.....your Wilmington Connection
March 7, 2010
What a gorgeous end to a week, sunshine lightens up this long winter we have had. I started to wonder if we would ever see it. i hope you and your family had the chance to take advantage of the weather this weekend.
It's getting ever so much closer to the end of the home buying tax credit, seriously dont miss out on this, it's money in your pocket for buying a home that you were already planning to buy. Email me if you have no idea what I am talking about I would hate for anyone to miss out!
Wilmington NC Real Estate
Well spring is around the corner and typically this is when we will start seeing the housing inventory bumping up a bit. With spring break in tow there are many visitors in town a great time to be on the market. Let me know if you are thinking of puttin your home on the market, I have some great information to share with you. This week there are 2348 homes on the market already a slight increase to last weeks. There are 277 homes that are under contract and 239 homes closed and sold in the last 3 months, 8 of those homes were priced at a million and above.
Beau Rivage looking to upgrade
The owners of Beau Rivage want to spruce up their resort in southern New Hanover County.
They've submitted plans to the county planning department to tear down most of the resort's existing building and replace it with, among other things, an 80-room hotel and 350-seat banquet area.
Also proposed to be upgraded would be the members' clubhouse, pool and tennis courts.
Upgrading Beau Rivage's facilities also would allow it to stay competitive with other local area resorts - among them the nearby Cape Golf and Racquet Club and Masonboro Country Club formely know as the cape have recently done their own renovation and expansion projects.
Plans show a central resort center with flanking three-story wings for the hotel rooms. The building's design would be "low country."Stay tuned.
Repeat Home buyer Tax Credit...is it being used?
The tax credit for current homeowners was intended to help stabilize prices and bolster the economy, but the housing market remains vulnerable. Sales of both new and previously occupied homes dropped in January, and the Mortgage Bankers Association's index of loan applications recently hit a 12 1/2-year low.
Also, the percentage of current homeowners looking to buy was nearly flat from January to February, according to a poll of 1,500 real estate agents by Campbell Communications and Inside Mortgage Finance.
The Obama administration has pumped billions into the housing market, hoping it will lead the nation out of its economic doldrums. Efforts to modify loans facing foreclosure have largely failed. So, hundreds of thousands of discounted homes will hit the market this year, stressing a market desperate to balance high supply with sluggish demand.
I do believe the credit's true test will come in the spring, the busiest home-buying season.
January home sale prices
(January 2009 in parentheses)
Average price of homes closed: $214,571 ($229,073)
Median price of homes closed: $180,000 ($195,000)
- Wilm. Regional Realtors
Mortgage rates
Average, March 4
(Week earlier in parentheses)
30-year fixed: 4.97% (5.05%)*
15-year fixed: 4.33% (4.40%)*
5-year ARM: 4.11% (4.16%)+
1-year ARM: 4.27% (4.15%)+
* Plus 0.7 point
+ Plus 0.6 point
....until next week in The Week in Review
Tina
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