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Year To Date Statistics in The Wilmington, NC Area For Properties Over $1,000,000
29 Sold YTD
Average Sale Price: $1,579,315
221 Active Luxury Properties Listed
Average List Price: 2,045,476
The Carolinas Finest & Jessica Riffle Edwards specialize in Luxury Real Estate in Wilmington, North Carolina. From Figure 8 Island and it's beautiful beaches, Porters Neck and it's golf course, Landfall's waterfront homes & golfing, all the way to Ocean Front homes on Wrightsville Beach, Jessica knows how to market and SELL luxury homes!
Wilmington's beautiful coast, film industry, historic downtown and intracoastal waterway make it an aboslute prime location for clients who demand only the best in construction and quality. Since 2006, there have been over 250 listings sold in the Wilmington Region at prices over $1,000,000 with a total of over $463,000,000 sold in this price range. Numbers like these don't lie and clearly show the potential and power of the luxury market in and around Wilmington, North Carolina. Call Jessica today to learn more about selling or buying a luxury home in the Wilmington Region!
If you are looking to sell your luxury property in the Wilmington Region, don't settle for the normal agent who will put your home in the MLS and then forget about it. Call Jessica and have a complete marketing plan created to show off your home's full potential and features. Luxury real estate requires a different set of marketing and knowledge skills that only a select group of agents can master. From custom swimming pools and outdoor kitchens, to home theaters and ocean-front locations; selling a luxury home in our region is not a simple task. Jessica Edwards is here to help and make sure you get he most amount of money for the luxury paradise you have invested so much in!
RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening.
According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.
“I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City. “Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. This has got to go down as one of Wall Street and Main Street’s biggest disconnects in history.”
In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May.
“Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski.
So why the crisis?
“They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on Main Street. It might hurt their positions.”
Is this the bottom?
“No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.”
“It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.”
1. THERE"S NO SUCH THINGS AS A NATIONAL REAL ESTATE MARKET.
If you read the newspapers, it is easy to get the idea that real estate markets are the same everywhere. If conditions are bad in Orlando or Los Angeles or Chicago, they must be bad everywhere, right? Wrong. All real estate is local. When you're looking to buy or sell, pay attention first to sales price trends, volume, and inventory in your target market or region, rather than to misleading headlines about national sales trends.
2. NORTH CAROLINA HOME VALUES ARE STABLE.
In 2007, the average sales price of a North Carolina home grew by 4 percent, an indicator that homes generally are still worth more now than they were just a few years ago. In fact, since 2000, the average home sales price in our state has risen by more than 25 percent. And in a 12-month period through September 2007, North Carolina had the seventh-highest appreciation in homes prices in the country.
3. HOUSING DEMAND IN NORTH CAROLINA IS ON THE RISE.
Even in what was considered a down year in 2007, there were more than 125,000 existing home sales in North Carolina - that's the third highest number ever, exceeded only by 2006 and 2005. And estimates indicate that the Tar Heel state's population will increase by more than 400,000 by 2010. These new North Carolinians will need a place to live!
4. A HOUSE IS WHERE YOU MAKE A HOME, NOT JUST A BUCK.
Most purchasers don't buy a house to flip it. They buy to live in it, to establish their roots, to raise a family and to build the American Dream. The value of strong communities, civic pride, comfortable retirement, and a higher quality of life can't simply be expressed on a balance sheet.
5. THERE ARE HUNDREDS OF REPUTABLE MORTGAGE COMPANIES READY TO LEND.
If you have good credit and a realistic understanding of what you can afford, getting mortgage approval to purchase a home can be more easily attained. Help is also available through the North Carolina Housing Finance Agency and other organizations.
6. OWNING A HOME BUILDS WEALTH IN A WAY THAT RENTING CAN'T.
According to the Federal Reserve Board, the average renter's net worth is $4,800. Contrast that to the average homeowner's net worth of $171,000. Clearly, it pays to own a home, as the hard earned equity you build will pay future dividends.
7. IT'S A PRIME TIME FOR SECOND HOMES.
Savvy investors and prospective retirees understand how important real estate is to their portfolios. Nationally, about 1/3 of all home sales are second homes or vacation properties; in North Carolina, that figure is nearly 40% - largely because of our inventory and desirable locations in the mountains and on the coast.
8. IT MAKES SENSE TO USE A NORTH CAROLINA REALTOR.
If you has a $150,000 legal question, would you deal with it without an attorney's assistance? If you a $150,000 income tax issue, would you dare risk not consulting a CPA? There are nearly 45,000 REALTORS in North Carolina, who subscribe to a strict code of ethics and are expected to maintain the highest level of knowledge of the process of buying and selling a home.
9. NOW REALLY IS THE TIME TO BUY.
Interest rates significantly dropped twice in January in an effort to stimulate the national economy. While North Carolina's economy hasn't suffered as much as some states, we nevertheless can benefit from those lower interest rates. The bottom line is this: If you're a buyer, this market is for you!
10. AND IF YOU'RE A SELLER, BE PATIENT...AND SMART.
Price your home correctly - your home's value is what someone else is willing to pay for it, not the price that you think it should sell for. Competitive pricing is the single biggest reason that a home sells or does not sell. REALTORS know the marketplace and help you determine an optimum sales price.
Displaying blog entries 1-6 of 6
