Wilmington NC Real Estate Guide

If you are waiting for the prices of homes to drop to purchase Wilmington NC real estate, just look at the difference in the rates for the last 6 months.
Your purchasing power is at its greatest right now!
The low rates coupled with a decline in housing prices; gives you the best opportunity to purchase a Wilmington NC home at a discount today.

Considering a home with a loan amount of $220,000 at today’s rate of 4.25% for a 30 yr. fixed loan.  The payment for that loan amount at 4.25% would be $983.87. If you wait, and  the rates were to go back to the April 2010 level of 5% , the same payment of $983.87 would only allow you to borrow $201,605.14. You have lost $18,395.00 in purchasing power.
This does not even take into consideration that the market should be improving and the price of the home you want could be increasing.
Most will say it will take a while for the rates to return to 5%. But remember, that it was only in April of this year that they were at 5%,  rates increase twice as fast as they decrease.

Information furnished by Daniel Downing Prime Lending Wilmington NC 538-6473.

Loan Amount    Rate        Payment        Rate    Loan Amount
9/24/10                4/23/10
$200,000.00    4.25%        $983.87        5.00%    $183,276.00
$210,000.00    4.25%        $1,033.07        5.00%    $192,441.95
$220,000.00    4.25%        $1,082.26        5.00%    $201,605.14

4/23/10                9/24/10
$200,000.00    5.00%        $1,073.64        4.25%    $218,246.83
$210,000.00    5.00%        $1,127.32        4.25%    $229,159.11
$220,000.00    5.00%        $1,181.00        4.25%    $240,071.51

Are you a frustrated home seller? Are you wondering where your offers are? Why has your home not been shown?

Wilmington NC real estate home sellers are you “in” the market or “out” of the market?

The Wilmington NC real estate sold price continues its monthly climb; we are 2.0% ahead of last month and 5.5% over last year this time. In our rolling 12 months we are 18.2% up in sold units and our average sold price is only down by 1.9%. We are back with sold units that exceed the previous month by 7.8%. August was a close to great month – our average sold price climbed by 1.0% over last month and 1.9% over last August. We were off base on sold units for August by 3 homes –  386 Wilmington NC homes were sold in  August and last August we sold 390.  Our Year to Date shows us that our average sold price is 13.2% ahead in units over last year and only 1.5% behind last year.  The trend I continue to see; is our negative numbers and gaps keep getting smaller and smaller.
In the month of August we saw a decrease of 37 homes in our listing inventory, we have 5,567 homes for sale in Wilmington NC as of September 1st.  This continues to put us in a strong buyer’s market with a listing inventory of over a 14.4 month supply. With the low sales in August this affects our month supply with a change of 2 months from last month. Our average list price has stayed below the $400,000 range for the last year; we are currently at $374,121. In August we saw an increase in our seller concessions, it is now 24.1%. Our average days on the market are 135. The list to sold ratio is 93.6% and is down 1.0% from last month; this number needs to continue to get better. The number of homes that sold in 15 days or less continues to remain very low, 13.0% of August sold homes. The 30-year fixed-rate mortgage (FRM) averaged 4.35% with an average 0.7 points for the week ending September 9, 2010. We are now hitting historic lows in mortgage rates. Read the rest of this entry

There is positive news from the National Association of Realtors concerning the future for the housing market this week. And, these are 10  excellent reasons to take advantage of the buying opportunities in the Wilmington NC real estate market.

1.    The Economy is growing, but slowly.
2.    Jobs are being created by the private sector.
3.    Consumer confidence has bottomed out.
4.    Mortgage rates are at historical lows.
5.    The median home price seems to be stabilizing.
6.    Home prices in general also seem to be stabilizing.
7.    Price increases are expected in the coming years.
8.    Recent loan originations are doing well.
9.    Long term housing wealth gains still a desirable path.
10.    Affordability of homes is at all time high levels.

And the most important is that home prices are as low as we have  seen in several years in many areas of the country and you have a huge selection of homes.

Now is the time to make your real estate investment, start your search right here at www.cbbaker.com. Don’t miss out on one of those once in a lifetime opportunities. You can search all Wilmington NC homes, neighborhoods, schools, shopping and more..Please feel free to contact kaybaker@ec.rr.com or call 18004977325.

Enough already of all the negative publicity in the marketplace. If you are a potential home buyer looking at Wilmington NC real estate, you need to be looking at the affordability index. It is at an all time high (meaning home prices have been lowered)  and interest rates are at historic lows! 4.25%     If you wait for prices to drop further and interest rates go up, the value of the lower purchase price will be wiped out by higher payment. Get out there and look for the perfect house at the perfect price today!

And, if you are looking to sell your home  in Wilmington, NC,  your home must be aggressively priced, it must be in the best possible condition, you are in a beauty pageant and price war at the same time, and it must have the assistance of a reputable Realtor who knows the market and offers an aggressive marketing campaign and will use every tool in the arsenal.

For more details about the Wilmington NC real estate market, please contact kaybaker@ec.rr.com or 910-232-0363 or go to www.cbbaker.com.