Tina Abraham Broker, SRS, Realtor Wilmington North Carolina Real Estate

The Week in Review

....your Wilmington Connection

November 8, 2009

Wilmington saw some lovely weather this weekend. Nice temperatures up to 75. Maybe we didnt miss fall after all! This week in Wilmington was the Beach to Battleship Iron Man race. Those athletes started at 7am and some were still going at 10pm. Hands up to you all who competed and completed!

Wilmington NC Real Estate

Contracts are still coming in. This is normal when you are with the Number one real esate company in Wilmington. Currently in Wilmington there is 12 months worth of inventory that is a far cry compared to 8 months ago. When we were looking at some price ranges having 36 months worth of inventory out there. Prices are still correcting themselves. Mainly due to the shortsales and foreclosures out there. My hunch is in the coming months we will start seeing more confidence with consumer spending.

There are 2293 homes on the market, with 316 currently under contract two thirds of those homes are priced at under $250,000. Over the last 3 months there have been 346 homes sold in the last 3 months....since August thats more than 10%.

until next week in The Week in Review

Tina

The Week in Review

....your Wilmington Connection

November 1, 2009

Whew! a warm wet week in Wilmington...quite unusual for Wilmington this time of year. Today was the half marathon at the Battleship, we were all looking forward to the 13.1 mile run...until we saw how hot it was going to be...we then knew. It would be a race to remember. November 1st.....if you are thinking of buying a home before the tax cedit finishes you better jump on board quick 29 days left. Some lenders may sitll be able to make it happen.

Wilmington NC Real Estate

This week in Wilmingon its that price range $250,000 and under that is still seeing the majority of the activity. Currentlly there are 2310 homes on the market. There are 345 homes that are currently under contract. Just to confirm homes are still selling there were 501 homes sold, and 325 of those homes sold at $250,000 and under.

Status of the Extention of the Tax Credit

Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.

The Senate is expected to vote Monday evening for a "Motion to Invoke Cloture". If 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action. NAR will continue to provide us with updates on the tax credit as events warrant.

National Housing Inventory

A change in the inventory. The Total housing inventory at the end of September was down7.5 percent to 3.63 million existing homes available for sale, which shows an 7.8-month supply at the current sales time frame, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

"The current housing supply is the lowest we've seen in two and a half years," Yun said. "If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.

2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45 percent of home sales during the past year. This does not come as a shocking surprise with the first time home buyer tax credit out there. A separate practitioner survey shows that distressed (short sales, foreclosures) homes accounted for 29 percent of transactions in September. Movement in the first time buyer range allows for tmore opportunites for those sellers who want to move up to their next home. All in favor to continue the housing tax credit say Ay!

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

The Week in Review

....your Wilmington Connection

September 7, 2009

The week in in review coming to you a day late. My family and I were rertuning from family vacation and we were in flight all day yesterday. We had a wonderful time in Los Angeles visiting family and of course visiting the best friends of my children. "Mickey Mouse". So here it is a day late. Enjoy your day of Rest!

Wilmington Real Estate

Currently in Wilmington there are 2392 single family homes on the market and 328 homes are under contract. 510 homes have sold in the last 3 months. I think we are experiencing an upturn in the market and with a warm welcome i might add.

Pending Home Sales

Activity for pending homes sales has risen for 6 months in a row, this has not been seen the case since the history of the index began in 2001. The index is at its highest level since 2007 and housing affordability has been at record hights this year with the added stimulus of the first time home buyer tax credit.

Sellers still cutting prices

Competition heats up every summer with more inventory on the market, this in turn has sellers competing for buyers. Really you need to be one of the 3 best price in your price range to ensure some activity. One in four homes for sale in August had their prices prices reduced at least once since coming on the market with the average discount of 10%. Homes that are priced competitively are the ones that are selling.

Take note, sales are increasing but prices are still falling.

...until next week in The Week in Review

Tina