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.
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.
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.
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.
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.
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
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.
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.
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.
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)
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.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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