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Wilmington NC Area Home Buyers & Sellers Take Note: Changes Are Coming!!!

02-06-10
Wilmington NC Real Estate & Relocation~ Ginger & Roger Sala
Wilmington NC Real Estate & Relocation~ Ginger & Roger Sala : Real Estate Agent in Wilmington, NC
  • view my blog
  • Office: (910) 431-7075
  • Secondary: (910) 431-2564

There are a lot of changes coming down the pike in short order that will surely affect the housing market & the ability of some buyers to purchase a home. The one-two-three punch includes the expiration of the Home Buyer Tax Credit on April 30th & the scheduled end on March 15th of the Federal Reserve's program of purchasing of Mortgage Backed Securities. This program was begun in 2009 to help keep a lid on rising mortgage rates and make more money available for loans.

Federal Reserve Meeting

The upcoming game changers along with stricter guidelines for FHA Mortages taking effect on April 15th are expected to raise interest rates & de-incentivize and/or eliminate some of the home buyer pool.

These three strikes looming against the housing market may mean a volatile spring ahead. The spring bounce we look forward to just might become instead a 9th inning cliffhanger. the Washington Post reported on Friday there has been some buzz re: A Possible Extension of The Feds Mortage Backed Securities Buying Program. (I breathed alittle easier after that report)

I think they would be wise at least for the short term to maintain the status-quo. Since the termination of this program is expected to have a major impact on mortgage rates/interest rates to the upside, & since whatever housing recovery we see is currently being sustained by low price tags, mega inventory, tax credit incentives & historically low rates, the impact of losing two of these market "prop ups" & safety nets (the buyer tax credit & Feds Mortgage buying) IMHO will lead to a dramatic downside for Housing Market & the economy overall.

Let's hope(& pray)as reported in the Washington Post, the FED will not only seriously consider but implement a last minute pinch-hit to save the game! Of course the Feds weighty decision hinges on a lot of economic variables, ( & surely some political consideration and/or pressure), so toss a coin & take a guess at what their decision will be. You'll have 50% chance of getting it right!

"So far, the Fed's net buying of mortgage-backed securities totals nearly $850 billion, or about 80% of securities issued this year by entities like Fannie Mae and Freddie Mac.

Since these agencies bought nearly all new mortgages made this year, the central bank has effectively acquired most of the home loans made in the U.S. That has helped soften the decline in house prices and sparked a refinancing boom that has boosted spending power for many households." Read Full Article

  • Mortgage Guru Dan Green has some insightful views on the future of the mortgage/housing market.

Check out his 5 minute video! The Crystal Ball : Housing Market, Mortgage Rates, FHA Guidelines, And Investor Overlays

NOTE: There is still time to find your Wilmington NC area home & take advantage of the Home Buyer tax credit. As long as the Contract is signed before April 30th, we're good to go!

Ginger

©Ginger Sala, Wilmington NC Real Estate & Relocation Specialist: serving the beautiful Coastal North Carolina areas of Wilmington, Wrightsville Beach, Hampstead, Carolina Beach, Kure Beach, Topsail Island, Surf City & Leland. "Wilmington NC Living truly has something for everyone!" For more information Visit our website: CoastHomeNorthCarolina.com for Wilmington NC Area Information, Search Wilmington NC Homes for Sale!

Click to CONTACT US!

Wilmington NC Area Scenes by Ginger Sala Wilmington NC REALTOR

"Coast Home to North Carolina!"

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What's Happening this Weekend in Wilmington, NC

02-05-10
Kathy Knight, BROKER/REALTOR, ABR, CRS, GRI
Kathy Knight, BROKER/REALTOR, ABR, CRS, GRI : Real Estate Agent in Wilmington, NC
  • view my blog
  • Office: (910) 471-4956
  • Mobile: (910) 471-4956


This weekend is the North Carolina Jazz Festival. They are celebrating their 30th anniversary. This festival of music is Saturday, Feb 6 10:00a
at Hilton Wilmington Riverside, Wilmington, NC
This is a 3 day traditional jazz festival, held at the Wilmington Hilton Riverside Hotel. All events are held in the ballroom in a cabaret setting with tables of ten. The aim of the festival is to preserve and present some of America's original classic music - Jazz - and we feature the style of jazz known as Traditional Jazz.

Also this weekend is the Chocolate Festival to benefit the Senior Citizens center. There will be 30 vendors with all kinds of chocolate confections, music, wine tastings and other goodies. Admission is $ 8.00 and is at the Senior Center on Shipyard and S. College Road... Yum yum

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"I'VE GOT YOUR (feed) BACK"

01-31-10
Barbara Kornegay
Barbara Kornegay: Real Estate Agent in Wrightsville Beach, NC
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  • Office: (910) 256-8171
  • Mobile: (910) 297-5321
  • Secondary: (910) 520-9031

So it happens every day. or so we hope! An appointment gets scheduled - A home gets shown (my desperate sellers know you showed up because they went to the neighbors and spied on you and your clients every move through the curtains) and then, nothing!!!

An e-mail gets sent asking for feeback, and....nothing! A phone call gets made, again, asking for any input on the home you took the time on a Sunday to peruse, and....nothing! It is the most frustrating of moments to have nothing to tell this desperate homeowner who felt like the world would change for them in 10 minutes on this Sunday!

Feedback is, to so many I speak to in the industry, an obnoxious waste of time. So many say, if their clients had any interest in the home they would have made contact!!!

REALLY???

To me, feedback is a way, as REALTORS, to support each other in every market - good or bad! Sometimes it is a way to get constructive criticism to our clients in a non offensive way! A way to once again say "We need to lower the price", a way to finally get rid of that neon pink room - and other times to pat our client on the back and say, "Your house was wonderful, just not what they are looking for". Feedback is not only our link to our clients, but also our link to each other!

So, we don't work for the same Team or the same company... so why should you help me? You can go it all alone in this world, But I can promise you it is a lot less productive and a lot less interesting!!! I am here to tell you all, big and small, United We Stand, Divided We Fall:)

And for myslef I will say - responsible or Slack, I have your feedback!!!!

http://www.edhomeseller.com

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What's Happening this Weekend in Wilmington, NC

01-29-10
Kathy Knight, BROKER/REALTOR, ABR, CRS, GRI
Kathy Knight, BROKER/REALTOR, ABR, CRS, GRI : Real Estate Agent in Wilmington, NC
  • view my blog
  • Office: (910) 471-4956
  • Mobile: (910) 471-4956

What's Happening in Wilmington this Weekend...




Antique Show and Sale this weekend in Wilmington 10 am to 6 pm Jan 29 and 30, noon - 5 pm Jan 31 at Coastaline Convention Center, 501 Nutt St with more than 35 antique dealers from three states witha large selection of antiques including furniture, primitives, jewelry, linens, silver, glassware, prints and more - sponsored by Junior Sorosis of Wilmington.

Benefit for Haiti at Front Street Brewery tonite Activities include raffe, food and drink specials, and live music. All proceeds will be sent directly to Haiti. Free. UNCW Homecoming . a weekend full of events to welcome you back to campus as you reconnect with friends and faculty and show your Seahawk spirit. Most events are free or a marginal cost but registration is required go to : www.uncw.edu/homecoming

Model Railroad Show and Sale = at the American Legion Post 10 , 702 Pine Grove Drive. Show features model railroad dealers as well as N scale Lionel, G scale and HO scale modular layouts. door prizes and raffles for train sets. Adminssion $5.00 for more info go to www.capefearmodelrailroadclub.org.

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The Week in Review Wilmington NC January 24, 2010

01-24-10
Tina Abraham Broker, SRS, Realtor Wilmington North Carolina Real Estate
Tina Abraham Broker, SRS, Realtor Wilmington North Carolina Real Estate: Real Estate Agent in Wilmington, NC
  • view my blog
  • Office: (910) 202-3604
  • Mobile: (910) 619-8931
  • Secondary: (910) 619-8931

The Week in Review

.....your Wilmington ConnWilection

January 24, 2010

Back to normal temperatures around these parts. No wonder all kinds of home buyers: real estate investors, retirees and families relocating are still interested in this area. Mainly due to its growing economy, temperate climate, popular university, and beautiful coastline and one of the more affordable coastal towns that has a flare.

Wilmington NC Real Estate

The first quarter of the year enjoys the return of full real estate market as all attention resumes to a more normal pace. The corporate transfer market can intensify as new goals are implemented for the new year. Locational factors can affect activity due to inclement weather conditions impairing the air and car travel.

As the Spring season develops, homes seem to have nicer curb appeal and encourages more "drive-by" traffic. Many leases come due as the rental real estate market turns over, often encouraging first-time home buyers to re-evaluate their housing situations.

This week in Wilmington there are 2225 homes on the market a slight increase. Currently there are 213 homes under contract and 460 homes sold in the last 3 months. Many are wondering what will happen with the real estate market this year. One thing we do know for sure is the first quarter will be dominated by people trying to take advantage of the tax credit that is set to expire April 30th (deadline to have a home under contract). After the incentive is gone, one can only ponder. There most definatley has been some positive signs, but only time will tell for certain. Thinking of buying a home well now is one of the best times as any, low interest rates, tax credit and extremely low home prices. Email and let me know if you have questions.

FHA Changes

FHA announced changes in the following areas:

The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP.

Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. The minimum down payment will remain at 3.5 percent for all other borrowers.

FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent). Over time, increasing the annual premium may allow FHA to reduce the upfront premium.

Seller concessions will be reduced to 3 percent from 6 percent.

For more information on these changes, as well as information on when the changes are expected to take place, follow the link below.
http://www.realtor.org/government_affairs/fha_resources

.......until next week in The Week in Review

Tina

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