Economists See Signs of Stonger Recovery | Wilmington NC real estate

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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

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Home Buyer’s Tax Credit

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Income Tax Deadline

You’re probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.

$8000 Tax Credit

Why? Because now, as you calculate your tax bill or your refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.

Here’s the basics:

Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home’s purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home’s purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.

Important details to remember:

1) You don’t have to pay it back (as long as you stay in your qualified home for at least 36 months).

2) If you qualify for the credit, you can still apply it to this year’s taxes, even if you’ve already filed your returns, or save it for your 2010 returns.

3) This is a true tax credit, not a deduction. If you qualify for the full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 (or up to $6,500 for qualified repeat buyers) on your tax bill now or in 2010.

4) New income qualification limits have been put in place that expanded the pool of qualified buyers.

5) If you purchased a qualified home or plan to after reading this article, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so don’t wait!

There are, of course, other details and qualification requirements and restrictions that you’ll need to consider. But don’t hesitate to give us a call if you have any questions. Also, if you happen to have your completed 2009 tax return handy, we’ll help you calculate how much money you can get if you purchase a home and qualify for the full credit.

Wilmington NC Real Estate

Start your Wilmington NC real estate search right here. You can search homes by schools, price range, neighborhoods, maps, zip codes and more. And, if you have any questions, please do not hesitate to contact us at kaybaker@ec.rr.com.
If you know anyone who is looking to buy or sell a home, please forward their name and telephone number to us. We will happily provide the same high level of service that we have provided to you. The greatest compliment you could possibly give us is the referral of your friends and family.

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

First Time Home Buyers Bounce Wilmington NC Real Estate Market

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First Time Home Buyers

According to the National Association of Realtors, First time home buyers are driving the market to a rebound as home sales in September bounced back strongly. Home sales are at the highest level in 2 years! And, here in my home town, Wilmington NC real estate is on the move, as well.

$8000 Tax Credit

NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Adding to the real estate market recovery is that home affordability is the best it has been since 1970. And, with the added $8000 tax credit. Buyers are jumping in to take advantage of this once in a life time opportunity.

The market housing supply is the lowest it has been in over  two years nationwide and that in itself is a strong signal that the market is on the rebound.

Wilmington NC Real Estate

Don’t wait to take advantage of this great time to buy real estate, start your search today online at www.cbbaker.com. You can search homes in Wilmington, NC by price range, neighborhoods, zip code, schools, map and more. And, please contact us for a detailed list of foreclosures and short sales at kaybaker@ec.rr.com or 910 232-0363. You will receive a list right in your inbox or on your mobile phone.

Categories: Buying Wilmington NC real estate, Economy

Wilmington NC Real Estate Market Jumps

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The Wilmington NC real estate market made a maj0r accomplishment in September by not only beating August sales, but also sales increased over August 2008 numbers! The Wilmington market has not seen this kind of increase in 3 years, according to WRAR records.

This could indicate a bottom for our market and a major turnaround if these numbers can hold out for a few months or so.

The sales volume was $104.67 Million and September 2008 was $88 Million. $264,340 was the average sales price for September as opposed to $235,528 for August 2008.

Of course, a lot of the increase could be attributed to the $8000 tax credit due to expire in November. If you are thinking of buying a home now and want to take advantage of this once in a lifetime opportunity, please give us a call or email kaybaker@ec.rr.com. We can send you a detailed list of homes for sale in the Wilmington area and even foreclosures and short sale opportunities. You may also log on to my websites at www.cbbaker.com or www.kaybakerwilmington.com to search all Wilmington NC real estate.

Categories: Buying Wilmington NC real estate, Economy

Why Should I Buy A Home Now?

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Everyone Wants a Lower Price, But What About the Impact of Interest Rates?

When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible. It’s important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.

Why Should I Rush to Buy?
While you may have heard discussions in the media about the decline of property values in many markets, the rate of decline appears to be stabilizing.

That being said, it would not be unreasonable for buyers to want to hold out for an additional decline of 10%, hoping to capture the best possible price. However, as property values have declined in many areas to 2003 levels or lower, waiting longer to pull the trigger could be a mistake. Many markets are reporting that lower property values have been bringing out investors and the result has been multiple offers on many properties. Properties priced correctly are not declining and, in fact, are creating a lot of interest.

Interest Rate Complacency
The problem is that many home buyers have been lulled into a sense of complacency because of extremely low interest rates. Since the Federal Reserve initiated its program of buying mortgage-backed securities, which control the rates people pay for their home loans, rates had been range bound, bouncing between 4.50% to 5.00% for a 30-year fixed-rate loan.

But buyers shouldn’t be confused by this. These rates are artificially low! Historically, interest rates have been above 6.00%. And any rate obtained below this number is a great deal, especially on homes with price tags from 2003!

Markets are Unforgiving
The last two weeks of May showed just how unforgiving the markets can be for people who choose to procrastinate. In just five days, interest rates from many lenders increased anywhere from .50% to 1.00% as fixed-income investors demanded more for their money.

For anyone who is waiting for prices to drop even more, a 1.00% increase in interest rate would bring a higher monthly principal and interest payment on a home, even if the price of that same home had fallen an additional 10% in value.

If you  are waiting for prices to fall even lower, be aware that while holding out for a lower price may help them win the battle, you could lose the war in terms of monthly payments and overall affordability. With the Federal Reserve scheduled to end its buying of mortgage-backed securities this year, rates only stand to go higher for those that wait. In fact, interest rates are already on the rise and could go higher from here.

$8000 Tax Credit
If you are planning to purchase your  first home this year, you will need to take possession before 12/01/2009 to be eligible for a tax credit of up to $8,000. In a survey conducted in March by Move.com, nearly 50% of home buyers are currently unaware that this free money exists in the marketplace. And since over 50% of all buyers are first-timers in today’s market, this could impact a lot of potential homebuyers.

Wilmington NC Real Estate

First time home buyers in Wilmington NC have a nice choice of homes for sale that are priced to sell quickly. Affordable neighborhoods in Wilmington, NC woodhall1such as Whitney Pines, Alamosa Place and Jacobs Ridge are among the most popular. These neighborhoods are conveniently located near Wrightsville Beach and Mayfaire.

If you are searching for Wilmington, NC real estate, no matter what price range, just log on to my website at www.cbbaker.com for complete details on all homes for sale in Wilmington, NC. You can search by map, price range, neighborhood, schools and more.

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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.