Analyzing the growth within the five major Wilmington zip codes, first quarter 2009 will be known as the start of the real estate rebound. Our pending homes sales index is up 44.2% over December 31, 2008. These sales will close in the second quarter of 2009. Our average sales price has decreased 8.4% over year end 2008 which is only a .03% decrease from year end 2005. When we look at the median sales price, we have a 7.6% decrease over year-end 2008 and a 7.2% gain over year-end 2005.

• Sellers received 95.5% of the asking price in 2008, compared to 93.7% for 1st Quarter 2009.
• 1st Quarter 2009 had a decrease in the number of sold homes by 22.7% from 4th Quarter 2008.

1st Quarter 2009   28403 Zip Code

 The average selling price, of $207,689 has decreased 15.3% under the 2008 year-end average selling price of $244,932.
 11.5% of sellers in 1st quarter paid a concession, compared to 16.5% in 2008.
 The average list price of $220,562 for 1st quarter has decreased 16.5% over the 2008 year-end average list price of $264,105.
 The average number of days a property remained on the market for 1st quarter was 164 days, compared to 112 days for year-end 2008.
 The median sold price of $161,313 for 1st quarter has decreased 17.3% from year-end 2008.
 Sold homes in 1st quarter received 94.2% of the asking price, an increase from 92.7% year-end 2008.

1st Quarter 2009   28405 Zip Code

 The average selling price, of $314,492 has increased 6.1% over the 2008 year-end average selling price of $296,397.
 8.8% of sellers in 1st quarter paid a concession, compared to 18.5% in 2008.
 The average list price of $337,025 for 1st quarter has increased 8.6% from the 2008 year-end average list price of $310,425.
 The average number of days a property remained on the market for 1st quarter was 179 days, compared to 109 days for year-end 2008.
 The median sold price of $215,000 for 1st quarter has increased 15.3% from year-end 2008.
 Sold homes in 1st quarter received 93.3% of the asking price, a decrease from 95.5% year-end 2008.

1st Quarter 2009   28409 Zip Code

 The average selling price, of $275,381 has decreased 13.8% over the 2008 year-end average selling price of $319,619.
 15.8% of sellers in 1st quarter paid a concession, compared to 14.1% in 2008.
 The average list price of $298,046 for 1st quarter has decreased 11.5% over the 2008 year-end average list price of $336,701.
 The average number of days a property remained on the market for 1st quarter was 136 days, compared to 121 days for year-end 2008.
 The median sold price of $245,445 for 1st quarter has decreased 3.7% from year-end 2008.
 Sold homes in 1st quarter received 92.4% of the asking price, a decrease from 94.9% year-end 2008.

1st Quarter 2009   28411 Zip Code

 The average selling price, of $267,408 has decreased 15.8% over the 2008 year-end average selling price of $317,729.
 25.6% of sellers in 1st quarter paid a concession, compared to 25.3% in 2008.
 The average list price of $285,033 for 1st quarter has decreased 13.8% over the 2008 year-end average list price of $330,705.
 The average number of days a property remained on the market for 1st quarter was 115 days, compared to 111 days for year-end 2008.
 The median sold price of $209,450 for 1st quarter has decreased 13.5% from year-end 2008.
 Sold homes in 1st quarter received 93.8% of the asking price, a decrease from 96.0% year-end 2008.

1st Quarter 2009   28412 Zip Code

 The average selling price, of $194,261 has decreased 8.4% over the 2008 year-end average selling price of $212,101.
 15.2% of sellers in 1st quarter paid a concession, compared to 23.7% in 2008.
 The average list price of $204,056 for 1st quarter has decreased 7.1% over the 2008 year-end average list price of $219,554.
 The average number of days a property remained on the market for 1st quarter was 150 days, compared to 113 days for year-end 2008.
 The median sold price of $188,675 for 1st quarter has decreased .07% from year-end 2008.
 Sold homes in 1st quarter received 95.2% of the asking price, a decrease from 96.5% year end 2008.

Summary

During the first quarter of 2009, we have seen a lot of historic changes – a new president, major economic stimulus packages, an $8,000 tax credit for first time homebuyers, and mortgage rates under 5%. Therefore, the first quarter helps us turn the corner. Our strong supply of housing inventory available makes this a very desirable time to purchase real estate.

Our median sales price for 1st quarter ($200,000) reflects a small downturn of 7.6% from 2008 ($216,500) and reflects an increase of 7.2% over 2005 ($186,500).

In 1st quarter 2009, we continue to see market corrections in average sales price; we decreased 8.4% from year-end 2008. Four zip codes had average sold price decreases from 8.4% to 15.8%, while one zip code 28405 managed increases of 6.1%.

A total of three zip codes had a decrease in concessions offered to buyers on the sales price; concessions are now offered in 8.8% to 25.6% of the transactions in 1st quarter 2009.

Our market has experienced a decline of 22.7% in number of homes sold in 1st quarter 2009 compared to 4th quarter 2008. All five zip codes experienced a decline from 5.5% to 33.3%. This is better than last quarter. Our list to sales price ratio for the 1st quarter 2009 is 93.7%, a slight decrease from 95.5% for 2008. Sellers in 28412 got about 95.2% of their asking price while those in 28409 only got 92.4% of their asking price. Zip code 28405 had the greatest success in 1st quarter 2009 with a 6.1% increase in avg. sold price, an 8.6% increase in avg. list price and a 15.3% increase in median sold price.

2009 will be a good market for our area with an inventory of homes available and interest rates low, this would make a great time to buy. Contact a REALTOR® to discuss your specific area and discover what options are available to you. The expertise and services they provide you can help you take advantage of exceptional market conditions. Don’t miss out on this once in a life-time opportunity. Act now and call a REALTOR® today!

*An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through March 31, 2009 – data pulled on April 15, 2009

http://www.youtube.com/watch?v=1nfwYIRJ5g4

Want to work magic in a room? Add plants and flowers. They can bring drama and accent to a hard-edged modern decor or emphasize the charm of more traditional looks. They're also an inexpensive way to fill in empty walls and corners.

Use indoor flora to complete a color scheme, complement a design or add a fragrance. A leafy plant adds texture and interest to an area. If your furnishings are low-slung, a tall plant can give your room height. Flowers, whether fresh, silk or dried, add a splash of color and can draw attention to special areas or pieces of furniture. Try placing flowers in unexpected places--the master bath, home office or on a stair landing.

Click the links below to see properties that have recently SOLD. The links below will be active for 30 days from the date of this posting. As you will see, things are heating up!!!

Zip Code 28428 & 28449 (Carolina & Kure Beach)

Zip Code 28412 (Wilmington & Southwest New Hanover County)

Zip Code 28409 (Wilmington & Southeast New Hanover County)

As a homeowner, you cannot afford to lose money on the sale of your home simply because you did not take the time to price your home according to its true value.  Under-pricing will leave you full of regret – and overpricing will leave you with a home that has not sold.  Home pricing is a balancing act, because you need to take into consideration not only the true value of the home, but also the local market conditions.

Some simple techniques can help you determine the best listing price for your home. These are many of the same things that realtors look for when suggesting possible listing prices, but a wise homeowner will walk into a meeting with a realtor already armed with ideal selling prices, rather than letting the listing agent set a price that may or may not maximize the financial return and have the home sold in a reasonable time period.

Here Are a Few Key Points to Keep in Mind When Pricing Your Home

·         The price that you paid for your home has little impact on the actual value of your home today.  This is particularly true if you have lived in your home for several years or more.

·         The profit that you hope to gain from the sale of your home has absolutely no impact on the true value of you home.

·         You must remove emotion when determining a fair selling price for your home.  To potential buyers, your memories are not worth a price increase.

·         Your realtor’s assessment of the home’s value may or may not be accurate.

·         A real-estate appraisal is a good way to determine the ballpark value of your home, but it does not consider the market conditions under which you will be selling your home.

·         The value of your home is really determined by the buyers and the amount that they are willing to pay.

Pricing a home correctly carries many advantages for the seller. As stated above, the buyer is the only one who can really tell you what the value of your home is.  Here are some of the benefits that you will achieve when you do the legwork and price your home according to fair market values:

Quick Sale

Any realtor will tell you that the fastest-selling homes are those which were priced properly in accordance with the local real estate market and the features that the homes offered to potential buyers.

Less Updating and Preparation Time

If you price your home according to the fair market value and its current condition, there is little need to update or improve your home. Weekend projects like painting and cleaning will still help to entice buyers, but there will be little need for a serious commitment of your time and energy.

Agent Interest

When the price is right and your home is appealing, agents are much more likely to want to show your home to prospective buyers.  Obviously, the more agents who are interested, the more buyers who will see what your home has to offer.

Appropriate Pricing Makes the Home Visible

When you price your home fairly, potential buyers interested in purchasing a home in your price range will be able to find your home through internet searches and agent MLS searches.

Better Buyer Pool

When your home is appealing and the price is fair, agents will bring a better pool of prospective and motivated buyers to your home.

Greater Likelihood of Getting Your Asking Price

Buyers realize that there is less room for negotiation when a home is listed at a fair price that is not inflated.  Therefore, you have a better chance of receiving a price close to that of your asking price.

Greater Profit for YOU

When you price your home correctly, your home will probably sell in a reasonable time period at a price close to your asking price. Therefore, you stand to make a better profit than if the home were to stay on the market for a long time and eventually sell for much less than an inflated asking price.

In addition to the benefits of fair pricing, you need to consider the disadvantages of over-inflating a home’s listing price. These disadvantages can include:

·         Fewer showings by agents due to lack of agent interest.

·         Fewer interested buyers due to price-range restrictions.

·         Appraisers’ concerns that the price is higher than that of comparable properties in your area.

·         Overpricing that makes lower-priced homes more attractive, in effect helping other homeowners who have listed their home at a lower price.

·         Additional inconveniences to the homeowner.

To set an accurate listing price, follow these steps:

1.       Ask your realtor to visit your home and provide you with data on recent sales, properties that are currently “under contract” and those that are currently for sale. This information will tell you how much similar homes have sold for in the past few months, and at what price non-selling homes are listed.  In addition, you will learn how long those homes that have sold were actually on the market.

2.       Go to several open houses in your area to determine the pricing structure being used by other sellers and to find out what features they are highlighting in their homes.

3.       Try to assess a per-square-foot price for your home based upon other recent sales and current listings in your area.

4.       Look carefully at the reality of the real-estate market.  By carefully assessing the market conditions, you may be able to determine just what housing price the market will comfortably bear.

5.       Remember that pricing your home correctly will mean that you can move out without having to carry the home for many months  and subsequently lowering your price in order to sell.

Conclusion

If you have read this information carefully, you probably now realize the importance of pricing your home according to the local real-estate market and the types of buyers whom you would like to attract.  You also understand the many benefits of accurate listing prices, and you have an idea of what might happen if you choose to over-inflate the price of your home. 

If you are working with an agent who is recommending that you over-inflate the price of your home, carefully balance the advantages and disadvantages of doing so with respect to your specific situation and the timeframe in which you need to sell the home.

Careful planning and consideration is your best defense in a buyer’s market.  Once you have done the necessary research, set a listing price that will help you to sell the home as quickly as possible without underselling yourself.

This informaion is courtesy of Allegra Dioguardi:

What is your color?
 
"Mere color, unspoiled by meaning, and unsullied with definite form, can speak to the soul in a thousand different ways."
-Oscar Wilde

Color psychology is the study of the effect of color on human behavior and emotion.
Our reaction to color is immediate and color has a tremendous influence on the choices we make everyday. It can impact what we buy, our mood and even change our physiology. It can cause us eat more or less, behave recklessly, make us feel dreamy, relaxed or excited. Did you know that your favorite color could reveal much about your personality to someone versed in color psychology?

I have compiled some fun facts on color; while they are based on science they are intended for entertainment value. If you are undertaking a major painting renovation in your home it is always advisable to seek the advice of a color professional to avoid costly errors. Read further to find out what your favorite colors indicate and some interesting facts on how color may impact you.

Blue- Blue is hands down the “favorite color”, probably because it is universal and it is associated with sky and sea. Blue evokes feelings of trust; it is said that people who love blue are dependable and committed.  Serene blues are restful colors that work well in bedrooms and can cause the body to produce calming chemicals. Blue may feel cold unless paired with warmer colors such as the red and yellow families. Blue is not a favorable color to use where food is prepared or served. Studies have shown that food consumed in blue surroundings is not as appealing. Have you ever notice there are no authentically blue foods found in nature?

Green- Green is the second “favorite color”. Green is a healing color and a symbol of peace, nature and ecology. Surrounding yourself in a green environment can relax your muscles and make you breath deeper, which has a calming effect. Depending on the shade of green, green can be either warming or cooling; the color green denotes balance, harmony, and stability.

Yellow- Yellow is the color of optimism and happiness because of it’s association with sunshine. Yellow activates memory, stimulates the nervous system and is mentally stimulating, which is why school pencils are yellow. Bright yellow accents are wonderful but use caution when selecting yellow as a wall color, a tiny swatch of yellow paint may appear sunny and delightful but those deep sunny yellows are often blue-based yellows, which in large doses are anxiety provoking. The selection of an unsuitable yellow, in my experience, is possibly the most common paint selection errors homeowners make. Sisal and straw yellows work well for pleasing interior wall color choices.

Orange- People who love orange are warm, flamboyant and fun loving people. Juicy, vivid, primary orange stimulates appetite and activity, making it a popular color choice in fast food restaurants.  Orange is uplifting and has an antidepressant effect. Brown based oranges, such as terracotta and deep pumpkin are very soothing.

Red- Red stimulates your metabolism and raises your respiration rate due to it’s primitive association with blood. It is a passionate color and people who love red tend to be impulsive. Red grabs your attention, which is why it is used for stop signs and fire engines.  Restaurants frequently use red as it stimulates your appetite and can cause you to spend more money. Red is a powerful color and when used judiciously is very effective.

Purple- Purple is considered a royal color. It is frequently associated with mysticism and spirituality. It is calming to the nerves, bolsters creativity and is purported to quell hunger. So if you’re on a diet…..?

Brown-Brown is a stable color which is favored and well accepted by wealthy individuals; think mink, cognac, chocolate and caviar. It is also associated with the earth and is a good reliable and orderly color. 

White-White is technically not a color and is actually composed of all colors in the visible spectrum of light. It projects purity, cleanliness, and neutrality. It is a color of rebirth and fresh starts. It is a favored color for walls in our area were it works well as a blank canvas for art collections. According to Color Trend (the folks who predict the latest trends in color) it is the new “Power color” for 2009.

Peach and Pink-Peach and pink are tender colors that can induce feelings of fantasy and whimsy. Their sweet association with cotton candy and bubble gum make them popular for young girls’ rooms.

Coral- As we mature, the lenses of our eyes begins take on a yellow cast, making our perception of deep peach and coral a more agreeable color.  Peach is also flattering to more mature skin tones.

Grey- Grey is timeless, practical, solid and conservative (think of a classic grey suit). It can be both flat and boring or a soothing neutral depending on what colors you pair it and contrast it with. Grey is trending hot this year.

Black-Black, which is technically the absence of color, is authoritative and powerful; it is associated with night and death. Because black can evoke strong emotions too much can be overwhelming. Most colors become stronger paired with black, use black as a wonderful accent color.

Color is everywhere; it surrounds us and feeds and nourishes our senses. We are profoundly affected by it; mind, body and spirit. Color may be the most powerful and cost effective design tool available. Have fun experimenting with color; there are no right or wrong choices if it makes you happy.

Allegra Dioguardi of Styled and Sold is available for color consultations. Avoid costly mistakes and let a professional select the perfect paint colors for your home. (631) 899-3305