Positive outlook after Cape Fear area housing and economic report released
WILMINGTON, NC (WWAY) — Local experts say there are positive signs in the Cape Fear’s economy. Wilmington Regional Association of Realtors, WRAR, discussed the Cape Fear Area Housing and Economic report for 2015 to 2016 today and it shows our market is seeing some improvements.
“Downtown is on fire,” said WRAR President Don Harris.” “The synergy of all the new developments going, the activities, the culture, downtown is awesome.”
Realtors says things are looking up in the housing market.
UNCW Professor Emeritus of Economics William Hall says after taking a big hit back in 2008 and 2009, numbers are much more positive than previous years.
“Sales of existing single family homes is up about 70 percent than from the slow point back in 2008 and 2009,” Hall said. “Average sales price is up about 30 percent too.”
Harris says not only is Downtown a hot spot, but there are places all over that are getting a lot of attention.
“The Pine Valley markets, the Echo Farms, the New River Light development, there is so much activity going on because it’s such a wonderful place to live,” Harris said.
The reports show that interest rates are down and will only slightly increase by the end of the year. For a single family residential home, total sales are up compared from March 2015 to March 2016 by 22 percent.
Harris said, “We were quoted last week at 3.6 percent, 30-year fixed, which is incredible. We will never see these numbers again.”
A few downfalls the report shows includes job growth and lack of inventory.
“Job growth is up a little bit, but not anywhere near what it was before the recession,” Halls said. “The inventory has declined which is in part why prices are rising.”
Harris says bottom line though, if you’re on the fence about buying a home, take advantage of it now.
“It’s the best time ever in Wilmington to buy a house,” Harris said. “I’ve been here for 42 years and I’ve never seen an opportunity like this to buy a house.”
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