Outlook for the Wilmington Real Estate market has received glowing reviews from national media and real estate organizations. Last year, the Web site CNN Money named greater Wilmington the seventh-best area in the country in which to buy, citing the allure of climate, cost of living and culture. The article predicted 37 percent appreciation over the next five years, based on analysis by Moody’s Economy.com.
Two months ago, the chief economist of the National Association of Realtors named Coastal Carolina as the country’s No. 1 emerging market at the trade group’s conference in New Orleans, said Deb Quaranta, president of the Wilmington Regional Association of Realtors.
The real estate maxim of “location, location, location” is really second to “timing, timing, timing. It’s not a flipper’s market where you can get in and out in six months, but if you’re willing to buy a home and you’ve got a two-, three-, four-, five-year outlook, there is still some very positive appreciation to be had. The beauty of a house as an investment is that it can be a home. Even if you have to hold on for a turn in the market, you still live in it, clearly not possible with stock, bonds or even multiple homes.
With current market conditions interest rates are at a historic low making “timing” the key factor right now. The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent, according to NAR. If the first part of January is any indication of how the real estate market in 2011 is going to be in Coastal Carolina’s than the trend is looking up. As of January 17th the Wilmington Regional Association of Realtors reported that 95 homes have gone under contract. With housing and interest rates still relatively low, it’s definitely the right time to buy in the Coastal Carolina Area.