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Nationwide Open House & Public Awareness Campaign Author: 2010 WRAR President - Mary Martin Mar 05

Please join your Association and the thousands of REALTORS® and other associations around the country by participating in the first annual…

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This is an incredible opportunity for consumers to shop for a new home while:
 
   o   Interest rates & home prices are still low
   o   There are lots of attainable home choices
   o   Expanded Homebuyer Tax Credit is still available until April 30th

We are asking that you and your offices join this effort to reach out to consumers by holding as many Open Houses as possible on Saturday and Sunday, April 10th & 11th.  
 
Please encourage your buyers to visit and your sellers to participate. Your MLS recommends posting these Open Houses to show up on THEwilmingtonMLS.com’s Open House page. To watch a quick video tutorial on how to do this in Rapattoni, please Click Here.
 
The REALTOR® Store at your Association office will also be offering some special discounts on items you might need for these Open Houses.
 
To view these items as well as other valuable resources, key messages and tools to help you  prepare for this weekend, please go to: www.wrar.com/nationwideopenhouse

Local Public Awareness TV Campaign
 
Earlier this week, your Association launched its first pair of TV segments on Time Warner Cable’s Cape Fear NOW (channel 18) and Carolina Homes On Demand (channel 1115 for certain subscribers).
 
These segments called “Get Your Tax Credit” and “Why Rent? Just Buy!” are designed to educate consumers about the local housing market, the homebuyer tax credit, why now is the time to buy and to contact a REALTOR®.
 
This campaign kicked-off last month with two commercials that also promote REALTORS® and the extended tax credit. They are currently airing on HGTV, Food Network, Lifetime, LMN, News 14 Carolina, Oxygen, & TLC.
 
We ask that you help us track the effectiveness of these campaign efforts. Please ask your clients if they’ve seen any of these TV segments or commercials and whether or not they impacted their decision to use a REALTOR® and/or buy or sell their home. Please send these comments and any other feedback to comm@wrar.com. 
 
Thank you in advance for your enthusiasm and participation in the Open House Weekend and I look forward to great results from our Awareness Campaign.

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Category: Association News, Events & Meetings, Local & State News, National News, Resources & Tools, WRAR President  | Tags: , , , , , , , , ,  | Leave a Comment
Market Makes Significant Strides Heading into New Year Author: 2010 WRAR President - Mary Martin Jan 30

With the New Year off to a promising start, our local residential market offers some exciting news and trends for both buyers and sellers in the Wilmington area for 2010. During the 4th quarter, our local market showed improvements in numbers of homes sold and seller’s asking price over 4th quarter 2008. These are strong indicators that the housing market is stabilizing and progressing towards a recovery. 

Further analyzing the growth within the five major Wilmington zip codes, our average sales price has decreased 9.6% from 4th quarter 2008, and increased 5.3% from 3rd quarter 2009. When we look at the median sales price, we have a 12.0% decrease over 4th quarter 2008 and a .03% decrease over 3rd quarter.

•  Sellers received 94.3% of the asking price in 4th quarter 2009, compared to 93.6% for 4th quarter 2008.
•  4th quarter 2009 had an increase in the number of sold homes by 34.5% from 4th quarter 2008.

Over the last couple of years, an analysis of five Wilmington zip codes – 28403, 28405, 28409, 28411, and 28412 was conducted.  The areas of focus were: 

•  Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
•  List Price – The amount of money a home is listed on the market.
•  Selling Price – The price the seller accepts for his or her house.
•  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 to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

2008 4th Quarter Average Selling Price vs. 2009 4th Quarter Average Selling Price

 

4th Quarter 2009                               28403 Zip Code

•  The average selling price, of $204,758 has decreased 14.7% from 4th quarter 2008 average selling price of $239,948.
•  17.9% of sellers in 4th quarter paid a concession, compared to 11.8% in 4th quarter 2008.
•  The average list price of $221,351 for 4th quarter has decreased 18.1% over 4th quarter 2008 average list price of $270,202.
•  The average number of days a property remained on the market for 4th quarter was 125 days, compared to 119 days for 4th quarter 2008.
•  The median sold price of $166,250 for 4th quarter has decreased 18.1% from 4th quarter 2008.
•  Sold homes in 4th quarter received 92.5% of the asking price, an increase from 88.8% 4th quarter 2008.

4th Quarter 2009                               28405 Zip Code

•  The average selling price, of $235,815 has decreased 24.2% from 4th quarter 2008 average selling price of $311,190.
•  23.6% of sellers in 4th quarter paid a concession, compared to 11.7% for 4th quarter 2008.
•  The average list price of $248,213 for 4th quarter has decreased 25.3% from 4th quarter 2008 average list price of $332,122.
•  The average number of days a property remained on the market for 4th quarter was 130 days, compared to 114 days for 4th quarter 2008.
•  The median sold price of $169,500 for 4th quarter has decreased 15.9% from 4th quarter 2008.
•  Sold homes in 4th quarter received 95.0% of the asking price, a increase from 93.7% for 4th quarter 2008.

4th Quarter 2009                               28409 Zip Code

•  The average selling price, of $274,895 has decreased 16.5% over 4th quarter 2008 average selling price of $329,333.
•  19.8% of sellers in 4th quarter paid a concession, compared to 11.3% in 4th quarter 2008.
•  The average list price of $291,092 for 4th quarter has decreased 17.6% over 4th quarter 2008 average list price of $353,302.
•  The average number of days a property remained on the market for 4th quarter was 136 days, compared to 138 days for 4th quarter 2008.
•  The median sold price of $225,000 for 4th quarter has decreased 12.6% from 4th quarter 2008.
•  Sold homes in 4th quarter received 94.4% of the asking price, a increase from 93.2% for 4th quarter 2008.

4th Quarter 2009                               28411 Zip Code

•  The average selling price, of $295,270 has increased 10.9% over 4th quarter 2008 average selling price of $266,349.
•  23.9% of sellers in 4th quarter paid a concession, compared to 22.0% in 4th quarter 2008.
•  The average list price of $315,548 for 4th quarter has increased 13.9% over the 4th quarter 2008 average list price of $276,923.
•  The average number of days a property remained on the market for 4th quarter was 109 days, compared to 110 days for 4th quarter 2008. 
•  The median sold price of $210,000 for 4th quarter has decreased 8.7% from 4th quarter 2008.
•  Sold homes in 4th quarter received 93.5% of the asking price, a decrease from 96.1% for 4th quarter 2008.

4th Quarter 2009                               28412 Zip Code

•  The average selling price, of $204,192 has decreased 9.9% over 4th quarter 2008 average selling price of $226,648.
•  35.3% of sellers in 4th quarter paid a concession, compared to 31.8% in 4th quarter 2008.
•  The average list price of $211,654 for 4th quarter has decreased 12.2% over the 4th quarter 2008 average list price of $241,127.
•  The average number of days a property remained on the market for 4th quarter was 134 days, compared to 111 days for 4th quarter 2008.
•  The median sold price of $183,000 for 4th quarter has decreased 1.1% from 4th quarter 2008.
•  Sold homes in 4th quarter received 96.4% of the asking price, a increase from 94.0% for 4th quarter 2008.

Summary

Our fourth quarter wrapped up the year with a positive increase in units compared to 4th quarter 2008 by 34.5%. A lot of these sales were driven by the original tax credit that was set to expire on November 30, 2009. By now, we are all aware that it was extended until April 30th, 2010. While we might have sold more homes, our average sold price from fourth quarter 2008 showed a 9.6% decline. Our current inventory of homes is high with over 13 months of supply.

Four zip codes had average sold price decreases from 9.9% to 24.2%, over fourth quarter 2008, while 28411 posted an increase of 10.9% in average sold price. Our list to sales price ratio for the 4th quarter 2009 is 94.38%, a slight increase from 93.61% for 4th quarter 2008. The average list price of the sold properties is $261,884 and is down 10.4% from 4th quarter 2008.
Concessions offered to buyers are now offered in 17.9% to 35.3% of the transactions in 3rd quarter 2009. Our median sales price for 4th quarter ($188,134) reflects a downturn of 12.2% from 4th quarter 2008 ($213,750).  Our overall average days on the market is 125, an increase of 7 days from 4th quarter 2008. Sellers in 28412 got about 96.4% of their asking price while those in 28403 only got 92.5% of their asking price. All five zip codes had an increase in units sold.

Last year will be looked at as the year in which our market bottomed out and started to stabilize. 2010 presents us with a housing opportunity that makes it the most affordable in generations. These are just some of the reasons that now is the time to buy:

1) The First Time Homebuyer Tax Credit has been extended and expanded to include repeat, move-up buyers.
2) We know our home prices are down at least 10% from 2008.
3) Foreclosures and Short Sales make for excellent buying opportunities.
4) Mortgage rates have reached historic lows.
5) We have a large housing inventory.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through December 31, 2009 – data pulled on January 17, 2010.

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Category: Local & State News, Local Market Statistics, Resources & Tools, WRAR President  | Tags: , , , , , , , , , , , ,  | Leave a Comment
Our Team Playing for Success in 2010! Author: 2010 WRAR President - Mary Martin Jan 13

MaryMartinWebThank you to everyone who renewed their membership in 2010!
 
As your new WRAR President, I am very excited about the opportunity to lead you and your Association into a bright and prosperous new year.
 
I look forward to working with you and the Board of Directors to continue growing our Association and lead our industry to new heights. Together, we are a Team Playing for Success!
 
As always, your Association works diligently to offer you the best and most innovative services and tools you need to be successful.
 
In no particular order, here are the Top 20 Benefits & Services that all WRAR Members receive:

  1. Learning from Fellow REALTORS® and Members
  2. Latest Information and Research by Using the Association Website WRAR.com – Know More, Sell More!
  3. Local Government Influence – Advocacy, Grassroots Lobbying and More
  4. Protection of the Rights of Homeowners and Helping People Achieve the American Dream of Home Ownership
  5. Charity and Community Projects that Make a Difference in Your Community 
  6. Having a Voice and Making a Difference by Serving on Committees & Councils
  7. The Value of the REALTOR® Brand Supported by our Code of Ethics 
  8. Learning More, Earns You More by Taking Advantage of Continuing Education and Other Training Opportunities
  9. Real Savings and Exclusive Offers through Partnerships with Vendors
  10. Guidance for New and Young Real Estate Professionals
  11. Public Relations and Media Outreach on Local Real Estate Issues
  12. Resources for You and Your Clients such as Videos on WRAR.com/TV (for REALTORS®) and THEwilmingtonMLS.com/TV (for Consumers)
  13. Be Recognized for Your Hard Work through Awards and Local Publicity
  14. Save Thousands in Legal Fees with Our Mediation and Arbitration Services
  15. Stay in Touch with the Trends, News, and Talk via the weekly BrokerBriefing email newsletter and BrokerBreeze.com blog
  16. Find Your Profitable Niche through Specialized Designations and Certifications
  17. Latest Cutting Edge Technology to Provide Premium and Secure Service in Our Own MLS
  18. Increased Exposure for Your Listings via the Public MLS Website – THEwilmingtonMLS.com
  19. Live Events like REALTOR® Recharge to Network and Build Referrals
  20. Staying Connected with Your Association via Social Media & Networking sites like Facebook & Twitter

Thanks again for your participation and support… Let’s make 2010 a great year!

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Category: WRAR President  | Tags: , , , , , ,  | 2 Comments
All Hands on Deck: New Tax Credit Call for Action Push Needed! Author: 2009 WRAR President - April McDavid Oct 30

Here’s the latest from NAR Governmental Affairs in Washington D.C.: (as of 4PM EDT on 10/30/09)

Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.

The Senate is expected to vote Monday evening for a “Motion to Invoke Cloture”. If 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action. NAR will continue to provide us with updates on the tax credit as events warrant.

Call Your Senator!

We are very close, but we need to ask for your help one more time! Please make a quick call to your Senator’s office today to ask for cloture on the Unemployment Insurance Extension bill that contains the tax credit provision. Again, this cloture vote is scheduled for Monday evening. Sixty Senators must vote yes so that a vote can be scheduled on the tax credit.

Click Here to enter your phone number and be connected to your senator’s office right now.

Thank you in advance for participating and showing why WRAR Members are the best!

There was an additional development in the Senate yesterday:

The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.

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Category: Governmental Affairs, Resources & Tools, WRAR President  | Tags: , , , , , ,  | One Comment
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