com

 

 

 

 

The Week in Review Wilmington NC August 30, 2008

Finding your dream home with your realtors help.

Finding your dream home is probably the most important purchase you will make in your life. The best way to do this is to get the help of a realtor to make sure the purchase goes as smoothly as possible.

 

In order to help your realtor find your dream home, you will need to know what you want. In order to tell your realtor what you want, you need to know what you want. In order to find out what you want you need to go over the basic needs and wants in your family and then decide what you need, and what you just want.

 

Here are some questions to ask yourself:

 

How much room does your family want, or need?

How many rooms and bathrooms do you want or need?

What appliances, amenities, and extras do you want?

What area or neighborhood do you want to live in? Allow for a few miles variance so not to limit your findings.

Did you want a house that was completed, or did you want something that you could fix up your way?

What can you afford?

Did you want to be near a freeway entrance, or a school, or any other businesses that would make your life easier?

 

After you know what you want and need, you can tell your agent or realtor. This will enable them to find listings through many listing services, homes they are specifically assigned to, and other realtors they know.

 

Now you can start the process of finding your home. This may take a little time, however given the chance; your realtor will make sure you have plenty of homes to choose from.

 

Another area that your realtor will make sure that your dream house is not going to be a money pit, is that they will get the completed inspections needed, and they will review them with you. That way you will know the purchase will be made with full knowledge of the homes condition. You will also be made aware of any damages that are irreparable or issues that affect the overall value of the home. This would be like a cracked foundation, or location in a less than favorable area. Including being by a train track, major free way, or dump.

 

Next your realtor will make sure that the house is listed at a price that is accurate for that home in that area. The way this is done is by reviewing a market analysis. If you have a realtor that knows the area you are looking in, you will find that the realtor will know what you can expect to pay right off the bat, or at least a good estimated price.

 

Finally your agent will make sure your dream home is yours with all legalities and contracts signed and completed. This is probably the most difficult part of the process of buying a home. Your realtor will make sure that all the fees, charges, and loans are set up correctly and that you will only be charged what is fair.

 

The relationship you build with your realtor and the trust you install into the business negotiations through your realtor will help you to be able to obtain the best deal on the dream house you want.

 

Tina Abraham is a powerful <a href="http://www.tinaabraham.com/">Wilmington 
North Carolina real estate broker</a>. Whether you're looking for <a 
href="http://www.tinaabraham.com/">luxury real estate, waterfront homes, 
historic Wilmington homes or a quaint little cottage</a> Tina can knows the 
market and can get your the best home to fit your unique needs. To learn how 
Tina can help you find your dream  
http://www.tinaabraham.com/     North Carolina home 

here or call us at (910) 619 8931

 

Tips for purchasing commercial real estate

When you are looking to purchase some commercial real estate, there are tips available to help you get the best deal.

 

Commercial real estate is any real estate that is more than the standard single family home. Usually this means an office building, a rental property with two or more facilities, a retail business, a gas station, a restaurant or any other property that is used for income.

 

1. When you are looking to purchase commercial real estate, you need to know what you are looking for. It is your money you are investing and therefore you want to make sure that your money is getting used in the ways you want it to be. If you do not want to take the time to manage a 10-unit commercial apartments building, then you want to look for something a little smaller like a 4-plex. If you do not like to do repairs and renovation, you will need a location that is already fixed up. However if you like to paint and have little projects, a fixer upper is a good idea for you. Know what you want to purchase before you go looking.
2. Financing is a main requirement for the purchase of commercial real estate. Take the steps of getting pre-qualified for your loan before you look around for the right property. This way you will look for the commercial property that you can afford.
3. Now finding your commercial real estate is the next tip. There are many sites on the Internet that you can use to locate the most up to date commercial real estate for sale in the area you want. Here are a few sites that you can search through.

 

1.  
   • http://pages.ebay.com/realestate/
   • http://www.lease2purchase.com/links_list.php?id=5
   • http://www.business.com/directory/real_estate_and_construction/finance_and_investments/commercial_real_estate_financing/
   • http://www.vandema.com/Sponsors.htm
   • http://www.costar.com/Products/CommercialMLS/?src=ppcg

 

1.  
   • When you are looking for commercial real estate property, you can also look in the newspaper from your area, this can be done on the Internet by simply going to the web site of the newspaper and going to the real estate section.

 

1.  
   • There are also listings for commercial property at the MLS web site. http://www.mlsaccess.org/. The options you can see are for purchasers, and you would likely need to contact a broker to look at the property. However this is not a bad idea.

 

1. The documentation involved along with the legalities is sufficient reason to negotiate your purchases through a real estate seller agent or broker. The fee you would pay is usually a fair fee, for the trouble it will save you.
2. Know the specifics. This will empower you to be able to complete your commercial real estate purchase with confidence.

a.      Make sure there is a clear title to the property

b.      Get title insurance

c.       Negotiate the price

d.      Are there any covenants, codes or restrictions that you need to be aware of

e.       What type of deed will you receive for the property

 

Purchasing commercial real estate is a great investment that could create a long-term income. When you purchase the commercial real estate, you open the door to many options for business. Purchasing the commercial real estate will also give you equity, and therefore will increase your overall net value.

 

Knowing is everything. Take the time to do your homework, research your options, the seller and the property itself and empower yourself to make an educated decision. After all, it is your money.

 

Whether you want to create an income through a rental property or just build equity with a commercial property, the investment if done right is a great idea and can be a great deal.

 

Tina Abraham is one of the most popular <a 
href="http://www.tinaabraham.com/">realtors in Wilmington, NC</a> 
specializing in selling homes in Wilmington, Greater Wilmington, Pender 
County and Brunswick County, some of the highest demand homes in the world. 
Visit us for http://www.tinaabraham.com   Wilmington NC homes for 
sale or call (910) 619-8931 for more information on how Tina can help 

you sell your house or buy the home of your dreams.

Ways to make more money selling your house by using a realtor.

Making the most money when you sell your house is the overall goal. By using a realtor you will be able to make the most from your real estate transaction.

 

Choosing the right realtor will make a world of difference when it comes to the money you will make with the transaction of selling your home.

 

When you are setting up and interviewing realtors or real estate agents, keep in mind that you need this person to be able to communicate, and negotiate in a way that will bring you the most profit possible.

 

When you are conducting the interviews, you will want to ask a few specific questions that will help you find the agent or realtor you are looking for.

 

1. Can you get references from s few of the last real estate transactions that the realtor completed?
2. What experience do they have?
3. What licenses do they have?
4. What will they do as far as advertising to help sell your home?
5. What are their commissions they require?
6. Will they negotiate the commissions?
7. What is the time frame that they feel it will take to sell your home?
8. What other steps will the realtor take to sell your home. Including, open houses, flyers, and listings on the Internet, television, magazines and newspapers.
9. When will the realtor and or agent be spending time and how much time on selling your home?
10. What are the terms of the contract, if any, and can there be a set time limit.

 

It is important to choose a local realtor. A local realtor will know the area, connections, listings in the area, and will be familiar with the markets ups and downs in that specific area.

 

One of the best ways to make the selling of your home more profitable is to save money by selling the home quickly. The money you will save is on the carrying costst, mortgage payments, and other ownership costs.

 

There is also a great deal of inconvenience in showing your home to sell it. This includes keeping the house spotless for shows, making arrangements for appointemtns, and also child care arrangemtns. The result is that it is better to have a good plan set up for the successful sale of your home with your realtor.

Part of creating a successful sale is to list the home at a fair price. The best ways to find out what a fair price is will be to have your agent or realtor set up both a Market Analysis and a house inspection that will set up a realistic price for an easy sale.

 

With a home set at fair market value, your home will be set up for availability to a variety of incomes. If a home is set at a ridiculously high price will not only limit but also possibly eliminate the purchase of the home. This will slow the purchase process to a stand still.

 

When the price is set right for the sale of your home, you will also increase the enthusiasm of your realtor or agent. This is because they will know it is a deal they can get for you and for them. Therefore increasing profit for both of you. If a home is sold faster, the realtor makes the money faster also. Take into consideration that a realtor is paid usually on a commission basis.

 

This means that if your home sold for $200,000 your realtor gets usually half of the $12,000. That also means that if a house sells for $205,000 your realtor only gets half of $12,300. If it takes 15 more days to sell that house at $205,000 then the realtor worked that 15 more days and the daily rate they get paid for those days is $20.

 

That really does not make it worth the time of the realtor for that additional time. Therefore it is beneficial to your agent to sell the home as quickly as they can. This also makes sense when it comes to the amount of money you pay out in payments, fees and charges with the home being unsold for another 15 days. It all ads up, then the $5,000 more in profit all of a sudden is spent on expenses.

 

The best way to make money when selling your house is to find a good realtor, and trust them to sell your home for the best price as quickly as possible.

 

 Tina Abraham is a leading real estate 
broker in Wilmington, North Carolina. Tina specializes in selling homes 
in Wilmington, Greater Wilmington, Pender County and Brunswick County, which 
are some of the highest demand homes in the world. Visit us for more 
information on Tina and how she can help you buy or sell http://www.tinaabraham.com NC real estate, or call 

(910) 619-8931.

The Week in Review Wilmington NC August 23, 2008

The Week in Review

…..your Wilmington Connection

August 23, 2008

Wilmington this week we had UNCW start their classes with the rush of school starting their are so many things to think about. School supplies, clothes and more importantly where are you kids staying while in University? Did you know by paying a monthly rent you are losing money in more ways than one. Why not buy and investment home for your student and that way you can make a return on it when they finish college. Let me know if this is something you would like to discuss.

Real-estate appraiser regulation is a failure

As soaring home prices set the stage for America’s great housing meltdown, a critical step in making sure those home sales were a fair deal – the real estate appraisal – was undermined from within.

After the nation’s last major banking disaster, Congress set up a system to catch rogue appraisers. Their game: inflating the value of homes at the direction of equally unscrupulous real estate agents and mortgage brokers, whose commissions are determined by the size of the deals.

But a six-month Associated Press investigation found that the system is crippled by both the bumbling of its policemen and their inability to effectively punish those caught committing fraud.

And despite ample evidence appraisers are pressured into inflating home values – sometimes to prices in support of loans that are more than buyers can afford – the federal regulators charged with protecting consumers have thus far made a conscious choice not to act.

Wilmington council approves higher buildings downtown

The north side of downtown Wilmington could one day be home to skyscrapers that dwarf PPD’s headquarters, according to regulations approved Tuesday by the Wilmington City Council.

But new buildings in the city’s historic core would remain on the current scale, or smaller.

The changes were part of wide-ranging revisions to the city’s downtown development regulations.

Under the new rules, developers can generally build higher than has been allowed provided they offer community benefits such as public parking, park space or even wireless Internet access.

The greatest height could be reached in the area north of Red Cross Street where buildings could top out at 240 feet, 28 percent higher than is currently allowed.

By contrast, the PPD building, the dominant feature in downtown’s skyline today, is just over 190 feet tall, said Kay Graybeal, the city’s planning director.

But while some limits rose, the maximum height dropped in some of downtown’s most historic and well-traveled areas. South of Market Street, for example, the maximum height fell from 62.5 feet to 50 feet.

The change is designed to reduce pressure to redevelop historic structures by offering the less-storied North End as an alternative.

“If there’s the desire to build a really tall building, they have the ability to do that in the North End where it won’t affect the historic context of the city’s core.

Wilmington area home sales

Home sales rose in July to 507 from 441 in June, according to data from the Wilmington Regional Association of Realtors, whose multiple listing service covers New Hanover and Pender counties and parts of Brunswick, Onslow and other area counties.

But that still was 17.5 percent lower than in July 2007, when 618 homes sold.

....until next week in The Week in Review

Tina

The Week in Review August 9, 2008 Wilmington NC

The Week in Review

..….your Wilmington Connection

August 9, 2008

Summertime in the port city is a wonderful time. So many things to do, and with the beach here you feel like you are on vacation all year long. Thinking of relocating? Contact me and I can get you a relocation package out in the mail. As you can see Wilmington is a growing city with house prices holding pretty steady now.

 

Wilmington’s home equity ranks high in ‘Forbes’ list

If the local housing market has got you down, take some heart from another of Forbes’ lists of superlatives and negatives.

 

Wilmington ranks No. 20 in the magazine’s list of cities with the most home equity. Home equity as a percent of home value was 61 percent in Wilmington, or $117,470, Forbes said, down from 64 percent in 2007.

The drop in year-over-year figures was true most places, but Wilmington’s and others stood in stark contrast to Sacramento, Calif., and Grand Rapids, Mich., where home equity is 28 percent, falling from 57 percent and 46 percent, respectively, two years ago, Forbes said.

Southern cities dominated the top 20 list. The city with the most equity was Beaumont, Texas, 75 percent at $76,458; followed by Corpus Christi; Gulfport, Miss.; Charleston, W.Va.; and El Paso.

But cities outside the South also were on the list: Honolulu; Utica and Binghamton, N.Y.; Allentown and Scranton, Pa.; and Atlantic City.

Forbes used data from Moody’s Economy.com on the country’s 200 largest metro areas. Housing values have dropped 7.7 percent nationwide since last year, according to the National Association of Realtors.

 

 

Belville’s mixed development project plan

Belville | The old downtown on the Brunswick River looks as it did a year ago, when bulldozers had brought down its abandoned Cookery and a motel of questionable activities.

According to Michael White, partner in the downtown Belville redevelopment plan, a lot of work is being done and hundreds of thousands of dollars are being spent to prepare that area for change. Boutiques, condos, a marina and a boardwalk will eventually replace that faded landscape off N.C. 133, but it’s a long, complicated process until then, White said.

The study shows that the revamped downtown – which White expects to be completed within 10 to 15 years – “can compete really well with the riverfront” in Wilmington, consultant Erica Champion said.

Belville’s mixed development project would allow people to live and shop in a waterfront district without the traffic congestion of the Wilmington area.

Developer wants to build across river from PPD tower

The study shows it would be possible to build 338 condos, each at 1,070 square feet and going for $330,000; 70 waterview condos at 1,480 square feet and $523,000; and 70 waterfront condos or penthouses, at 1,980 square feet for a pricier $793,000. A hotel could also go in, along with a combined 281,700 square feet of retail and office space, the study says.

But whether plans to build an 11-story condominium tower can overcome problems, namely the lack of utilities, that have derailed other high-profile projects proposed for that side of the riverfront remains to be seen.

Taking advantage of New Hanover County’s newest zoning district, the developers of Harbor Landing are proposing to cluster 108 condominiums in an 11-story building just south of the existing Point Harbor Marina.

The county Planning Board on Thursday unanimously approved the rezoning of the roughly 5-acre parcel from industrial to riverfont mixed-use, and the county commissioners will now take the issue up next month.

The mixed-use designation, which is allowed for about 130 riverfront acres stretched between the Cape Fear Memorial and Isabel Holmes bridges, gives developers the option of adding density in exchange for protecting public access to the water and retaining open space.

Planning officials hope it also helps promote new projects in riverfront areas where the legacy of Wilmington’s marine past, along with environmental concerns and that the land is mostly in the 100-year floodplain, makes redevelopment difficult and expensive.

Along with the 144-foot building, which would encompass some commercial uses and three levels of parking, the proposed project would include a riverfront boardwalk, docks and 120-foot pedestrian pier.

 

.…until next week in the Week in Review

Tina

 

The Week in Review Wilmington NC August 2, 2008

The Week in Review

…….you Wilmington Connection

August 2, 2008

Whew! it’s hot here in Wilmington…..cooling off at the beach or on the boat is the answer. The Real estate market has seen quite a bit of activity considering the media claims we are in such a “Glum state” although as I have said before the real estate market varies nationaly as real estate is local. Drop me a line if you want to talk about what has been going on here. Currently there are 2885 homes on the market here in Wilmington and the Greater Wilmington area, in the last six months 1523 have sold and homes are averaging 95% list to sell price. How long it takes to sell your home depends primarily on price, marketing ability of your Realtor and of couse how many homes are on the market in that price range. Let me know if you would like to find out how many homes are on the market in your price range.

 

North Carolina Ranked Second

 

North Carolina, Texas and Georgia have the best business climates among the 50 states, according to a recent survey of executives by Development Counsellors International. North Carolina ranked second among the 281 respondents, with 30 percent saying the state has the best business climate.
http://www.bizjournals.com/charlotte/stories/2008/07/28/daily8.html

President George W. Bush signed into law a housing stimulus bill This is expected to bring greater stability to housing markets nationwide. The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.
http://www.realtor.org/RMODaily.nsf/pages/News2008073001?OpenDocument

Chandlers Wharf…Deomolition?

The owner of Chandler’s Wharf, a popular tourist destination along the Riverwalk, is asking the city’s Historic Preservation Commission for permission to demolish the main building at the corner of Ann and Water streets. It does not include the shops and restaurants south of Ann Street.

John Lennon, president of Prudential CRES Commercial Real Estate, made the application on behalf of the Bullock family.

“The family has owned the property for a very long time and obviously done a lot to it since it is one of the primary assets that they have,” he said. “That being said, the land value is greater than the improvements that are on it, so they are taking the necessary steps to protect the value they’ve accumulated.”

Owners of two other structures in the city’s Historic District also have applied for demolition permits. Those buildings are the old Taste of Country house at 226 S. Front St., part of which old New Hanover County insurance policies show was built before the Civil War, and the World War II-era McEacherns Sons produce warehouse at 121 S. Front St.

The commission will consider the requests at its Aug. 14 meeting, where it can order a delay of as long as a year.

But unlike the other two structures, Chandler’s Wharf is a focal point of the city’s thriving riverfront and is popular with tourists.

 

………..until next week in The Week in Review

Tina

The Week in Review Wilmington NC

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Week in Review Wilmington NC July 26, 2008

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The Week in Review Wilmington NC July 19, 2008

The Week in Review

.….your Wilmington Connection

July 19, 2008

 

The Well needed rain gave Wilmington a cool off, but not in the real estate market, with many homes under contract. Once under contract we all wait with abaited breath that the loans will be approved. Mortgage mayhem is what I call it. But if you need a good lender that will get the deal done for you let me know I have a couple under my belt I would definately reccomend.

Fannie & Freddie will they be Rescued

Washington, D.C. – Following a weekend of negotiations among officials, the U.S. government plans to extend several financial lifelines–but not a bailout–to the beleaguered mortgage buyers Fannie Mae and announced Sunday that it will allow the Federal Reserve Bank of New York to lend money to Fannie and Freddie should they need it. Separately, the Bush administration announced its own rescue plan, which would extend the Treasury Department’s line of credit to the companies. After working with the companies, the Federal Reserve, and other regulators, Treasury Secretary Paulson outlined a plan that we believe will help add stability during this period,” the White House said.

Home Sales to Vary in Narrow Range, Then Rise in Second Half

Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

The PHSI in the West slipped 1.3 percent to 97.5 in May but is 2.0 percent higher than May 2007. In the Northeast, the index declined 2.9 percent to 77.0 in May and is 16.4 percent below a year ago. The index in the Midwest fell 6.0 percent to 78.6 and is 13.8 percent below May 2007. In the South, the index dropped 7.1 percent in May to 84.5 and is 22.1 percent below a year ago.Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

 

.…..until next week in The Week in Review

Tina

The Week in Review Wilmington NC July 12, 2008

 

The Week in Review

.…your Wilmington Connection

July 12, 2008

In the Wilmington real esate market we have 2934 homes on the market. Currently 16% of those are under contract. House prices are still holding steady and homes have been closing on average 95% of there list price. There still is hope in the air if you are currently selling your home. If youj are thinking about it, then let me tell you about my marketing plan that will get you home sold. Contact me.

Homeowners Say River Road project shaking houses

For Jon Deputy, it’s bad enough that a developer is moving River Road within a stone’s throw of his neighborhood.

The developer, California-based Newland Communities, is operating a sand mine on its property.

While Newland has the appropriate mining permit and county officials have given their OK, Deputy doesn’t understand why mining is allowed near homes, even if it is temporary. He said his house on Tanbark Drive shakes from the work. He wonders how long it will last.

Kathleen Rosa, who owns a home at the end of Lorraine Drive, said her family moved out in late April because of construction noise. Now the Rosas live in nearby Echo Farms, where they have gladly traded away their rattling windows for a busy golf course.

Most of all, residents like Deputy and Rosa said they feel the county has left their neighborhood high and dry in favor of the developer.

“We don’t feel like our county commissioners and county government act as an advocate for us,” Deputy said. “We feel they act as an advocate for Newland Communities.”

County officials say, however, that they have inspected the site a number of times to address residents’ concerns and have found no problems.

Area home sales and prices slip

Last month’s housing market in the Wilmington area was the slowest June since 2003, according to data released Friday by the Wilmington Regional Association of Realtors. Sales fell 33 percent from a year earlier.

And sale prices of homes – which have held their own here since the beginning of the national housing slump in 2006 – slipped from last year’s levels.

In June, the average purchase price of homes in Wilmington dropped 4.7 percent compared with a year earlier, slipping from $282,949 to $269,423, the Realtors reprted.

For the first six months of the year, both the average and median prices of homes sold were down about 4 percent compared with the first half of 2007.

Wilmington has not suffered the double-digit drops in home values that have slammed formerly hot areas such as Florida, Las Vegas and California. North Carolina, in general, has seen prices hold steady. But the housing bust has not passed us by either.

Sales are down almost 60 percent from their peak in the second quarter of 2005, said William Hall, economist at the University of North Carolina Wilmington. “If you smooth out sales on a moving average … they’ve been down here since the third quarter of last year,” he said Friday.

Removing random variation, he said, sales have gone from a peak of 900 a month to about 300 a month through May.

Home sales were down from May levels by 13.5 percent. That compares with a peak of 1,001 sold in June 2005 – an era of soaring sales and prices fed by easy mortgage money and, in part, by speculation.

For the first six months of 2008, sales fell 30.6 percent compared with the first half of 2007, to 2,435 from 3,512. If that sales pace were to hold for the year, the results would be the lowest since 2002.

The prices are only for homes sold and do not necessarily reflect the overall value of the area’s housing. They are often seen, however, as an indicator of the market’s strength. Additionally, the sales and prices represent transactions closed in June, with contracts signed 30 to 60 days earlier.

Sales peaked here in 2005, when 9,347 homes were sold in the area served by the Wilmington Realtors – roughly New Hanover and Pender counties and parts of Brunswick. Agents and others in the housing industry have pointed out that such activity was unsustainable.

The market did indeed return to a more normal pace in succeeding years, and prices stabilized as investors pulled out of a market that could no longer offer a huge return in a short time.

The decline in sales, though, has had a weeding-out effect on the number of agents in this market, and veteran agents have picked up some of the business lost by less-experienced ones, some of whom had never known a shrinking market.

The effect of the sales drop here and elsewhere in the U.S. is not limited to real estate salespeople. Builders have been left with a heavy inventory of homes, and that slowdown is indirectly reflected in the WRAR’s figures because they include new construction homes as well as resales.

The lending business also has seen a shakeout with the disappearance of cheap and easy-to-get loans with no down payment and no documentation of income. Mortgage companies Fannie Mae and Freddie Mac have tightened their standards. The relative difficulty of getting a mortgage also has served to cut home sales.

 

…until next week in The Week in Review

Tina

 

 

 

 

 

 

 

The Week in Review.. Wilmington NC July 5, 2008

 

 

The Week in Review

……your Wilmington Connection

July 5, 2008

I hope everyone had an enjoyable 4th of July. The weather was trememdous with a great breeze and gorgeous sunshine. The fireworks sent us all home with stars in our eyes. Many visitors were in awe of the Wilmingon area, I had many opportunities to speak with visitors who said that Wilmington was there top destination for relocation and retirement. If you are planning on moving to Wilmington contact me and I will get a relocation package in the mail to you.

It’s a Great time to Buy Real Estate

Now is an ideal time to buy. Prices won’t go lower and there is an abundance of inventory. Sellers are willing to negotiate and builders are willing to throw in options. 2007 was the 5th best year on record for existing home sales. Despite some contrary reports and some moderate losses in value in the short term, home values in the long term have and will continue to rise. Real estate is a long term investment.

Shallotte approves process to annex; Shallotte Point must ask first, town says

Shallotte | Town officials have cleared the first hurdle for property owners in the quaint community of Shallotte Point who want to be annexed into the town of Shallotte.

The town board approved Tuesday night an ordinance establishing an annexation agreement with the towns of Holden Beach and Ocean Isle Beach, allowing residents to voluntarily be annexed into Shallotte and prohibiting the other towns from annexing them.

State law requires residents outside town limits to get approval from the nearest jurisdiction if they want to be annexed into another municipality, said Cindy Babson, the town’s zoning code enforcement officer.

The nearest jurisdictions to Shallotte Point are Holden Beach and Ocean Isle Beach, although the towns are separated from the area by waterway.

Now, pending approval of the ordinance from the other towns, property owners in the area can skip the step of a public hearing in each town and can petition for annexation directly to Shallotte.

Federal budget might not include money to dredge some inlets

Mike Davis, aboard the ‘Bird Dog II,’ said it wouldn’t take long for Carolina Beach Inlet to become a safety hazard if the periodic dredging by the Army Corps of Engineers is allowed to lapse.

Carolina Beach | Bill Carlson of Cape Fear Divers, taking a moment away from making some repairs on the dive boat Hawksbill Friday morning, shook his head when asked how important a navigable Carolina Beach Inlet is to the economy of this coastal town.

“Everything in this harbor is dependent on it,” he said, motioning up and down the docks to the commercial, charter and diving boats tied up in the town’s Yacht Basin. “We gotta have it to keep a lot of the jobs and the tourists that come to Carolina Beach.”

Last week, a House committee earmarked nearly $18.5 million in the upcoming 2009 federal budget for coastal infrastructure projects in Southeastern North Carolina.

Although just the first step in the long, often-convoluted process of coming up with a federal budget, it was an important move in the right direction, said U.S. Rep. Mike McIntyre, D-N.C.

“If you remember, the (Bush) administration gave us nothing but goose eggs in regard to funding for our inlets and beaches, so this is a real victory considering what we’ve gotten.

 

……………until next week in The Week in Review.

Tina

Six ways to sell your house in Two weeks or Less

How can you sell your house in two weeks or less? Here are six ways that you can get the most of your home.

 

Before you can sell your home in two weeks, you and your home need to be ready for the transferring of ownership. The two steps to this are “Are you ready?” Second step is “Is your home ready?”

 

Are you ready?

 

Have you taken the precautions to make sure that you are ready to move? There have been people that have signed a contract on the home they were selling, and were not qualified to buy the home they wanted to be moving into. Therefore this resulted in the sellers having to find a home that was less satisfactory to them than the home they were selling.

 

Take the time to get yourself pre-qualified for a home loan for the amount of the homes you want to move into. This will resolve any problems that might occur in the transferring from one home to the other.

 

Is the house ready?

 

It is a good idea to do some sprucing up the house prior to listing. This would be just the basic repairs and clean up. Include in this any repairs that would bring the value of the home down, or the appeal of the home down to the viewers.

 

Throw on a fresh coat of paint, have the carpets cleaned, make sure the grass and yard looks clean and in good shape. Organize the house on the inside so that it looks good to the viewers. They will likely look in all the cupboards, closets and other areas that the normal visitor would miss.

 

Now the house is ready and you are ready, how are you going to make the most money you can and sell your house in two weeks? Here is how.

 

• Start with deciding if you are selling your home yourself or if you are going through a real estate agent. Both of these options have their benefits and drawbacks. Check into some options and do your research if you choose a broker.
• Make sure the price you are listing your home for is correct. This means checking into other homes that have sold recently and homes that are currently for sale in your area. Homes that sale fast, usually are sold at a reasonable price. Your appraisal of the home will likely show several listings of home sold and at what price. So with all this in mind, if you are wanting to charge more for your home, either it must have superb upgrades from the other homes, or you may have to wait a very long time for the sale to happen. The best thing to do is to list your home with a similar price as the homes in your area. If there are significant improvements, be sure to show them off.
• You have made sure the house was clean; do a quick check over on the garage, and or shed, and other areas of the yard that will affect the show ability.
• Remember the overall sale is to your benefit. This means that if there is a sale point that will clinch the deal, do what you can to accommodate. The blinds in the house are likely not to fit into your new house. Fill all the light bulbs, and keep specifics of the home with the home.
• Be excited about the sale. If you have a realtor showing your home, they may ask you to leave. The reason is that a homeowner may show some issues with nostalgia and therefore may not appear as excited about the deal as they should. This makes buyer nervous.
• Listen for queues, some people like a good bargain. You can adjust the price, and other variables in the sale. Keep an open mind when you are focusing on the end result, you will see a faster movement in the selling process.

 

The goal is to sell your house fast and get the right amount of money for it. This means to be the salesman you would want to purchase from. Perspective is everything. A person is more likely to pay a little more and work out a deal faster when the purchase is clean, the people they are working with are honest, and they feel like they are getting a good deal.

 

How to know your realtor is getting the best deal possible, even if commission is paying them.

There are relative factors that help you know that your realtor is working to get your best deal possible, even if they are getting paid in a commission form.

 

With the market changing, the traditional 6% split between the seller’s agent and the buyer’s agent is being adjusted to influence the sells of a home in favor of the seller. That is why it is all the more important to make sure you have a buyer’s agent on your side.

 

Advocates of the consumer are concerned with these increased commissions, however these tactics do work. Sometimes there is favoritism for homes listed with a higher commission promised.

 

Federal rules dictate that disclosure of fees need to happen at the closing, however by the time the closing happens it may be to late for you to realize this sale may have it quirk. Although, most of the time the buyers agent will not know that the sellers agent was paid a higher amount of commission until the time of the signing, so you can be sure that they are working with the standard 6% in mind, which that is split between the two agents, and the advertising costs.

 

The way to assure this is to have it put in writing. That will help you to protect yourself from paying a higher purchase price due to commissions being included at a higher rate.

 

Another option is to get the payment set in a dollar amount instead of an amount that is paid in percentages. Therefore, you know the agent will work the same regardless.

 

Sit down and discuss your concerns and questions with your realtor. They are likely to have the answers that will explain any issues you may see. Keep in mind that a realtor has legal and ethical limitations, though for the most part, they will do all they can to make sure you get what you need.

 

Ethics is also a strong factor that helps maintain protection for the consumer in the purchasing of a home. Realtors subscribe to a very strict code of this.

 

Reputation is another part of that, real estate agents and realtor’s work a great deal from word of mouth, and therefore they want that advertisement to be as positive as possible.

 

There are also organizations like the GRI and NAR that will also provide additional support for proof of professionalism and dedication.

With all the areas of a real estate transaction that needs to be negotiated, it is important to have someone helping through those hurtles. The areas that take negotiating are:

 

• Price
• Financing
• Terms
• Dates
• Contingencies
• Repairs
• Possession

 

There are also areas that need to be negotiated as far as the actual condition of the property. You will want to know that your realtor is negotiating this area with your best interest in mind.

 

That is where the difference in the realtor who works solely for the seller and the purchasing agent come into play. The purchasing agent will be sure to make sure that you are fully informed of all the property issues. Your realtor will help you objectively evaluate the proposal without causing any kind of compromising in the completion of the contract price.

 

The Week in Review June 28, 2008 Wilmington NC

The Week in Review

..…your Wilmingotn Connection

June 28th 2008

Wilmington’ real estate market has heated up some with 530 homes sitting under contract this week. Buyers are taking advantage of the reduced home prices….smart move. In the past 6 months there were 1377 homes sold. If you are looking to relocate click here and let me know what I can do to make this happen.

Preservation Effort Nets three more Buildings

The Historic Wilmington Foundation has been on a roll saving threatened properties in the heart of Old Wilmington.

George Edwards, the executive director, announced this week that the foundation has saved several historic buildings from demolition, including one of the city’s many modest historic homes, which as a category made it onto this year’s list of threatened historic places.

The saved properties include commercial buildings at 620 and 622 N. Fourth St. and 411 Chestnut St. The “humble home” is a shotgun cottage on Wooster Street that was restored and turned into an affordable housing option that remains on the market.

Each of the buildings will have a preservation easement, which means the historic foundation can protect them from demolition

First No Port/Southport meeting draws a crowd

 

Tuesday night for the first public meeting of a grass-roots organization formed to stop an international port from being built in a small Brunswick County community.

They came from Southport, Oak Island, St. James and other communities, and, after filling more than 200 seats, they lined the walls, sat on the floor and filled the entranceway of the Southport Community Building.

They came to hear No Port/Southport’s plans to stop the N.C. State Ports Authority from building a $2.3 billion international terminal on 600 acres near Southport.

National Assoc Realtors Reports

The National Association of Realtors reported that sales of existing single-family homes and condominiums rose by 2 percent to 4.99 million units last month

It was only the second sales increase in the past 10 months, but it was not viewed as a sustained rebound. Many economists believe that prices will have to decline more before the housing industry can mount a sustained recovery.

The median price of an existing home sold in May dropped to $208,600, a fall of 6.3 percent from a year go. That was the fifth biggest year-over-year price decline on records that go back to 1999.

The strength in sales reflected gains in all parts of the country except the South, where sales dropped by 0.5 percent. Sales were up 5.5 percent in the Midwest, 4.6 percent in the Northeast and 2 percent in the West.

Washington states new homes sales have dropped

The Commerce Department reported Wednesday that new homes were sold at a seasonally adjusted annual rate of 512,000 units in May, down 2.5 percent from the April level. The median price of a new home sold last month fell to $231,000, down 5.7 percent from a year ago.

The report on new home activity in May followed reports Tuesday that showed record home price drops in April, indicating the nation’s housing slump is not only deepening but also widening to include previously untouched parts of the country.

The inventory of unsold homes rose to 10.9 months in May, meaning it would take that long to exhaust the current supply of unsold homes.

Green Commercial building

An executive of a leading green commercial building firm will speak Thursday at a Green Building Council luncheon hosted by the Wilmington-Cape Fear Home Builders Association. Alan Butler, senior vice president of client services for the Greensboro-based company, will speak about the company’s highly touted Proximity Hotel in Greensboro and other green commercial projects.

Volvo Rents mulling Wilmington site

Volvo Rents, a division of Volvo Construction Equipment North America Inc., is seeking to expand its franchise into the Wilmington area, the company announced.

Volvo Rents stores, which are independently owned and operated, carry Volvo construction equipment and a line of equipment and tools for the construction, commercial, industrial and homeowner markets.

…..until next week in The Week in Review

Tina

The Week in Review Wilmington NC June 21 2008

The Week in Review

…..your Wilmington Connection

June 21, 2008

The first day of summer started with a thunderstorm. But plenty of sunshine for us to enjoy. The market has seen a steady increase in closings. Good to see that people are still buying, but perhaps just taking a little longer to make decisions and why not with so many wonderful homes on the market to choose from and all competing to get there home sold. This is what has been going on in the real estate market this week. Wilmington Market Overview.

 

Michigan utility chooses Castle Hayne based GE Hitachi reactor design

A fourth U.S. utility has selected Castle Hayne-based GE Hitachi Nuclear Energy’s

ESBWR advanced reactor design for a potential new unit at its existing Enrico Fermi Nuclear Generating station, the GE venture said late Monday.

Detroit Edison, Michigan’s largest electric utility, recently notified the U.S. Nuclear Regulatory Commission of its plans to choose the 1,520-megawatt ESBWR when it submits a combined operating license application (COLA) to the agency in September, the GE Hitachi statement said.

The venture’s Generation III+ ESBWR reactors have already been selected by Exelon Corp., Dominion Resources Inc. and Entergy Corp., GE Hitachi spokesman Ned Glascock said Tuesday.

Detroit Edison, a subsidiary of DTE Energy Co., said it is considering building an ESBWR plant to help address the recommendations of Michigan’s 21st Century Energy Plan, which makes clear the state’s need for additional plants over the next two decades to ensure sufficient generating capacity.

The utility, which provides electricity to about 2.2 million customers in southeastern Michigan, now gets 15 percent to 20 percent of its electricity from the Fermi 2 nuclear power plant, the company’s Web site said. The 1098 megawatt power plant, which began commercial operation in 1987, is located on the shore of Lake Erie near Monroe, Mich. – halfway between Detroit and Toledo, Ohio.

Exisisting Home sales ease.

Existing-home sales slowed in April, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the market is better positioned for a turnaround, according to the National Association of Realtors.Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 1.0 percent to a seasonally adjusted annual rate of 4.89 million units in April from an upwardly revised pace of 4.94 million in March, and are 17.5 percent below the 5.93 million-unit level in April 2007.

Federal Aid and Foreclosure?

Question: Could federal aid to homeowners facing foreclosure affect MY home’s value? Even if I’m not delinquent on my mortgage?

Answer: As this is written there’s proposed legislation on Capitol Hill that would allow the FHA to refinance $300 billion in toxic loans. The terms, however, are hardly generous: Lenders would have to accept a loss on their loans, borrowers would have to pay market interest, share sale profits if the home is sold within five years and pay a 3 percent “exit” fee thereafter. By no means is this cheap financing.

As to your home’s value, if the property next door is foreclosed you can pretty much bet that the value of your house will plummet. This happens because the cheap sale will show up on community property records and those recent comparables help buyers determine the bids they might make for local homes. That you have faithfully paid your mortgage is irrelevant.

If, on the other hand, your neighbors can get their financing straight it’s likely that the value of your home will be maintained. You ought to hope that Uncle Sam can help your neighbors if that’s necessary because such assistance will keep money in your pocket.

 

………..until next week in The Week in Review

Tina

 

 

 

 

 

 

The Week in Review Wilmington NC June 14, 2008

The Week in Review

…..your Wilmington Connection

June 14, 2008

Happy Fathers Day!

Wilmington Makes the top 100 list for relocation again.

Wilmington boasts a strong and growing economy, which has attracted many large companies to move to the area. The schools in Wilmington are some of the best in the nation. The primary schools consistently rate high on all national educational standards. For those interested in higher education there are plenty of options available as well.Home sales in our area are doing better, more and more people are planning for that summer move. For more info .

Housing Slump Helps the Draw of Fixer-Upper TV

The housing market is collapsing, but television shows about housing are booming.

The audiences for HGTV and TLC, the two channels with the most so-called property programming, have grown steadily over the last three years. The reason appears to be their shift in focus away from buying real estate as speculative sport to more educational and emotional shows.

“If anything, there’s more interest than ever before, because of what’s going on in the market,” Jim Samples, the president of HGTV, said.

HGTV’s prime-time schedule — built around the shows “Designed to Sell,” “House Hunters” and “My House Is Worth What?” — now average more than a million viewers every evening.

 

Oak Island Commits to buying the Yaupon Beach Pier

Oak Island | This town’s council committed to buying the Yaupon Beach Fishing Pier on Tuesday night by accepting a $500,000 state grant.

The town must at least match the grant dollar for dollar and likely will have to find an additional $834,100 to buy the threatened pier.

The pier was closed after it went into foreclosure amid a legal battle between its previous owners. It now belongs to Cooperative Bank, which shut off all access to it in April because of liability concerns.

The council voted 4-1 after going into closed session to talk about “land acquisition” to accept the grant and its terms with Councilwoman Dara Royal opposing.

Royal said there are still too many unanswered questions about the town’s potential ownership of the pier and its obligations.

The grant agreement states in order to get the money the town must complete the project, which has a cost of $1,834,100.

The pier has been appraised at $1.6 million and $1.8 million.

The grant states the land acquisition would be 1.2 acres.

….until next week in The Week in Review

Tina

Five tips to getting a Deal in The Real Estate Market

Five tips to getting a deal in the real estate market. There are ways to get the better deal when you are trying to buy a home. There are also several different ways to view a purchase of a home as a good deal.

 

Whether you are looking to purchase a home at a lower price, which can turn around and be sold the same day for a profit. Or you are looking at a low interest rate, low down or no down payments, or many other areas of a home purchase that is a good deal. You can find these deals by doing a little homework on the homes and brokers in the area you are looking to purchase in.

 

1. Start with finding the right real estate agent or broker. This will give you an ally on your side to help you get through the paperwork, legalities, and less than honest deals out there. They can also help you get pre-approved for the home loan. This will help you know what you are approved for, and will show security in your purchasing power.
2. Decide if you will be putting money down on the home, or if you are looking for special financing options. This can include any of the following for starters.
   1. No money down, or low money down is the big thing now days. These purchases are considered a good deal because you automatically have a maximum percentage returned on your purchase.
   2. Seller carry back is where the seller of the property will hold 25% or more of the purchase in the form of what is called a note, with out using a balloon payment at a bellow market interest rate.
3. Below market purchase is another great deal for the simple fact that if you can purchase the home below market price, with the prices of real estate constantly on the climb, you will have a profit already.
4. Another way to find a great deal is to look into homes that are fixer uppers. These are homes that are usually in less than ideal shape, that with a little tender loving care, some new pain, some new drywall, and some grass are likely to be a lovely investment at a better price. Therefore creating a better deal.
5. Over financing is another way that can be a good deal. The way this works is that you get a note for fixing up the property in cash. This is a good deal because you can fix the home how you would like and the money is provided to bring the value of the home up. This is great for those of us that like things their own way and it makes it easier to do.

 

When you are looking at the different options you will have to getting a better deal, unless you are experienced in buying a home, you will want to have a broker or agent there to help you. The process of buying or selling a home can be very tricky. It can also be very expensive if mistakes are made.

 

When you are considering all the costs involved for purchasing and moving into your new home the better deal you can get the more likely the process will go more smoothly. The average closing costs for a home of $300,000 is going to be around $12,000 or more.

 

There are fees that are included that will either be paid by the buyer or the seller. If you have a good broker, you can also get a good deal on who pays what. The less you have to pay the better. This leaves more money for your moving costs, and other expenses that incur in a move.

 

What ever idea you have when you think about a good deal when it comes to purchasing a home, the best way to get that good deal is through a good agent and a good bit of research.

 

Tina Abraham is one of the most popular <a 
www.tinaabraham.com realtors in Wilmington, NC
specializing in selling homes in Wilmington, Greater Wilmington, Pender 
County and Brunswick County, some of the highest demand homes in the world. 
Visit us for Wilmington, NC homes for sale or call (910) 619-8931 for more information on how Tina can help you sell your house or buy the home of your dreams.

 

The Week in Review Wilmington NC June 7, 2008

 

The Week in Review

…..your Wilmington Connection

June 7, 2008

Just in case you wondering it has been a very hot week in Wilmington, The first of the summer temperatures dropping in at 92 degrees. Today we are expecting 96. Be sure to use your sunscreen, as the beach is calling you with lovely ocean breezes.

The real estate market has seen a small surge this week here is a snapshot of whats been going on.

Local contractors volunteer to build homes during ‘blitz’

Construction activity may be slow across Wilmington these days, but this week the industry was bustling in one Port City neighborhood.

In fact, six local contractors were so busy that they built three houses in less than a week.

Volunteer crews are finishing work Friday on the latest additions to The Cottages at Cornerstone, part of the national Habitat for Humanity Home Builders Blitz 2008.

This is the first year that Cape Fear Habitat for Humanity participated in the Blitz, which became a national event in 2006.

“I don’t know if I’d say it’s been fun, but it’s been rewarding,” said David James, one of the participating contractors. “We met the homeowners, and it makes a huge difference in their lives.

“I think it’s a lot harder to contribute time than money to a charity,” he added. “It’s really easy to stay home and write a check, but it’s a lot harder to go out there and sweat for a day.”

In addition to David James and Co., other contractors volunteering during the Builders Blitz were Kent Homes, The Farlow Group, Del Mar of Wilmington, Jernigan Homes and Frank Bernhart Custom Homes.

 

Builders to Congress – Home Buyer Tax Credit Key to Reviving Housing

The National Association of Home Builders (NAHB) called on Congress to create a temporary home buyer tax credit along with other important tax measures to boost the faltering housing market and economy.

“House prices and inventories obviously are central to the outlook for the economy and the financial markets,” Joe Robson, first vice president of NAHB, told members of the House Small Business Committee. “Policies that stimulate home purchases in the immediate future can pay huge dividends and a temporary home buyer tax credit provides the most bang for the buck.”

The temporary credits could stimulate a wave of home buying that could quickly reduce excess supply in housing markets and halt the dangerous erosion of house prices and mortgage credit quality.

H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008, contains a provision that would provide a temporary, first-time home buyer tax credit of $7,500 for the purchase of any home used as a principal residence and closed on between April 9, 2008 and April 1, 2009.

Company submits plan for downtown Wilmington land, wants deal with city

The owners of the biggest swath of undeveloped land in downtown Wilmington unveiled conceptual plans this week showing hotels, restaurants, offices and condominiums filling the 45 acres of riverfront.

Riverfront Holdings II LLC intends to develop the former industrial land over 15 to 20 years. But first it’s seeking a deal with the city that would reimburse it for the cost of providing public infrastructure, including a road running from the city’s future convention center to the Isabel Holmes Bridge.

The company estimates it will spend $7.2 million on roads, water, sewer and other public services, an investment it wants the city to repay using a portion of the increased property tax generated by transforming the old industrial land.

It also wants the city to hold the site’s development rules constant for the next 20 years, giving developers a fixed set of rules to play by regarding parking requirements, building heights and other development regulations.

“We have to have some certainty to move forward on a plan of this scale and magnitude,” said Steve Shuttleworth, a partner in Riverfront Holdings II.

Mayor Bill Saffo said Wednesday he hadn’t had a chance to review the plan, which was submitted to city officials Tuesday afternoon. But what happens to the land could be the most important redevelopment downtown in the past 100 years.

 

………until next week in The Week in Review

Tina

 

 

 

 

 

 

The Week in Review May 31, 2008 Wilmington NC

 

The Week in Review

.….your Wilmington Connection

May 31, 2008

Welcome to Summer weather in Wilmington, the temperatures are rising with today a high of 87 great weather for cooling off at the beach. Activity in the real estate market has improved all be it that if you are planning on putting your home on the market then now is the time to do it. Let me know if you would like a free home market analysis so you can see what your home is worth in todays market.

Home Values steady, even rising in some markets

 

While residential real estate prices are declining as a whole on a national basis, new research from Forsythe Appraisals, an independent appraisal company, indicates that the national trends also show pockets of stability, and some with marginal increases in home values rising in some U.S. submarkets.

From Seattle to San Antonio, Milwaukee to Tampa, Connecticut to California, select neighborhoods in major markets have seen price increases of 5 to 19 percent from first quarter 2007 to first quarter 2008, according to the St. Paul-based appraisal company, which has 37 offices across the country.

“Our research continues to indicate that it’s impossible to paint the national real estate market with one large brush stroke,” says Tim Forsythe, CEO of Forsythe Appraisals. “While there is depreciation of national home values as a whole, there are areas that have not been severely impacted, or impacted at all. There are areas that continue to show positive growth.”

“These valuation trends in local submarkets are simply not visible when comparing average sale prices for an entire metropolitan area,” adds Alan Hummel, senior vice president and chief appraiser, with Forsythe Appraisals. “But when looking at certain sectors within an area, it’s clear that there is stability, and even marginal growth.”

While many homeowners throughout the country are still facing declining home values, Forsythe adds; “when looking at individual neighborhoods, housing types and price bands, the trends in these sub-markets can differ dramatically from the national averages.”

Forsythe’s staff appraisers took a close look at their local markets, using the firm’s market data and in-depth database to focus on valuation trends in comparable homes in specific neighborhoods.

State to buy 23 acres on Masonboro Island

The threat from development might be small, minute in most cases.

But with a handful of private owners still with property on Masonboro Island, there’s always the chance that someone’s dream about living at the ocean could involve building on the 8-mile-long undeveloped island.

This summer, officials hope to reduce that possibility just a little bit more by purchasing nearly 23 acres, the largest privately held parcel left on the island, near Masonboro’s southern tip.

“This is wonderful because every little bit helps,” said Camilla Herlevich, executive director of the N.C. Coastal Land Trust, which spearheads the effort to take the island’s private lands public.

For decades, state and local officials have tried to join the hodgepodge of private lots with the vast majority of the nearly 5,000-acre island that’s already part of the state-run National Estuarine Research Reserve.

Job Picture in Wilmington Improves

The Wilmington area’s unemployment rate improved in April, according to Bureau of Labor Statistics data released Wednesday.

The jobless rate here dropped to 4.5 percent from 4.8 percent in March, but was still a full percentage point higher than it was in April 2007.

The jobs picture here still compared favorably with the statewide unemployment rate, which fell to 5.1 percent in April from 5.3 percent in March. Wilmington had the fourth lowest jobless rate in North Carolina in April, with Durham and Asheville at 4.1 percent and Raleigh at 4 percent.

Greenfield Amphitheater gets 1.2 million makeover.

The 46-year-old performing arts center recently underwent a $1.2 million makeover that included the construction of dressing facilities, showers, concession stands, restrooms and an arch-ceilinged stage.

“The covered stage is probably the biggest change,” said Amy Beatty, city recreation manager. “We’ve actually had some concerts out there that got interrupted because the equipment couldn’t take the rain.”

Performances kick off in June with the 16th annual Shakespeare on the Green Festival, which brings a month of free shows to the amphitheater.

Improved fencing at the 900-seat venue also makes it more attractive for pay events, Beatty said. On Aug. 24, Grammy-nominated singer Tift Merritt will play for the fifth-anniversary concert of the Penguin radio station, 106.7 FM.

Opposition to proposed international port gathering

Renovations were funded by the 2006 Parks and Greenspace Bond and the city’s capital improvement program.

The opposition to the international port proposed near Southport is mobilizing … albeit behind the scenes.

A group of citizens in Southport calling itself “No Port, Southport” is advertising its opposition and calling on others to join. But no members are yet willing to reveal their names.

This is the first movement since the Caswell Beach Town Council approved a resolution in March opposing the $2.3 billion port. The first phase of the project is supposed to be completed in 2017.

Caswell Beach Mayor Harry Simmons said other local officials privately have stated their opposition to the port, but no other board in Brunswick County has publicly come out in opposition. “There’s absolutely no doubt the other towns see these same problems we see,” he said.

Caswell Beach may be a small town, but it has a big goal: stop the proposed port.

“We think the port is a bad idea,” Simmons said, noting the town plans to gear up its efforts after dealing with its upcoming budget.

 

…until next week in the Week in Review in Wilmington NC

Tina

 

 

The Week in Review Wilmington NC May 17, 2008

The Week in Review

….your Wilmington Connection

May 17, 2008

 

North Carolina seems to always be on the top relocation lists. With Wilmington voted 7th best place to live last year by CNN its no wonder we are still at the top. Our housing market has slowed but has not experienced the downfall of many other markets you hear about. With areas like Florida and Michigan where some home prices have dropped almost 50%.

Plenty of sunshine this week in the cape fear region. Many cars topped up with boats, jet skis, canoes and kayaks and why not with todays weather peaking 75 degrees who could resist.

Wilmington-area home sales inch higher

April figures better than March, but are still nearly 30% below a year earlier

Wilmington-area home sales rose in April from March levels, but remained much lower than in April 2007, according to data from the Wilmington Regional Association of Realtors.

Sales of single-family homes — defined as houses, townhouses and condominiums — rose to 415 in April from 399 in March, but were down 29.5 percent from the 589 homes closed in April 2007.

But that represented a year-over-year improvement from March, when sales were down 39.5 percent compared with a year earlier.

The sales are for homes that closed in the period. Contracts on those homes might have been signed one to two months or more before closing, and therefore represent buying activity in early spring or late winter.

Additionally, the Wilmington-area multiple listing service — which covers New Hanover, Pender and parts of Bruswick and other area counties — includes new construction housing in its figures. The national Realtor data includes only resales.

Real estate agents say they have seen a pickup in the local market, with more buyers out looking.

UNCW begins clearing land for Housing

Workers begin clearing land at the University of North Carolina Wilmington Thursday, May 15, 2008. The estimated $55 million project to construct new student housing and a parking deck on this 13-acre parcel of the school’s on-campus forest is scheduled to be finished before the start of the fall 2009 semester.

Memorial Bridge faces months of night closures

On Monday, April 28, Raleigh-based inspectors atop the Cape Fear Memorial Bridge discovered a serious problem.

Hundreds of connector plates that hold together steel beams that support the bridge deck were cracking under years of weight and stress from traffic and the slight sway of the structure.

That left state officials to answer an important question: Could they quickly devise a temporary fix for the worst connectors or should they close the bridge indefinitely?

Local bridge maintenance workers came up with a plan and strengthened eight of the 616 connectors, and state officials felt confident traffic could continue to cross the bridge safely.

Had one or more of the connector plates fractured completely, the beams underneath would no longer support the bridge’s metal-grate deck. The deck would eventually break apart and collapse under the weight of vehicles.

GE Hitachi plans to build plant to enrich uranium

If someone asks you what GE Hitachi is planning to do in Castle Hayne with $900 million of its own money plus millions in state and local incentives, tell him it’ll be squeezing oranges.

The analogy is the easiest way to describe GE Hitachi Nuclear Energy’s plan to build and operate a commercial plant to enrich uranium, says Tammy Orr, president and CEO of Global Laser Enrichment, a unit of GE Hitachi. GLE will be using laser technology to enrich uranium to produce fuel for nuclear power plants.

GLE on Tuesday got the go-ahead from the U.S. Nuclear Regulatory Commission to test the process, a prerequisite for GE Hitachi to build its plant.

GE Hitachi expects to file for a license to build and operate the commercial facility before testing of the process begins.

……until next week in the Week in Review

Tina

 

 

The difference between a real estate agent and a REALTOR

The main difference between a realtor and a real estate agent is credentials. Often time’s people use the works real estate agent and realtor interchangeably. However, there is a rather important difference between the two.

 

A realtor has more training and experience in the real estate market than does a real estate agent. Where both a realtor and real estate agent have licenses, the realtor has gone the extra mile in obtaining a further level of expertise in their professions.

 

Realtors are members of the National Association of Realtors. This means that a realtor follows the strict realtor code of ethics. You can read this code of ethics from a download at this site. http://www.realtor.org/mempolweb.nsf/pages/Code?OpenDocument

 

The standards and rules that are in the realtor code of ethics is more than just a few people saying they will do what is right. The code is a way of providing a higher level of ethical practice that is nationally recognized.

 

There are many real estate agents that are great at what they do; they also follow ethical practices, however there are no real restrictions that monitor their business matters.

 

The basic prerequisite to selling real estate is a license through the state that the realtor or real estate agent will be working in. There is a minimum standard of education, examination, and experience must be met. These requirements are decided state by state and then set as regulations.

 

Agents are bound to a certain amount of legal obligations. The basic of these obligations are:

 

• Obey the rules of confidentiality
• Obey the lawful instructions of the property
• Maintain the clients interests above yours or anyone else where their transaction is concerned.
• Report any issues with the property or the contract
• Report any money conversations discussed.

 

A realtor follows all of these listed obligations; however also follow a higher level of code of ethics form the NAR. These ethics and obligations have recently been formed into state laws that govern that at different levels of real estate licensing, there are different levels of expectations and laws.

 

Depending on what you are looking for, both a realtor and a real estate agent might be able to help you with your purchase or sell. There is also many times that a realtor will hire a real estate agent to help with some of their company responsibilities. Therefore that real estate agent will likely follow the ethics from the guidance of the more experienced licensed realtor.

 

Also, whichever option you go with, you will find the good and the bad with both. There are some questions you can ask to help make sure you are getting the best person to help you get the best deal.

 

• First find out if they are licensed.
• Next you will need to know if they are full time or part time
• You can ask them what options they have available for helping you sale your home, or what listing options they have for helping you find a home.
• It is also a good idea to cover commission prices and any other costs, or fees that would be involved.
• When you cover the contract you can ask for anything that does not look good to you, to see if it can be negotiated. Even if it is already typed up, it can be changed. This would be anything from the commission to the length of time of the contract.

 

The expertise you are looking for is all in the questions. Trust what ever option you choose, communicate any questions or concerns you may have and follow through with the steps it take to get your real estate transaction completed. The differences in realtor and real estate agent can be significant, however removing these common factors can decrease the success in any situation, regardless of who is doing the work.

 

The Week in Review Wilmington NC May 10, 2008

The Week in Review

…..your Wilmington Connection

May 11, 2008

We wish all the Mothers a Happy and Healthy Mother’s Day From all of us

 

The big house

What has the floor space of a shopping center, is more than twice as tall as the PPD building and costs nearly as much as the U.S.S. North CarolinaForbes. Mukesh Ambani, the fifth richest man in the world, his wife Nita and their three children will live in the 400,000-square-foot, 27-story home with nine elevators, a ballroom and an ice room where guests can escape the heat of Mumbai (once called Bombay) and “be dusted by man-made snow flurries,” Matt Woolsey wrote in Forbes. Cost: $2 billion, with a B – which equals 2,000 $1 million houses nuclear submarine? Why, a house for a petrochemical mogul in Mumbai, India. The world’s largest and most expensive home will be completed in January.

Plans for Marina Project Withdrawn.

The contentious and convoluted project goes back until at least 1971, when Homer Ward received a special use permit for a marina project on Burnett Road near the Intracoastal Waterway.

Tim Ward, who now owns the property, wants to amend that permit and expand the scope of the project. His plans for the Carolina Marina & Yacht Club include about 200 dry-stack boat slips, fueling services, a club house and a restaurant.

His problem is that David Ward, a distant cousin who owns property next door, has tried to stop the project at every opportunity.

He says the large marina and dry-storage facility would negatively affect the residential neighborhood, plus it could cause pollution in an area teeming with wildlife.

Before Tim Ward’s permit modification request could be heard by the commissioners Monday, his attorney asked the commissioners to send the matter back to the planning board.

 

New Hanover to break ground at treatment plant

 

 

The New Hanover County Board of Commissioners will officially break ground on the county’s new 6 million gallon per day water treatment plant and well field project at 10 a.m. on Monday.

The $48 million project is a state-of-the-art treatment facility, using membrane technology or “nano-filtration” to treat the water by pumping it through extremely fine plastic membranes. The technology can be up-fitted in the future with “reverse osmosis,” if necessary, to filter out salt.

The newly formed Cape Fear Public Utility Authority will assume responsibility for completing this project after July 1. The treatment plant is expected to be completed in September 2009.

All five county commissioners and other officials will be on hand for the groundbreaking. The event will be held at a neighboring subdivision, Garlington Heights, currently under construction in the West Bay Estates area of northern New Hanover County. The new subdivision directly overlooks the water treatment plant.

Bush’s attempt at helping the Housing Market

 

The Bush Administration, has stepped forward and pro-actively implemented workouts to help homeowners avoid foreclosure, but there is still more work to do. With more subprime loan interest rate resets expected, Bernardi urged the industry to have “a strong and effective response that will quickly help to stabilize housing prices.” Yesterday, the HOPE NOW Alliance announced that mortgage servicers have provided nearly 1.4 million loan workouts since July 2007 for homeowners with prime and subprime mortgages. This includes 503,000 homeowners in the first quarter of 2008.

“I believe that Congress and the Administration can forge a strong working partnership on housing. There is some common ground which should be explored and extended. I will continue to try to convince our lawmakers that we need wisdom, not over-reaction.

Universal Healthcare of Brunswick Breaks Ground

 

 

 

Sunday, May 4^th at 2:00pm a group gathered on Old Ocean Highway to break ground for the latest development in Brunswick county health care. Don Beaver, Owner, Carol Prater-Webb, VP of Operations, COO Vickie Carroll-Beaver, Representative Dewey Hill and Western Regional Director of Operations Alan Beaver broke ground on what will be central Brunswick County’s newest skilled rehab and nursing center. Other company officials include Maria Yane, Regional Clinical Nurse Consultant, Terri Gibson, Corporate Director of Marketing,, Architect David Polston and Becky Gibbons, CFO. The location of this premier living center is 1008 Old Ocean Highway close to Brunswick County Academy. This facility will be owned and operated by Choice Health Management based in Conover, NC. Choice currently operates 19 facilities of which all but two are in NC.

…….until next Week in the Week in Review

Tina

Five REASONS to use a buyer agent.

Real estate transactions come with risks, competition, and expenses. With your financial and family future on the line, there are five reasons to use a buyer’s agent in order to give you a fighting chance.

 

The buyer’s agent is a realtor that has gone through special training with the National Board of Realtors. The training authorizes the realtor to use the specialized sub-title in addition to the realtor title they already carry. The realtor is a real estate specialist. Therefore when you attain the help of a buyer’s agent, you are also getting the experience and training of a realtor.

 

A buyer’s agent does many things that decrease the risk of purchasing a home for their clients. They also increase the overall satisfaction of the sale, because they look for specific qualifications and amenities. Here are some of the steps a buyer’s agent will take to give you the highest level of happiness with your new home.

 

1. The buyer’s agent will make sure that there are the correct inspections, appraisals, and market analysis complete to ensure that your purchase is made with a full understanding of what to expect after the completion of the purchase. The buyer’s agent or realtor will make good recommendations to let you know whether the home is safe for your family.

 

1. A realtor, or buyer’s agent knows the market. They will also know if the price the sellers are asking for is the price you should be paying. They will also know how to negotiate a better price for your benefit. Therefore, you will be making your purchase for the best deal possible.

 

1. A realtor, or buyer’s agent will know what the newest listings are. They pay for listing information that keeps them up to date on the newest and the best. This is why the realtor or buyer’s agent will be able to help you find a home easier and give you a much broader set options to look at. Realtors also work close with each other to help meet the needs of their clients. Since the majority of homes for sale are exclusively listed with a realtor or real estate agent, some times the only way you will get this information is through a realtor. Also a realtor will use all their tools to gain the best list of homes for you. This would be the use of the MLS or nationwide multiple listing service, their company listing service, and many other options.

 

1. A realtor will likely know a home is for sale, before it ever hits the Internet. An MLS listing of a home can take between one and ten days to show up. By that time the home could already be sold. Word of mouth just like in any other business works for you. You need to find the right home, so your realtor will tell other realtors about you, and then that realtor will look at what he has. It is just like having a personal liaison in your corner doing all the work for you.

 

1. Realtors or buyer’s agents understand the contracts, legal documents and the complexity of the overall closing process. Your realtor will know how to complete the consumer-mandated seller’s disclosure, the environmental and structural reports, among all the many other legal reports. Your agent will also interpret the information in the transaction that may be more difficult to understand.

 

There are many reasons to use a buyer’s agent. The biggest thing to remember is that in most cases the buyer’s agent is paid from the commission from the sale of the house. Therefore, you really would not be paying anything extra. So having the security of having someone on your side is more logical than any other move you will make when purchasing a home.

 

The Week in Review Wilmington NC May 3, 2008

The Week in Review

….your Wilmington Connection

May 3, 2008

 

The Fed’s… aka Ben Bernanke, FOMC, whatever you want to call them, have dropped the Federal Funds Rate and the Discount Rate a 1/4 of a percent.This in turn has dropped the Prime Rate 1/4 percent.

Remember, this effects the SHORT TERM Interest RatesLONG TERM Interest Rates rely on what is going on in the Mortgage Backed Securities.

But you already knew that right?

Wilmington this week felt like summer. It is close on our heels. Perfect time for moving house, a change of scenery. Now is a great time to buy with home prices having dropped and Wilmington is still considered a safe place to buy. Take at look at Wilmington Real Estate market.

Carolina Beach to show off its New Board Walk

After months of work, Carolina Beach is ready to unveil the new and improved Boardwalk during a celebration this weekend. The events begin at 11 a.m. Saturday with a parade on Lake Park Boulevard, according to a town news release. A ribbon-cutting ceremony to formally rededicate the Boardwalk will be held at noon at the Boardwalk Gazebo. Following the ceremony will be a day full of activities, including live music, a Britt’s Donut eating contest, face painting for the kids and programs offered by the Fort Fisher aquarium. The event will be capped by a fireworks show over the ocean sponsored by the Pleasure Island Chamber of Commerce. The fireworks are expected to begin at 9 p.m. Boardwalk Makeover, an all-volunteer group, has been working for months to renovate, landscape and improve the town’s historic Boardwalk. Volunteers raised more than $75,000 for the effort. For more information, go to www.boardwalkmakeover.org.

Wilmington NC Real Estate Market

The Wilmington NC Real Estate market has continued to strengthen despite the continued real estate slump in the rest of the country. At the same time, real estate and homes for sale in Wilmington, NC remains comfortably affordable when compared to some other coastal real estate markets outside of Wilmington. CNN Money Magazine listed the Wilmington, NC real estate market as the #7 City to Invest.

Leland Approves plan to supply Water

 

The town has now officially entered the water business.

The Leland Town Council voted 4-1 on Wednesday to approve Town Manager Bill Farris’ plan to supply water to Brunswick Forest, its biggest development. The plan estimates the town will start providing water next year to 694 customers and add an estimated 300 a year, possibly taking on future developments sprouting up on U.S. 17.

Wednesday’s dissenting vote came from council member Tommy Wallace.

“I don’t think that we need to duplicate service when we already have the service from the sanitary district,” Wallace said in an interview, referring to the development’s current water provider, the North Brunswick Sanitary District.

Mayor Walter Futch, who previously opposed the town’s supplying water, changed his mind and said on Wednesday that the town should honor the agreement it had made with Brunswick Forest to provide water in 2004.

Leland began to discuss providing water to Brunswick Forest on U.S. 17 after the sanitary district’s commissioners voted on March 6 to deny the development’s subdivisions new water connection permits. But in a sudden move Tuesday, the evening before Leland’s water vote, the district’s commissioners voted unanimously to revoke their past decision and once again allow the new connections.

 www.tinaabraham.com

.....until next week in the Week in Review

Tina

The Week in Review Wilmington NC April 26 2008

 

The Week in Review

…your Wilmington Connection

April 26th, 2008

Relay for life this week in Wilmington and what a beautiful day for it, the sun was shining and and it was 84 degrees. Not bad for spring time.

 

Today was the first day of the 21st annual parade of homes in Wilmington,North Carolina area is one of the largest in the southeast, and this years event promises to be better than ever.

It will be running this weekend and the following weekend on Saturday and Sunday, May 5th and 6th. This year’s Parade of Homes covers a larger area – the four-county area of New Hanover, Brunswick, Pender and Onslow, and there is something for everyone and in every price range from $130,000 to 4 million

Here is what has been happening in the real estate market this week in Wilmington

Joseph A. LaVorgna, chief economist at Standard & Poor’s said in a note to investors

Tuesday that falling home prices aren’t such a bad thing, “On one hand they are causing negative wealth effects and forcing some new mortgages underwater; but on the other hand, this is a necessary, albeit unpleasant, prescription for restimulating housing demand,” he said.Sales were expected to drop 1.6% to a seasonally adjusted annual rate of 4.95 million units, down from 5.03 million in February, according to the consensus forecast of Wall Street economists surveyed by Thomson Financial.Lawrence Yun, the chief economist of the National Association of Realtors, said that a tightening of lending practices was stymieing some home shoppers, counterbalancing relatively low mortgage rates.

 

Mortgages going green
Going green is becoming easier as the options to do so increase. Sun Trust Mortgage offers a green, or energy efficient, mortgage through the Fannie Mae, FHA and VA programs, allowing individuals to upgrade their home’s energy efficiency and finance the cost.

“If you express an interest in an energy efficient mortgage, part of my pledge is that I triple check all information before printing, and I’ll email the customer versus faxing back and forth in order to conserve paper,” said Sun Trust mortgage planner Steve Rassin. “Additionally, we recycle all our paper, thereby saving energy and [environmental resources].”

Sun Trust’s energy efficient mortgages are available for new construction or existing propertie

…until next week in the Week in Review

Tina

 

 

Eight tips for choosing a Realtor

Choosing the right realtor is key to your real estate transactions; here are eight tips for choosing the right realtor. Following these tips can improve your chances of getting a better realtor and a better deal on your real estate transactions.

 

Start with doing some research on the realtors in the areas you are looking to purchase or sale a home. Taking the time to do this research will save you money and hassle in the long run.

 

The right realtor can keep you in the flow of the real estate market changes and legalities. If you have the right realtor, you have the knowledge of experience to help you make these decisions.

 

1. Interview at least three realtors. This will give you some options to choose from. The easiest way to find realtors in your area is to look in three different ways; on the Internet, in the neighborhood, look for the for sale signs, ask friends and family.
2. During the interview with the realtor, you need to ask several questions to get to the personality of the realtor. Here are some sample questions you can ask:
   1. How many listings do they have for you to view, and where do they get their listings. If you are selling your home, what kind of advertising will they be doing for your home?
   2. What experience does the realtor have? Can you check references of some of the resent real estate transactions?
   3. Will your realtor be dedicated to you? How quickly will they return your calls, and how much time do they have to handle your real estate transaction.
   4. Who will be at the closing? Will it be the realtor you are talking to, or will they have someone in their place.
3. After the interviews are complete, you will need to sit down and review all of the information. Take the time to think about all the people you interviewed and consider all of the facts. This is where comfort, experience and knowledge will come into play.
4. Look for the realtor that is a little more aggressive, but not so aggressive that they will miss the subtle requests from both the buyer and seller.
5. Check for licenses, training and recognitions from the leading real estate departments in your area. These licenses provide some protection in the professionalism where the real estate realtor is concerned.
6. Review the terms, conditions and fees that the realtor will be asking for in the contract they will ask you to sign. Find out what the going costs are for a realtor in your area. These fees may be negotiable. There are many considerations involved with this. The price of the home you are looking for. The amount of assistance you will need from the realtor. In addition to what you want to pay.
7. Watch to find out what the negotiation skills the realtor has. This will make all the difference when they are negotiating the price of the real estate purchase.
8. What kind of personality does the realtor have? Are they charming, have charisma, a positive outlook and a professional appearance.

 With all this in mind, you are now ready to pick out the right realtor for you. Selling or buying a home is the biggest purchase you will likely ever make. Therefore, you will want to have the most support possible to make the right decision.

 

Tina Abraham is a powerful Wilmington North Carolina real estate broker. Whether you're looking for luxury real estate, waterfront homes, 
historic Wilmington homes or a quaint little cottage Tina knows the 
market and can get your the best home to fit your unique needs. To learn how 
Tina can help you find your dream Wilmington North Carolina home click 

here or call us at (910) 619 8931.

The Week in Review April 19th 2008 Wilmington NC

The Week in Review

….your Wilmington Connection

April 19, 2008

Spring has sprung and the real estate market has picked up. “Home sales decline and prices are falling” this is what the media would like you to think is happening nationally, however real estate is a local market. What may be happening in your area of the country can be completely different just 50 miles around the corner. The Wilmington real estate market has seen less homes selling but, House prices are still holding strong. Homes are still selling for 95% of their list price, homes listed at 1 million and over are seeing 90% of their list price. So this area is a great place to invest in. With more iventory on the market you may be able to get that deal of the century if the seller is looking to move fast and has been brain washed by the not so positive media outlook. Let me know if you woud like me to help you get started in find your next home or your next investment property.

Fire Department asking for new Pier at Wrightsville Beach

Residents in Wrightsville Beach may see the Wilmington Fire Department boat traveling the waterways around the town. The Wilmington Fire Department has asked the town if they can create a joint-use pier that would house Wilmington’s fire boat. If the pier is approved by the Board of Alderman, the Wrightsville Beach Police boat would be docked there as well. In addition, the Wrightsville Beach Fire Department would have access to the city’s boat.The Board of Alderman will vote on the proposal April 24. If approved the City of Wilmington and Wrightsville Beach will pay for the pier.

Increase in FHA loan limits

 

The US Department of Housing and Urban Development (HUD) recently announced an increase in FHA loan limits, which were mandated by the Economic Stimulus Act. The new limits are based on median home prices throughout the United States.

These new changes create a lot of opportunity for home owners and home buyers, and promotes access to lower cost loans. To find out what the limit is in your county, visit http://www.fhaoutreach.com/

Kure Beach Park- theres Hope

NEW HANOVER COUNTY -A $500 thousand grant with the State Division of Coastal Management is in the final stages.If it goes through, the money would fund an oceanfront park in Kure Beach, located on the former site of the Rolling Surf Motel.Town officials bought that property in December, and the motel was torn down last month.They should find out if the grant is approved in May.With the $500 thousand, the town would have nearly $2 million for the park.The total price tag is more than $3 million.

Rental Investment here in Wilmington

Living in a college town poses many advantages for homeowners, including a skilled labor force, rich culture and job opportunities. However, homeowners can further benefit from town-gown relationships by purchasing rental property. Wilmington has the perfect rental market. With UNCW, Cape Fear Community College and of course the Vacation rental market why not go this avenue. Let me know if this is something you are considering.

…..until next week in The Week in Review

Tina

Realtors access to MLS and how it helps you.

Realtors pay a great deal of money to have full access to MLS and its listings; this is how that service through a realtor will help you. Listings of homes are most commonly listed through MLS more so than any other listing service for single-family residences and commercial real estate.

 

What is MLS? Good question. The MLS listing service is the multiple listing services for the real estate world, both commercial and single-family dwellings. The MLS is listed both as a statewide and nationwide listing service. Through the Board of Realtors in every area, the realtors and agents have the opportunity to sign up for the access of the MLS listing services.

 

The MLS service contains all the information about each property listing. MLS is a convenient way to view this information, including pictures, measurements, maps and much more. The realtors that register for this service pay annual dues, and additional fees. This does not only include the listings on MLS, it also pays for the evolution of MLS.

 

Originally this data of houses was on paper, and the realtor would have to research through the books to get the information. Now days with computers and the internet, the MLS service has increased productivity and getting the best deal exponentially.

 

The realtors have this access that provides a higher level of detailed information about the listings, where the standard visitor only gets basic information. To list with MLS, it is around $400 and to use the MLS as a realtor it is about $1000.

 

Realtors submit and join with their local, state, and national Board of Realtors. With this joining, the MLS listings will usually include the MLS sign up. MLS listings have roughly 99% of all the homes available in any given area, therefore with the realtor being signed up with the Board of realtors, and the MLS they are able to offer you a wider variety of services, listings and options.

 

With all that realtors have to do, and since it is hard for them to be in two places at one time, your realtor will have certain plans daily to research the homes on the MLS to show you. They will research the criteria you and him or her discusses, and then they will be able to send you the results via email, or on the telephone. This will give you the opportunity to go by and look at the homes for sale.

 

If you are selling your home, the realtor will use the MLS to list your home and then you will have a much wider variety, including other agents looking at your home. This opens up the door to better selling opportunities.

 

MLS listings improve the competitive advantage in the real estate market, simply by creating a more efficient way to look at more homes that fit your needs in a smaller amount of time. The realtor you work with, through the MLS listing service will be able to find the homes and criteria you are looking for quickly and you will be able to beat the competition by getting to the home faster.

 

The MLS listing services are simple to read, clear to understand and informative when it comes to the listings of homes. This improves the chance of making research of homes easier and more efficient.

 

When you use your realtor that uses the MLS listing service you get the highest level of quality listings in a timely manner that will increase your chances of getting the better deal.

 

Tina Abraham is a powerful North Carolina real estate broker. Whether you're looking for http://www.tinaabraham.com/">luxury real estate, waterfront homes, 
historic Wilmington homes or a quaint little cottage Tina knows the 
market and can get your the best home to fit your unique needs. To learn how 
Tina can help you find your dream http://www.tinaabraham.com/">Wilmington North Carolina home click 
here or call us at (910) 619-8931.

 

The Week in Review Wilmington NC April 12, 2008

The Week in Review

.….your Wilmington Connection

April 12, 2008

What a Week! Wilmington has been buzzing with activity. With the Azalea Festival bringing parades, street fair, concerts, arts and crafts and much more. Something for everyone. I’m sure there will many people heading back home after this week thinking what a great place to live. If you are contemplating this let me know and we can discuss the endless possibilities for relocation. Here is what has been selling in the Wilmington real estate market.

Lumina Station developers propose mixed-use project 

Lumina Station developers have proposed a 2.1-acre residential and commercial development along Wrightsville Avenue near the Landfall subdivision.

Lumina IV’s residential component marks a departure from the first three Lumina developments, which are commercial.

Market research shows a strong demand for condominiums in the area, which is near Wrightsville Beach, prompting the introduction of residential into the Lumina mix, said Joel Tomaselli, managing partner of the four-member Lumina Station development group.

He said the best use of the property is “integrating a residential component.”

Plans for Lumina IV call for two 27,300-square-foot residential buildings, each with 24 units on three floors, on 1.6 acres along Allens Lane, a dirt road just west of the Harris Teeter supermarket. Tomaselli said he expects the condos it could be completed in 2010, he said.

The project would require a zoning change from R-15 to O&I, or office and institutional conditional zoning district. R-15 zoning requires a minimum lot size of 1,500 square feet per unit to be priced in the low- to mid-$300,000 range.

Nearby, on a second tract comprising half an acre on Wrightsville Avenue, a two-story, 4,800-square-foot office building would be built. “We have no tenant for that,” he said, adding that it could become either office or retail space.

“I would like to start construction in 2009,” Tomaselli said. If the project started in early to mid-2009

Residents tell New Hanover not to sell Battle Park land to developers

A loud, angry and unanimous crowd Tuesday told New Hanover County officials not to break their promises and sell Battle Park.

But the county commissioners, who will decide whether to sell the 42 acres along Carolina Beach Road, were no-shows at Tuesday’s public meeting, which gave residents a chance to voice their opinions on the potential sale.

No one said they wanted the county to sell the land. The sticking point for many residents is that county officials bought and funded Battle Park with voter-approved park bond money, approved in 1989 and 2006. The land was bought for $470,000 and another $1 million was allocated to develop a park.

The county’s appraisal of the land said it could fetch between $6.5 million and $9.3 million, depending on what’s built there. The property’s value on the county tax rolls is $818,950.

The county also revealed the identity of the potential developer: Lauth Property Group, a national commercial developer with an office in Charlotte. County Manager Bruce Shell said the matter is still confidential, but the developer gave the county permission to reveal its interest.

Lauth’s proposal calls for mainly commercial development, possibly with some residential uses as well. The developer also said it would set aside land for a new public library.

Burgaws money Spent elsewhere

The future of downtown Burgaw could lie in attracting more restaurants and clothing, department and variety stores to fill the vacant storefronts in the town’s central business district.

A market study of Burgaw’s central business district revealed that residents spend about $11.5 million eating out and shopping for clothing and other general merchandise in other towns.

“They’re going to the larger towns such as Wilmington and Wallace for these things,” said Robert Murphrey, coordinator of the N.C. Small Town Main Street program, which conducted the three-month study. “Now that we know where these dollars are going, we need to look into bringing these dollars back to the town.”

In August, the town joined the N.C. Small Town Main Street program, an arm of the national Main Street initiative.

The Main Street program was founded by the National Historic Trust and is funded in North Carolina by the legislature. In the state, the Main Street designation is set aside for towns with a population of less than 50,000 people and the Small Town Main Street classification is for areas with a population under 7,500.

Values on more than 300 Holden Beach homes to be reduced

More than 300 homeowners in Holden Beach will save some money thanks to new data that lowered their property values.

Brunswick County’s tax office is sending out notices to more than 300 of the 500 homeowners on the second row of Ocean Boulevard that their property values will be lowered, Tax Administrator Tom Bagby said.

The tax adjustments will total $30 million and mean a $20,000 reduction in revenue for Holden Beach, Town Manager David Hewett said.

Homeowners could see an average reduction of about $90,000 in their home values.

Bagby said there are a few lots in the unincorporated areas of the county that also will be adjusted.

Holden Beach’s values tripled on average after last year’s tax revaluation, posting the highest growth rate in the county. Bagby said the new data came after the county reviewed the values because residents appealed the revaluation.

 

….until next week in The Week in Review

Tina

How an experienced realtor can help avoid buying a money pit.

An experienced realtor knows the warning signs of a home purchased that is bound to be a money pit. Over time and through the inspections that an experienced realtor will have conducted, help them know what to watch for in order to protect their clients.

 

These things are the areas that when you are looking at paint and carpet your realtor will be looking at foundations and roofs. Here is a basic explanation of the inspections that will help keep your investments safe.

 

These inspections cover areas of the house and property such as appliances, utility meters, electrical wiring, plumbing, fuse and circuit breaker boxes, furnaces, water heater, sinks, toilets, bath tubs, central air, or swamp coolers, and any other electrical or water system that is part of the property.

 

A home is a significant investment that should be a positive experience. However in a situation that the home you purchase has flooding issues, power problems, phone line changes, pipes that are rotted, or any other miscellaneous problem can result in being an on going living nightmare.

 

With this is mind knowing what and who to have completed these inspections with your best interest in mind it very important. You can also review the appraisal that was completed on the home. Your realtor will be able to show you several options that would be able to protect you from these types of issues.

 

There are organizations that help realtors know which inspectors are really making sure the house is up to code. One that is a great resource is NACHIS their web site is located at http://foresighthomeinspection.biz/?D=12. This is the type of contacts your realtor will have to make sure you are getting the best home for your money. No one wants to make a huge investment into something that is going to continue to be a money pit.

 

Some homes have incurable defects. This is a situation that is beyond the standard repair of the home. Some defects are worse than others. If you have never lived next to a train track, be prepared for noise at all times of day and night. This is a form of a defect. Another defect is a freeway that has traffic all the time day and night. Those are defects that we can learn to deal with, however there are some defects that will affect the home and living experience on a much grander scale.

 

There are what is called economic obsolesce. This term is used primarily by appraisers and realtors when there is a bad floor plan, very poor location, located near hazardous things like high voltage power lines, or a city dump. There are also defects that can be very expensive and dangerous that your realtor or agent can make sure you are not stuck with.

 

For example: You find the most charming home, it is a beautiful cottage style, 70 years old, remodeled from what you can see. The neighborhood is safe for kids, with a peaceful back yard with trees and flowers. It is perfect. Or so you thought, three months into the stay, the bad plumbing has problems due to weather, or something, and then your house is filled with sewage. We are not talking water. Now the previous owners new this, they covered it up.

 

The appraisal they have been completed by a family friend who really did not look that close and there was not a good inspection completed. Now you moved your entire family and there is raw sewage all over your carpets and floors. What can you do. The cost for the repairs will be in the range of $10,000 and you have to have the repair done in order to live in the home at all.

 

The pipes out in the yard and into the street are bad. There is no way around it. The responsibility is now yours. This is why you need to have the support of a realtor on your side, making sure this does not become your problem.

 

When you are looking to purchase a home, it is important to have a buyer’s agent or realtor there with you through the process to make sure you are not buying a home that will cost you in the long run.

 

Remember that it does not cost you any extra money to have a realtor or buyer’s agent help you. This is because the commission will be paid in most cases with the commission from the purchase of the house. Therefore there really is no reason not to have the help you need to make a good decision.

 
Tina Abraham is a powerful  Wilmington 
North Carolina real estate brokerWhether you're looking for luxury real estate, waterfront homes, 
historic Wilmington homes or a quaint little cottage Tina can knows the 
market and can get your the best home to fit your unique needs. To learn how 
Tina can help you find your dream <a 
Wilmington NC Real Estate click 
here or call us at (910) 619-8931.
 

Ways to make more money selling your house by using a realtor.

Making the most money when you sell your house is the overall goal. By using a realtor you will be able to make the most from your real estate transaction.

 

Choosing the right realtor will make a world of difference when it comes to the money you will make with the transaction of selling your home.

 

When you are setting up and interviewing realtors or real estate agents, keep in mind that you need this person to be able to communicate, and negotiate in a way that will bring you the most profit possible.

 

When you are conducting the interviews, you will want to ask a few specific questions that will help you find the agent or realtor you are looking for.

 

1. Can you get references from s few of the last real estate transactions that the realtor completed?
2. What experience do they have?
3. What licenses do they have?
4. What will they do as far as advertising to help sell your home?
5. What are their commissions they require?
6. Will they negotiate the commissions?
7. What is the time frame that they feel it will take to sell your home?
8. What other steps will the realtor take to sell your home. Including, open houses, flyers, and listings on the Internet, television, magazines and newspapers.
9. When will the realtor and or agent be spending time and how much time on selling your home?
10. What are the terms of the contract, if any, and can there be a set time limit.

 

It is important to choose a local realtor. A local realtor will know the area, connections, listings in the area, and will be familiar with the markets ups and downs in that specific area.

 

One of the best ways to make the selling of your home more profitable is to save money by selling the home quickly. The money you will save is on the carrying costst, mortgage payments, and other ownership costs.

 

There is also a great deal of inconvenience in showing your home to sell it. This includes keeping the house spotless for shows, making arrangements for appointemtns, and also child care arrangemtns. The result is that it is better to have a good plan set up for the successful sale of your home with your realtor.

Part of creating a successful sale is to list the home at a fair price. The best ways to find out what a fair price is will be to have your agent or realtor set up both a Market Analysis and a house inspection that will set up a realistic price for an easy sale.

 

With a home set at fair market value, your home will be set up for availability to a variety of incomes. If a home is set at a ridiculously high price will not only limit but also possibly eliminate the purchase of the home. This will slow the purchase process to a stand still.

 

When the price is set right for the sale of your home, you will also increase the enthusiasm of your realtor or agent. This is because they will know it is a deal they can get for you and for them. Therefore increasing profit for both of you. If a home is sold faster, the realtor makes the money faster also. Take into consideration that a realtor is paid usually on a commission basis.

 

This means that if your home sold for $200,000 your realtor gets usually half of the $12,000. That also means that if a house sells for $205,000 your realtor only gets half of $12,300. If it takes 15 more days to sell that house at $205,000 then the realtor worked that 15 more days and the daily rate they get paid for those days is $20.

 

That really does not make it worth the time of the realtor for that additional time. Therefore it is beneficial to your agent to sell the home as quickly as they can. This also makes sense when it comes to the amount of money you pay out in payments, fees and charges with the home being unsold for another 15 days. It all ads up, then the $5,000 more in profit all of a sudden is spent on expenses.

 

The best way to make money when selling your house is to find a good realtor, and trust them to sell your home for the best price as quickly as possible.

 

 Tina Abraham is a leading <a href="http://www.tinaabraham.com/">real estate 
broker in Wilmington, North Carolina</a>. Tina specializes in selling homes 
in Wilmington, Greater Wilmington, Pender County and Brunswick County, which 
are some of the highest demand homes in the world. Visit us for more www.tinaabraham.com
information on Tina and how she can help you buy or sell or call 

(910) 619 8931

 

The Week in Review Wilmington NC, April 4, 2008

The Week in Review

…..your Wilmington Connection

April 4, 2008

Wow i do believe we got the rain we needed this week in Wilmington all in time for those beautiful azaelas that we are so famous for, to begin the blooming process. This years Azalea Festival starts Wednesday the 9th April and carries on until the 13th. 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.

 

 

Remember there is no national housing market and national housing statistics do not apply and need to look at the individual markets as each market is behaving differently. Wilmington’s housing market is still performing and homes are still getting 96% of their listing price. This is what has been happening in our local Wilmington market.

 

 

2 Water Access projects Funded

Sunset Harbor’s boat ramp will continue to thrive, but the fate of a proposed boating and fishing complex in Pender County remains uncertain.

The two area projects both received funding from the state’s Waterfront Access and Marine Industry fund, officials announced Wednesday, with $915,000 going to Sunset Harbor and $3 million set aside for the Pender project. The funding decisions were made by Louis Daniel, the state’s marine fisheries director.

While the grant award will be enough to completely pay for the Sunset Harbor project in Brunswick County, the Pender proposal remains at the whims of private property owners, who are asking for $10 million and are under no obligation to sell their land to the state.

The money comes from the $20 million Waterfront Access and Marine Industry fund, which was created last year to secure public water access and bolster businesses such as fish houses and fishing piers.

State officials received 159 proposals requesting roughly $500 million. That list was whittled to about 20 finalists, asking for roughly $50 million.

City Manager Endorses Hotel Indigo

Wilmington is on the cusp of selecting a hotel for its forthcoming convention center. And early indications are it’s feeling kind of blue.

City manager Sterling Cheatham said Wednesday that is he is recommending that city council go with Hotel Indigo, a relatively new brand from the owners of Holiday Inn and Crowne Plaza hotels.

Cheatham said city staff were persuaded by Indigo’s quality, which USA Today once likened to staying in the beach-house page of a Pottery Barn catalog. And he felt most comfortable with the credentials of

3 D Management Group, the development company proposing to build and run the franchise.

“Hotel construction, hotel development and hotel management, that’s what they do,” Cheatham said. “They are not just commercial developers, they are hotel developers and managers and operators.”

3 D was one of three companies that submitted proposals. Others were with Hanover Hospitality Group, which includes local investors, and Jerome J. Parks Companies, a Maryland-based developer. The response was half the number that answered a similar request for proposals last summer, which the city ultimately rejected.

Condo Sales

Existing condominium and co-op sales rose 3.7 percent to a seasonally adjusted annual rate of 560,000 units in February from a downwardly revised 540,000 in January, and are 29.7 percent below the 797,000-unit pace in February 2007. The median existing condo price (4) was $211,700 in February, which is 4.9 percent lower than a year ago.

 

…..until next week in the Week in Review

Tina

Five signs it is time to find a new real estate agent

Finding the right real estate agent right from the start is the best way to go. However there are five signs it is time to find a new real estate agent.

 

Under some circumstances it is acceptable to stop the buyer or seller and agent relationship. However, it is a good idea to look at any contract you might have signed.

 

The first step in terminating your real estate agent is to make sure there is an ethical or legal reason to do so. Many times a problem between seller or buyer and agent can be resolved by simply by talking about the problems. There are reasons certain results occur in the real estate market and it is a good idea to have a clear understanding of what a real estate agent can do and is obligated to do.

 

Clear expectation of what can be expected is a good start of any relationship, especially a business relationship. Here are a few areas that you can know an agent should do for you. If these expectations are not fulfilled it may be a good time to see what options are available for finding a new real estate agent.

 

1. The agents should get the best possible price and terms for the person they are representing. If there is cause for concern of the loyalty of your agent to you, after talking about it with your agent this could be cause for termination of the real estate agent.
2. The agents must disclose all material facts pertaining to the property. This would be like old, and bad plumbing. A roof that leaks, or a foundation that is cracked. If there is areas that you can see the agent is simply not being honest about the property, this could be a reason to change to a different real estate agent.
3. The agent should disclose facts that would pertain to any type of price fluctuation. This would be like death, divorce, illness, moving out of the country etc. If they are the buyers agent. If the agent is a seller’s agent they cannot release any personal information about the seller without the sellers permission. If the agents are representing the seller and the buyer, they cannot release any information that is damaging to either side. They must maintain an ethical approach to do the best they can for both parties
4. If the agent is not up to date on their licenses and you find that they are representing themselves in a false manner, this may be cause for switching to a new agent.
5. You should receive adequate response to your calls and questions and should see a reasonable amount of acquirements into your home if you are selling. Therefore, you should be able to see work done by your agent. This is in the form of calls, shows, listings, and open houses. If you do not see this, it could be cause for releasing your real estate agent.

 

There are a few things that dictate the rules that a real estate agent should follow, here are those:

• Federal Fair Housing Act
• State Real Estate Laws
• National Association of Realtor’s Code of Ethics
• Employing Broker’s Guidelines
• Lawsuits

There are some requests an agent cannot accommodate due the laws that dictate to them rules and responsibilities. Therefore if there is a request you specifically have and do not understand why your agent is not able to follow through with that request, ask them why. You will probably find there is a good reason.

 

Before terminating the relationship between you and your real estate agent, be sure to communicate with your agent your concerns and questions. If the communication is not resulting in the needs you have being taken care of within a reasonable fashion, you need to read your contract and negotiate the terms for dismissal of that agent. Use caution when going from one agent to another. It can become a battle for commissions if you do not clearly state what your plans are to the prior agent and to the new agent.

 

If you have reviewed your legal and binding contract and there is a limited time frame, you can see if the time frame is over. That is very simple, and then you can inform the agent you want to go with someone who is more able to fulfill your needs.

 

Tina Abraham is a leading real estate broker in Wilmington, North Carolina. Tina specializes in selling homes  in Wilmington, Greater Wilmington, Pender County and Brunswick County, which  are some of the highest demand homes in the world. Visit us for more  information on Tina and how she can help you buy or sell  http://www.tinaabraham.com , or call 

(910) 619-8931.

7 Reasons not to Use a Part Time Realtor

Real estate is not something that can be done on a part-time basis. Here are seven reasons not to use a part-time real estate agent.

 

A real estate agents main focus is to sell. Therefore it is important to find a real estate agent that will focus full time on your real estate needs. There is a fiduciary responsibility to the sellers in the instance of an agent for the seller, and a buyer’s agent for the buyer to get the best deal possible for them.

 

You have every right to ask the real estate agent if they are part-time or full time. If an agent says they can work part time and fulfill your needs for your real estate transactions, it is likely that they are working to make them money; they would not have the time to be fully loyal to you, when they are working at another job.

 

• If a real estate agent is working part time, he or she likely has another job and does not have the time to focus on quality, instead they are trying to get as much done in as little time as possible.

 

• Selling your home, you need someone who is going to be advertising and working to sale your home on a full time basis. The less time the agent is spending on selling your home, the longer it is on the market and you are losing money.

 

• A part time real estate agent likely has not taken the time to have additional training, and certifications to increase the quality of service you would receive. It is a good idea to ask what training the real estate agent has had.

 

• There are times that sellers or buyers can only be available for showings, signing and closings at specific days and times due to work. Therefore it is hard with a part time agent to set up important appointments because there is a limited amount of time.

 

For example: A part-time real estate agent can work Monday, Wednesday and Friday in the evenings from 6:00pm to 9:00pm. The homeowner is available during the day from 8:00am to 5:00pm. This can result in one of two things. First the agent will not try to work with the home at all. Second, the agent will set it up for you to go alone. What is the point of having the agent?

 

• If you sign an exclusivity clause with a part time real estate agent, you are limiting yourself to only being able to have part time help with selling your home, or finding your home.
• You pay the same commission for a full time real estate agent as a part-time real estate agent. Therefore you are getting half the work and effort and paying the full price. Who wants half a sandwich when they pay the full price?

 

• A dedicated real estate agent or broker works normally evenings, weekend, and are often times on call so that they can meet the needs of their clients. With this in mind, how is a part time agent going to be able to focus their time and skills on your deal if they are warn out, tired, and only able to focus at such small time frames.

 With the purchase of a home or selling of a home, the most significant investments you will make in your lifetime, you deserve to have someone who will be by your side through all the steps. The commission is paid for the services rendered. Whenever something is done part-time, it is likely done part of the way. Who is filling in the work that needs to be done because the agent does not have time to be there?

Tina Abraham is a powerful <a href="http://www.tinaabraham.com/">Wilmington  North Carolina real estate broker</a>. Whether you're looking for <a  href="http://www.tinaabraham.com/">luxury real estate, waterfront homes,  historic Wilmington homes or a quaint little cottage</a> Tina can knows the  market and can get your the best home to fit your unique needs. To learn how  Tina can help you find your dream <a  www.tinaabraham.com

here or call us at 910 619 8931

The Week in Review Wilmington NC March 29, 2008

Nationwide sales of existing homes increased unexpectedly in February after six months of decline, but private economists said it was too soon to say that the prolonged slide in U.S. housing is coming to an end.

The National Association of Realtors said that sales of existing homes rose 2.9 percent in February from January levels, to a seasonally adjusted annual rate of 5.03 million units. It marked the first month-to-month sales increase since last July.Apparently, potential home buyers are realizing that the glut of foreclosures and roughly 9 months of housing inventory, as well as low interest rates and other incentives are creating opportunities to get bargains not seen for for decades.Although sales may be taking longer, home prices in the Cape Fear region are holding fairly steady, defying national trend.New York, New Jersey and other northern states still makes the Port City seem like a bargain. Take a peek at what has been happening this week in  Wilmington. Wilmington considers continuously annexing nearby areas
Monkey Junction may just be for starters. Wilmington could soon go on a steady diet of annexation.City staffers are recommending going to a two-year cycle of annexation where the city continually considers absorbing urbanized areas on its edges.In odd-numbered years, the council would identify areas for annexation; in-depth reports, public hearings and adoption would take place in even years. The city council will review the idea Monday at its all-day budget retreat.“People need to know when they move there that if they live close to the city, they’re likely to be annexed at some point,” said Councilwoman Laura Padgett, the major proponent of the change. “I think there needs to be some sort of communication and predictability.”The proposal comes as the council ponders pushing its boundaries south to Monkey Junction by taking in a lucrative 840-acre peninsula between Carolina Beach and South College roads. Padgett and others think any such annexation needs to be accompanied by a systematic plan for future growth so people know what to expect. New Hanover County considers selling park off Carolina Beach Road New Hanover County is considering selling Battle Park, a wooded area off Carolina Beach Road that was bought and funded with voter-approved park bond money.County Manager Bruce Shell told the commissioners during a recent budget workshop that developers are interested in purchasing the 42-acre tract and that the county has already had the property appraised.County officials say they are considering selling the land because it is only about two miles away from Veterans Park, the school and park complex off Carolina Beach Road.It’s possible the commissioners could vote on a purchase offer in April, Shell said at the workshop.But with so much land being developed in southern New Hanover, some residents worry that Veterans Park is already becoming too crowded and that more park land will be needed in the future.If the land is sold, they argue, the county will throw away an excellent opportunity to plan for the future. The mixed-use concept has made its way to Masonboro Loop Road.Masonboro Lodge, a building that combines office and residential space, is under construction at 4032 Masonboro Loop Road, at the intersection of Navaho Trail. Worsley Investment and Development Co. LLC, the developer, expects the project to be finished by early fall.“It will be an urban-type living arrangement near the water,” said Earl Worsley, manager of the development company. “We think there’s a need for neighborhood goods and services but in more of a neighborhood, relaxed atmosphere.”The project will have about 5,300 square feet of space for commercial condominiums on the first floor and four second-story, one-bedroom residential lofts of about 1,230 square feet each, said Lon Edwards, a broker for Worsley Real Estate Co., which is listing the property.Three lofts are on the market; two are listed for $204,900 and the other for $199,900. The developer is negotiating for discounted prices for loft owners to lease boat slips at nearby Masonboro Yacht Club & Marina, Worsley said.Commercial space is for sale at a list price of $200 per square foot, or for lease. Worsley said he’d like to see professional offices, a small coffee shop and some light retail on the site.Proposed Brunswick County port would cost 2.3 billion.  The proposed seaport in Brunswick County will cost an estimated $2.3 billion, with the first phase expected to open in 2017, according to new studies released Thursday by the N.C. State Ports Authority.That’s a substantial increase from the $1 billion-plus cost the Authority had previously projected. Funding for new highways, better railroads, deeper navigation channels and construction of the facility is expected to come from a number of federal, state and private sources, with most of the burden falling on the Ports Authority, the state and future private partners.The N.C. State Ports Authority is planning the port on 600 acres on an undeveloped site near Southport. The container terminal, authority officials hope, will take advantage of expected growth in international trade and the resulting demand for East Coast ports as space dwindles on the West Coast.The authority has begun to search for the right development partner from a short list of companies worldwide capable of handling the complex job, said Carl J. Stewart Jr., chairman of the Ports Authority Board of Directors.....until next week in the Week in Review                      Tina

Buying Cheap Homes in Wilmington North Carolina

The real estate market has opened up in Wilmington North Carolina; however, there are still ways to buy cheap homes there. The secret to find the best deals is to know where to look and do it at the right time.

 

Wilmington has a haven of comfort and creativity in the choice area between the Cape Fear River, and North Carolina Inner beaches. The area is complimented with great golf, wonderful weather in all four seasons, natural beauty, and a relatively inexpensive cost of living.

 

So then how do you find the cheap homes for sell? It is not that hard. First you will need to decide on if you are going to be going through a realtor, a realtor that does the work for both the buyers and the sellers, or if you are going to be looking on your own.

 

Wilmington is just starting to boom, and the time to buy homes is now. The interest rates are also at a time that it will save you money in the long run by purchasing your home now. It is projected that there will be at least a $40,000 increase in the value of homes over the next five years.

 

Your options for purchases of a home in Wilmington will consist of single-family dwellings, condos, bungalows, cottages, villas, apartments, farms, ranches and more.

 

You can look at many listings and some valuable information that will help you knows how and what you are looking for when you are looking to buy a cheap home in Wilmington North Carolina.

 

http://www.e-northcarolinarealestate.com/

http://www.wect.com/Global/category.asp?C=81086&nav=menu157_7_4

http://www.relohomesearch.com/

 

The easiest way to find cheep homes for purchasing in Wilmington North Carolina is to hire a buyer’s agent. This agent will be able to help you find the listings of home at a reasonable or cheap rate. This is because they are always on the look out for good deals, and they also receive specific information about houses that are newly up for sale.

 

The buyers agent has your best interest in mind and will keep track of the homes that come available that fit the prices you are looking for, in addition to the need you have, and then you will be contacted via email or on the phone to check out the homes that are available.

 

There are also listings that you can see on the Internet, through MLS or through HUD and other loan options that can make purchasing a home in Wilmington affordable and attainable.

 

Another great way to find cheap homes in Wilmington North Carolina is to ask around. In a tight community, you will find that it is easy to find out who is moving and what the going prices of homes in that area have been. That way you know more about the offering prices you can look to negotiate.

 

Your agent will also be able to inform you of homes that are being sold due to personal problems or issues that pertain specifically to the owners, however they cannot tell you what the problem is. Just that the property is going to be sold cheap and is a great deal.

 

In North Carolina the Association of Realtors supervise real estate deals, and keep track of the agents that are setting up the purchases of homes in Wilmington. This is an added security to you because there are regulations in the tools used for negotiations.

 Learn more how I can help you buy or sell your home in Wilmington NC call 910 619 8931 or visit  www.tinaabraham.com 

5 Reasons to Use a Buyers Agent

Real estate transactions come with risks, competition, and expenses. With your financial and family future on the line, there are five reasons to use a buyer’s agent in order to give you a fighting chance.

 

The buyer’s agent is a realtor that has gone through special training with the National Board of Realtors. The training authorizes the realtor to use the specialized sub-title in addition to the realtor title they already carry. The realtor is a real estate specialist. Therefore when you attain the help of a buyer’s agent, you are also getting the experience and training of a realtor.

 

A buyer’s agent does many things that decrease the risk of purchasing a home for their clients. They also increase the overall satisfaction of the sale, because they look for specific qualifications and amenities. Here are some of the steps a buyer’s agent will take to give you the highest level of happiness with your new home.

 

1. The buyer’s agent will make sure that there are the correct inspections, appraisals, and market analysis complete to ensure that your purchase is made with a full understanding of what to expect after the completion of the purchase. The buyer’s agent or realtor will make good recommendations to let you know whether the home is safe for your family.

 

2. A realtor, or buyer’s agent knows the market. They will also know if the price the sellers are asking for is the price you should be paying. They will also know how to negotiate a better price for your benefit. Therefore, you will be making your purchase for the best deal possible.

 

3. A realtor, or buyer’s agent will know what the newest listings are. They pay for listing information that keeps them up to date on the newest and the best. This is why the realtor or buyer’s agent will be able to help you find a home easier and give you a much broader set options to look at. Realtors also work close with each other to help meet the needs of their clients. Since the majority of homes for sale are exclusively listed with a realtor or real estate agent, some times the only way you will get this information is through a realtor. Also a realtor will use all their tools to gain the best list of homes for you. This would be the use of the MLS or nationwide multiple listing service, their company listing service, and many other options.

 

4. A realtor will likely know a home is for sale, before it ever hits the Internet. An MLS listing of a home can take between one and ten days to show up. By that time the home could already be sold. Word of mouth just like in any other business works for you. You need to find the right home, so your realtor will tell other realtors about you, and then that realtor will look at what he has. It is just like having a personal liaison in your corner doing all the work for you.

 

5. Realtors or buyer’s agents understand the contracts, legal documents and the complexity of the overall closing process. Your realtor will know how to complete the consumer-mandated seller’s disclosure, the environmental and structural reports, among all the many other legal reports. Your agent will also interpret the information in the transaction that may be more difficult to understand.

 

There are many reasons to use a buyer’s agent. The biggest thing to remember is that in most cases the buyer’s agent is paid from the commission from the sale of the house. Therefore, you really would not be paying anything extra. So having the security of having someone on your side is more logical than any other move you will make when purchasing a home.

 

Tina Abraham is one of the leading <a  href="http://www.tinaabraham.com/">Wilmington, NC real estate agents</a>.  Tina specializes in helping people sell their house or buy the home of their  dreams in the internationally famous Wilmington, NC market.  Visit Tina for  www.tinaabraham.comWilmington, North Carolina real estate

10 Reasons it pays to Use a Realtor

Real estate transactions are complicated and can be costly if completed incorrectly. There are ten reasons it pays to use a realtor. After you have decided to purchase or sell a home, then it is time to find the right realtor. However if you are only thinking about buying or selling, you can browse the availability on your own.

 

Once you have made the decision to buy or sell a home, now you need to find the realtor that will make that purchase or sale as easy and quick as it can be.

 

The reasons it pays to use a realtor are very economical when you figure in the amount of service you will receive for the price you will pay. Here are those reasons.

 

1. Your realtor works, looks, and negotiates with your best interest in mind.
2. You will be shown a clear understanding of the financial options available to you.
3. Your realtor will provide a clear diligence during the evaluation of the property. This will likely include:
   1. Inspections for termites, dry rot, asbestos, faulty structure, roof conditions, septic tank, and well tests.
   2. They will look to make sure there are not any title issues with the home that you need to be aware of. Like a lein against the title of the home.
   3. The realtor will find professionals to conduct all of these areas of the investigation on the home.
   4. They will also conduct a search of the correct ownership of the home.

 

4. A realtor can help you to negotiate a good deal for the property you look to purchase or sell. Realtors with experience are used to looking for signs and areas that can be negotiated to get the most for the person they are representing. In recent studies it was proven that on average the home sold by a realtor will sale for roughly $20,000 more than if it was sold by the owner. So if you are the seller the realtor can get more money for you, if you are the buyer, your buyer agent can negotiate a fair price for the purchase of the home for you.
5. The realtor is trained and has a wide variety of homes available to help you find the right home for your needs. A realtor can show you homes that are listed exclusively to them, and therefore you can only get going through their service.
6. A home that does not appear on the open market, may take some investigating to find the listing information. Therefore, you realtor can take the time and has the resources to get the information you would need on the home.
7. Your realtor also has the tools and connections to make you aware of the buying power you have. They will help you look at your down payment; purchasing options and borrowing options that can help you find the home of your dreams. They can help you set realistic expectations to what your options are for purchasing a home.
8. The realtor can help you to list your property with the right agencies and in the right manner to make sure you get the most coverage for the property you are selling.
9. Your realtor will be able to evaluate the buyer or sellers proposal with out jeopardizing your negotiation power for the property involved.
10. Finally your realtor can help complete the purchasing and closing documentation on the home. They will make sure that all of the legalities involved are followed through with in the correct manner.

 

Now that you know the reasons it pays to hire a realtor, you can start the interview process to find the right realtor for you. Keep in mind that you will want to interview at least three realtors, ask many questions and make sure they have the experience you want and need in a realtor. The right realtor can make a world of difference in the real estate process.

 

The Week in Review Wilmington NC January 19,2008

The Week in Review

...your Wilmington Connection

January 19, 2008

A late Week in Review I know, but all linked to the stirring of the real estate market. Things are picking up and there has been a great interest in Wilmington lately, with CNN naming Wilmington as one of the top 10 cities to buy.

WCFHBA makes housing prediction

Jeff Stokley, 2008 President of the Wilmington-Cape Fear Home Builders Association, projects a turnaround for housing to begin in late 2008 based on three broad factors: aggressive action by the Federal Reserve to cut interest rates; Congress acting on a series of bills aimed at shoring up the economy and helping home owners to stay in their homes; and no further unanticipated shocks to the economy.

The actions of the Federal Reserve should be the first step in reversing this housing slump. “The Federal Reserve must take aggressive action to cut rates when policymakers meet at the end of the month,” Stokley said. “Usually, the Fed moves incrementally by cutting rates by a quarter of a percentage point when seeking to stimulate the economy. To keep the economy moving forward, a half a percentage point rate cut is necessary to add liquidity and provide a solid psychological boost to the markets and consumers.”

A fairer deal for elderly property taxpayers
A welcome property-tax break for elderly or disabled Tar Heels of modest means passed the General Assembly last year. Called a “senior circuit breaker,” it would offer an alternative to the existing homestead exclusion, starting in 2009.

Like every other tax law, this one would be complicated, but the gist of it is that people who qualify can delay paying a portion of their property taxes until they move, sell or die. The final tax bill would include interest on the deferred amount.

To qualify, taxpayers must have incomes below a certain level and must have lived on the property for at least five years. That’s a blessing for longtime residents who are seeing their taxes rise out of sight because the old home place has become much more valuable.

Riggings owners bank on sandbags
Habitat prohibits nourishment, so homeowners cling to 22-year stopgap

Kure Beach | The Riggings wants one more shot to explain to coastal regulators why the 48-unit condominium complex should be allowed to retain the sandbags that have protected it from the encroaching Atlantic Ocean for more than two decades.

But the homeowners also have put the property across the street that was the basis of a federally funded relocation plan on the market for $13.5 million.

That could paint the Riggings property owners into a corner, with no place to rebuild their condominiums if the N.C. Coastal Resources Commission turns down the variance request.

State regulators have already ordered the bags removed, an action the homeowners so far have declined to follow.

Under state law, sandbags are supposed to be a temporary measure to buy a property owner time to come up with a permanent solution to protect oceanfront property from the encroaching ocean.

Generally that means either removing a threatened home or nourishing the eroded beach.

But the Riggings’ sandbags have been in place since 1985, and state regulators have repeatedly chastised the homeowners for seeming to have little enthusiasm for working on a long-term solution to their erosion woes beside asking for sandbag extensions.
Sunset Beach bridge contract awarded

After 30 years of conflicts and lawsuits, the N.C. Department of Transportation has awarded a $31 million contract to build a new Sunset Beach bridge.

English Construction Co., of Lynchburg, Va., will build the bridge.

The new high-rise bridge will replace Sunset Beach’s single-lane, wooden pontoon bridge. It will stretch a half-mile long and include two 12-foot travel lanes and 5-foot shoulders for bicyclists and pedestrians.

The new bridge is a long time coming for Joe Blair, DOT division construction engineer. He has been working on this project since he started at the department more than 20 years ago.

He said construction of the project will take 2 1/2 years to complete and could start within 30 days. Another clinical research firm to open area office, More growth for Wilmington

The world’s largest clinical research organization is opening an office in Wilmington, bringing to at least five the number of companies either headquartered or represented here that are involved in clinical trials for drug companies.

Triangle-based Quintiles Transnational Corp. will open a clinical research office occupying two of three floors of the North State Bank Building at 1411 Commonwealth Drive, near the corner of Eastwood and Military Cutoff roads, the company said Thursday.

PPD Inc., which has about 10,000 employees worldwide, is headquartered in a downtown high-rise on the Cape Fear River. It and Quintiles, which has 19,000 employees worldwide, offer a full line of services to drug companies, from conducting clinical trials to managing regulatory matters up to and after a drug’s approval by the Food and Drug Administration, a process that can take up to a decade and cost drug manufacturers $1 billion.

Quintiles would not say how many employees it will have in Wilmington, but only 1,500 of its 19,000 employees are in North Carolina. Wilmington is the privately held company’s third location in the state. It employs about 50 people in Williamston, a spokesman said.

Quintiles has been advertising for positions in Wilmington that include clinical study manager, senior clinical project manager and clinical research associate. Coastal setback proposal modified
Allows more development in nourished areas

New Bern | Concern from property owners and coastal officials has prompted state regulators to modify their proposed setback rules for new development along nourished beaches.

But the new regulations still don’t give what most people were calling for – “grandfathering” to allow property owners to rebuild structures to their current size.

Still, it allows new development and redevelopment in areas where it previously wasn’t allowed.

“What’s being proposed is limited development under limited conditions,” said Jeff Warren, coastal hazards specialist with the N.C. Division of Coastal Management.

Under current rules, oceanfront setback requirements along beaches that have had large-scale nourishment projects are based on what the beach looked like before the new sand was added.

Locally, that includes large chunks of Oak Island, Ocean Isle Beach and all three New Hanover County beach towns.

The rationale behind the rule is that homes built closer to the ocean could be threatened if the engineered beach isn’t periodically nourished and erodes back to its natural state.

But some beach towns, notably Ocean Isle Beach and Oak Island, complain that the current rules severely limit both new construction and the replacement of homes along wide swaths of their nourished beach front that are healthy and stable. …..until next week in The Week in Review Tina

The Week in Review Wilmington NC Real Estate …your Wilmington Connection

There hasn’t been a better time in years for those of you looking to turn the dream of home ownership into a reality.

One reason it’s a buyer’s market in much of New Hanover County is the large amount of inventory in both resale homes and new construction. If you are looking to buy,there are definitely deals to be had, especially at the beach.

Sellers shouldn’t despair, however. Our local real estate market continues to show signs of strength, especially when compared to other areas of the country. In New Hanover County, we are still noticing a steady increase in the median price of homes. For the period of April-May 2006, the median sales price of a home in New Hanover County was $199,900; the same period this year saw the median sales price rise to $222,000. (The median is the midpoint in a list of all sales ranged from highest to lowest.) ….your Wilmington NC connection