Study predict Wilmington housing price rise, local expert says not so fast

WILMINGTON, NC (WWAY) -- As the real estate market across the nation continues to falter, Wilmington's prices might be an exception. A national study by Fiserv, a financial analysis company, indicates the Wilmington area will see a small price increase in the next two years.

That study predicts a triple dip in national home prices, but not in Wilmington. Instead the study says area home prices will increase about two percent in the next couple of years.

Realtor Ashley Garner says although he has not seen an increase in prices yet, he does see potential for the market. He says some of the reasons are where we are on the coast, our climate, the broad selection of homes and low prices and interest rates.

Garner hinted, though, that the increase is not right around the corner.

"If you're in the process of selling your house, I don't think it would be prudent to sit back and wait for a spike in prices, because I think we have a ways to go yet," Garner said. "When the turnaround does happen, I personally think we are at the bottom, but it's going to be a slow climb. So nothing drastic like we had before."

He also says he has seen a 50-percent increase in the number of higher-end homes sold in New Hanover County in the last year. That is generally an indicator of how the rest of the market will go.

All of this may mean it is a great time for home buyers to dive in before prices and interest rates rise in Wilmington.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

...by any means. Mr. Garner is nothing other than another dime-a-dozen real estate agent and in no way an expert in our area economy. In my area, the bottom hit a long time back and is on the rebound, but that tends to happen with the beach properties first.

"Nohing drastic like we've had before...", then, "He's seen a 50% increase in higher-end homes sold..." Not sure where he completed math 101, but a 50% increase is very substantial, especially if you identify that factor as a "general indicator of how the rest of the market will go..."

Well...which is it?

Well Guest461, the problem with negative people, is that they look for something negative to say to the point that they miss facts. I am one of those "dime a dozen" real estate agents you so negatively mentioned. From what I read, Mr. Garner was not claiming to be an economy expert, but a housing market expert. And what he was saying is that the "prices" would not go up as drastic as before, but high end home sales increased 50%. Prices and actual sales are two totally different things. Take off the negative blinders and you will see the good news in this article.

If you refinance the remaining balance at Bank of America's offered rate of 3.525%, your monthly principal and interest payment would be $1,044.50, and the total amount of interest you would pay over the 15 years would be $99,761.70 use the free refinance calculator at "Official Refinance" online