Thu04242014

Last update08:03:22 PM

Font Size

Profile

Menu Style

Cpanel
 
Back You are here: Home News Local and State News Real Estate Market Sales Weekly Real Estate Market Report

Weekly Real Estate Market Report

I hope you are having  a great week.
We believe local market expertise is key…and we highly recommend you use a local agent when buying or selling a home.
It has been no-stop action for Coastwalk Real Estate.  We’re working 7-days a week, but are having fun doing it. Year-to-date (4-16-2012), our sales on Pleasure Island are $2,500,000 more than our closet competitor (some of these firms have 100’s of agents). Our volume is nearly 30% higher than our closest competitor.
We owe this to experience, aggressive marketing, and local market expertise!
Since we are with buyers and sellers everyday, I wanted to share some trends we are noticing:
• It seems that bank-owned inventory is dwindling. Those that do become available often do so at low prices, and as a result it’s common for there to be multiple offers. Some bank-owned homes sell for above asking price.
• Short sales continue to influence the market, but we’re seeing fewer hit the market. There is no guarantee a short sale will result in a closing, but folks are still trying. At Coastwalk Real Estate, we engage an attorney (no cost to you) to assist in the negotiations and legal aspects of these transactions.
• We continue to see renewed interest in new construction. There are spec homes being built (check out 1511 Searay Lane in Carolina Beach, and 213 Marquesa Way in  Kure Beach). Some buyers will also opt for purchasing land, and contracting to build.
• Buyers purchasing second homes tend to be from the following areas: Raleigh, Cary, Greensboro, Northern Virginia, New York, Pennsylvania and Ohio. We’ve also ercently had a few from Georgia and Florida.
• Cash purchases are on the rise. Buyers are sitting on cash and recognize the value in buying property in this market, and at these low prices.
• Most buyers are looking for simplicity – meaning they want / expect a nice clean house, that is in good condition, and that requires minimal upkeep. “Fixer-Uppers” are not as popular as they have been in the past.
• Condo financing will remain challenging. Loans on condos are possible, but often require a higher down payment and will be at a slightly higher interest rate. A srong HOA will be important., as will adequate HOA insurance.
• Interest rates in general will remain historically low…interest rates are phenomenal right now!
• Second home buyers are showing a renewed interest in ocean front properties. They love the beach, and can use the property for rental purposes as well. This rental income can offset some of their expenses.
In the coming weeks I’ll be sending an updated sales summary for 2012. This week I wanted to share  an estimated  summary of sales from 2004 through Dec 30th 2011. As you will see, we have now had 3 consecutive years of increased sales volume…so folks are buying!
Expect Results:
Your Real Estate Market Report is provided by Justin Donaton of Coastwalk Real Estate. Local data provided is courtesy of the Wilmington Association of REALTORS MLS. Justin does not just "list" properties, he sells them! To get your home SOLD for the highest possible price, call Justin at 910-352-0998. Justin has been the #1 Agent on Pleasure Island since 2006. He has the highest dollar volume of sales, and has had the most number of closings. His business is built on hard work and high-impact marketing. Please visit:  www.CoastwalkRealEstate.com for more info.
The Weekly Real Estate Market Report is a Paid Advertisement Compliments of Coastwalk Real Estate.