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Local homebuilders: rate cut will stimulate housing market

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WILMINGTON -- Homebuilders in our area say the federal rate cut will stimulate the local housing market. Cape Fear Home Builders Association president Jeff Stokley says the national mortgage crisis didn't have as great an impact on the Wilmington market. Home prices here actually went up this past year, which means theoretically, there's still a demand for property here. Stokley says Tuesday's cuts will most likely dispel any reservations the national crisis may have caused. Stokley said, "The market is good in terms of people being able to buy houses at the bottom of the market with good interest rates. And I think there's a lot of pent up demand out there that now is going to get off the fence and start buying more houses." Stokley says now is the time to buy, since home prices will most likely increase even more later this year.

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Local homebuilding market

Reading Mr. Stokely's comments makes one wonder: do local realtors and homebuilders ever crack a newspaper or a periodical and READ it? Or are they just believing their own marketing material? I mean, seriously, the headline of our local newspaper says today "Home prices fall 21% in Dec. in Wilmington." The real estate boom is OVER for at least two years. Nationally, locally, and some would argue: globally. And that goes for residential property and commercial property. People in property development need to go back to school and get training in a second-career in another field, unless they can afford to wait out the next two to five years for a gradual turnaround. Wake up and smell the red-ink, folks.

sales vs prices

reread that poorly written article...prices didn't drop 21%, sales of homes dropped 21%. the article then mentions prices dropped 1% in December. Brunswick houses probably dropped the most because they were overpriced to begin with. I still don't understand who would want to buy a McMansion in glorified Leland for over $300k.

Oh Really?

Who cares about this when our local schools don't get their fair share of the Lottery Tax Money that we are supposed to be getting. The whole tri-county area is getting shafted and why? I thought Boseman really wanted this? She wanted a lottery but not the local schools to gain from it? Was that not her selling point? Time to write some letters folks!

Open your eyes Mr. Stokely...

"Stokley says now is the time to buy, since home prices will most likely increase even more later this year." >To buy a home means you have to sell the one you already own...and no one's buying. Look at the sales reports for all of New Hanover County. Talk about a "buyers" market...but there are no buyers. First-time homebuyers are priced out of the Wilmington market. Not to mention the crap they are building isn't worth the price they're asking.