make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Housing market in area still good

READ MORE: Area housing market in good shape
The whole current financial crisis seems to center on housing loans and shrinking credit, and the government's financing plan will affect all of us in one way or another. But one local housing expert has a surprising analysis. One mortgage expert said "Money is cheap, and Wilmington is on sale." “We don't want to spend the 700 billion dollars, but it's an investment in our future, and the alternative is worse." said Chris Hutchens a mortgage broker. Hutchens said despite the woes of the economy, he feels it is a great time for the average person, couple, or family to buy a home. He just recently helped the Gerrishes buy a home in Leland, at a time many consider a slight housing crisis. Daniel Gerrish, who recently bought a home here said, "One financial analyst is screaming louder than the next that the sky is falling, and that the fed is just putting their finger in the dyke, and that everything is going to explode. Well that's not the case at all." The Gerrishes are looking forward to celebrating their three month anniversary of buying a new home. They say it was such a great time to buy if you have decent credit, that they decided to help out with another purchase. "Our in-laws are going into contract within the next 30 days, on a townhome in Wilmington, and these are folks that have gone through the depression, and very very tough times, and they feel, as do I, that now is a good time to buy." According to Hutchens, your average home in Wilmington cost about 250,000. He said the mortgage industry is liquid. Some loans may require a 3% down payment, and some still ask for nothing down. ”The jumbo market is a little different, theres a little more scrutiny, and its harder to get a really large loan. But 99% of America doesn't need a jumbo loan." Hutchens said. As far as the housing market is concerned, for people purchasing homes for less than one million dollars, there are several places in our area to buy and at good prices. Like Magnolia Greens in Leland, where the Gerrishes now live, has signed five new home contracts just last month. Yes, some criteria for getting a mortgage has changed, but both Hutchens and Gerrish say it's not as dire as people make it out to be. There are other options for those who don't qualify for a mortgage loan at this time. Many lease to buy homes are popping up in our area, and experts say it is a good solution and way to force people to start saving some money.

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.


The MLS of Wilmington Web Address You Were Looking For

I went to for Wilmington's Multiple Listing Service search site... I am not getting an error and have been looking for a new house most of the day.. (I should say browsing for old homes out of curiosity......) pretty cool to finally be able to look for a house without having to answer 90 questions, wait for an email and see dumb video ad things all over the place.. look without advertisment is bliss..

All of this is wonderful:

All of this is wonderful: however, though it may be a good time to buy, it is not a good time to sell and therein lies the problem. you can't buy a new house if you can't sell your old one. crisis at all...

From a news story on Yahoo... California's planned sale of revenue anticipation notes to fund its short-term cash needs is at risk from the uncertainty gripping financial markets and the U.S. government's lack of response to it, state Treasurer Bill Lockyer said on Wednesday. "Basically no credit is available -- zero today," the treasurer of the most populous U.S. state told Reuters in a telephone interview, underscoring the urgency of California's borrowing difficulties. All part of a grand scheme to rip off the American taxpayers, right? Meanwhile both Ford and Chrysler reported sales declining over thirty percent last month BECAUSE PEOPLE CAN'T GET FINANCING! So we have the Federal Reserve, the U.S. Treasury, the European Central Banks, the State of California, Ford, Chrysler, and just about every bank and insurance company involved in this. There must be like....what....twenty or thirty million people in on this conspiracy to FAKE a credit crisis? Uh...yeah....

Is It Still Fake?

I just love your economic philosophy. You have such insight!

There is no crisis

There is no national economic crisis. There is a crisis for few big banks and wall street crooks. This link pretty much explains it:

Good article, but only half true

Look at every major market index for the past year and it is down hard. The market recovers the day after EVERY major crash because of bargain hunters, like me. Don't think Tuesday was anything to hang your hat on. Look at the LIBOR and explain why it's so high if this crisis is only affecting "a few big banks and wall street crooks." If you think that there's some insulating wall between Wall Street and your street, you're in for a painful lesson.

What Do

What Do the numbers show at our local Wilmington Multiple Listing Service (MLS)? There looks to be a ton of houses up right now on their web site at .... I would be curious to know their numbers...


Can not be found.... what is the correct addy?

Good Shape

Look at History. As the stock market was in turmoil, during the 1920s, and Joseph Kennedy, Sr. was head of the SEC, he took his fortune from the stock market and invested in undervalued real estate. When Ross Perot cashed out of General Motors, he invested a significant postion of those proceeds in Dallas and Northern Virginia real estate. Housing is underpriced; interest rates, for those who can qualify, are still remarkably low; and there are creative financing options such as Lease to Own. Add to that the number of "free and clear" properties which owners might consider selling with owner financing; there probably is no better time for home owner or investor to purchase quality real estate. For the record, I am neither a Realtor or Mortgage Broker; just a student of history.