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

….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 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

….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

…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