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Wilmington home sales down 41 percent

READ MORE: Wilmington home sales down 41 percent
WILMINGTON -- New numbers underscore a continuing slowdown in the local real estate market. We talk a lot about how tough it is for homeowners to sell their homes. But that means it's also tough on real estate agents. In Wilmington 660 homes were sold during March of last year, but only 389 sold during March of this year. That's a drop of 41 percent. Nationally, that drop has to do with affordability. When lending practices relaxed during the early part of the decade it created more buyers in the marketplace. That drove up demand and in turn drove up prices. The good news for real estate agents is that there are now fewer agents to compete with. Realtor CB Johnson said, "Nationally we have seen that as the market improves or worsens, disproportionately, agents get into or out of the business. When it improves they get in because they think it's easy money and a great way to make a living. And when it worsens, they may not have the skill sets they need to find clients and service them effectively." The realtors who remain say they now have to work harder to find homeowners who want to sell. During the real estate boom, many wanted to sell just to cash in. But that's not the case anymore. It's important to note that despite the market slowdown, 2007 was still the fifth best year nationally for home sales.

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My guess is WWAY will

My guess is WWAY will supress this comment by not posting it. Seems they censor a lot of comments lately, but I see no reason why a homeowner would pay a realtor thousands of dollars to do something that he/she could do for free.

I have never understood why

I have never understood why anyone would pay a realtor thousands of dollars to do what they could do themselves. If you move to another city, I can see where a realtor might be beneficial selling the home that you moved from, but, selling a house is not that big of a deal.

Home Sales

Well, it's a wonder when the average wage in New Hanover County is only $27k annually and the average price of home at the beach is $250k or inland $150k. Let's do the math, nope unable to afford it. But I just bought a 3br, 2bth, 1350sq.ft. home in Ogden-market value $108k, tax value $70k & the bank bought in foreclosure for $75k and I purchased from the bank for $65k. Foreclosures & bankruptcies are increasing in this area. There are a huge number of people afraid of losing their homes because they are unable to afford the payments for one reason or another. Six years ago you could find a house on the beach for $75 now maybe a cool million but the average wage was still $27k. The Northeners who've discovered the southern coast also want to ruin it by blocking the view with highrises and destroy our precious ecosystem.

um, right cindy

if the average price for a beach house was 250k, um...well...we would all be living the good life. Oh, and no bank would let a house in Ogden go for 65k, they do not want to lose their money either (the bank). And six years ago the beach had houses for 75K???? What beach are you at woman?? quit commenting on here just to see if it will get posted.

Ignorance

Driving up prices..... Hmmm..... So I can buy a 4 bedroom house in Wilmington in Pine Valley for $240k, and that same size home in the Triad away from the coast in the same demograpic area, median income, etc... is $100k more... What am I missing? How are prices inflated? When you look at national averages in fact, Wilmington home sales are very steady and up above the national average... Because... House prices are not inflated.... Rela Estate agennts are not bound by anything except for law.. REALTORS, which are different than non-Realtors are required to follow a mandated code of ethics while non-Realtors (or plain licensed real estate agents who do not subscribe to an mls).. So how are you saying REALTORS have inflated cost? Your statement is untrue and unfounded...

Home sales

Hope the realtor's saved some money while they were raking it in the last few years. Besides from getting your listing in MLS, what do they do? Bring a few folks by your house maybe? If someone wants to see your home they will call or knock on the door and it is easy to get a closing attorney to handle a sale. Sold and bought many homes myself. I have a question : Why do most realtor's have their photos on billboards, yard signs, cards and anywhere else they can put it? Must be expensive advertising.

Tough on Real Estate Agents

Let me tell you that my heart goes out to all the real estate agenst suffering at this time due to the housing markert.... Ya right I hope every agent goes under, these local agents have been running the area for too long and it is time for these greedy people to feel the pain. HAHAHAHA

seeing as everyone is rich,

seeing as everyone is rich, its hard to understand why the housing market is down? give me a break, the reason the market is done is because people can't afford the houses in this area because people have shot the prices up so high. how many people do you really think can afford more than like 1100 dollars a month for a home?

home sales

Ignorance. You're like a liberal saying you hate the President but not being able to give a factual reason. A good broker will be your best friend in a sale and/or purchase. There are, of course, bad brokers just as there are bad doctors, bad retailers, bad pilots, etc. Realtors do not drive prices up, demand drives prices up. You are bitter that you did not buy before the Northern states discovered the Southern coast. Now you're stuck renting and complaining. My heart goes out to you like you will never know. Now find your Hillary '08 sign and stand on a corner.

Well, Realtors helped to

Well, Realtors helped to artificially drive up the prices of local real estate, this occurred nationally as well, and they wonder why people can no longer afford their products. Was it worth the temporarily high commissions folks? I imagine it's tough to make those Hummer payments but at this point, but the market is trying to correct and is, hopefully, returning to normal.