GenX could be a factor for new home buyers
NEW HANOVER COUNTY, NC (WWAY) — The annual economic and housing report shows that the housing market is looking up for our area, but with threats of GenX in the water we asked if that is playing a role in keeping away prospective home buyers.
Wilmington is becoming more of a permanent vacation. People are continuing to buy homes in New Hanover County and surrounding areas, according to this years Cape Fear area economic housing report.
“Everything that should be going up is going up everything that should be going down is going down, sales are up both of residential lots and existing single family homes,” retired UNCW professor Dr. William Hall said.
There are many positives for the real estate market, said President of Cape Fear Realtors Neal Johnson. The only concern they have is how are they going to replenish the homes that are being sold.
“As long as your home is priced right in good condition, people are ready to buy it,” Johnson said.
But another concern could be building. Could GenX stop house hunters from making Wilmington their new home?
“If I was buying a home I would ask the question,” Dr. Hall said.
The question, to buy or not to buy? Some home buyers are also including GenX in their questions about potential homes.
Johnson said they’re working on a survey to see how big of an issue GenX is right now.
“They have had some clients pose questions about that issue and we immediately want to be proactive about it. Now it’s tough to say the initial feedback we’ve gotten has been very insignificant, but we still need to wait for more of the replies to come back so we can have a better scope of our memberships opinion on how its effecting their clients,” Johnson said.
Dr. Hall said he thinks GenX will have an impact.
“The question is how large of an impact it will have,” Dr. Hall said.
But for now the average time to have your house sold is four months.
Johnson said he has only heard of one transaction falling apart because of GenX, but they are still processing the survey. The survey being sent to realtors about GenX will be back in about a week.