In his first speech as President, Garner challenged his fellow REALTORS® to continue their hard work as ambassadors for homeownership and dedication to helping Wilmington’s housing market recover.

“Sometimes we find ourselves saying ‘if only’. The problem with that is we miss out on opportunities right in front us today,” Garner told the room of 225 members and guests. “As REALTORS®, consumers look to us for our knowledge, service and advice. I encourage you to use that knowledge to best advise your clients how to take advantage of the remarkable opportunities in today’s market instead of missing a once in a lifetime chance.”         

Accompanying Garner as this year’s Board leadership are R.J. “Alex” Alexoudis as President-Elect, Jody Wainio as Vice President, Karen Parkin as Past President and Cliff Ray as President of the REALTORS® Commercial Alliance of Southeastern North Carolina (RCASENC). Also taking the oath to serve as a Director were Sandra Beals, Faye Brock, Deborah Butler, Ryan Crecelius, David Eggleston Jr., Thomas Gale, Amy Holcomb, Neal Johnson, Sherri Pickard and John Pierson.

Other Officers for the RCASENC include Will Leonard as President-Elect, Tom Wolfe as Secretary/Treasurer and Amy Spicuzza as Past President. The RCASENC Directors are Henry Adams, Madelyn Bodford, Brian Eckel, Stephen Hall, Stephen Hobbs and Nick Silivanch.

This exquisite semi-formal event was held at The Terraces on Sir Tyler, WRAR’s new banquet and event venue, located on the third floor of its office at 1826 Sir Tyler Drive near Mayfaire. The banquet is an annual event for all WRAR members to attend. One of the other major highlights of the evening was the awarding of WRAR’s most prestigious annual awards.

Mary Martin of Network Real Estate was honored as the 2011 REALTOR® of the Year. Mary earned this highest award because of her outstanding service to WRAR, her profession, the State and National Associations and to her community.  She was WRAR’s 2010 President and continues her service to her fellow REALTORS® by serving on several committees at the Association while also working as a Trainer and Broker-In-Charge at her firm.

Clinton Howlett Jr. of Century 21 Brock & Associates was selected as the 2011 Salesperson of the Year due to his closed transactions and dollar volume while also actively dedicating his time to the Association through committees. He exemplifies team spirit, leadership, loyalty, cooperation with peers and dedication to community service making him the prime choice for this award.

Phillip Galloway of Intracoastal Realty was selected as the 2011 Hall of Fame Award winner. Phillip earned this award for his outstanding lifetime contributions to the real estate industry and his contribution of consistent outstanding service to the REALTOR® profession.

Earlier in December, WRAR also announced the recipients of its other annual awards at its fourth quarter membership meeting:

  •   2011 Allied Member of the Year – Chrystal Fray, State Farm Insurance
  •   2011 Cathy Clark Memorial Award – David Eggleston Jr., Intracoastal Realty
  •   2011 Paul Sullins’ Community Service Award – Deb Hays, Intracoastal Realty

For more information on all of these annual awards, please visit www.wrar.com/awards.

http://www.ncrealtors.org/uploads/zipFormQ&A.pdf

http://www.zipform.com/training/trainingcalendar.asp

“Get in the Green Zone!” will explore the four “zones” for success in today’s market including:
1. The Mind Zone – Discover how to change your “dialogue” to a positive wavelength
2. The Time Zone – Identify the top ten high yield activities for real estate agents
3. The Contact Zone – How the best agents prospect; where to invest your time and money
4. The Future Zone – Uncover the seven “big moves” agents are making today
5. Learn specific approaches and activities that separate the busy, successful real estate agents in today’s market from everyone else.

Thursday, September 22, 2011  |  12 p.m. to 4:00 p.m.

• 12 p.m. to 1 p.m. – Lunch and Partner Fair
• 1 p.m. to 4 p.m. – Workshop Presentation

Holiday Inn Resort Wrightsville, 1706 North Lumina Avenue Wrightsville, NC 28480

• Business casual attire
• Complimentary on-site parking

How to Register

Register online by Wednesday, September 21st at www.JDTERRY.COM

Click “Free Events” then “Register Now” for Real Estate Professionals”
Questions? Call Connie at (910) 509-6561

*Click Here for PDF Flyer

There are many factors that affect our current housing market in a positive fashion:

1. 30 year fixed mortgage rates near historic lows of 4.52% (Freddie Mac – 7/21/11).
2. NAR’s Housing Affordability Index has reached its highest point during 2011. It reveals how home prices, household income and interest rates combine to provide an overview of affordability conditions on a national basis.
3. Pent up demand – the addition of about 3 million in population should assist in the rise in homes sales.

There are factors that affect our current housing market:

1. Foreclosures and short sales: these tend to bring market values down.
2. No more tax incentives: the incentives ended last summer – congress may consider adjustments to the mortgage interest deduction.
3. Debt Ceiling: will Congress increase our taxes or remove some tax “breaks”? Until we have answers, there will be uncertainty in the market.
4. Unemployment: the current rate climbed to 9.2%.

Our local area is showing signs of improvement – purchase activity will pick up slowly as the improvement in the job market eventually leads to greater willingness to buy. The year 2011 presents us with a housing opportunity that makes it the most affordable in generations. So now is the time to buy.

Analyzing the growth within the six major zip codes in our region, an average of the zip codes shows:

• Our average sales price has increased by 5.0% from 1st Quarter 2011.
• Of the 679 sellers in 2nd Quarter – 33.4% paid some sort of concession toward the purchase of the house.
• Our list to sales price ratio for 2nd Quarter is 95.0% an increase from 93.9% for 1st Quarter 2011.
• The average list price of the sold properties is $238,671 and is up 3.8% from 1st Quarter 2011.
• The average number of days a property remained on the market for 2nd Quarter was 144 days, compared to 133 days for 1st Quarter 2011.
• The median sold price of $175,000 for 2nd Quarter has increased .05% from 1st Quarter 2011.

Over the last several of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted.  The areas of focus are:

• Sold Price – The price the seller accepts for his or her house.
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List to Sales Price Ratio – The difference between the list price and the sold price shown as a percentage.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List Price – The amount of money a home is listed on the market.
• Median Price – The middle price of all the properties sold in the given time period.

2nd Quarter 2011                              28403 Zip Code

• The average selling price of $189,608 has decreased 10.6% from 1st Quarter 2011 average selling price of $212,161.
• 32% of sellers paid a concession, compared to 20% in 1st quarter 2011.
• The average list price of $200,452 for 2nd Quarter has decreased 15.2% over 1st Quarter 2011 average list price of $236,468.
• The average number of days a property remained on the market for 2nd Quarter was 154 days, compared to 147 days for 1st Quarter 2011.
• The median selling price of $162,500 for 2nd Quarter has increased 9.6% from 1st Quarter 2011. The best of all the zip codes.
• Selling homes in 2nd Quarter received 94.5% of the asking price, an increase from 89.7% for 1st Quarter 2011.

2nd Quarter 2011                              28405 Zip Code

• The average selling price of $257,824 has increased 29.3% from 1st Quarter 2011 average selling price of $199,423. The best of all the zip codes.
• 28% of sellers in 2nd Quarter paid a concession, compared to 32% for 1st Quarter 2011.
• The average list price of $279,492 for 2nd Quarter has increased 33.1% from 1st Quarter 2011 average list price of $209,954. The best of all the zip codes.
• The average number of days a property remained on the market for 2nd Quarter was 163 days, compared to 131 days for 1st Quarter 2011.
• The median selling price of $165,000 for 2nd Quarter has increased 3.1% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 92.2% of the asking price, a decrease from 94.9% for 1st Quarter 2011.

2nd Quarter 2011                              28409 Zip Code

• The average selling price of $268,049 has increased 8.2% from 1st Quarter 2011 average selling price of $247,811.
• 27% of sellers in 2nd Quarter paid a concession, compared to 34% in 1st Quarter 2011. The best of all the zip codes.
• The average list price of $280,576 for 2nd Quarter has increased 5.2% over 1st Quarter 2011 average list price of $266,653.
• The average number of days a property remained on the market for 2nd Quarter was 140 days, compared to 139 days for 1st Quarter 2011.
• The median selling price of $229,325 for 2nd Quarter has increased 6.7% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 95.5% of the asking price, a decrease from 92.9% from the 1st Quarter 2011.

2nd Quarter 2011                              28411 Zip Code

• The average selling price of $282,108 has increased 1.4% over 1st Quarter 2011 average selling price of $278,268.
• 40% of sellers in 2nd Quarter paid a concession, compared to 36.0% in 1st Quarter 2011.
• The average list price of $298,596 for 2nd Quarter has increased .04% over the 1st Quarter 2011 average list price of $297, 313.
• The average number of days a property remained on the market for 2nd Quarter was 152 days, compared to 129 days for 1st Quarter 2011.
• The median selling price of $228,750 for 2nd Quarter has increased 9.5% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 94.4% of the asking price, an increase from 93.5% for 1st Quarter 2011.

2nd Quarter 2011                              28412 Zip Code

• The average selling price of $170,136 has decreased 5.2% over 1st Quarter 2011 average selling price of $179,464.
• 35% of sellers in 2nd Quarter paid a concession, compared to 40% in 1st Quarter 2011.
• The average list price of $176,123 for 2nd Quarter has decreased 6.7% over the 1st Quarter 2011 average list price of $188,690.
• The average number of days a property remained on the market for 2nd Quarter was 145 days, compared to 130 days for 1st Quarter 2011.
• The median selling price of $149,950 for 2nd Quarter has decreased 5.1% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 96.6% of the asking price, an increase from 95.1% for 1st Quarter 2011.

2nd Quarter 2011                              28451 Zip Code

• The average selling price of $194,803 has increased 3.0% from 1st Quarter 2011 average selling price of $189,052.
• 36% of sellers in 2nd Quarter paid a concession, compared to 28% in 1st Quarter 2011.
• The average list price of $199,419 for 2nd Quarter has increased 2.2% over the 1st Quarter 2011 average list price of $195,101.
• The average number of days a property remained on the market for 2nd Quarter was 114 days, compared to 130 days for 1st Quarter 2011. The best of all the zip codes.
• The median selling price of $164,900 for 2nd Quarter has decreased 1.8% from 1st Quarter 2011.
• Selling homes in 2nd Quarter received 97.6% of the asking price, an increase from 96.9% for 1st Quarter 2011. The best of all the zip codes.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through June 30, 2011 – data pulled on July 13, 2011.

NAR’s ninth housing pulse survey reflects that, as the housing market continues to struggle, Americans worry that policy proposals coming out of Washington could drag the market down further or deter potential new homeowners.

There is particular concern surrounding calls for a required down payment of 20 percent on home purchases. Seven-in-ten Americans say requiring a down payment of 20 percent on the cost of a home would have a negative impact on the housing market. The survey also shows strong concern about the possible elimination of the home mortgage interest deduction. Two in every three Americans, 67 precent, oppose eliminating the home mortgage interest deduction as part of a plan to reduce the federal deficit. A majority of Americans (51 percent) strongly oppose eliminating it. Americans believe that either action would have severe consequences for the housing market.

The survey, which measures how affordable housing issues affect consumers, also found job security concerns remain high, with 61 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.

The telephone survey of 1,250 adults nationwide, with an oversample of 250 interviews in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program.

Some key findings from this year’s survey include:

• Seven-in-ten Americans (71 percent) say requiring a down payment of twenty percent on the cost of a home would have a negative impact on the overall American housing market.
• More than three quarters of renters (77 percent) say they would be less likely to buy a new home if they were required to make a 20 percent down payment. Among current homeowners, four-in-ten (39 percent) say they would not have been able to buy their current home if they been required to make a 20 percent down payment.
• Having enough money for a down payment and closing costs is the largest obstacle that makes housing too expensive and unaffordable (82 percent say it is a “huge” or “medium-size” obstacle).
• Two in every three Americans (67 percent) oppose eliminating the home mortgage interest deduction as one part of a plan to reduce the federal deficit. Underscoring the intensity of this opinion, a majority of Americans (51 percent) strongly oppose eliminating it.
• Even more Americans (73 percent) believe that eliminating the home mortgage deduction would have a negative impact on the American housing market, while 65 percent say it would have a negative impact on the overall economy.
• While fewer Americans than in the past agree, the overwhelming majority (72 percent) still say that buying a home is a good financial decision. Almost two–thirds (64 percent) say that now is a good time to buy a home.
• The stalled economy continues to adversely affect the housing market. Confidence in job security is a top obstacle (80 percent say “huge” or “medium-size”) to home ownership, while job layoffs and unemployment are ranked as the top problem facing Americans (61 percent say it is a “very big” or “fairly big” problem in their area).
• Foreclosures on homes remain a large concern, with almost half (47 percent) characterizing the issue as either a “very big” or “fairly big” problem in their area.
• Stability, safety and the long-term economic benefits of ownership top the list of reasons people give for why it is important to own a home.

For more information:
Executive Summary > (PDF: 561 KB)
Survey Questionnaire > (PDF: 191 KB)

http://www.homes4nc.org/uploads/2011Auctioninfo2.pdf

HOMEOWNERSHIP:

• The housing downturn hasn’t affected the way Americans view homeownership. A recent New York Times/CBS News Poll found that nearly nine in 10 Americans say homeownership is an important part of the American dream. Another recent poll showed that even a majority of renters (67 percent) and those with underwater mortgages (65 percent) agreed homeownership is the best long-term investment.
• With nine out of 10 REALTORS® planning to stay in the real estate business, according to NAR’s 2011 Member Profile, REALTORS® aren’t jumping ship; instead, they’re becoming more proficient. According to the profile, 35 percent of REALTORS® now hold at least one of NAR’s six certifications – that’s an increase of 11 percent from a year ago.
• For the past three decades, buyers could expect to spend approximately 25 percent of their monthly gross income on a mortgage. Today, the number has declined to 17 percent. And that message has been received: Nearly 70 percent of Americans say now is a good time to buy a home.

ECONOMY:

• North Carolina’s business climate continues to garner national praise. Chief Executive Magazine recently ranked N.C. the second best state to do business, second only to Texas. What’s more – CNBC recently followed suit and ranked N.C.’s business environment third in the nation, trailing only Virginia and Texas.
• How’s this for a surprise? Amid a blitz of doom and gloom in the news, N.C. actually enjoyed economic growth in 2010. Specifically, the Tar Heel State registered a 3.4 percent increase last year in gross state product – making it one of only 14 states to experience economic growth of 3 percent or more between 2009 and 2010.
• Despite the recession’s effect on jobs, N.C. is faring far better than other states. During the past decade, N.C. has added the second largest number of financial jobs and the third largest number of public sector jobs in the nation. The same goes for personal finances – North Carolina ranks 10th for long-term economic growth over the past half-century.

FORECLOSURE:

• More homeowners are staying current on their mortgage. In May 2010, 18.3 percent of mortgages were 30 days past due. This May, approximately 8 percent of mortgages were 30 days past due.
• In N.C., the wave of foreclosures is steadily declining. In May, foreclosures on homes fell 38.3 percent from the same month a year ago and were down 3.4 percent from April.

The revised forms will be available in the “Forms and Contracts” section of NC REALTORS® website no later than July 1st. They have also been sent to each of NC REALTORS®’ forms software providers to incorporate into their respective forms software programs. Questions about the roll-out date for a forms software program should be directed to the vendor. There will be a 60-day grace period during which NC REALTOR® members may transition to the new versions of the forms.

Questions about the forms may be directed to NC REALTORS®’ attorneys by calling the Risk Watch line at 800/443-9956 or via email, wmartin@ncrealtors.org.