Wilmington NC Real Estate ....your Wilmington connection

The Week in Review Wilmington NC December 27, 2009

tinaabraham — Sun, 27 Dec 2009 23:33:28 +0000

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

tinaabraham — Mon, 21 Dec 2009 02:57:41 +0000

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

tinaabraham — Sun, 06 Dec 2009 23:56:39 +0000

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

tinaabraham — Sun, 29 Nov 2009 20:21:49 +0000

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

tinaabraham — Sun, 15 Nov 2009 22:13:14 +0000

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

tinaabraham — Mon, 02 Nov 2009 02:10:47 +0000

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

tinaabraham — Mon, 19 Oct 2009 02:07:16 +0000

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

tinaabraham — Sun, 04 Oct 2009 23:54:40 +0000

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

tinaabraham — Mon, 21 Sep 2009 01:26:56 +0000

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

tinaabraham — Sun, 13 Sep 2009 23:37:26 +0000

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