Hello and thank you for all the great information I have absorbed by reading through the posts. I look forward to being able to provide some service to the Active Rain community as well as a benefit to clients or anyone interested in the Wilmington, NC area. I have just started blogging so bear with me on my steep learning curve!
Wilmington, NC area is weathering the storm as far as real estate goes. We are like most other markets--adapting to the reduced number of sales and in most cases, seeing a downward adjustment in prices. Hopefully, we are seeing the end of this adjustment phase.
I had the opportunity to listen to local economist Dr. Woody Hall from the University of North Carolina at Wilmington at a seller's seminar sponsored by our company. He used a Power Point presentation to illustrate what have been feeling. Pretty eye opening, however, there is light at the end of the tunnel.
Optimistically, we are looking at a 3rd quarter 2009 turnaround in this recession. The good thing about our community is that we are a destination city and people want to move here. Interest rates are awesome and we have already started to field an increase in phone calls and web inquiries. Our MLS search feature is getting a lot of attention. As for fence sitters, we are trying to educate them into moving forward with a purchase now instead of later. We know what prices are now, we do know that eventually rates will go back up--likely offsetting any last minute pricing adjustments that may be lingering.
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