Real Estate Information Archive

Happy Monday Morning!

I hope you enjoyed the great weather we had this weekend!  I think cooler temperatures are on the horizon and will be welcomed with open arms in this area considering the heat we've had this summer.

Well, you can't sugar-coat last week's housing reports, but they don't necessarily foretell a "double-dip" recession in real estate. July Existing Homes Sales were off 27.2%, at an annual rate of 3.83 million, well below the expected 4.65 million rate. The months' supply went from 8.9 to 12.5 and there was also a rise in inventories. The truth is, the expectation was a bit high.  An annual rate below 4 million for July makes sense, given that the home buyer tax credit was slated to end in June.  Getting an $8,000 check from the government certainly encouraged lots of people to move up their purchases. For the same reason, experts also predict weak August numbers, but after that, some feel existing home sales will start heading back to about 5.5 million units annually.  For the year, inventories are down 2.0%, while the median price is UP 0.7%.   Interest rates are still at historic lows which continue to make homebuying and refinancing very attractive for consumers.  If you want to discuss your options, give us a call.

Have a great week and remember to call The Cameron Team for all your real estate needs!

Sincerely,
The Cameron Team

Melanie Cameron, Broker 910.233.2840

Susan Harkins, Buyer Specialist, 910.431.2362

Michelle Roberts, Buyer Specialist, 910-431-5686

Alexa Winstead, Marketing/Closing Coordinator 910.202.2547

Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw and Hampstead.

Greetings from Wilmington!  I hope you had a wonderful weekend.  Sorry for the delay in getting out my Monday Market Report.  We had internet/email technical difficulties most of the day yesterday.  If you tried to contact me via email yesterday and I haven't responded to you, please resend.  Quite a few of my emails are in la la land!!

We've seen the typical slower time in our market the past few weeks right before school starts.  In Wilmington, the traditional school calendar starts tomorrow and once everyone gets back into a routine, I think you'll see the activity pick back up.  Interest rates are still at record lows so if you are on the fence about buying or refinancing, please let us know and we'll be glad to point you in the right direction.

There are still an increasing number of homeowners that are in financial distress and unfortunately, I think you'll continue to see those numbers rise until the economy and job market stabilize.  To get your home sold in todays market, it's very important to price your home aggressively and get it in tip top shape.  If you have any questions about the market or your home's value, please give us a call or email.  We're glad to help any way we can.

Have a great week!

The Cameron Team

Melanie Cameron, Broker 910.233.2840

Susan Harkins, Buyer Specialist, 910.431.2362

Michelle Roberts, Buyer Specialist, 910-431-5686

Alexa Winstead, Marketing/Closing Coordinator 910.202.2547

Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw and Hampstead.

If you are one of those thinking of buying foreclosure properties but are relatively new to the industry and just do not know where and how to start, you should be able to find these tips more than useful. The real estate market is a buyers' market and if you want to have a successful investment, you should be aware of the following essential things.

Subscribe To An Online List

An online foreclosure list is your best weapon when it comes to hunting for hot deals and bargains. With the foreclosures market getting more competitive each day, the traditional methods of research and finding foreclosures list is no longer as effective. Online foreclosure listings provider allows you to have access to complete and updated listings of foreclosed properties in different states without leaving the comforts of your own home. By subscribing to an online list, you get access to their database and browse the available properties without going through the hassle of going to courthouses and sheriff's offices or waiting for the classifieds to be updated.

Work With A Qualified Agent

When buying foreclosure properties for the first time, it is often advisable to work with a qualified real estate agent who can give you the rundown on what to do and walk you through the entire buying process. Agents have a wealth of experience in tow and you could benefit from these by working with them. Plus, they can also point you to the right direction in pursuing leads and viewing properties which will allow you to work within an efficient time table.

Secure A Preapproved Credit

Getting preapproved means that you are qualified to finance your real estate purchase within a certain price range. When buying foreclosure properties, it is important that you can show your prospective lender that you have a sound credit history and that you can really finance your purchase. A preapproval will secure for you this confidence as banks typically regard applicants with preapproved credit as serious buyers.

About the Author

Joseph B. Smith has been educating buyers on the finer points of buying foreclosure properties at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about buying foreclosure properties.

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Thank you Joseph for this great article!

The Cameron Team

Melanie Cameron, Broker 910.233.2840

Susan Harkins, Buyer Specialist, 910.431.2362

Michelle Roberts, Buyer Specialist, 910-431-5686

Alexa Winstead, Marketing/Closing Coordinator 910.202.2547

Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw and Hampstead.

If you tried to work out a payment plan with your mortgage company with no luck, now may be a good time to try again.  Mortgage companies have increased the number of employees in their home retention departments and now may be better equipped to assist homeowners… Check out this article from Finance-Commerce.com.

Mortgage foreclosure sales increasingly delayed as federal program offers alternative

by Scott Carlson Staff Writer Finance & Commerce

Maloney, of St. Cloud, could not work for four months, then returned to work on a limited schedule in early 2009. During that time, she fell behind on her $1,200-a-month house payments, and asked her mortgage lender, HomeEQ of California, if she could make half payments a month until returning to work full time.

HomeEQ refused — and last May, filed a foreclosure notice against her. For Maloney, the specter of facing a sheriff’s auction sale was not only frightening, but insulting.

“I felt disrespected,” Maloney said. “I bought the house in 2000 and I had never been late in paying in eight years.”….. Full article at Finance-Commerce.com. 

Wilmington NC Real Estate & Homes – Michelle Roberts , Your Realtor  –  Michelle loves working with clients that have high expectations and works diligently to exceed those expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw and Hampstead. (910) 431-5686

There was a great article in the Wall Street Journal on October 22^nd, last week.  It covered a broad range of issues from low inventory levels, to the shadow inventory of foreclosures and specific examples of foreclosures and modifications.