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
Comments(0)