The Week in Review
.....your Wilmington Connection
January 18, 2009
Cold this week in Wilmington. Brrrrr...The Real estate market has been dragging a bit...but on a high note there has been a lot more activity these last two weeks than we have seen in the last 2 months. I hope this is a sign that buyers have taken on board that this is the best time as any with the interest rates at the lowest they have been in 50 years.
50 years! So if you are planninng on buying anytime soon you would be crazy not to do it now!
In the last six months 1,276 homes have sold and 726 listings have expired. With only 1,276 homes sold in the last 6 months, that would mean we have approximately have 12.8 , so wouldn't you think that sellers would be very motivated to sell?
Contact me if you are ready to look at some homes, or if you are planning on selling and would like to find out what your home is worth ?
Obama Inauguration Spurs Hopes for Housing
Brokers are optimistic that the change in administration next week will have an impact on the extremely sluggish housing market, according to a "Housing Beat" survey of its members by Leading Real Estate Companies of the World(r). Over three fourths of those responding felt that the changing of the guard will have a moderate to significant influence.
Nearly two-thirds (62%) indicated heavier activity since the first of the year, although it is too early to note whether increased property showings and Web traffic will translate to increased sales.
The consensus is that consumer confidence and concerns about the job market are the heart of the housing crisis, and the survey indicated that brokers see no movement in that confidence level, although there is hope that stimulus action, declining interest rates, absorption of some housing stock by investors, and affordability levels not seen in several years will gradually lure buyers from the sidelines.
An ABC News "Nightline" episode featuring LeadingRE broker Ron Shuffield of EWM Realtors in Miami demonstrated how compelling the opportunity is right now for buyers, with several examples of attractive homes and condos available for under $100,000.
"For buyers who do not anticipate having to move in the next two to three years, there has not been a better time to buy a home in decades," comments LeadingRE President/CEO Pam O'Connor. "Selection, prices, and interest rates are very favorable to consumers, and sellers who may be frustrated with lower sales prices will make it up on the buying end. Regardless of how prices have declined in the last two years, the long-term viability of real estate as both shelter and investment remains high."
Mortgage rates drop below 5%
Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.
Mortgage rates have been dropping since late November, when the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money and perhaps aid the ailing U.S. housing market.
Freddie Mac reported Thursday that average rates on 30-year fixed mortgages dropped to 4.96 percent this week from the previous record low of 5.01 percent established last week. It was the 11th straight weekly drop, and way below the rate of 5.69 percent at the same time last year.
Circle B Trailer Park residents face loss of homes to development
The owner of the 8-acre Circle B property, Circle Properties LLC, wants to build a six-building, 144-unit apartment complex, Cardinal Crossing.
Last July, Circle B Properties and Biltmark Construction, the builder, sent one-page letters to the residents informing them that the companies are "exploring the possibility" of redeveloping the site.
"Many details remain to be worked out, but if we obtain the needed approvals, and if the project is otherwise viable, you will be given notice to remove your trailer from the premises," the letter stated, adding that their "best guess" for that notice would be between June and September 2009.
The next step for developers is to ask City Council to rezone the property from regional business district to multi-family residential - medium high density. A public hearing and vote are slated for the council's Feb. 3 meeting.
The project has the backing of Wilmington city planners, as well as the Planning Commission, which unanimously endorsed it earlier this month.
until next week in The Week in Review
Tina
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