Wilmington NC Real Estate Guide

Realtor.com announced that Wilmington NC was the 69th most searched market for real estate.  Realtor.com has it’s own statistics for searches performed.  The median price of homes were 239,900 which is a bit lower than 2010 but still a healthy average compared to the national average of 189,900.  Inventory levels are down from 2010 which could be in part to all the foreclosures that flooded the market last year. 

Kay Baker & Associates uses Realtor.com in their marketing plans by  showcasing our listings and we have 12 featured home  spots that will showcase our homes when someone types in the search criteria of “Wilmington NC”.  We feel that this increases the exposure of our listings tremendously.  If you are thinking about selling your home, let us show you our aggressive marketing plan.  Search all the Wilmington NC real estate listings on realtor.com and on www.cbbaker.com

May and June are usually some of our biggest months when it comes to home sales. Our pending index is climbing; you can see our mountain tops when you look at the sold units, now go and look at the chart you will see the mountain peaks during the summer season.

Economically – Our congress will be working on our current debt ceiling? Do they raise it? Other areas are slow to come around, inflation is trying to work its way back in while employment numbers are looking better each month. Unemployment rose back up to 9.0%. Hopefully we will come out of this economic funk real soon; this current economic crisis has affected so many lives and financial interests of individuals as well as companies.

April just stole all our gains for March with a decrease in sold homes and average sales price.  The average sold price dropped to $206,698 a 14.9% loss over last month. Our sold units hit 383 a large decrease from last month. Sold units are down 33 units from last month and up 52 from April 2009. One point to keep in mind is that last year this time we were still dealing with the First Time Homebuyers Tax Credit. In the month of April we saw an increase of 40 homes in our listing inventory, we have 4,887 homes on the market as of May 1^st. This adjusted our month’s supply with just over 12.7 months a slight increase from last months 11.8. With the low sales in April this affects our month supply. Our average list price has started the year under $350,000 range; we are currently at $349,067. In April sellers paid concessions in about 30.0% of all the month’s transactions about the same as last month. Our average days on the market decreased to 148 days – we are now talking 5 months on the market. The list to sold ratio has increased a little to 93.8% this number needs to continue to get better. The number of homes that sold in 15 days or less continues to remain very low, 8.6% of April sold homes. The 30-year fixed-rate mortgage (FRM) averaged 4.63% with an average 0.7 points for the week ending May 12, 2011. We have seen decreases the last 5 weeks. Call me so I can show you or your clients how they can get the benefit of these rates. Have a great week and let me know what I can do to help you and your clients.

Despite all the media comments about our markets we are still lending money for residential mortgages. If a client has income and credit and some sort of down payment; they can get a mortgage. It goes to the basic three C’s – Capacity, Collateral and Character.

For the complete Inventory update and graphs read more here…

Source – David Flory Cunningham Mortgage

There is talk of a minor league baseball stadium being built on the riverfront in downtown Wilmington NC.  There has not been a baseball team in Wilmington NC since the Port City Roosters, a Southern League minor team which was a Double A affiliate of the Seattle Mariners Major Club in 1995.  Some of the players that wore the Roosters Uniform you might recognize : Red Sox captain Jason Varitek, pitchers Derek Lowe and Ryan Franklin, infielder Desi Relaford and outfielders José Cruz, Jr. and Raul Ibanez.

Chuck Schoninger, the CEO of USA InvestCo owns property on the riverfront, 35 acres which he hopes to develop into a marina, a hotel,  condos, restaurants and to top it  off a Minor League Baseball Stadium.  Schoninger will travel to China to present his plan to Chinese investors with a Federal Program called Employment Based Program Number 5, or EB5, that was started by George Bush in 1990 to entice foreign investment.  With the opening of the Wilmington NC Convention Center, this will make an addition to the growing and thriving downtown area. For a complete story from the Greater Wilmington Business Journal, read more here….

To search all Wilmington NC downtown properties, please visit www.cbbaker.com

Do you often think “I should be doing more for the community or my neighbors”? Well here is your chance.  112 Organizations are holding a Conscience Fair to give you a chance to match your skills and your passions with a community group.  Volunteers make up a huge part of our town and help make Wilmington NC a vibrant conciensious area.  Please consider giving of your time, to something that will help others and reward you richly.

The 2011 Starnews Media Conscience Fair is on Saturday February 5th from 10- 3:00 pm in the McKeithan Center at Cape Fear Community College North Campus.  These are some of the groups that will have tables at the event.  There will be a speaker from QENO on how to be an effective non profit board member.  If you only have an hour to give that is fine, every little bit helps. 

If you are a non profit that needs help, call Si and join in on the fair.

For more information contact Si Cantwell – si.cantwell@starnewsonline.com or 343-2364 or cell is 264-8388 or http://www.conscienceonline.com view slideshow

One of the treasures of Wilmington NC is the Screen Gems Movie Studio.  It is not a rare site to see a movie star or two while you are going about your daily business in Wilmington NC.  A new movie has started filming in the area, 3D Journey 2 Mysterious Island starring Michael Caine, Dwayne Johnson (The Rock), Josh Hucherson, and Vanessa Hudgens.  Journey to the Center of the Earth 3D was the first film ever shot in HD 3D, so the sequel should be equally filled with amazing digital shots.  It is the largest film being filmed at Screen Gems.  Another new special water tank was built just for the production.  This week they were filming on Colonial Drive in Forest Hills.  Wilmington NC welcomes the production and all the people who have come to our great city.  Enjoy….

If you would like to look at real estate, we invite you visit www.cbbaker.com to learn about our town and what we have to offer.  From your phone you can text 14059 to 44133 and search there.

Click here for Screen Gems Brochure

Good news is a blessing to hear.  The latest report in the New York Times  states that even thought the recession is “officially over” the latest measures to spur the economy on has many forecasters and policy makers expressing optimism that the recovery will gain substantial momentum in 2011.  The growth projections for next year have been raised by economists in universities and on Wall Street.  Retail, factory orders and industrial orders have increased.  The unemployment, while still high is on a downward trend. consumer confidence is getting stronger, large corporations are reporting healthy profits and the Dow Jones industrial average reached a two year high this week.  May this upward trend continue well on into 2011.  Merry Christmas and a very peaceful New Year to all.

Kay Baker & Associates

Did you miss the $8,000 Stimulus deadline to purchase a new home?  If you did Coldwell Banker Corporate has announced a Buyer Bonus plan that could help you get a credit on a new home.  

Purchase a participating home between May 1, 2010 and July 31, 2010 and the seller will refund 3% of the accepted offer price up to $8,000 to you as a credit at closing.  Look for the “Buyer Bonus Program” homes online or call us and we can help you with your search for a new home.  You don’t have to be a first time home buyer to enjoy the credit.  Read more here.

Search online at www.cbbaker.com or TEXT 14059 to 44133 to search on your mobile phone.

Wilmington NC Real Estate Homeowners

Starting April 5, 2010 the Government will be paying homeowners in default, to relocate. The new program will demand lenders to honor short sales whereby the homeowner can sell the property for less than the mortgage payoff. The Obama administration is trying a different approach to assist more than 5 Million households who are behind on their mortgages. In turn, the homeowner will receive $1500 for relocation assistance and the lender $1000 for expediting the short sale process.  

This arrangement could prove very beneficial to the homeowner, as they will not suffer further credit damage and they will get reassurance from the lender that they will not be sued for the balance. And, under this arrangement, the number of potential  foreclosed homes on the market should drastically decrease which in turn, should improve the  overall housing market.

Finally, short sales will have their day! If you are facing a foreclosure, and need assistance, we are specialists in the Wilmington NC real estate short sale and foreclosure market. We are there for you every step of the way. Just give us a call or email kaybaker@ec.rr.com.

And, if you are looking to purchase a short sale or foreclosure, we have you covered there, as well.  We have a Certified Distressed Property broker on our team and will help you with your short sale or  purchase a short sale or foreclosure with complete knowledge of the process.  Read more here

Spring is right around the corner in Wilmington NC. What a great time to get a jump start on your spring cleaning.  If you are considering putting your home on the market, this might be the time to hire a cleaning professional.

Some of the things you need to keep in mind are:

1. Make a list of things that you would like to have done to the interior and the exterior of the home. 

2.  Do your homework and ask friends for referrals of cleaning companies.  Check out references before you hand over the keys to you home.

3.  Make sure that the cleaning company handles taxes for their employees, has insurance and is bonded.

4. Get an estimate for services and make sure it is detailed.  Your idea of a cleaning might be different than theirs.

5.  Make sure that the company can schedule days to fit your schedule and whether or not they supply the cleaning equipment and supplies.

6.  A professional cleaning job can make your home shine and show well. 

7.  Call us to help you sell your home!

So, start your real estate search today at www.cbbaker.com.  You can find a new home as well as get seller advice.  You can search by price range, map, schools, neighborhoods and more.

Fantastic positive news was released from the National Association of Realtors today.  The news release stated that the historically low interest rates combined with the $8,000 credit for first-time ( or homeowners who have not purchased a home in 3 years) helped raise the pending home sales contracts, for the third consective month.

The Pending Home Sales Index a “pending prediction” indicator based on contracts signed in April, rose 6.7 percent to 90.3 from 84.6 in March,
which is even above the April 2008 index of 87.5.

To get the first time home buyer credit of $8,000, contracts must be firmed up by November 30, 2009 to receive the credit, so we look forward to an increase in home sales.

The Wilmington NC real estate market has also enjoyed an increase in pending sales contract and still is in a a strong postion to continue this trend.

To search all Wilmington NC real estate and find out about the $8,000 tax credit please read more about the Wilmington NC real estate market here.