Posted on November 14, 2008 by Baker, Wayne and Associates
Wilmington NC Real Estate Market Conditions
“The answer, my friend, is blowin in the wind. The answer is blowin in the wind” Bob Dylan. Where is the answer? While the Federal Reserve and the Treasury Department think they have the answer. Congress thinks they have the answer and Wall Street has a bailout, now the Auto Industry is looking for help. With so many plans and paths the consumer is confused and has no confidence in our economic system right now. So they sit and wait and hold on to what they have. What is the answer for the consumer?
We continue to be down in sold units but our bright spot is our rolling 12 month average sales price which is now just behind 2007 by $12,674, this represents a minus 4.7%. In units we are showing a 26.7% decline. Most agents will agree that it is a buyer’s market when the listing inventory exceeds 6 months; we are there at 16.4 month supply of homes. We have a few plus factors – Our listing inventory has about peaked out as anticipated and the average list price has remained stable – the last 5 months it has remained in the $420,000’s and November it is just under target at $418,684. The amount of sellers paying concessions is 21.3%, we want this number going down and it went down from last month. Our average days on the market are 116 days which is typical for a buyer’s market it went up by 2 days over last month. Then I look at the factors that are slowing us down. The list to sold ratio is 94.7% we want this number to be going up, and it went down .06% from last month. Our sold units over last year same month is down by 24.9%. One area I continue to look at is the Pending Inventory, and based on the current numbers we will see decreases as we approach the winter. Our pending inventory numbers have gone from the high 900’s the first week of July into the mid 840’s the first part of August and into the mid 760’s the first week of September and into the high 690’s the first week of October and we are now approaching the low 600’s here in mid November. I would like to tell you that we are reaching bottom, some interesting facts; Average list price had been in the $420,000’s for the last 5 months, sellers paying concessions has stayed the same range for 3 months and the rolling 12 month average sales price is only down 4.7%.
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Posted on November 13, 2008 by Baker, Wayne and Associates
Affordable Neighborhoods in Wilmington NC
There are numerous affordable neighborhoods in Wilmington, NC and New Hanover County that are peachy perfect for first time home buyers that would like to take advantage of the $7500 tax credit. They range in price from just under $150,000 to $200,000. Just to mention a few that you might want to take a look at: Whitney Pines, Alamosa Place, Farrington Farms, Hollyfield at West Bay Estates. You can search all of these by neighborhood at www.cbbaker.com.
First Time Home Buyers Tax Credit
First time home buyers can now receive a $7500 tax credit on homes purchased on or after April 9, 2008 and before July 1, 2009. A tax credit is a direct reduction of taxes, dollar for dollar on your tax return which is different than a tax deduction. This is truly an opportunity of a lifetime, with home prices so affordable, interest rates low and a tax credit!
A first time home buyer must not have owned a residence anytime during the past 3 years. There are also income limitations involved, $75,000 for single homeowners and $150,000 for married couples. Also, homebuyers must qualify for the loan under normal income and credit qualifying tests.
So, now is truly the time to buy a home. Home prices are low, interest rates are low, and your home choices are limitless. Search for your dream now!
Filed under: neighborhoods | Tagged: affordable homes in wilmington, alamosa place, farrington farms, nc, neighborhoods, whitney pines, wilmington nc real estate | Leave a Comment »
Posted on November 5, 2008 by Baker, Wayne and Associates
Great Time To Purchase A Vacation Home
What a great time to buy the vacation home! You have always dreamed of owning your own cabin in the mountains or an oceanfront home or condo. Well now is the time to invest in this once in a lifetime opportunity. According to the National Association of Realtors the housing market may be already starting a rebound as contracts written in August jumped and home sales are up in popular vacation spots such as Florida and Arizona.
Why Buy A Vacation Home Now?
Prices are very attractive right now; you have an opportunity to make a nice profit when the market rebounds and it always does; there is a wide assortment of homes to choose from in many areas; interest rates remain low; your income generated by your rental can pay your mortgage. You only need to rent it for less than half the year to pay your mortgage in most cases. Enjoy it yourself the balance of the year! The rental market remains strong for vacation rentals, even in this economy due to availability of homes on websites such as VRBO or Homeaway. Vacation homes are typically more affordable to rent than some hotels; vacationers can take a road trip instead of flying to a near by mountain cabin or oceanfront condo; and executives and their guests would much prefer a vacation home over a much less comfortable hotel room. The best floor plans, the best construction and the best prices now offered on Luxury Townhomes | The Townes at Carleton Place Wilmington NC | starting at $179,900!
For more information please visit www.cbbaker.com or www.wilmingtonncrealestateguide.com
Filed under: Vacation homes Wilmington NC | Tagged: 1031 tax exchange, beach vacation homes, economy wilmington nc, ilm, investments, wilm, wilmington nc homes, wilmington nc real estate, wilmington vacation homes | 2 Comments »