Wilmington NC Real Estate Report

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First Quarter 2009

Rebound here we come! The Wilmington, NC real estate market  first quarter 2009 pending home sales is up 44.2% over December 31, 2008. The average sales price is showing a decrease of 8.4% from 2008, but only .3% decrease from 2005.

The list to sale ratio for 2009 first quarter is 93.7%, compared to 2008 at 95.5%. The number of homes sold in 2009 was down 22.7% from 4th quarter 2008.

28403 Zip Code First Quarter 2009

Average Sales price  $207,689 decrease 15.3%

Average List Price $220,562 decrease of 16.5%

Average days on market was 164 days

List to selling price ratio 94.2% versus 92.7% year end 2008

28405 Zip Code First Quarter 2009

Average Sales Price $314,492 Increase of 6.1%

Average List Price $337,025 Increase 8.6% from 2008

Average Days on Market was 179

List to selling ratio 93.3% versus 95.5 year end 2008

28409 Zip Code First Quarter 2009

Average Sales Price $275,381 Decrease of 13.8%

Average List Price $298,046 Decrease of 11.5%

Average Days on Market was 136

List to selling ratio 92.4% versus 94.9% year end

28411 Zip Code First Quarter 2009

Average Sales Price $267,408 Decrease 15.8%

Average List Price $285,033 Decrease 13.8%

Average Days on Market 115

List to Selling ratio 93.8% versus 96%

28412 Zip Code First Quarter 2009

Average Sales Price $194,261 Decrease 8.4%

Average Listing Price $204,056 Decrease 7.1%

Average Days on Market 150

List to selling ratio 95.2% versus 96.5% year end

The 28405 had a nice increase for 2009 in first quarter. We should be in store for a good market in 2009 as inventories are still plentiful and interest rates are at historic lows.

Contact us now to begin your home search or go to www.cbbaker.com.

Categories: Uncategorized

Top 10 Credit Tips for Home Mortgage

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  1. Don’t apply for new credit card of any kind. Including those “you have been pre-approved” credit card invitations that you receive in the mail. Every time that you have your credit checked by a potential creditor or lender, you lose points from your credit score immediately.
  2. Don’t pay off collections or charge-offs during your loan process. Paying collections will decrease the credit score immediately due to the date of last activity becoming recent.
  3. Don’t close credit card accounts. If you close a credit card account it will appear to FICO that your debt ratio has gone up and it will affect length of credit history.
  4. Don’t max out or over-charge your credit card accounts. This is the fastest way to bring your score down 50-100 points immediately. Try to keep your credit card balances below 30% of their available limit.
  5. Don’t consolidate your debt into 1 or 2 credit cards. It seems like it would be the smart thing to do, however, when you consolidate all of your debit into one card, it appears that you are maxed out on that card and the system will penalize you.
  6. Don’t do anything to cause a red flag to be raised by the scoring system. This would be adding additional accounts, co-signing a loan, changing your name or address.
  7. Do join a credit watch program. You can then check your reports weekly, or even daily.
  8. Do stay current on existing accounts. One 30 day late can cost you!
  9. Do continue to use your credit as normal. If you change your pattern, red flags are raised immediately.
  10. Do call your loan originator if you receive something in the mail from creditors or collection agency that you believe may affect  your score. Your broker may be able to supply you with the resources you need to stop any derogatory reporting to the bureaus.

Please email kay@cbbaker.com for more details on home mortgages. We can also put you in contact with a reputable lender to prequalify you for a home purchase or refinancing. To search for Wilmington NC real estate, please go to www. cbbaker.com.

Categories: Financing a Home Purchase in Wilmington NC

Mortgage Tips and Advise

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So you have started your home search, but you really are not sure as to what price range homes you should be looking at. The first place to begin is with a knowledgeable local Realtor and a reputable lender. The combination will put you in the driver’s seat. The lender will pre-qualify you and tell you exactly what price range homes to be looking at. Therefore, you will not waste your time or your Realtor’s looking at homes that may not fit your budget. Also, with a pre-qualification letter in hand, you are in a much better negotiating position with the seller.

Now that you have found your dream home with the assistance of a professional Realtor, you will need to decide exactly what type loan best fits your needs.

Would you be best suited for a fixed rate 30 year mortgage?

A fixed rate mortgage simply offers the same payments for principal and interest throughout the term of the loan.

Adjustable Rate Mortgage

An adjustable mortgage may adjust at different intervals based on the exact terms of the loan. You typically get a teaser rate for the first year or so and then it increases based on the market rate.

Interest Only Mortgage

If you do not plan to live in your home long term, an interest only mortgage may suit your needs just fine. You only need to pay the interest monthly and the principal is due upon payoff.

FHA

First time home buyers reap the benefits of an FHA loan which offers lower down payments and easier credit and qualification guidelines.

$8000 Stimulus

Let’s don’t forget to take advantage of the $8000 tax credit for first time home buyers and some that have owned a home before.

Right now is the perfect time to be looking for your first home, or maybe a larger one and in some cases you might just want to scale down to a smaller one. You can start your search for Wilmington NC real estate at www.cbbaker.com. There you can search by price range, neighborhood, zip code, map and more. And, please give me a call or email kay@cbbaker.com for complete details on the home buying process. I can also put you in contact with a reputable mortgage broker to get you prequalified today.

Categories: Buying Wilmington NC real estate, Financing a Home Purchase in Wilmington NC


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.