The Wilmington NC real estate market seemed slow in June and July and the numbers tell the story…The number of homes sold in New Hanover County last month dropped 31% from June 2010 and 20% from July 2009. This is definitely a hangover from the end of the tax credit. The average sales price was also down from June slightly and a little higher than July 2009. The median sales price was actually higher for July 2010 at $190,000, $185,000 July 2009 and $188,000 in June.
New Hanover County is also a leading county in the state in foreclosures and following suit with the nation in the slowdown. Buyers are wanting the best possible prices in the market and therefore sellers are having to compete with the huge number of homes that are in foreclosure or short sale.
There are signs in the market place of builders once again gearing up, but they too are limited by the number of foreclosed homes being dumped on the market and possible depressing prices of existing homes. In addition, lenders are still overly cautious in lending money.
But on the bright side, August seems to be showing signs of more buyers coming to the table. But again, they are looking for a deal.
If you are a buyer and looking for Wilmington NC foreclosures or short sales, we can send a list right to your in box. And, you can also begin your home search at www.cbbaker.com. There you can search all homes in the Wilmington NC area by schools, map, zip codes, neighborhoods, price and more.. If you are in the market to sell your home, remember the three main components for a speedy sale are price, condition and marketing. Give us a call or email and we will be happy to discuss.
The Wilmington NC foreclosure rate has nearly doubled in the Cape Fear area in the past year according to a research firm. Coldwell Banker Sea Coast listings comprise of 25% foreclosures, which is up 20% over last year. And, short sales up 10%, perhaps a sign of homeowners in despair. But, there is a bright side to the story, the Wilmington area has fared better than the rest of the nation through this financial crisis.
In Brunswick County, residential lots account for 70% of the foreclosures, due to high speculation of investors in the good times.
What does this all mean to you? Well, if you have a Wilmington NC home for sale now, you are competing with all these foreclosures and short sales on the market. The prices are being driven down by this impact. The buyers today are primarily looking at foreclosures and short sales. So, you as a seller have to be very competitive with your price.
If you are in a short sale situation and need assistance, please feel free to contact me at firstname.lastname@example.org. We are specialists in the short sale process and know how to get your home sold before foreclosure.
And, if you are looking to take advantage of these great prices, please log onto my website at www.cbbaker.com or contact me and we will send you a detailed list of short sales and foreclosures on the market NOW.
Categories: Economy, Home Selling, Uncategorized, wilmington nc
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 email@example.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
Categories: Buying Wilmington NC real estate, Economy
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 firstname.lastname@example.org. 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, Financing a Home Purchase in Wilmington NC, Uncategorized, wilmington nc, Wilmington NC Market Statistics, Wilmington NC Neighborhoods
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.
Categories: Buying Wilmington NC real estate, Home Selling
Short Sale seems to be the buzz these days as more sellers are opting to avert a foreclosure proceeding and possibly save their credit and buyers are now searching for the ultimate deal. Read the rest of this entry
Categories: Buying Wilmington NC real estate, Home Selling
What is a Short Sale
A short sale is when the bank is willing to accept less than the actual payoff on the loan. Why would a mortgage company do that? A foreclosure is a lose, lose situation for the mortgage company as they lose revenue, the mortgage insurance company loses premiums and pays a claim, the investor is not collecting principal or interest, there is potential damage to the property and lower property values have a negative effect on the real estate market. But, the homeowner has the most to lose with foreclosure on your credit record for up to 7 years which can be viewed negatively by lenders, employers, and insurance companies. Read the rest of this entry