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 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 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 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 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, 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

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.