Comments on: Market Update

By: Team Building

Team Building — Fri, 20 Mar 2009 17:05:16 +0000

Really good informative post.

Just one gripe and it’s nothing to do with what you have written.

The chart – why did they use 2 y-axis when the 2 sets of figures are so similar. With 1 axis it would have made comparing the 2 lines so much easier.

Anyway – like I say not your fault and nice post.

By: Cotton Yarn Manufacturer

Cotton Yarn Manufacturer — Fri, 20 Mar 2009 06:09:53 +0000

Nice observation and thanks for updating us about these topics

By: FCL

FCL — Fri, 21 Nov 2008 21:33:31 +0000

Thanks for the comment Dennis. You’re exactly right: the discrepancy between what the average family in Wilmington can afford and what the average home here costs is even more extreme than the national average. We’re not saying the ratios have returned to normal. What we are saying is they’re trending that way. Homes are losing value in our market daily. As mentioned in the post above, many agents and sellers think this market will turn around by next spring. We disagree. More probable is this new market will remain for another 5, 10 or 15 years. We expect that during this time, prices will reset back to 2002/2003 levels. The current economy in Wilmington simply can not support the higher home values. Add to this tightened lending regulations, the shaky stock market, and would-be buyers who can’t sell their homes elsewhere, and it’s clear this declining market is here to stay. Perhaps you read our post too quickly? Exactly which claims are you disagreeing with? Sounds to me like we’re on the same page! If you can’t afford to buy a home or don’t need to, that’s one thing. But if you want to and are able to, there’s plenty of deals to be had. We’re currently working on developing a “Top Ten Deals” list for Wilmington. More on that coming soon…

By: Dennis Franchione

Dennis Franchione — Wed, 19 Nov 2008 21:40:06 +0000

If you want to impress me, show me some analysis on how Wilmington’s median home price matches up with Wilmington’s median income. Show me what those ratios looked like in the 1990′s, how they changed in the bubble years, and then show me that those ratios have returned to normal.

Show me all that, and I’ll show you a buyer. Right now, I don’t see anything that supports your claims.

Or, just anecdotally, explain how the median household making $44,000 affords the median house that costs about $230,000.

By: Jimmy

Jimmy — Sat, 15 Nov 2008 19:42:36 +0000

I think that if you have the cash right now is a great time to buy but just like before if you cant afford it then simply just don’t do it. You don’t need that kind of debt over your head if your worried about your job. Ya know??

By: Max

Max — Thu, 30 Oct 2008 16:52:27 +0000

Good, thanks for letting us know