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Times are tough for home sales

READ MORE: Times are tough for home sales
WILMINGTON -- The National Association of Realtors confirmed today what many people trying to sell their homes already know all too well: times are tough. Sales of existing homes last month were off by their largest margin in eight years. The latest report shows sales of pre-owned homes dropping by a full eight percent in just one month -- a precipitous and unprecedented drop. Experts say the big fall off in existing home sales is a result of the credit collapse in August. They say people across the country -- especially those looking for mortgage loans of more than $417,000 -- had a hard time nailing down financing. Realtors say these "jumbo" loan problems were especially evident in areas of the country where home values have soared in the past few years. The northeast and west coast both posted sales declines of 10 percent last month. With sales dropping so sharply sellers cut prices to attract more buyers. The median national home price was down more than four percent from last year. The National Association of Realtors is now saying that they expect prices to post a 1.5 percent decline for the full calendar year. If that happens it would be the first time in 40 years that prices have declined nationally. Locally, Jonathan Barfield, president of the Wilmington Realtor's Association says September sales were slower than August. Barfield adds that the fall months are traditionally slower, though, and he expects things to pick back up again with the start of the New Year.

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A REALTOR is NOT your typical licensed real estate agent

Actually, the craigslist mentioning is very incorrect and so are several of the comments. For one, there are REALTORS®and there are Licensed Real Estate Agents. BIG DIFFERENCE that many people do not know about….A REALTOR® is bound by a code of ethics and held to those codes of ethics by a governing board and/or association. The association is there to keep the market fair, to make sure buyers have good representation from a buyer’s agent and not just a listing agent with no ethics that is only a licensed broker and is a NON-REALTOR®. It is the Licensed agent who is not a Raealtor that are out there who will take you on a ride and aren't bound to anything but their own conscience. Hence the commercials that tell you to look for a REALTOR® NOT just a licensed real estate agent... BIG DIFFERENCE between the two….. Your Local REALTOR® is actually the strongest movement and some of the strongest monetary donators to Stop The Home Tax at www.itsabadidea.org. REALTORS® work with your locally elected officials for the "Partnership for Affordable Homes" providing low-mid income buyers a chance to own AFFORDABLE housing. Then there are the charity donations too numerous to mention. These "soccer moms" built a home last year for someone that could not afford their own home. REALTOR(R)s fight to keep your property taxes down, home prices down and to make the market fair game. I haven't seen craigslist do any of that. I have not seen Google make any contributions to our city or fight for our local citizens’ rights and low taxes. SO please get your facts straight and know the difference between a Licensed Real Estate and A RELATOR®. Go by your local Non-Profit Real Estate Association and ask them what is it.. THEY exactly do. Once you find out, I can guarantee that you will ONLY use a REALTOR® because in the end, a Realtor® is the ONLY broker that will fight for your rights and adhere to a code of ethics ! A Realtor foghts for you. They negotiate for you. They keep your housing prices low. The attend governmental meetings and fight for consumer rights. But again, don't take my word for it.. go by your local Realtor Association they will probably be more than happy to explain, educate and show you why you should only use a Realtor...

Real Estate

While I agree with this post about the Realtor vs. the licensee, I must add that in my many years in the local brokerage market I've come across a few fly-by-nighters that think this job is as simple as some would assume by watching TV. They are the ones who do one or two deals, get ethics complaints, and have their license revoked by the Board. Membership in the WRAR jumped by over 1000 people, maybe even more, during the "boom" a few years ago. Many of those folks seeking quick riches were quickly disappointed. 3000 real estate agents, 3000 homes selling each year, 7% of agents doing 90% of the sales...typical feast or famine. The number of active realtors has declined sharply over the past year due to this "famine". The overwhelming majority of the Broker/Realtors in Wilmington now are honest, experienced professionals with years of local sales under their belts. The local and state boards have worked very hard to weed out any unethical folks. That said, go with a big company whether selling or buying. Some will say "you'll just get lost in the mix with a big company", but what they don't realize is that big companies mean big advertising dollars for their home, and for buyers it means a wealth of "pocket" listings that many sellers choose not to advertise on MLS. Two huge benefits. It's easy for people to watch negative stories on the news, or read them in the paper, and form an uneducated opinion based on them. I see it every time I look at this message board. Best wishes.

Boo hoo, looks like the

Boo hoo, looks like the Realtors will have to go back to being housewives for a little while until the market corrects. Look on the brightside: You can spend your spare time fighting the land transfer tax and make sure you keep the burden on property tax payers instead. Who in the heck uses Realtors anymore anyhow? Why pay some soccer mom to flash a vacant smile, unlock a house, point inside and charge you thousands of dollars to do so? The Internet is spelling the end of a lot of things and real estate agents will be among them. Remember travel agents? Accept the inevitable Realtors and bow to your replacement: craigslist.

Other than some bitterness,

Other than some bitterness, your correct. In general most agents will not provide good service if the property is not over $200,000. When searching for some land to purchase, my agent suggested I go and look it up and see. The land\lot was $45,000. If a situation arises and a property is available on the market with a low asking price, we have a 99% probability that the agent will purchase the property and 'flip' the property for a profit. Seems most realtors are looking for both a job as a Realtor and Investor\broker\owner or self employment. I call this double dipping or not being honest. In today’s world, it's yippee for me and screw everyone else.

To Reply

The people who make comments like you are the types that rent condos all their lives, are afraid to invest, and if they do buy property you pick the cutest little blonde off the company's website and when she screws everything up, you generalize all brokers to be as bad as her. There are many great, helpful, honest brokers in this town. Craigslist is great for selling boats and bikes, but a house is not something you want to leave to John Doe's "knowledge" he got from watching HGTV. Nothing beats an actual person educating you on the local market and helping you make good decisions...dotting all the i's and crossing the t's. Perhaps you should choose the broker you work with a little better next time. Try going for experience, not big boobs. It'll work.

reply

LOLOLOL Nice desert. Realtor hater.

Easy Pickin's

What a setup this was from the start. Get the middle class into thinking that they have actually improved their nest egg by over inflating the value of their home. Now comes the revaluations and higher property taxes. The ones that really got suckered bought bigger and better homes with subprime mortgages, thinking they were going to turn it for even more. Pop goes the bubble and in come the vultures. The ones that didn't buy into it have much higher taxes but they are left with property that is not worth what it was during the revaluation. My 80 year old Father has already had to move into a shack because the high taxes. I bet a dollar to a doughnut none of our home values come down in the tax mans books!

What about the local numbers ??? To heck w/ National digits !

That is the number from the National Association. What about the exact numbers from the local association in Wilmington ? They hold the data that the National Association gets...