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

The Week in Review

.....your Wilmington Connection

Febuary 8, 2009

Wilmington Weather...Wow is all I can say. Today in te 70's the beach was just stunning...how could you not want to live here? Let me know if you are planning on making the move I can help make it an uneventful move. This is a great time to buy with interest rates extremely low and home prices the best they have been in 4 years.

The nine changes new city Residents can expect: Monkey Junction Annexation

Property taxes

The most painful change. City residents and businesses pay city and county property taxes. City's current tax rate is 33.25 cents per $100 of property value. That means the owner of a $250,000 property would pay an additional $831.25 a year in property taxes.

Sewer and water

Those without public sewer and water would be required to get it. Costs vary based on the size of lines. The charge for a regular 5/8-inch water connection is $1,295. New water customers also must pay a $179 meter installation fee. A 4-inch sewer connection costs $900. The charges can be financed over five years.

Fire service

The city is exploring whether to contract with the Myrtle Grove Volunteer Fire Department, which serves the area now, with backup from the city fire department, or build and staff a new fire station. Public water service installed throughout the area should increase water capacity to fight fires. New city residents would no longer pay the county fire district tax, which currently is 5 cents per $100 of property value, or $125 a year for a $250,000 house.

Police service

The Wilmington Police Department would take over patrol of the area from the New Hanover County Sheriff's Department. There is a need for six additional officers to ensure adequate response times.

Stormwater

Single-family residences pay $5 a month, or $60 a year, for stormwater service. Commercial areas pay a fee based on the amount of impervious surface on the property. The annexation area would be studied for drainage problems and improvements would be made as funding becomes available. Street sweeping would be provided on public streets with curbs and bike lanes.

Trash

The cost for city trash service is $23.50 a month for a large trash cart and $19.40 for a small one. Residents of private streets would maintain existing arrangements with their haulers and wouldn't have to pay the city fees.

Smaller businesses might be able to petition the city for city trash service, but the city wouldn't provide Dumpster service.

Property insurance

Policies vary, so check with your insurance provider. Better fire protection doesn't necessarily mean lower homeowners' insurance rates, but commercial insurance rates are likely to go down, according to the city's draft annexation service plan.

Voting

City residents are eligible to vote in city elections, held in October of odd-numbered years. They are also eligible to serve on city boards and commissions.

Golf course fees

City residents pay less to play at the Municipal Golf Course. During the week, rates for 18 holes and a cart are $26 for city residents and $34 for non-residents.

Foreclosure Grant for New Hanover County?

Be Prepared

The Neighborhood Stabilization Program is a $3.92 billion pool created by the federal government last fall.

The purpose to provid funds to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop them.

It can help stabilize property values in areas that are hit by foreclosures as the economy tanks.

North Carolina received $52 million of that federal funding pie, which it will then distribute to local governments that apply.

Mortgage Rates - should you really play the Waiting Game

Borrowers are holding out for lower rates, but this waiting game will be costly when rates suddenly increase as they did this week. Last week when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07. The average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month. So dont keep waiting.

...until next week in The Week in Review

Tina

All info taken directly from the Star News.

The Week in Review

.....your Wilmington Connection

February 1, 2009

Well its February, one month closer to warmer weather. Currently in the Wilmington real estate market there are 2673 on the market and 238 are under contract thats 9%. The best price range to be in if you are selling a home now is that $300,000 and under range you looking at anywhere from 8-13 months worth of inventory. The price ranges with the most inventory? $700,000 - $800,000 has 47 months worth of inventory and the 1 million and above???well 74 months worth of inventory...whew! Homes are still going for an average of 94% of their list price, so keep that in mind buyers if you are making offers.Drop me an email if you have questions about the real estate market here in Wilmington.

Lowes in Porters Neck?

Will it happen? Developers are saying it will take close to two years. The Developer Jimmy Black of Alliance Commercial Properties in Greensboro ran into some holdups with the residents complaining that there would not be enough exits from the faciliity. The devleopment will take place in 3 phases, the second to be completed by the third quarter and no time line as yet for the final phase.

A boost in home sales in Leland.

Brunswick counties association reporteed a higher value of home sales in 2008 than the year before. Compared to the Wilmington-area sales reported by the WRAR fell 30 percent and the total dollar volume sales fell 25 percent.Thirty-three percent of the Brunswick County market is in the Leland area and home values have not dropped there. But on the not so positive side....Brunswick county seen a 85 percent increase in foreclosures. Foreclosure hearings are booked through March. The Brunswick Clerk of courts are averaging 10-12 hearings a day.

Reccomendations by REALTORS & NAR

The letter sent to Congress earlier this week, NAR begged I mean pleaded to Congress to make the loan limit increases permanent so that secure, affordable, safe financing is available for American families regardless of where they live. NAR is also putting pressure on to expand the tax credit to all home buyers and extend the expiration date to December 31, 2009.

Other items under consideration in the bill will help communities: the expansion of the tax-exempt housing bonds, increased funding for rural housing loan programs, additional funding for neighborhood stabilization activities, more grants for low-income housing and rehabilitation, more energy efficiency incentives for housing. Will this all come into play....we can only wait and see.

until next week in The Week in Review

Tina

Information gathered from the Star News of Wilmington North carolina

The Week in Review

.....your Wilmington Connection

January 25, 2009

Back to warmer temperatures...thank goodness the whole city shut down with maximum of 2 inches of snow. Weather is back to normal here. The real estate market has been seeing some big movement. I had 4 showings on just one property and a multi offer on one....is this the real estate market we are hearing about? Hmm I dont think so.

Obama and the Troubled Asset Relief Program

As Congress and the new Obama administration consider additional initiatives for the Troubled Asset Relief Program, the NATIONAL ASSOCIATION OF REALTORS® is continuing its push for a comprehensive U.S. strategy that will stimulate home sales, prevent foreclosures, and restore confidence in the housing market.

"The housing sector is at the core of the current economic crisis," NAR President Charles McMillan said. "A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and stability. We are eager to see this happen and look forward to working with the Obama administration and Congress to quickly implement housing stimulus efforts."

NAR supports Chairman Barney Frank's proposal, H.R. 384, the TARP Reform and Accountability Act, introduced earlier this month. This bill contains key components of NAR's Housing Stimulus Plan, including enacting a mortgage buy-down program to reduce interest rates below prevailing rates, increasing foreclosure prevention and mitigation efforts, and providing needed liquidity to the residential and commercial mortgage markets to ensure that financing is available.

Home Buyer Tax Credit

If all home buyers become eligible for a tax credit without a repayment feature, it could result in an additional 555,000 home sales - enough to meaningfully draw down excess housing inventory, according to the National Association of Realtors^®.

An evaluation of options for a home buyer tax credit by NAR shows wide ranging implications and benefits. A full credit to all buyers means an additional 2.22 million households would meet the income requirements for purchasing a home, but only one in four of those households would actually make a purchase.¹

Under the current $7,500 first-time home buyer tax credit, which must be repaid over 15 years, 264,000 households meet the purchase requirements. Using the same assumptions, with plans to hold their home for a median 10 years, it would mean only 66,000 additional sales.²

Lawrence Yun, NAR chief economist, said NAR is advocating a tax credit for any home purchase meeting qualifying underwriting standards.

Monkey Junction Annexation

The proposed Monkey Junction annexation area just got bigger, and Alford's - a Carolina Beach Road fixture - is now in it. That news left store owner Jack Alford Jr., who didn't learn of it until Thursday morning, less than thrilled.

"I didn't ask for it," Alford said. "It don't matter though, does it?"

The city's latest annexation plan includes 218 more acres, mainly commercial and residential areas that border the west side of Carolina Beach Road. It also includes a commercial stretch just east of South College Road and north of Piner Road.

The total annexation area now includes about 1,040 acres and about 3,900 people, according to city estimates.

At its Feb. 3 meeting, City Council is expected to consider a resolution of intent to annex the area. That would start the long annexation process. Barring lawsuits or other delays, it is currently slated to take effect in mid-2010.

City leaders have long said they planned to annex the area around Monkey Junction and released a map last year showing the proposed boundaries.

But recently, after a survey of the area, city officials learned that land annexed voluntarily in 1997 - land that isn't connected to the existing city limits - lies between the northern and southern parts of the proposed annexation area.

The 1997 area stretches all the way from Carolina Beach Road to South College Road and includes the roads themselves, an important detail found by surveyors.

Until next week in The Week in Review Tina

Info gathered from the Star News Wilmington NC

The Week in Review

.....your Wilmington Connection

January 18, 2009

Cold this week in Wilmington. Brrrrr...The Real estate market has been dragging a bit...but on a high note there has been a lot more activity these last two weeks than we have seen in the last 2 months. I hope this is a sign that buyers have taken on board that this is the best time as any with the interest rates at the lowest they have been in 50 years.

50 years! So if you are planninng on buying anytime soon you would be crazy not to do it now!

In the last six months 1,276 homes have sold and 726 listings have expired. With only 1,276 homes sold in the last 6 months, that would mean we have approximately have 12.8 , so wouldn't you think that sellers would be very motivated to sell?

Contact me if you are ready to look at some homes, or if you are planning on selling and would like to find out what your home is worth ?

Obama Inauguration Spurs Hopes for Housing

Brokers are optimistic that the change in administration next week will have an impact on the extremely sluggish housing market, according to a "Housing Beat" survey of its members by Leading Real Estate Companies of the World(r). Over three fourths of those responding felt that the changing of the guard will have a moderate to significant influence.

Nearly two-thirds (62%) indicated heavier activity since the first of the year, although it is too early to note whether increased property showings and Web traffic will translate to increased sales.

The consensus is that consumer confidence and concerns about the job market are the heart of the housing crisis, and the survey indicated that brokers see no movement in that confidence level, although there is hope that stimulus action, declining interest rates, absorption of some housing stock by investors, and affordability levels not seen in several years will gradually lure buyers from the sidelines.

An ABC News "Nightline" episode featuring LeadingRE broker Ron Shuffield of EWM Realtors in Miami demonstrated how compelling the opportunity is right now for buyers, with several examples of attractive homes and condos available for under $100,000.

"For buyers who do not anticipate having to move in the next two to three years, there has not been a better time to buy a home in decades," comments LeadingRE President/CEO Pam O'Connor. "Selection, prices, and interest rates are very favorable to consumers, and sellers who may be frustrated with lower sales prices will make it up on the buying end. Regardless of how prices have declined in the last two years, the long-term viability of real estate as both shelter and investment remains high."

Mortgage rates drop below 5%

Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.

Mortgage rates have been dropping since late November, when the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money and perhaps aid the ailing U.S. housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages dropped to 4.96 percent this week from the previous record low of 5.01 percent established last week. It was the 11th straight weekly drop, and way below the rate of 5.69 percent at the same time last year.

Circle B Trailer Park residents face loss of homes to development

The owner of the 8-acre Circle B property, Circle Properties LLC, wants to build a six-building, 144-unit apartment complex, Cardinal Crossing.

Last July, Circle B Properties and Biltmark Construction, the builder, sent one-page letters to the residents informing them that the companies are "exploring the possibility" of redeveloping the site.

"Many details remain to be worked out, but if we obtain the needed approvals, and if the project is otherwise viable, you will be given notice to remove your trailer from the premises," the letter stated, adding that their "best guess" for that notice would be between June and September 2009.

The next step for developers is to ask City Council to rezone the property from regional business district to multi-family residential - medium high density. A public hearing and vote are slated for the council's Feb. 3 meeting.

The project has the backing of Wilmington city planners, as well as the Planning Commission, which unanimously endorsed it earlier this month.

until next week in The Week in Review

Tina

The Week in Review

.....your Wilmington Connection

January 4, 2009

Another year is over and a new one beginning. I sincerely hope all
turned out the way you wished for in 2008.

May all the dreams in your eyes and all the desires in your heart
blend together to give you the most spectacular 2009.

Real Estate in Wilmington. The average sales price has been $243,445 and the list versus sales ratio has dropped a tad to 94% with an average of 146 days on the market. Thinking of selling your home. Try the free market analysis .

NC is The Fourth fastest Growing State in US, Census Report Shows

North Carolina's population rose 2 percent during the past year, making it the nation's fourth fastest growing state - and the most rapidly growing of any state east of Texas, a new report shows.

The state gained almost 181,000 residents from July 2007 to July 2008, according to the report released Monday by the U.S. Census Bureau. With a 2008 population of 9.2 million, North Carolina remains the nation's 10th largest state.

While the new figures don't reflect any changes during the past five months, when the economy registered its sharpest declines, they do show the state's growth rate is slowing. From 2006 to 2007, the state's population increased 2.17 percent.

NC ranked Second Best Business Climate

Ease of transportation is one of the things considered in ranking North Carolina as the second best business climate in the country.

According to a recent survey done by development counselors international, North Carolina ranks behind Texas as the most desirable business climate.

Executives cite a strong labor market, low operating costs, and a pro-business climate as the main influences on their rankings.

Billy King of Wilmington Industrial Development says businesses can take advantage of those same qualities right here in the Cape Fear area.

"I think our diversity in the size and the types of businesses that we help recruit and help expand has served our region very well," said King.

The survey says the perception about a location's business climate often plays a crucial role in site selection, and where companies invest money and create jobs.

For the last 10 years, North Carolina has ranked in the top five business climates.

This may be the year you really want to file your income tax returns early.

For first-time homebuyers, it's a chance to get your hands on up to $7,500 via a tax credit approved by Congress last year.

It offer a stimulus to those who have spent their last dollar to buy a home. That $7,500 could help pay for furniture, pay off credit card debt or replenish savings.

The tax credit is actually a no-interest loan that must be paid back over a 15-year period.

There is a way to tap into the equivalent of the tax credit sooner than when you file your 2008 or 2009 tax return.

Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding, according to the National Association of Home Builders tax credit Web site - www.FederalHousingTaxCredit.com.

Reducing tax withholding (up to the amount of the credit) will enable the future homebuyer to accumulate cash by raising his/her take-home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment.

What homes qualify?

Any home purchased by an eligible first-time homebuyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats, according to the National Association of Home Builders.

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

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