New Wilmington NC Real Estate Market Reports Posted

I have posted June 2008 Wilmington NC Real Estate Market Report as well as 2008’s 2nd Quarter Wilmington NC Housing Market Report on my website.

Of course, I know what you are saying:  “Walt, the end of July is a little late for June’s Market Report, isn’t it?”  You are absolutely right!  I actually had it completed earlier this month, but just hadn’t posted it yet.  Sounds like an excuse doesn’t it?  I hate exuses as much as you do!  So to make it up to you, I updated the graphics and colors of the graphs to make the report a little easier on the eyes.

Also, I plan to do a breakdown of the report by video.  I have been planning to do this for some time and just haven’t as of yet.  It will be a screen video where I go over everything in the report and how I interpret the data.  If you don’t want to miss it, I would suggest you you sign up for email updates (spam free) or subscribe with an RSS feeder.

Now, if you haven’t already, click on the image to the right which will take you to my website.  Then click on the market report you want.  It is a pdf. file so you can save it to your computer.  Feel free to print it out and pass out copies to co-workers and friends. 

Walt Dowdy

REALTOR

Keller Williams Realty

Wilmington NC

910-431-1655

YOU CAN CONTACT ME HERE!

Wilmington NC Real Estate Absorption Rate Update

How well is the local real estate market doing in Wilmington NC? 

Things have picked up as is expected for the second quarter in Wilmington NC.  Spring and Summer are always strong buying seasons. 

Since my last post on the Average Price falling, the Average Price of Home Sales rose by 11.4% from $254,197 in April 2008 to $283,213 in May 2008. 

Yet price isn’t always the best indicator on the health of the market.  Knowing the inventory level and the absorption rate is really key to gauging the market and pinpointing trends of the market shifting from a buyer’s market to a seller’s market and vice versa.

Inventory Level

As of the writing of this post, the current real estate inventory level in Wilmington NC is 13 months.  This means it would take 13 months to sell off the current inventory of active listings. 

Absorption Rate

The absorption rate should be above 50% to have a strong market.  When it gets into the 70s and above, the market will be steaming hot with buyers.  When the absorption rate rises, homes are bought almost as soon as they come on the market. 

When the inventory level dips below 5 months and the absorption rate rises above 70%, we will see the the local demand for real estate placing serious pressure on the supply.  The result?  We will see the price of homes take another leap.  That is the law of supply and demand in a free market place.

When will that happen? 

I personally have no idea, though I have come across some really great theories out there.  Nonetheless, real estate is always local and in today’s economy that is becoming harder to define on paper.  For Wilmington, many homeowners do not rely on local wages due to the mobility of knowledge workers.  The internet has created a new level of mobility, so with no new jobs, there is going to always be a portion of folks relocating to Wilmington just because they want to.   

But I will say this:  I believe quite of few people lost their shirt in 03-05 and I don’t believe buyers are going to be as gullible to fall for the frenzy next go around.  Also, affordability will continue to remain an issue for a little while (on the larger spectrum).  If you have an opinion, I would love to hear your thoughts in the comment section.

What is the Current Absorption Rate?

In Wilmington, the absorption rate has stayed well below 50% for all of 2008 until May.  In May, the absorption rate rose to 50%, making it a balanced month.  This is partially due to an increase in number of home sales for the month as well as a decrease in the number of new listings that came on the market in May.  But since our current inventory is so high, we will need to several months of the absorption rate being in the 60s and 70s to bring the inventory down.

 

What is the Average DOM?

With high inventory levels and low absorption rates, the Days on the Market (DOM) has obviously increased.  Since 2008, the average DOM has remained above 100.  The average DOM for May was 109.

 

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Wilmington’s Real Estate Average Sales Price Takes a Downward Turn

The local buzz among some Wilmington NC real estate agents in 2007 was the continued climb of the Average Sales Price statistics. 

(NOTE:  Many local real estate agents in the Wilmington area use the overall Statistics of the Wilmington Regional Association of Realtors MLS stats which includes several of the rural counties in Southeastern North Carolina.  My statistics focus on New Hanover County and exclude the local beach markets.)

The Upward Climb

Inspite of the slow down in number of sales, the Average and Median Sales price continued to climb in 2007.  But throwing a party and using the word “sizzle” may have been a bit premature.  The law of supply and demand pointed to an eventual downturn in prices.  Notice I said supply and demand and not supply and desire.  Sure, the desire to buy real estate is there and may be pent up, but the signs of demand continued to weaken over 2007.  The reasons for this I will cover at a later time.

The Downward Fall

In the first quarter of 2008, the Average Sales Price was down by 11% when compared to the fourth Quarter of 2007.  The Average Price peaked at an all time high of $299,553 in the 4th Quarter of ‘07. 

But the news is not so bad.  When the 1st Quarter of ‘08 is compared to the 1st Quarter of ‘07, the Average Price was only down by 1%.  When compared to the 1st Quarter of ‘06, the Average Sales Price actually rose by 2%. 

What’s Happening Now?

Currently, the local market is beginning to take an upward turn in Pendings and Sales.  This could have a positive effect on the Average Sales Price. More important than quarterly and even monthly fluctuations in the Pricing Indices, is the overall average for the entire year for 2008.  Because the 2nd and 3rd Quarters are seasonally stronger markets than the 1st and 4th Quarters, we will need to see how things average out for the year. Home owners should keep in mind that the overall fluctuation in the average price for Wilmington may not reflect market trends in your specific neighborhood.

Will it Continue?

I personally don’t believe we will see an extreme drop in prices here in the Wilmington area over the long haul.  What I do believe is that the lack of buying activity will put pressure on local real estate prices. This is the natural effect of supply and demand. Much of the decline in buyer activity is due to the simple issue of affordability. The markets in which the median price of homes far exceeds the average local wage will experience the greatest correction in pricing. I will dive into the topic of affordability at a later time. But either wages must catch up with prices or prices must come down to an affordable level. 

For How Long?

Gary Keller, the co-founder of Keller Williams Realty, projected in his 2008 Vision Speech that a housing recovery could be expected somewhere between 2010 and 2015.  That’s right, 2 to 7 years.  Obviously, that will vary between local markets. 

So we’ll wait and see…

In the meantime - stay tuned as we keep an eye on local real estate market trends here in Wilmington North Carolina.

Next, we are going to be looking at the local absorption rate and inventory levels, as well as, Average Days on the Market.  These market statistics will help you understand the “supply” side of the law of supply and demand.

www.WaltDowdy.com

How is the Wilmington NC Real Estate Market Stacking Up Against National Trends?

I must admit, I have been guilty of talking about the local real estate market here in Wilmington with more emotion than actuality. 

Why do I sometimes talk about the market with emotions instead of facts?

Well…I believe the Wilmington NC real estate market has been and will be a great market for many reasons for years to come.  But my opinion on the market’s potential and its actual current performance are two different things. 

As a local Wilmington real estate agent, I have the privilege of witnessing first hand the excitement that people have when relocating here.  Additionally, I have noticed many sellers’ desire is to move across town rather than leaving town.  Let’s face it, Wilmington has a lot to offer with its easy access to local beaches, the historic downtown riverwalk, shopping, and nightlife.  And the city continues to grow with new plans of development that will enhance what Wilmington NC has to offer the world around us.

Yet, a look at some basic real estate market statistics will show that Wilmington’s real estate market has slowed down considerably.  No matter how excited I am about what Wilmington has to offer, and the future growth of Wilmington, the current facts are the facts.

Should Local Real Estate Agents Be On Top of Current Market Trends?

I do feel it is important that local agents are aware of the current local real estate market trends.  It can be time consuming to pull this data together.  As agents, we don’t have programs with stock ticker graphs rolling across our computer screens.  We have to go into the MLS database to draw these stats out ourselves.  And that means work.  (And for me, lately my time has been consumed with working with clients.  Thus, my promised market reporting is a bit overdue.  For my regular readers, thank you for your patience.)

So how is the Wilmington NC Real Estate Market Stacking Up Against National Trends?

Today, we are going to look at just two market indicators to compare Wilmington to US real estate market trends as well as the Southern US Region’s market trends. 

NOTE:  This is not a comprehensive picture of the market, but it will give you a decent snapshot of Wilmington’s local market trend compared to the national and regional level. 

The first market indicator is the Pending Contracts written in the past two years. 

A Look at Pendings

Pendings are a forward looking indicator.  Pendings refer to how many contracts were written.  When a property is pending, it means a seller has accepted a buyer’s offer and the property is now under contract.  Two things to note on Pendings. 

1. Roughly 75% of pending properties actually close.
2. The escrow period of a pending property is typically 30-45 days.  But this can be significantly longer with new construction.

In 2006, US Pendings were down 10% from 2005.  In the Southern Region of the US, Pendings were down only by 6%.  Zoom into Wilmington NC (more specifically, New Hanover County but excluding the local beach markets), Pendings were down 26% from 2005 to 2006 (see graph below).  This was the first sign of the slow down for Wilmington’s real estate market.  The evidence really didn’t show up in the Sales index till the fourth Quarter of 2006.

In 2007, US Pendings slipped 14% from 2006 - a much more aggressive fall from 2005 to 2006.  In the Southern Region of the US, Pendings came down an additional 15%.  Wilmington’s Pendings fell by 12% from 2006 to 2007.  Though the Pendings continued on a downward spiral for Wilmington in 2007, it was not as aggressive as the previous year.  (Sorry. I can’t figure out why the numbers are missing on the Y axis of the graph.)

 

 

A Look at Sales

For homes that actually closed, we call these Sales (or Solds).  On the national level, Sales for 2006 fell by 8% from 2005.  In the Southern Region, a more conservative loss of 5%.  In Wilmington, Sales were down by 19% in 2006 from 2005. 

Comparing 2007 Sales to 2006 Sales, the US real estate market trend continued its downward turn by a 13% decrease.  The Southern US region mirrored the national downward trend with Sales down by 13%.  Wilmington’s Sales out paced the national and Southern downward trend by an additional 21% decrease in overall house sales for the year. 

The Wilmington Average and Median Sales Price Continued to Climb

In 2006 and 2007, the Average and Median Price continued an upward climb for homes sold in Wilmington NC.  The Average Sales Price peaked in October of 2007.  I was a bit perplexed at this trend given the downward turn in Sales and Pendings.  I posted on this phenomenon back in December ‘07 and put my local real estate predictions for Wilmington on the line for 2008. 

As I expected, the Average and Median Price have come down in 2008.  How much have they come down you ask?  Stay tuned by becoming a Wilmington NC :: Real Estate Subscriber TODAY!  You can subscribe by RSS Feed or by Email Subscription so that you do not miss a post. 

So the Moral of the Story?  

When you hear a local real estate agent tell you the Wilmington real estate market is sizzling compared to national trends, you can take that to mean what they really want is for to you buy or sell a home. 

You Can Contact Me or Leave a Comment

On that Note:  If you are thinking of buying or selling real estate in the near future and would like to be personally educated on the full picture of the Wilmington real estate market so that you are making the best possible decisions, CONTACT ME TODAY!

www.WaltDowdy.com

Should a Local Real Estate Agent Know What is Happening in the Local Real Estate Market?

“The Wilmington real estate market is doing much better than the national trends!  Where it used to take 7 days to sell a home, now it takes two to three weeks to sell a home.”

 

When I heard these words, I laughed. 

Not to be mean, but if real estate agents are representing clients where they are buying and selling real estate valued in the hundreds of thousands, even in the millions, shouldn’t they know what is happening locally? 

The Conversation Behind My Question

A friend at church came up to me to tell me he had met a real estate agent over the weekend who told him how the real estate market is doing here in Wilmington NC.  So, curious, I asked him about his conversation.

Here is a short synopsis:

Friend at church:  “So I hear about all the bad press real estate is getting right now.  How is the real estate market here in Wilmington NC?”

Unknown Real Estate Agent:  “The Wilmington real estate market is doing much better than the national trends!  Where it used to take 7 days to sell a home, now it takes two to three weeks to sell a home.”

That is where I laughed and said: “If that guy is a real estate agent, he has no idea what is happening in the local real estate market here in Wilmington NC.  The average Days On the Market (DOM) are 108 for the first quarter of 2008.  That is a little longer than two to three weeks! Not to mention that is only counting the homes that have successfully sold and does not count the homes that have failed to sell.”

So here is my question: 

Should a Local Real Estate Agent know what is happening in the local real estate market? 

Tell me what you think and why by leaving a comment below.  Does it matter if a local real estate agent is on top of what is happening locally in the market?  How do you think it helps if they do know and how does it hurt if they don’t know?

 

Subscribe Today!

Stay tuned, because I am going to be sharing how the local Wilmington NC real estate market does stack up against the national trends.  I will also be sharing some statistics on how things are going so far this year.  I will also be posting March and April’s Market Reports on my website.  Things have been busy on my end so I am a little behind getting these reports out.  Please take advantage of these reports as long as they are FREE!

www.WaltDowdy.com

Luxury Living in Landfall - Wilmington NC

Wilmington NC has many wonderful neighborhoods, but there are none that can compare to Landfall.  Not only is Landfall unique to Wilmington; it is unique for many, many miles. 

In fact,  check out the first sentence of the Country Club of Landfall’s Mission Statement:

 

It is our intent that the Country Club of Landfall be viewed as one of the most desirable Country Clubs in North Carolina.

An Overview

Landfall is a gated golf community which spans across roughly 2,200 acres bordering the Intracoastal Waterway and Howe’s Creek.  Just outside of Landfall are some of the most sought after shopping and dining locations in all of Wilmington NC .  From the Eastwood Gate, Wrightsville Beach is just minutes away. 

If you are looking for fine coastal living, Landfall probably has exactly what you are looking for.

Landfall Homes

 

Inside Landfall, you will find aproximately 2000 homes that are all luxuriously appointed and carefully landscaped to perfection.  Most homes in Landfall are custom built dream homes.  Many feature award winning architecture and have been featured in local magazines like Focus on the Coast, Wilmington Magazine, and Wrightsville Beach Magazine.

 

Most of the homes in Landfall are situated on spacious lots with some areas like the Highlands of Landfall providing estate size lots.  There are also a few neighborhood communities within Landfall with smaller lots, designed for the buyer looking for less work in the yard. 

 

Bodies of water are found all throughout Landfall along with unsurpassed Intracoastal water views.  It is not uncommon to find the Intracoastal Waterway homes in Landfall reaching into the millions.  Many of these waterfront custom built homes look like they belong in Beverly Hills CA, but I must admit, I would much prefer the Intracoastal views over Beverly Hills any day.

 

The Landfall Lifestyle

Landfall is not just a community of beautiful homes.  Frankly, it is a lifestyle.  The amenities for recreation, relaxation, and socializing mirrors that of a resort. 

Golf

Landfall offers 45 holes of world-class golf.  The 27 hole Jack Nicklaus course was designed by the master golf professional himself.  Another 18 holes were designed by the highly esteemed Pete Dye.  In addition to the challenging game these two golf courses provide, views of the Intracoastal Waterway and Howe’s Creek make golf in Landfall a true retreat from the hectic pace of life.

Clubhouses

Two separate clubhouses serve the Jack Nicklaus and Pete Dye courses.  The Landfall Clubhouse, serving the Jack Nicklaus course, is dedicated to a variety of uses.  The Landfall Clubhouse features fine and casual dining as well as banquet facilities, a ballroom, card and locker rooms.  The Pete Dye Clubhouse hosts special event dining.  Both clubhouses offer golf shops with a wide variety of equipment and clothing.

Sport’s Center

Landfall’s sport amenities do not stop with golf.  A 14 tennis court Sport Center designed by Cliff Drysdale is available for the tennis aficionado:  3 grass, 2 Har-Tru and 2 hard surface.  An onsite staff offers instruction programs for all ages and abilities.  The Cliff Drysdale Sports Center also offers a 1,600 square foot state-of-the-art fitness center with cardiovascular equipment, a weight training area, personal trainers, exercise classes, an 1,150 square foot aerobics room and massage therapy.  And if the day gets too hot, or you need a water aerobic workout, next door is an Olympic-sized pool, as well as, a toddler pool.

And More…

As if that wasn’t enough, Landfall has walking trails, soccer and softball fields, and basketball and volleyball courts.  Weddings are often featured at the beautiful Temple Gardens and Kenans Chapel.

Country Club Membership for Residents and Non-Residents

Now if you are looking for a beautiful home to buy without the extra amenities, club membership is not required.  On the same note, if you do not live in Landfall but would like to join the Country Club of Landfall, a Non-Resident membership is possible. 

Full Membership 

At the time of this writing (and these details are subject to change), full membership for Landfall residents is $55,000 and $60,000 for Non Property Owners.  Full Membership includes social events as well as access to all sports facilities. 

Sports Membership 

If you are looking for just the sports facilities, a Sports Membership is available at $18,000 for Landfall property owners and $20,000 for Non Landfall Residents.  There is also a monthly fee in addition to the initiation fee.  To learn more about Club Membership Click Here or call (910) 256-8411 for the most up to date information.

My Local Landfall Perspective

As a local Realtor, I personally love the homes in Landfall.  One of the things I like to point out to my clients is the market that exists within Landfall.  If I have a client who is in the market for a home that is $600,000 or above and gives me any indication that resale value is important, then my mission is to find locations where the properties have comparable values.  Buying a home for $800,000 where all the other homes in the vacinity are selling for $400,000 to $500,000 means market exposure when it comes time to sell. 

 

From this purely technical perspective, I appreciate Landfall.  For Landfall, $800,000 would be a middle of the road price for a home.  This does not mean Landfall’s real estate market will necessarily out perform other real estate markets.  Rather, Landfall has the appropriate range of prices for luxury homes which creates a safeguard for your home’s value. 

 

There is also the value of the brand “Landfall”.  The Country Club of Landfall, as well as, the Landfall Home Owner’s Association have worked hard to develop this distinguished brand.  In the consumer world, brands become synomous for a consumer’s trust in the quality the brand represents.  How does that translate in real estate?  “I have a ‘Landfall‘ home to sell.”  The Landfall brand immediately positions your home without mentioning features or price to a Wilmington local.

 

Luxury Home Shopping?

If you are considering a purchase in Landfall or would like to learn of other Wilmington neighborhoods with luxury or waterfront homes, feel free to contact me directly at (910)431-1655 or fill out this Contact Form. 

 

Currently, there is quite a bit of inventory in the $600,000 to $1,000,000+ price range, of which I am familiar with.  In addition to mapping out a game plan for your next home purchase, I will educate you on the current market with a local Wilmington real estate market report which shows you what is currently happening in each price bracket.  This insider knowledge puts you in the driver’s seat, giving you an edge on the competition and leverage in negotiations.  I look forward to hearing from you and happy house hunting!

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Related Articles:

• Living on the Water in Wilmington NC [Waterfront Community Profile: Summer Rest]
• Live Where You Shop! [Mayfaire Townview Condos]

Finally it’s Good Friday! Throwing Sand at Wrightsville Beach

 

Finally it’s Friday and today it is Good Friday! 

Have you ever worked a solid month with hardly a day off?  I am sure you have.

A common misconception about Realtors is that they do not work all that much.  I am sure there are some in which this is true.  But those who do well for themselves work very hard.  Often long hours, weekdays, and weekends. 

This past month, really two months, have kept me so busy working with clients and real estate related projects, that it has been a challenge spending quality time with family.  Don’t worry, this isn’t a sobstory post.  Since it is Good Friday, I thought I would share a more personal side today.

 I love real estate and I love working for my clients.  But the reason I am in real estate is to make a living for my family.  Everyday, I am out to do my very best and be my very best in my business so that I can provide for my family.  I have a beautiful wife who stays home with our two boys.  They are my inspiration to be my best!  They are the ‘why’ behind what I do!

 This past Sunday, after concluding an open house, I got a text message on my phone telling me to come to the beach.  When I got there, I had to run back to the car to grab the camera.  These were the pictures I captured of my almost 3 year old son throwing sand at Wrightsville Beach.

I share this with you today to remind you, in case you need reminding…

  We Don’t Live to Work. 

Rather, We Work to Live!

Have a wonderful weekend with friends and family! 

And don’t forget the ‘why’ behind your work!

Here is a short video of the action!

Living on the Water in Wilmington NC [Waterfront Community Profile: Summer Rest]

Community Description: 

 As you turn onto Summer Rest Rd., just shy of crossing the Wrightsville Beach bridge, you immediately shift gears and slow down.  Though the speed limit is 9mph, I am not referring to your car.  

Summer Rest, in my opinion, is one of the very best locations in all of Wilmington.  The name Summer Rest says it all.  The gear shifting I am referring to is attitude.  When you drive down Summer Rest, better yet, live in Summer Rest, you are reminded of why Wilmington NC is such a great place to live.  

Life slows down in Summer Rest. 

 

Homes in Summer Rest are nestled naturally underneath mature live oak trees with picturesque Spanish moss hanging from the limbs, gently swaying to the coastal breeze of the intracoastal waterway.  Homes located on Summer Rest Rd. boast incomparable intracoastal views.  Most of these homes have boat slips, giving easy access to a lazy day on the blue Atlantic waterways that embrace Wilmington’s mainland.  Homes off of Summer Rest Rd. enjoy the tranquility of quiet enjoyment underneath the mature trees and lush landscaping.  

At the end of Summer Rest Rd. is Summer Rest trail, a paved nature trail that meanders along one of Landfall’s walls.  A nature’s retreat, Summer Rest trail leads to the business park where the Port City Chop House is located. 

Speaking of  restaurants, some of Wilmington’s finest restaurants are in walking distance from Summer Rest:  Boca Bay, The Bridgetender, and Airlie Grille.  The Dockside as well as the fine restaurants at Lumina Station are a very short drive away.  Not to mention, Wrightsville Beach and the loop are a short bike ride away. 

How many homes does this community have?  50 - 60 Homes (Only 14 Waterfront Homes) 

Price Range:  Upper $600s to $3m+ 

Style of Homes:  Low Country, Cottage,  Traditional, Transitional (all custom built with a variety of architectural styles)

Square Footage Range:  1500 to 6000+

Age of Homes:  Early 1900s to 2004 

Pros:  Breathtaking views of the intracoastal waterways, boatslips for homes on Summer Rest Rd., Quiet neighborhood, convinient to Wrightsville Beach and nearby shopping. 

Cons:  Can’t think of any.

2007 Sales Activity:  None.  Homes are rarely for sale in Summer Rest. 

For More Information: 

Contact Walt Dowdy today for a free list of homes currently available in Summer Rest.  Simply fill out this form and type in the comments box “List of Current Available Homes in Summer Rest”.  You will receive the list of homes via email with no-obligation. 

You may also want to:  

Search Wilmington properties online now. 

Learn more about Wilmington NC at WaltDowdy.com  and Wilmington NC ::  Real Estate Blog.

Wilmington NC :: Real Estate Blog Update

The Quick Sand of Bloggers:  Business

(Wait!  I meant to say Busyness) 

Well, I had heard of real estate bloggers falling into a rut where they would be too busy to post fresh new content to their real estate blogs.  But I never thought it would happen to me!  I had made a dogged determined commitment, even if it meant staying up at ungodly late hours, to keep posting fresh content to Wilmington NC :: Real Estate. 

I stand guilty and corrected. Though unexusable, my reasons are good in my opinion.  I have been extremely busy working for clients and am continually getting many new requests for help with real estate needs from readers of this blog.  As I have talked to many other local agents in the area, they all seem to resound the same thing.  The market is buzzing with an increased activity lately.  I have talked with a lot of listing agents in many different price ranges, and they have noted increased traffic in showings and serious interest. 

Market Liquidity

But one common challenge seems to be the need to sell a home before being able to buy.  So, as the market continues to lack liquidity, though intentions are good, the market remains in need of buyers who are ready, willing, and able.  As I have said before, Wilmington hasn’t lost its appeal, and I don’t believe prices are as much of an issue as compared to the need for buyers with liquid assets.  The other real concern among buyers seems to also be the news which is keeping some moving forward at a hesitant pace.  Who wants to lose! 

Investors on the Scene

Another note I want to point out.  My investor clientel has increased quite a bit.  It seems, as I anticipated, that investors are seeing opportunity in this present market.  Investors who are able to do cash deals have serious negotiating power, especially in a distress sale situation.  I also want to note that currently I am working with a wide variety of investors:  second vacation beach homes, foreclosures, fixer uppers, college single family rentals, luxury condo rentals, and more.  I note that because I think most people think real estate investing involves buying homes with broken plumbing fixtures.  I love real estate investing because of the vast options for how your portfolio can be structured.  If you understand the market, have a solid plan of execution, are patient and committed, you can do well. 

Email Subscriptions Increase

 Here is another trend I wanted to point out:  I have seen an increase in email subsribers to this blog.  The great thing about an email subscription, especially if you don’t read blogs regularly through an RSS feed reader, is that you will be updated via email when there is a new post here.  I am sure you won’t want to read everything posted here.  But there may be important reporting on the market that you don’t want to miss.  Feed Burner manages the subscriptions for me and automatically generates an email to you when I post something new.  So if that is something you would be interested in, sign up here today.  It takes only a few seconds to do, and you can always unsubscribe at any time.

 www.WaltDowdy.com

George Bush Signs Economic Stimulus

The Cotton Exchange Video in Historic Downtown Wilmingon NC

Finally it’s Friday! Today You Get a FREE HUG!

Finally it’s Friday and you are 46 days into the New Year.  In case you are not aware, I like to keep things lite on Fridays by posting things that are fun, quirky, and occassionally inspirational.  

Today, I felt like you could use a FREE HUG! 

This video footage is of a man named Juan Mann who decided to give out free hugs in a mall in Sydney Australia.

This video has been viewed by millions online and landed Juan a few interviews on television, including Oprah.  

(it runs for 3 minutes and 39 seconds…)

6 Most Important Maps you need when Relocating to Wilmington NC

Getting to Know the Area 

If you are considering relocating to Wilmington NC, getting to know the area should be one of the most important things you do. 

Why? 

You don’t want to make a bad decision about where to live. 

• Where will my kids go to school?
• What areas are prone to constant crime? 
• Which areas have the best shopping?
• Which areas are in flood zones? 

When you learn the area before you move, you will feel less overwhelmed about relocating and more confident about your decision to move.

So how do you get to know Wilmington NC when You don’t live anywhere near Wilmington NC?

The easy answer? 

Online maps that break down the southeastern NC coastal area into bite size pieces. 

The problem with online maps is that they are scattered all over the web and are many times located inconspicously on websites you may or may not even know about.  But don’t fret.  I have searched the web high and low and have compiled a list of interactive maps that can help you get to know the Wilmington NC area better.

1.   How do I locate Homes for Sale?

MLS Finder has a great map feature that allows you to plug in your search criteria and then shows you where available homes are located on a map.  You can click on the icon for more details on each property.  When you view the details of an individual property, you can use the map feature to show nearby shopping, schools, restaurants, and much more.

I suggest you save your searches using SearchSaver.  This way you can save multiple types of searches to see how the results may vary.  You may want to compare homes that come up in a search of New Hanover County to a search of Brunswick County. 

Once you have set up your SearchSaver account, you can:

• Save homes you like to a favorites folder so you don’t forget which homes stood out to you
• Get emails of homes as they come on the market (this can be turned on and off by you)
• Conveniently search the Wilmington’s Local MLS without forgetting your original search criteria
• You will receive a weekly tutorial on how to use the various features with simple explanations and pictures so that you get the most out of your SearchSaver account.
• Log in anytime the mood hits to search for homes in the Southeastern NC coastal region.

2.   How do I learn about the different areas of Wilmington?  

Zip Codes Maps

Learning the zip codes of a city helps you break down a larger area into bite sizes.  In my real estate market reports, I divide market statistics by zip codes.  You will want to take note of the different market trends you find in each zip codes. 

By understanding what kind of schools, businesses, and amenities are located within a zip code, it will be easier to narrow your search for where to live.

NOTE:  These maps are in a pdf. format.  You can zoom into the street level to explore the dividing boundaries. These maps also feature the major roads in bold so that you can get to know the major roads in Wilmington. 

[Download time may take a few seconds.  These maps can be saved to your computer for future reference.]

• New Hanover County
• Brunswick County
• Pender County

A REALLY IMPORTANT NOTE ON WILMINGTON NEIGHBORHOODS:  If you are looking for information on specific Wilmington NC neighborhoods and which neighborhoods are popular in the area, let me share with you how I am filling that need.  In Wilmington NC, there are over 1,500 subdivisions and then many more in the neighboring counties of Brunswick and Pender county.  I am currently working on writing a summary for individual Wilmington neighborhoods to give you an idea of what different neighborhoods have to offer.  As you can imagine, this is a really big project and I am a full time real estate agent.  So, what I am doing is researching and writing on the neighborhoods where I am working with clients in.  I also hope to get photos and maybe some video of these neighborhoods.  As you can imagine, this is a daunting project. 

If you would like to receive a neighborhood profile as soon as I am done with one, contact me with this form and write “neighborhood profiles” in the comments box.  Here is how it will work:  I will put you on my neighborhood profile mailing list and when I complete a profile write up on a neighborhood, you will receive an email with the information.  I will not spam you or sale your email - I hate spam too!  I also understand you may not be looking for an agent and that is ok with me.  I am happy to share this information with you - no-strings attached. 

3.   How can I tell which areas belong to a certain school district?  

New Hanover County Schools

• Elementary
• Middle
• Secondary (High School)
• Year Round

  

4.   Crime and Traffic Maps

Starnewsonline.com, our local newspaper’s website has a few helpful maps that are still in beta testing.  At present, I don’t believe you can zoom in and out.  But you can grab the map and scroll back and forth to find different areas.  Here are the available maps:

• Crime Reports - See what crimes have been committed in the last 30 days
• Who’s Wanted in Wilmington? - See where people are wanted
• Traffic Map - See where drivers have had wrecks in the last 30 days
• Speeders Map - And much more.  This map is a community interactive map noting speeders, slow pokes, potholes, congested areas, bad traffic designs.

  

5.   Which areas are located in flood zones?  

Flood Maps

Because much of Wilmington is surrounded by water, you may be concerned about flood zones.  After clicking the link below, click the compass located beside “Digital Flood Maps”.  This may take a little while to load since it is for the entire state of North Carolina.

NC Flood Maps

My clients often ask about whether homes are in a flood zone.  First of all, North Carolina real estate law requires sellers and their representing agent to disclose if a home is in a known flood zone.  To be sure, you and your buyer’s agent should always check the NC flood map. 

6.   Google Maps

Google maps is a great way to explore an area.  Simply type in Wilmington NC and hit search maps.  Then use your mouse to click the link right under the search box titled find businesses.  Then think of businesses or local attractions you are curious about. 

Maybe Home Depot is your favorite Home Improvement Store and you want to see if there is a Home Depot located in Wilmington NC, so type in Home Depot and search “Find Businesses”.  But maybe you are curious to see what other Home Improvement stores are in the area and where they may be located.  Then you would type in a certain category of business and search for that.

View Larger Map

Would you like more help with relocating to Wilmington NC? 

If you would like personal help with relocating to Wilmington NC, I would be happy talking with you about Wilmington and providing additional information that would be helpful in learning about the area. 

Simply fill out this confidential form and when the best time is to reach you.  I understand you may not be looking for hiring an agent at this point.

Boats on Blue Water - Wrightsville Beach Photos

Today (February 3rd), was a beautiful day in Wilmington NC.  The temperatures reached into the upper 60s and my wife and I took the boys to the park.   On the way to the park, the little ones fell asleep and I knew the sun would be perfect for capturing a few photos of the intracoastal waterway.  Enjoy!

6 Sure Fire Ways to Win in 2008 when Buying Real Estate!

Buyers:  The market is not as buyer friendly as many agents would want you to think, and it is not as bad as the media would want you to think - at least not here in Wilmington NC.  

Is now a good time to buy? 

It depends on your understanding of how real estate works and your personal lifestyle and financial goals. 

(I will write more on this in the future - so subscribe via email or  to the RSS feed to stay tuned). 

Here are few tips for buying in 2008:

lkj

1.  Decide what you really want. 

With so much inventory available, you can quickly lose sight of your goals and fall into the window shopping mentality. 

(Ever seen a dining menu with a 1000+ items…me neither, but I would imagine if there was a menu like that it could be hard to order something - that’s just me.)  Currently there are thousands of homes on the market - you get my point.

By clearly defining your needs and wants in your next home, you will gain a laser focus during your home search.  My most successful buying clients were the ones who clearly knew what they wanted in a house and were able to quickly mark homes off the list that did not match what they wanted.

2.  Hire a buyer’s agent. 

Don’t work with a real estate agent - hire one!  This will help keep you from spinning your wheels.  Check this out to learn more about what I am referring to. 

In North Carolina, as well as in many other states, real estate agents by default represent the seller (called seller’s sub agency in North Carolina).  In order to have a real estate agent represent you and your interests, you want to hire a real estate agent to be your “Buyer’s Agent”.  It is similar to hiring an attorney to represent you in court.  The good news is that hiring an agent to represent you doesn’t cost you anything, since the listing agent offers to compensate buyer agents for bringing a buyer to close on a home. 

3.  Don’t low ball sellers - smart ball them. 

Okay. I made up “smart ball” and I already regret it :-).  Here is what I mean:  you want to be very smart about how you place offers on homes. 

There is more to an offer than the price. 

On an offer to purchase contract, there are several contingency options that create multiple moving parts that provide a platform for smart negotiating. 

Don’t insult sellers with your offer.  Intrigue them into a dialogue via your offer to