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

The Week in Review

...your Wilmington Connection

June 28, 2009

You can definatly tell summer is here, Hot weather, thunderstorms, BBQ's, open houses, vacationers and outdoors sporting events. This morning I did a double sprint Triathlon in Kure Beach the warm weather and ocean were very inviting. Great to see so many people out there and having fun.

If you are visiting here and thinking of relocating to the Wilmington area, drop me an email or give me a call and we can discuss your options.

Wilmington Real Estate

This week in Wilmington we have seen some rumbling in the real estate makret. Currently there are 2394 single family homes homes on the market and 797 condos on the market. There are 406 single family homes under contract and 74 condos. Solds in the last 3 months are as follows: 477 homes and 84 condos. Definately some stirring. If you are a first time home buyer dont forget the tax credit is up Dec 1st 2009.

New Washington data suggest recession is over?

US factories had a surge in orders last month everything from computers to aircraft and business investment rose by the most in 5 years. But the drop in new homes sales lets us know that it will be a slow recovery.

Existing Home Sales continue to rise in NC

Existing homes sales rose 2.4% In May. Housing inventory at the end of May fell to 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April. Good news for many home sellers, there is a light at the end of the tunnel.

until next week in The Week in Review Tina

The Week in Review

....your Wilmington Connection

June 21, 2009

Wishing all of the fathers a Happy Fathers Day! Sit back and Relax. Wow was it hot in Wilmington this weekend Saturday it reached a record breaking 99F, but if you have the ocean or a swimming pool no need to feel the heat!

Wilmington Real Estate

This week in the Real Estate Market there are 2390 single family homes on the market. 318 homes are currently under contract. 109 homes have sold in the last 3 weeks. The average SP % to LP is 93%. If you are selling your home let me help you come up with a price that will ensure you get it sold swiftly and at the right price. The longer it sits on the market the less your home will get. Email and let me know if I can be of some help.

US Puts more Money into the Foreclosure Program

The Obama administration circulated $50 billion in March to try and entice mortgage lenders to modify loans to help consumers make monthly payments more affordable. However, the plan hasn't been very effective as not many are able to qualify.

The administration last month expanded the program to provide incentives to further encourage lenders to make the short-sale processes easier and quicker.

May Reports show Construction jumps by 17.2%

The Commerce Department reported that construction of new homes and apartments jumped 17.2 percent in May. An adjusted annual rate of 532,000 units. Better than the expected 500,000-unit pace that economists had anticipated and came after construction fell in April to a record low of 454,000 units.

Looking for positive signs? Well here is another one, applications for building permits, a good indicator of future activity, rose 4 percent in May to an annual rate of 518,000 units.

The better-than-expected rebound in construction was the most recent sign that the slump in housing is coming to an end. A plus for the economy.

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

Tina

The Week in Review

....your Wilmington Connection

June 14, 2009

What a warm week here in Wilmington, and I had a real taste of the heat Saturday morning when I did the Diligence Dash which is a 5k run in historic downtown. The humidity must of been 100%. Great seeing everyone out there. Currently in Wilmington there are 2384 single family homes on the market. 316 homes are under contract and 462 sf homes sold in the last 3 months. First time buyers are racing to get a home under contract to take advantage of the $8000 credit. If you have any questions about this please dont hesitate to email or call me, I would be more than happy to help. If you are thinking of putting your home on the market locally or out of town let me know as I have a fantastic marketing plan for you, or I can provide you with some names of proffessional realtors in your state that do business like I do.

North Carolina Foreclosures are going down.

In the month of May the total number of new foreclosures in the North Carolina was down 32 percent from last year.

There were 2,587 foreclosure filings in the state, or one for every 1,594 homes, during the month. That is down 31.7 percent from May 2008, when 3,786 foreclosure notices were filed.From April to May filings were down 16%

This information was brought to you by RealtyTrac, which tracks default notices, auction sale notices and bank repossessions. The company counts every foreclosure filing.

Housing and Economic Indicators taken from National Association of Realtors.

......until next week inThe week in Review

Tina

The Week in Review

....your Wilmington Connection

June 7, 2009

The Wilmington real estate market hasnt stopped buzzing. Its definately house hunting season. There is still a large inventory on the market which is giving buyers a confusing choice. With so many on the market it poses the question of how many homes do I look at. Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!

Should Home Sellers Offer Price Protection

Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won't regret their purchases even if home prices continue to fall further. This might give those buyers that are "waiting for the bottom" the confidence that they need to buy now. If buyers gain confidence, prices won't fall, so sellers won't have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.

Pending Home Sales up the Third month in a Row

NAR'S Chief economists Lawrence Yun stated that buyers are responding favorably. Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.

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

Tina