Local homebuilders: rate cut will stimulate housing market

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.