Housing market in area still good

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.