The Week in Review Wilmington NC August 9, 2009

The Week in Review

....your Wilmington Connection

August 9, 2009

Happy Sunday Afternoon! Hope you all have had a wonderful sunny weekend. The real estate market continues to heat up, with the best priced homes going under contract. Thinking of selling? drop me a line and we can discuss your options. Currently in Wilmington there are 322 homes under contract in Wilmington area. A good thing!

The Tax Credit Clock Is Ticking

To be eligible for a tax credit of up to $8,000, first-time
homebuyers have until the end of business on Nov. 30
to close their loans. There has been discussion that some
members of Congress want to extend and increase the
homebuyer tax credit. It remains to be seen if an extension or
enhancements will be made.
Historically, it has taken 45 to 60 days to close a loan.
The new appraisal and disclosure requirements that
recently took place will add extra time to the closing process.
To be certain homebuyers can take advantage of the tax
benefit - as the law stands today - interested buyers should
apply for their loan no later than the beginning of October

Pending Home Sales on the up in Wilmington and around the country.Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of REALTORS®. Where does it come from in such a "down market" its a combination of positive factors, including low mortgage interest rates and affordable home prices.

The number of homes on the market drops
The number of homes listed for sale declined again in many U.S. cities last month, the persistence of bargain hunters, continued to search for short sales and or foreclosed properties. The supply of homes available for sale in 28 major metropolitan areas at the end of July was down 2.5 percent from a month earlier, according to figures compiled by ZipRealty, Inc. Historically, inventory declines only 1 percent from June to July. Things are starting to level out and lets hope it continues. We all want to be back in a normal market....all except those smart investors who are buying now.

....until next week in

The Week in Review

Tina