The NAR states that the “existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.”

Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.35 percent in September from 4.43 percent in August; the rate was 5.06 percent in September 2009.

The national median existing-home price2 for all housing types was $171,700 in September, which is 2.4 percent below a year ago. Distressed homes3 accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009.  Ten years ago, the mortgage rates were twice what they are today and the home prices were at least 20% more, making this a great time to purchase Wilmington NC real estate.  Please visit www.cbbaker.com to search all Wilmington NC area homes, land and boatslips.

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

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.

This is particularly timely as it comes right on the heels of my recent visit to Capitol Hill and Coldwell Banker Legislative Week. The Business Roundtable’s recommendations are as follows, similar to what I was proposing during my recent meetings:

Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
Make permanent the current temporary conforming loan limits; and
Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.

Coldwell Banker applauds the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard.
As  we all know, this would be great news for our Wilmington, NC real estate market. We are experiencing an increase in contracts, but sales activity on homes for sale in Wilmington, NC  above $300,000 still remain very slow.

For more detailed information about the housing market in Wilmington, NC, please contact me directly kay@cbbaker.com or 910-232-0363.

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.

The job market is not a leading indicator of recovery as indicated by the recent job report of more jobs being shed. In a downturn, employers tend to wait it out to see if the rebound is certain before hiring new employees. The job market decline is expected to soften in the second quarter.

Wilmington NC real estate

The real estate market in Wilmington NC is showing definite signs of recovery as more and more contracts are written week after week. We are even seeing multiple offers in some situations. The most active price range still remains under $300,000, but the luxury buyers are starting to come forward as Spring arrives.

For the most up to date details on Wilmington NC real estate, please call me at 800-497-7325 , email kay@cbbaker.com or log onto www.cbbaker.com.

National existing home sales increased in September by the largest amount seen in several years. Are we actually seeing signs that the real estate market has bottomed out? Home sales increased but prices are down 9% from a year ago, nationwide. Some analysts are predicting home prices could fall another 10% as the inventory of foreclosures increases. 35 to 40% percent of recent sales are either foreclosures or short sales according to the National Associaton of Realtors. The chief economist for the National Association of Realtors remains positive and says the bottom is near. The rebound in California seems to be taking hold in other areas. And, for the second month in a row, inventories have dropped. Those are really good signs of a rebound.

The Wilmington NC real estate market has remained fairly stable as compared to the housing market nationally.  We have  experienced some foreclosures and short sales, but not nearly the magnitude of other parts of the country.

What a great time to buy! Prices are lower than they have been in years, interest rates are excellent and buyers have a huge inventory of homes to choose from.  Start your home search today at www.cbbaker.com.

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