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.

ECONOMY:
> When it comes to the opinions of corporate executives, North Carolina is held in high regard. For the fourth year in a row, more than 300 of the nation’s corporate executives voted N.C. as having the second best business climate in the country, second only to Texas.

> While the unemployment rate hovers around 9 percent nationally, the unemployment rate declined across North Carolina’s major metropolitan areas and in 92 of 100 counties in September.

> Skirting fears of a double-dip recession, the economy posted the strongest quarterly growth in a year in the third quarter. What’s more, consumer spending on services rose 3 percent, the most in more than five years.

HOMEOWNERSHIP:
> Falling inventories are a good sign in the housing market and in September, the number of homes listed for sale declined 20 percent compared to the previous year, falling to the lowest level in more than four years.

> We’re willing to bet you haven’t heard this on the evening news: the homeownership rate today is actually at its second-highest level on record, ranking behind the record high set in 2000.

> While homebuilding accounts for a small portion of the housing market, its impact on the economy is significant. In September, home builders started projects at the fastest pace in 17 months. When you consider that every home built creates an average of three jobs for a year and about $90,000 in taxes, it’s no wonder these figures are a hopeful sign for the
economy.

FORECLOSURE:
> September marked the lowest level of foreclosures in the state this year – they’ve dropped more than 30 percent since January. At the end of September, N.C. ranked 12th nationally in fewest foreclosures.

> When the media talks about the “foreclosure epidemic,” they are referring to the fact that in September, one in every 605 homes nationally had received a foreclosure filing. Compare that to N.C., where only one in 1,951 homes received a foreclosure filing. Yes, real estate truly is local.

HOMEOWNERSHIP:

> Despite the rocky housing market in recent years, 72 percent of renters still say homeownership is a priority. And that figure has increased from 2010, when 63 percent of renters said owning a home was a top priority.

> While mortgage closing costs continue to rise nationwide, our state remains the second least expensive for such costs. In North Carolina, the average total cost is $3,410. Compare that to New York, the most expensive state, which averages total fees of $6,183.

> Who hasn’t heard housing experts lament the high inventory of homes for sale? Well, there’s good news. In the second quarter of 2011, inventories were found to be shrinking sharply, a strong signal of higher demand.

> What better testimony for using a REALTOR® than this: the founder of a popular for-sale by owner website recently used a real estate broker to sell his home. Further, the condo ended up closing for far more than the original asking price.

ECONOMY:

> In June, employers added a mere 46,000 jobs. In July, that number jumped to 117,000 – over 40,000 more than economists expected in July. In August, planned cuts declined by 23 percent. What’s more, the pace of job creation so far in 2011 is nearly double what it was in 2010.

> Homeownership can now be a reality for many Americans. According to real estate website Trulia, buying was cheaper than renting in 74 percent of the country’s 50 largest cities in July.

> North Carolina is home to some attention-grabbing cities. In just the last two months, Charlotte has been named among the top potential “boom cities,” Raleigh was named among the top 10 cities for business and careers, and Mount Airy was named among the best small towns in the United States.

FORECLOSURE:

> Foreclosure filings – the start of the foreclosure process – are down 16 percent in N.C. compared to the first half of last year. That’s one of every 278 households. To put that ratio into perspective, one in every 21 homes in Nevada have been affected by foreclosure.

> We all know the “robo-signing” scandal has slowed down the foreclosure process, thus leading to fewer foreclosure filings and skewed data. But what is promising is the steep plunge in initial notices of default, which fell 39 percent year-over-year to fewer than 60,000, indicating fewer borrowers are falling behind on payments.

Click Here to view PDF version for easy printing.

I am asking you to please make an investment in the REALTORS® Political Action Committee. I know times are tough; however, if we do not support the issues and the officials that understand these issues, times will get tougher. You tell me how many first-time home buyers will be in your office wanting a shot at the American Dream of Homeownership if the regulators have their way and a Qualified Residential Mortgage is defined as one that has a 20% down payment. 20%!!!!!!!! An investment from you of $15, $25, $50 – whatever you can do will add to our ability to be effective, to be asked to sit at the table and have our voices heard.

BONUS! As an incentive for you to invest, there will be an RPAC fundraiser at the NCAR Convention next week called “Miss RPAC” – a womanless beauty pageant. Each region will have a contestant & Don Harris will be our participant for Region 2. I spent some time with him last night fine tuning his attire and talent. He is going to be GREAT! And he is in it to win it, but he needs your help. The final three will be based on the total amount of money raised. If you invest in RPAC this week, your investment will be added to Region 2’s totals and we can help Don be one of the three finalists. Then it will be up to him to bring it home. Even if you have already given, only the money collected for the two weeks prior to the convention and at the event itself, will count – so please help Don. He is being such a good sport about this. I cannot give too much away, but I will tell you his stage name… Donatella – use your imagination!

Thank you for taking the time to read this and thank you in advance for your RPAC investment. To make your investment, please call Kristin Miller at NCAR at 919-573-0995, go to the NCAR website, drop off a check to your association office or pick up a pledge card from the Association office. We make it so easy for you to support your industry and private property rights. Thanks as always for your support and dedication to our profession.

Sincerely,

Wilmington real estate agency, Do Good Real Estate, recently became the first certified Benefit Corporation, or B Corporation, here.

In February, North Carolina legislators introduced a law to establish this new type of corporation to meet more rigorous standards for social and environmental performance, accountability and transparency. It passed in the Senate 50 to 0, but the session ended before it made it to the House. It will be reintroduced to the House in the next session.

Do Good Real Estate is a real estate agency that donates 20 percent of sales commissions to Wilmington nonprofits, including the Make-A-Wish Foundation, Carolina Canines, Juvenile Diabetes Research Foundation and the DREAMS center for arts education.

“We became a B Corp because it’s too easy for any company to just claim they are trustworthy. By becoming a certified B Corp we are proving it to our clients and the community,” said Ryan Crecelius, owner of Do Good Real Estate in a news release.

B Corporations must pass a ratings system that assesses the company’s social and environmental impact, adopt the B Corporation legal framework and sign a term sheet. Independent, third-party non-profit organization, B Labs, certifies the companies. It is based in Berwyn, Pa.

North Carolina companies that have received certification include Durham-based e-mail marketing software provider iContact, Charlotte commercial real estate firm Machen Advisory Group and Wilmington public accounting firm, Adam Shay CPA, PLLC.

Currently, five states have passed Benefit Corporation legislation – Hawaii, Virginia, Maryland, Vermont and New Jersey.

Watch Do Good’s first donation to the local chapter of “Make a Wish”…

“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.

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.