Tina's Blog

The Week in Review Wilmington NC November 29, 2009

Sun, 29 Nov 2009 14:25:41 -0600

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

Sun, 15 Nov 2009 16:44:33 -0600

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 8, 2009

Sun, 15 Nov 2009 16:41:54 -0600

The Week in Review

....your Wilmington Connection

November 8, 2009

Wilmington saw some lovely weather this weekend. Nice temperatures up to 75. Maybe we didnt miss fall after all! This week in Wilmington was the Beach to Battleship Iron Man race. Those athletes started at 7am and some were still going at 10pm. Hands up to you all who competed and completed!

Wilmington NC Real Estate

Contracts are still coming in. This is normal when you are with the Number one real esate company in Wilmington. Currently in Wilmington there is 12 months worth of inventory that is a far cry compared to 8 months ago. When we were looking at some price ranges having 36 months worth of inventory out there. Prices are still correcting themselves. Mainly due to the shortsales and foreclosures out there. My hunch is in the coming months we will start seeing more confidence with consumer spending.

There are 2293 homes on the market, with 316 currently under contract two thirds of those homes are priced at under $250,000. Over the last 3 months there have been 346 homes sold in the last 3 months....since August thats more than 10%.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC November 1, 2009

Sun, 15 Nov 2009 16:38:47 -0600

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 Oct 18, 2009

Sun, 18 Oct 2009 21:25:57 -0500

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 in Review Wilmington NC September 13, 2009

Sun, 13 Sep 2009 18:59:13 -0500

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

Sun, 13 Sep 2009 18:57:10 -0500

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

Sun, 23 Aug 2009 17:30:24 -0500

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

The Week in Review Wilmington NC August 16, 2009

Sun, 16 Aug 2009 18:57:38 -0500

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

The Week in Review Wilmington NC August 9, 2009

Sun, 09 Aug 2009 14:48:01 -0500

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.
The new appraisal and disclosure requirements that
recently took place will 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 on the up 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®. Where does it come from in such a "down market" its a combination of positive factors, including low mortgage interest rates and affordable home prices.

The number of homes on the market drops
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

Sun, 02 Aug 2009 20:00:33 -0500

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 Wilmington NC Real Estate June 28, 2009

Sun, 28 Jun 2009 20:35:55 -0500

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

Sun, 21 Jun 2009 18:05:21 -0500

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

Sun, 14 Jun 2009 20:54:02 -0500

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

Sun, 07 Jun 2009 21:26:05 -0500

The Week in Review

....your Wilmington Connection

June 7, 2009

The Wilmington real estate market hasnt stopped buzzing. Its definately house hunting season. 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

Sun, 31 May 2009 19:19:25 -0500

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

. 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.

In April first time buyers declined to 40 percent of transactions, showing 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

Sun, 24 May 2009 21:18:17 -0500

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 30-yr fixed: 4.82

15-yr fixed: 4.50%

until next week in The Week in Review

....Tina

The Week in Review Wilmington NC May 17, 2009

Sun, 17 May 2009 19:53:55 -0500

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.

until next week in The Week in Review

Tina

The Week in Review Wilmington NC March 15, 2009

Sun, 15 Mar 2009 21:43:48 -0500

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

Sun, 08 Mar 2009 17:38:04 -0500

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

How your Realtor can Help Negotiate a Better Deal

Sun, 01 Mar 2009 19:20:14 -0600

We all want a good deal. The way to get that better deal with real estate is to have a realtor in your corner negotiating your best interest.

The essential element that will help your realtor negotiate a better deal is having open communication with our and know what your expectations and needs are.

Your realtor is trained in areas of negotiation and if they are experienced in negotiations they know the signs that will lead them in to the acceptable agreement they are looking for.

Before your realtor makes any kind of offers on a piece of property they will make sure to have a Comparative marketing analysis completed so that they know what values are going on sales with homes currently.

It is naïve to think that the analysis is not necessary. The good realtors are aware that this needs to be completed, just as much as the home inspection ad appraisal.

The best deal is usually obtained through creative negotiation not under bidding. The deals are out there, but they can go sour in the time of a day or two. The better deal with less hassle is the way to look at getting the better deal. How your realtor presents the information on the offer and the home will make all the difference when it comes down to the price you will pay in the completion of the real estate transaction.

A good negotiator will know to watch for the open signals that people are ready to continue negotiating. Your realtor will be watching for these times. They will also direct you in the ways that you will be able to communicate with out jeopardizing the sale price you are looking for. They will also be able to open conversations that will let them know what circumstances are surrounding the sale reasons.

Your realtor will know to not use high-pressure tactics. It is important that both sides win. The ethical requirements of realtors are in place, however a good realtor will know what the difference is between manipulating and negotiating. Negotiating will make all parties happy, therefore creating a positive situation for a real estate transaction.

Another area that you will have a positive response from having a good realtor with fantastic negotiation experience is when the realtor has the ability to find out all the aspects of the property. This will make it so that you are well informed in the decision you are about to complete.

Another good negotiator will know whom they are negotiating with. Your realtor will have learned to pay attention to their audience. This means working with facts with the right people and emotion with the ones that require that type of communication for the most progressive deals.

Finally a good negotiator and realtor will have the best interest of you in mind. Even, if that means that they may loose a little in a deal from a smaller commission because they get a better deal for you.

Rules can guide people to stay in line, however it is the person who has the skills that works successfully in those lines to create the best circumstances for business transactions.

Trust in your realtor's negotiation skills. You have taken the time to find a good realtor, and letting them do their job is your end of the negotiations that will make it a winning situation all the way around.

5 Tips to find Real Estate in Wilmington NC

Sun, 01 Mar 2009 19:18:40 -0600

There are five easy tips to finding great real estate listings in Wilmington North Carolina. Finding the perfect home is not always simple, however with the right tips it can be easier.

With all the homes available in Wilmington and the market going better there than most other towns or cities in the United States, the perfect home may go faster than you think. You need to have someone in your corner of the real estate market ring to help you sort through the real estate listings to find the home for you.

There are a few different ways to look for the listings that you might be interested in.

First you need to decide on whether you are going to acquiring the service of a buyers agents, if you are going to be looking for a home through listings on your own, or if you are planning on going through negotiations with a realtor that handles both the sales and the purchases of the properties they are specifically hired for.

When you are buying a home in Wilmington North Carolina, it is important to look at many homes, with different options, and different amenities. Therefore, looking at all the listings you can find is going to be an important step to finding the home that will fit the needs of you and your family.

If you are searching through listing on your own, then you will need to set time away on a daily basis to look at all the new listings. Here is a list of sites that you can visit to help you have several options to start your search.

http://www.move.com/new-homes/wilmington_north-carolina/

http://www.relohomesearch.com/State.aspx?State=NC&SAID=23734

http://www.homegain.com/homes_for_sale/NC/hsx_state_page?entryid=6918&mod=1

http://www.mls.com/

Another option for looking into homes available in Wilmington North Carolina is to look into the newspaper for real estate listings either on the Internet or in the paper form to see the newest homes that are listed that day.

The easiest options, that is often times a more time affective and cost effective option is to hire a buyer's agent. This agent will research all the listings on a daily or weekly basis to look for the homes that fit into the criteria and needs of your dream home. Then the agent will email, or call you with the updated listings for you to view as soon as you can. This keeps you in the game almost up to the minute so that you can catch the great deals quickly. Your agent will also save you time from looking at homes that will not be what you want. They are usually used to the areas and are accustom to knowing what the neighborhood and community is all about.

As you are going through the listings available, you will want to search realistically in the areas and prices that will be within the amount you can qualify for. This means that you will want to get pre-qualified for an estimated loan amount, and then you will also need to decide on what kind of down payment you are wanting to put down.

When you are working with the options of purchasing the homes you are looking at, you will need to find out who is going to pay which fees. Keep in mind that often times the closing costs will cover the commission of the buyer's agent. So you can get help with the pre-qualifying, the negotiations, the searching, and the completion of the process and this is often time with little extra out of your pocket.

Finding a Dream home with your Realtor

Sun, 01 Mar 2009 19:16:27 -0600

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 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.

Using a Wilmington North Carolina Realtor

Sun, 01 Mar 2009 19:13:08 -0600

There are benefits to using a Wilmington North Carolina realtor. The real estate in Wilmington has been on an up climb, and finding the best house or selling the best house can take a little help. The realtors in Wilmington know the area, know what to do, and get you the most for your money.

On average a home sold by a realtor will sell at approximately $20,000 more than it would have it if sold by an owner only. This is the reason that paying the 4-6% for the commission is reasonable and cost effective.

With Wilmington being listed as one of the top ten places to purchase real estate, it is better than ever for selling property and can be somewhat more difficult to find the perfect property. The growing economy, wonderful four-season climate, and coastline property it is a prime time for purchasing homes. The most effective way to handle finding your home in Wilmington North Carolina is going through a realtor.

Now it is time to find the right realtor to get the job done. What does it take to make a good realtor, and what can you expect for the commission you will pay.

Well out of the commission, you can expect your realtor if it is the realtor handling the sale of the property to handle a few different things. Here is the list to keep in mind:

Home Market Analysis
Advertising of the home; listing your home in several online and paper listings, list the home in magazines, create flyers and signs, host open houses, and show the property to buyers.
You can expect the realtor to be diligently loyal to you and work to get you the most for your home.
They will also follow through on all legal documentation and the closing procedures.

If it is a purchasing agent or realtor, you can expect several things that will help you find the right home for you. Here is a list of these expectations:

They will help you to know what financial requirements you have to work with.
Fair information about properties researched
Multiple listing options, that are current and within the areas of interest and need to your family.
Your realtor will help you negotiate the sale prices and fees.
They will also help complete the legal documentation and closing.

Getting the most up to date and correct information when making a real estate transaction is important. In fact it can be imperative to getting the best deal. There is a great deal of competition where realtors are concerned, and that applies just as highly in Wilmington North Carolina. However, there are a few tips to finding the realtor that will get the job done.

Interview three or more realtors. This will give you the opportunity to ask the right questions, and learn about the personality of your realtor. When you are interviewing the realtors think about the relationship that will need to be the support of you purchasing or selling your home. These types of financial moves are some of the largest and most significant in your life. Therefore, it will be important to have the right person with you to do the job.

After you have decided on your realtor, give both you and your realtor a fighting chance to find the right deal for you. This means setting proper expectations, and goals of what you want to achieve. Finally trust your realtor, they have your best interest in mind.

The Week in Review March 1, 2009 Wilmington NC

Sun, 01 Mar 2009 19:09:15 -0600

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