National Experts Weigh in on Wilmington's Real Estate Market
According to the recent article published by WilmingtonBiz, home inventory in the Cape Fear area is generally low. There is a shortage of lots as well as an increased price for lots. This is creating a disconnect in price between new constructions and previously owned homes on the market. There is also a shortage of construction labor. With the median age for construction being 42, there is a need to recruit a new generation of laborers to fill the growing demand for homes.
Another reason for the shortage of inventory is that some are still recovering from the economic downturn, hoping their properties will increase equity rather than sell at a loss.
What does this mean for you as a potential buyer or seller? With the shortage of homes on the market now is a great time to get in the game! Home prices are on the rise while juicy deals are still out there. Contact Christina Pitz & Associates for all the inside scoop on the market, advice and the best way to move forward!
Graph provided by Wilmingtonbiz.com
The Wilmington Regional Association of Realtors and the Wilmington-Cape Fear Home Builders Association recently presented this "Midyear Economic Forecast". Speakers included National Association of Home Builders chief economist Robert Dietz and Ken Fears, director of housing finance and regional economics for the National Association of Realtors.