Diane's Wilmington NC Real Estate Thoughts: February 2009

Free fits most budgets.  This Sunday is the 14th Annual "Be a Tourist in Your Own Hometown" Resident Appreciation Day.  All residents of New Hanover County are admitted free of charge.  28 of th 33 participating attractions have decided to open their doors to all visitors, not just residents of New Hanover County. 

Participants Include:

Airlie Gardens

Arboretum at New Hanover County Extension

Battleship North Carolina

Bellamy Mansion

Blue Moon Gift Shops

Burchetta Glassblowing Sutdio & Gallery

Burgwin-Wright Museum

Cameron Art Museum

Capt'n Bills Backyard Grill

Carolina Beach Lake Park

Carolina Beach State Park

Federal Point History Center

Fort Fisher State Historic Site

Fort Fisher State Recreation Area

Ghost Walk of Old Wilmington

Greenfield Grind Skate Park

Halyburton Park

Haunted Pub Crawl

Hollywood Location Walk of Old Wilmington

Hugh MacRae Park and Nature Trail

Jungle Rapids Family Fun Park

Moores Creek National Battlefield

NC Military History Museum

Old Books on Front Street Storytelling

UNCW Arboretum Campus

Victorian Gardens at Latimer House

Wheel Fun Rentals

Wilmington Sharks Baseball Ballpark Tours

Wilmington Trolley

Wrightsville Beach Museum of History

Wrightsville Beach Scenic Tours & Taxi

Saturday, February 28th, at 9 am begins Dealer Day at the Hannah Block Historic USO on South Second Street, to benefit the Lower Cape Fear Historical Society.  Enter at the side entrance on the bottom floor.

$10 donation per item

Bring family heirlooms, toys, dolls, books, clocks, jewelry, paintings, or furniture, for an expert opinion of value.

With lots of questions regarding foreclosures and short sales, listed below are some of the homeowners consequences associated with having a foreclosure affect your credit versus a short sale.

Fannie Mae Loan - Primary Residence

• A homeowner who loses home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of five years.
• A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Fannie Mae Loan - Non-Primary

• An investor who allows property to go into Foreclosure is ineligible for Fannie Mae investment loan for 7 years, a successful short sale only 2 years.

Future Mortgage Loan

• Prospective borrower will have to answer YES to Have you had property forclosed upon or given title or deed in lieu thereof in last 7 years?  This will affect your mortgage rate.
• There is no similar question regarding short sale.

Credit Score

• Foreclosure - Score may be lowered anywhere from 250-300 points.  This will affect score for over 3 years.
• Short Sale -  Only late payments on mortgage will show and after sale, mortgage will be reported as paid or negotiated.  This will lower the score as little as 50 points, if all other payments are being made.  This period can last 12-18 months.

Credit History

• Foreclosure will remain on person's credit history for 10 years or more.
• Short sale is not reported on credit history.  The loan is usually reported as paid in full or settled.

It was great to see Wilmington NC on the list of the Healthiest Housing Markets for 2009.  Like most markets, Wilmington has experienced a market decline.  The positive side is Wilmington's climate, proximity to area beaches, university, medical facilities, and employers, keep coastal North Carolina a place that people want to live. 

Click here to view the article:

 http://www.builderonline.com/local-markets/the-healthiest-housing-markets-for-2009.aspx?printerfriendly=true

Events coming to UNCW's Kenan Auditorium during February:

Sunday, February 22nd - 4 PM - Wilmington's Heritage in Song:  Together We Are One

A celebration of Wilmington's cultural and ethnic diversity through dance and song.  Supported by the North Carolina Council and The National Endowment for the Arts

Tickets:  $10

For more information:  www.wilmingtonchoralsociety.com

Tuesday, February 24th - 8 PM - The Mozart Festival Opera:  Marriage of Figaro

Mozart Festival Opera, sister company of Teatro Lirico D'Europa, made its US Debut in Fall 2003 with highly acclaimed production of Don Giovanni.  Critics raved about the outstanding cast of singers, detailed stage direction and attractive costumes and sets.

For more information:  www.wilmingtonconcert.com

The Harlem Globetrotters, an exhibition basketball team combining comedy and athleticism will be performing at Trask Coliseum , on the campus of University of North Carolina at Wilmington, March 20th, at 7 pm.  Ticket prices range between $24-$64 each. 

Below is a link to a You Tube video displaying their skills/humor.  For more Wilmington area information, visit www.TheKeytoWilmington.com

http://www.youtube.com/watch?v=2ctwe-dV-Tk&feature=related

What a beautiful February day we had today!  Temperatures were in the mid-60's, and it was a great day to be outdoors.  Many enjoyed walking or jogging "The Loop"  This is a 2.45 mile sidewalk circling the heart of Wrightsville Beach.  There is usually activity on the Loop regardless of the weather.  Those that drive over the bridge to walk the Loop generally begin at Wrightsville Beach Park, where there is ample parking.  There are several stopping points along the way, pet waste disposals, and water fountains.  The walk takes you over two bridges, both crossing Banks Channel, which offers awesome views.  Be sure to check out the botanical garden maintained by the Harbor Island Garden Club.  There you will see metal artwork, flowers, and birdhouses.  It's quite relaxing to walk the Loop.  If you're in the area, give it a try.

Part of the $787 billion stimulus bill that President Obama signed into law on Tuesday includes the $8000 first-time home buyer tax credit.  I am pointing out a few of the highlights. 

Photo provided by www.freefoto.com

• $8000 to First Time Buyers:  Equivalent to 10% of the purchase price and capped at $8000.  This applies to first-time home buyers and principal residences.  This tax credit does not have to be repaid, unlike the earlier $7500 tax credit.
• Definition of First Time Buyer:  Someone who hasn't owned a principal residence for three years before buying a house.  If you have owned a vacation home, but not a principal residence with the past 3 years, you would qualify.
• Income Limits:  Single buyers need a modified adjusted gross income of $75,000 or less to qualify for full credit, or $150,000 for married couples.  Reduced credits may be available  for income beyond these caps.
• Must Buy in 2009:  Only those who purchase after January 1 and before December 1, 2009 are eligible. 
• Refundable:  Buyers can take advantage even if they have little tax liability.
• Ownership:  Buyers must own the home at least three years.  If they sell before 3 years, the credit has to be returned to the government (some exceptions such as divorce, death)

Should you have legal or tax questions, we ask that you consult your attorney or accountant.  To view homes available in Wilmington, NC, click Here

You won't want to miss Kelly Pickler in concert at the 62nd Annual Azalea Festival in Wilmington.  Kelly finished 6th in the 2005 "American Idol" season.

When:  April 1, 2009 @ 8 pm

Where:  Trask Coliseum on the campus of UNCW

Tickets:  $40

For more Info, visit www.ncAzaleaFestival.org

Other festival celebrities were announced on Thursday, including actress, Beth Grant, who has performed in lots of movies and TV shows, including "Little Miss Sunshine" and "No Country for Old Men".  Her daughter, Mary Chieffo, will also be a celbebrity and is a rising young actress.

Marshal of the Azalea Festival Parage - Gov. Henry H. Shelton, a Tarboro NC native

Christain music artists announced as part of the Azalea Festival Street Fair are High Flight Society from Cedartown, GA, Ehringhaus, and Wilmington's own Matt Blair.

For Wilmington area information, visit www.TheKeytoWilmington.com

Just in time for Valentine's Day, the independent movie "Redefining Love" (made locally) will be opening at in the Carmike Cinema.  The film opens in NC, SC, and Georgia this Friday.  Crew and cast plan to arrive at 7:30 pm for the Wilmington premiere, and the show starts at 8:30 pm.  It is a Carmike Cinema exclusive, and will open in 34 other states on March 20th.