In the Wilmington area, the number of homes sold increased 83 percent between November of 2008 and 2009, from 213 to 389, a decrease over October’s 447. The average cost of a house in that area went from $252,331 in November 2008 to $223,697 in 2009.
According to local Realtor and Accredited Buyers Representative of the National Association of Realtors Martha Pope of Pope Real Estate Company,  the end of 2009 was a busy season for the company. January has been very active.
“This first quarter of 2010 looks to be the best in a long time,” Pope said. “This is the time of year when people start looking for second homes.”
“Values are down because of the economy, but everything is showing,” she said. “We feel this is a great opportunity for buyers.”
Pope said that the region does not have as many foreclosures as some people expected, but buyers are actively looking for those deals.
Most of her customers are people looking to relocate to the area, many of them are waiting for their houses in their home areas to sell before they can buy one here.

Interest rates are below 6% on residential mortgage loans but the most likely scenario is that these mortgage loan rates will not stay this low for long so buyers would be wise to be actively looking to buy and take advantage very soon.

A coach and speaker at the NAR (National Association of Realtors) Convention by the name of Rich Levin has absolutely hit the nail on the head!

He says “THE TIME IS NOW FOR REAL ESTATE” and he is 100% correct. All of the factors are lining up for the next 6 to 12 months to be that year and here’s why:

Economist Woody Hall (University of North Carolina Wilmington ) projects that the local economy will grow by 4 percent in 2010.

According to the report by UNCW’s economic prognosticator delivered at an Economic Outlook Forecast at UNCW, the Southeast NC region will see economic growth at a rate faster than either the state of North Carolina or the nation as a whole.

As buyers realize that it is a good time to buy (but not necessarily for sellers to sell) the demand will begin to absorb the foreclosures and short sales and then exceed supply.

Over the next year or two the additional demand may very well even lead to a seller’s market, however gradual it may be.

Image From The Economic Outlook Forecast Summit at UNCW

The signs of this shift are occurring now – the supply of new construction and foreclosure homes are being absorbed by first time buyers, investors, and secure homeowners who are taking advantage of their financial strength.

“This Spring may be the tipping point when market activity flourishes,” Rich says, and I believe it will.

After the first of the year mortgage money should be much more readily available from the banks.

He then refers to inflation as the “X factor” remembering a rapidly inflationary period. For instance, one day you could put a quarter into the vending machine and get a Coke. The next time it was forty cents and the next time it was fifty cents and within five years it was seventy-five cents and so on.

Your money buys less and the cost of what you buy increases.

If you owned real estate during this same period you were probably very happy because the property you owned also doubled in price no matter where you lived.

Who knows if we are on the verge of another inflationary surge – but if inflation does devalue our money…then real estate prices will increase (along with the price of almost all other hard goods) and this year’s buyers are going to benefit tremendously! Regardless, it is time for buyers to get in the market!

At your leisure I invite you to visit my website at pope-realestate.com and click on the local MLS logo to check out what’s for sale currently. I welcome any questions or requests at any time!

By Martha Pope – Accredited Buyers Representative of the National Association of Realtors.
If I can help answer any questions, furnish further information or assist in any way please contact me by phone: 800.708.4402 or email at Martha@Pope-RealEstate.com

To receive a .pdf file of the entire Economic Outlook Forecast Conference at UNCW call or send an email to me.

We’ve really moved beyond that and are urging buyers to take advantage of the near record low interest rates and also the bargains that are right here at the beach. People are looking and people are buying so please don’t miss the good ones and regret it later! I have seen a great uptick in activity in recent weeks. I had three appointments with interested buyers just this past Saturday alone!

In my 30 plus years in Real Estate in the area I have never seen such an opportunity. I know the media is “selling” gloom and doom but if you are looking for a great investment property or have dreamed of one day owning your own beach or golf course community home or condo there really couldn’t be a better time to make a move.

Almost all news networks are reporting that major economists are speaking of “green shoots” appearing in the financial markets and most particularly in the housing market. Yes!

Any “on the fence” buyers need to cross over and take advantage of the low prices of beach and golf real estate as well as the incredible interest rates currently being offered.

You might have seen the television commercial lately showing people kicking themselves, one after the other, and the ad wraps up by saying you might kick yourself later on if you don’t take advantage of buying real estate in this market.
By Martha Pope – Accredited Buyers Representative of the National Association of Realtors. If I can help answer any questions, furnish further information or assist in any way please contact me at my website: pope-realestate.com

By Martha Pope – Accredited Buyers Representative of the National Association of Realtors. This beautiful coastal and golf area is and always has been an incredible and fun place to vacation and it is also a terrific environment in which to own property. Whether you envision a second home on the Island or at one of the area signature golf courses, the fun factor and the investment potential for you remains strong.

You might be amazed at the rental income one of these homes can generate while you get to vacation here also.

Some of you may have witnessed drops in your own home equity values or may be nervous because you have heard so much, for so long, about soft real estate markets – and you are understandably concerned.

While the market here has slowed somewhat it has held up much better than in other areas of the country. What this means is that as the economy improves nationwide the market in this area is apt to rebound much quicker. This could mean a great opportunity for those looking for a great investment.

Knowing the market where you plan to buy and determining the true value of any property under consideration (based on past sales and not necessarily the current asking price) will assure that you make the right decision and make your purchase at the right price.

Selling real estate at Ocean Isle Beach and this entire gorgeous area for the last almost 30 years has just been a wonderful life and I am truly grateful to have ended up here! If you are looking to invest in real estate in this area I would love to sit down with you and share my knowledge and expertise as an Accredited Buyer Representative of the National Association of Realtors with you.

We can discuss the boundaries of the market, locate the best property for you, purchase it at the best price possible, and finally help you put the correct financing in place by relentless comparison shopping!

At your leisure I invite you to visit my website at pope-realestate.com and click on the local MLS logo to check out what’s for sale currently. I welcome any questions or requests at any time.

By Martha Pope – Accredited Buyers Representative of the National Association of Realtors. If I can help answer any questions, furnish further information or assist in any way please contact me at my website: pope-realestate.com

Interest rates are dropping below 6% on residential mortgage loans – and this is nationally. The most likely scenario is that these mortgage loan rates will not stay this low for long so buyers would be wise to be actively looking to buy and take advantage very soon.

As buyers realize that it is a good time to buy (but not necessarily for sellers to sell) the demand will begin to absorb the foreclosures and short sales and then exceed supply. Over the next year or two the additional demand may very well lead to a seller’s market, however gradual it may be.

The signs of this shift are occurring now – the supply of new construction and foreclosure homes are being absorbed by first time buyers, investors, and secure homeowners who are taking advantage of their financial strength. “This Spring may be the tipping point when market activity flourishes,” Rich says, and I believe it will. After the first of the year mortgage money should be much more readily available from the banks.

He then refers to inflation as the “X factor” remembering a rapidly inflationary period. For instance, one day you could put a quarter into the vending machine and get a Coke. The next time it was forty cents and the next time it was fifty cents and within five years it was seventy-five cents and so on. Your money buys less and the cost of what you buy increases.

If you owned real estate during this same period you were probably very happy because the property you owned also doubled in price no matter where you lived. Who knows if we are on the verge of another inflationary surge – but if inflation does devalue our money…then real estate prices will increase (along with the price of almost all other hard goods) and this year’s buyers are going to benefit tremendously! Regardless, it is time for buyers to get in the market!

At your leisure I invite you to visit my website at pope-realestate.com and click on the local MLS logo to check out what’s for sale currently. I welcome any questions or requests at any time!

By Martha Pope – Accredited Buyers Representative of the National Association of Realtors. If I can help answer any questions, furnish further information or assist in any way please contact me at my website: pope-realestate.com