Wilmington NC Real Estate Guide

With all the negative news everywhere you go these days, it is pleasant to hear some positive signs of our real estate market in Wilmington NC improving. We are seeing those signs everyday. Contracts signed or pending sales are increasing  and our market activity in general is very positive. In addition, real estate searches online have increased tremendously. That is always a good sign. Most buyers start their search for a home online, but usually a few months in advance.

Another major factor in our local real estate market is population growth. Wilmington NC remains attractive for new residents whether it be families with children or retirees such as the halfbacks.  Wilmington’s growth rate July 2007 through July 2008 was 2.4%, above the entire state’s growth of 1.99%. Read the rest of this entry

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

Wilmington NC real estate weekly update

Good news for the real estate market this week, as contracts and showings continue to pick up, despite the negative comments from the news media. Read the rest of this entry