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

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

The Week in Review

.....your Wilmington Connection

August 23, 2009

Hope you all had a nice weekend. It turned out to be a nice weekend overall. With plenty of sunshine overall. Welcome back to school, all schools will be in full tilt tomorrow marking the end of the summer. The housing market still shows signs of promise.

Wilmington Real Estate Market

Currently in New Hanover County there are 2401 single family homes, and 330 homes are under contract. 509 Homes have sold in the last 3 months thats an increase. Im sure the race to take advantage of the $8000 tax credit has something to do with it.

An amazing leap in existing home sales.

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Not since June 2004 have we seen home sales rise 4 months in a row. Single-family, townhomes, condominiums and co-ops - rose 7.2 percent, and the last time sales were higher than a year earlier was November 2005.

The chief economist from the National Association of realtos , said he is encouraged. "The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales," he said.

Take note: the monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

As you know with the tax credit involved first time home buyers purchcased 30% of the homes in July and 31% of all homes sold were distressed.

Commercial Real Estate

Continues to decline but has steadied off some. Hopefully with the end of the recession in the next 6 months. The reduction in commercial real estate will continue through the first quarter of 2010,

...until next week in The Week in Review

Tina

The Week in Review

....your Wilmington Connection

August 16,2009

Whew....a rainy week in Wilmington, but it finished with a blast of sunshine. Its nice to have a break. Summer is coming close to an end, its the best time to look at homes and I wont even bring up the fantastic deals that are awaiting you. Give me a ring or drop me a line if you would like to start looking.

Wilmington Real Estate

Currently there are 2376 single family homes on the market and 329 homes under contract in the greater Wilmington Area. There have been 518 homes sold in the last 3 months. Thats a definate increase to celebrate. Some home prices are still falling, the majority are homes that are overpriced, but there are some forclosures and short sales that are doing some damage. If you are thinking of putting your home on the market and you would like a market analysis send me an email and we can set up a time for me to come look at your home.

The highest reward "Green Certificate" for Custom Home builder

Custom home builder Mark Johnson won the platinum certification from Leadership in Energy and Environmental Design for his house in Landfall. Many builders are finding ways to stand out, and in this day in age this is one way to do it. "An EnergyStar home is going to be 15 percent more efficient" than a home that does not qualify for the government rating, Johnson said. More info Click here.

Great National news for the 2nd Quarter for the Housing Market.

Total state existing-home sales, including single-family and condo, rose 3.8 percent to a seasonally adjusted annual rate¹ of 4.76 million units in the second quarter from 4.58 million units in the first quarter, but remain 2.9 percent below the 4.90 million-unit pace in the second quarter of 2008. Chief economist has been quoted as saying: "With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy. Here is a taste of what we all are waiting for.

...until next week in The Week in Review

Tina

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

The Week in Review

...your Wilmington Connection

August 2, 2009

Great Weekend here in Wilmington. The weather forecast predicted rain....but there has only been short downpours and then sunshine again. Great summer weather!

Wilmington Real Estate

There definately has been many homes go under contract in the $300,000 range and under. The end of the $8000 dollar tax credit is drawing near,I'm sure that has something to do with it. It sure is a pleasant change from 6 months ago. Currently there are 2353 single family homes on the market. 332 homes are under contract and in the last 3 months 527 homes have sold. Those are the kind of numbers we are looking for!

Housing Index shows some Hope

The Case/Shiller Home Price Index reported its best reading in nearly twelve months and the first month-over-month improvement in three years. This is good news, especially when combined with the last few months of improved Existing and New Home Sales.

San Rio Lot owners to Sue Develper

A year away from when they were supposed to start building their dream homes, the buyers are finding themselves paying for nothing...no building..only dirt.

20 of the 60 people who bought lots in San Rio for anywhere from $200,000 to $700,000 are going to sue Wakefield Development Co. claiming misrepresentation. As the lot owners try to get their money back, the town of Shallotte is also trying to collect on the project. The group hired Hodges and Coxe law firm of Wilmington to recover damages.

New Appraisal Rules

Fannie Mae and Freddie Mac made some clarification on its websites to try to dispel confusion over a new code of conduct for home appraisers.Mortgage lenders have been told that appraisers must have experience in the geographic areas where they get assignments.

....until next week In the Week in Review
Tina