The N.C. Maritime Museum at Southport will hold the Southport Wooden Boat Show from 10 a.m. to 4 p.m. Saturday, Oct. 9, at the Old Yacht Basin in Southport.
See Southport’s wooden work and pleasure boats, learn about net making, woodworking and the history of the crafts. The event will include activities, demonstrations and displays for all ages.
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Friday, October 8, 2010
Brunswick Arts Council announces show winners
CALABASH
The Brunswick Arts Council held its 10th Annual Fall Show and artists’ reception recently at Sunset River Marketplace in Calabash.
Best of Show was awarded to Claire Barthold of North Myrtle Beach for her oil painting titled “Marissa’s Journey.” Betty Garbarino of Supply won first place in the 2D category for her watercolor painting “She’s Bored.” First place in the 3D category went to Jeffrey Davies of Leland for his wood sculpture “Box.”
Original Article
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Thursday, September 30, 2010
30-Year Mortgage Rate Falls to Another Record Low
U.S. 30-year and 15-year mortgage rates either tied or reached record lows in the latest week, according to a survey released Thursday by Freddie Mac, the second-largest U.S. mortgage finance company
While rock-bottom rates offer a glimmer of hope for a housing market struggling to find footing in the aftermath of the expiration of popular home buyer tax credits, their impact on home loan demand has been tepid.
A weak jobs market and flailing economy continue to weigh on consumer confidence.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week ended Sept. 30, down from the previous week's 4.37 percent and matching a record low set earlier in the month, according to the survey.
Rates were also below their year-ago level of 4.94 percent.
Freddie Mac started the survey in April 1971.
Fifteen-year fixed-rate mortgages averaged 3.75 percent, down from 3.82 percent last week, the lowest since Freddie Mac began surveying this loan type in 1991.
"Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities.
Re-printed from CNBC
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
While rock-bottom rates offer a glimmer of hope for a housing market struggling to find footing in the aftermath of the expiration of popular home buyer tax credits, their impact on home loan demand has been tepid.
A weak jobs market and flailing economy continue to weigh on consumer confidence.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week ended Sept. 30, down from the previous week's 4.37 percent and matching a record low set earlier in the month, according to the survey.
Rates were also below their year-ago level of 4.94 percent.
Freddie Mac started the survey in April 1971.
Fifteen-year fixed-rate mortgages averaged 3.75 percent, down from 3.82 percent last week, the lowest since Freddie Mac began surveying this loan type in 1991.
"Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities.
Re-printed from CNBC
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Wednesday, September 29, 2010
Fielding a Low Ball Purchase Offer on Your Home
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.
You just received a purchase offer from someone who wants to buy your home. You're excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.
CHECK YOUR EMOTIONS
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that's a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.
COUNTER THE PURCHASE OFFER
Unless you've received multiple purchase offers, the best response is to counter the low offer with a price and terms you're willing to accept. Some buyers make a low offer because they think that's customary, they're afraid they'll overpay, or they want to test your limits.
A counteroffer signals that you're willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you'd like to take with you.
CONSIDER THE TERMS
Price is paramount for most buyers and sellers, but it's not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.
REVIEW YOUR COMPS
Ask your REALTOR whether any homes that are comparable to yours (known as "comps") have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.
CONSIDER THE BUYER'S COMPS
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.
If the buyers don't include comps to justify their low purchase offer, have your real estate agent ask the buyers' agent for those comps.
GET THE AGENTS TOGETHER
If the purchase offer is too low to counter, but you don't have a better option, ask your real estate agent to call the buyer's agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer's agent) has a reputation for lowball purchase offers. If that's the case, you might feel freer to reject the offer.
DON'T SIGNAL DESPERATION
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home's listing describes you as a "motivated" seller, you're signaling you're open to a low offer.
If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you're motivated, the next purchase offer you get might be more to your liking.
MORE FROM HOUSELOGIC
6 Tips for Choosing the Best Purchase Offer for Your Home
6 Reasons to Reduce Your Home Price
Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.
Article From Houselogic.com
By: Marcie Geffner
Published: June 10, 2010
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
You just received a purchase offer from someone who wants to buy your home. You're excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.
CHECK YOUR EMOTIONS
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that's a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.
COUNTER THE PURCHASE OFFER
Unless you've received multiple purchase offers, the best response is to counter the low offer with a price and terms you're willing to accept. Some buyers make a low offer because they think that's customary, they're afraid they'll overpay, or they want to test your limits.
A counteroffer signals that you're willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you'd like to take with you.
CONSIDER THE TERMS
Price is paramount for most buyers and sellers, but it's not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.
REVIEW YOUR COMPS
Ask your REALTOR whether any homes that are comparable to yours (known as "comps") have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.
CONSIDER THE BUYER'S COMPS
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.
If the buyers don't include comps to justify their low purchase offer, have your real estate agent ask the buyers' agent for those comps.
GET THE AGENTS TOGETHER
If the purchase offer is too low to counter, but you don't have a better option, ask your real estate agent to call the buyer's agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer's agent) has a reputation for lowball purchase offers. If that's the case, you might feel freer to reject the offer.
DON'T SIGNAL DESPERATION
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home's listing describes you as a "motivated" seller, you're signaling you're open to a low offer.
If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you're motivated, the next purchase offer you get might be more to your liking.
MORE FROM HOUSELOGIC
6 Tips for Choosing the Best Purchase Offer for Your Home
6 Reasons to Reduce Your Home Price
Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.
Article From Houselogic.com
By: Marcie Geffner
Published: June 10, 2010
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Art blooms at Franklin Square Gallery
Art in Bloom is the central attraction at Franklin Square Gallery’s First Friday Gallery Walk, 5 to 7 p.m. on Friday, Oct. 1.
Local garden clubs have joined with local artists to showcase the art of flower arranging. More than 100 exhibiting members of the Associated Artists of Southport will also have their work on display in an accompanying Members Show.
The Class Show, which features work by the pottery classes, advanced watercolor class, multiple painting classes and advanced figure-drawing class, opens Sunday, Sept. 27, and runs until Oct. 30.
The pottery classes made ceramic drums with goat skin covers for the show. After a few rehearsals, the students will play their drums at their reception.
For more information on the Franklin Square Gallery’s programs, visit www.franklinsquaregallery.com or call 457-5450. Franklin Square Gallery, 130 E. West St., is open 10 a.m. to 5 p.m. Monday through Saturday. Admission is free.
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Local garden clubs have joined with local artists to showcase the art of flower arranging. More than 100 exhibiting members of the Associated Artists of Southport will also have their work on display in an accompanying Members Show.
The Class Show, which features work by the pottery classes, advanced watercolor class, multiple painting classes and advanced figure-drawing class, opens Sunday, Sept. 27, and runs until Oct. 30.
The pottery classes made ceramic drums with goat skin covers for the show. After a few rehearsals, the students will play their drums at their reception.
For more information on the Franklin Square Gallery’s programs, visit www.franklinsquaregallery.com or call 457-5450. Franklin Square Gallery, 130 E. West St., is open 10 a.m. to 5 p.m. Monday through Saturday. Admission is free.
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Tuesday, September 28, 2010
Riverfest -- From fireworks to pirate-style fun, activities pack weekend festival
The theme for 2010's festival, which opens with a Friday night concert in Riverfront Park and runs through Sunday, is “preserving the river for future generations.” And while you might not think that you or the tens of thousands of people who attend Riverfest each year are doing much for the ol' Cape Fear by checking out the arts and crafts booths or food vendors strung up and down Water Street, consider this.
Since Riverfest began in 1979, said festival chairman Donna Worrell, The Old Wilmington Riverfront Celebration Inc. has given more than $200,000 to Cape Fear Community College, including more than $20,000 in scholarships to the school's Marine Technology program in the past three years alone. Some of that scholarship money goes to young people looking for careers working on and protecting our waters.
Just something to think about while you're hanging out in the beer garden, watching the fireworks Saturday night or taking your kid(s) to the Kids Zone.
Below are some highlights of this year's festival.
Invasion of the Pirates
Invasion of the Pirates is a partnership between Riverfest and the Wilmington Harbor Enhancement Trust, a nonprofit group of business owners and local boaters “interested in promoting the orderly development of property and recreational activities along the Wilmington riverfront,” according to WHET's website.
Full Article
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Thursday, September 23, 2010
Existing-Home Sales Move Up in August
Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0 percent below the 5.10 million-unit pace in August 2009.
Lawrence Yun, NAR chief economist, said home sales still remain subpar. “The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty,” Yun said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.43 percent in August from 4.56 percent in July; the rate was 5.19 percent in August 2009.
Yun added, “Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own.”
The national median existing-home price2 for all housing types was $178,600 in August, up 0.8 percent from a year ago. Distressed homes3 rose to 34 percent of sales in August from 32 percent in July; they were 31 percent in August 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said consumers have been getting mixed signals about the housing market. “People understand the good affordability conditions with stable home prices in most areas, but they’re concerned about the economy and speculation on Wall Street,” she said. “We need to stick with the facts about the long-term value of homeownership and avoid unrealistic assessments. Tight credit and slow short sales are ongoing problems – expediting short sales will help the market to recover more quickly.”
Total housing inventory at the end of August slipped 0.6 percent to 3.98 million existing homes available for sale, which represents an 11.6-month supply4 at the current sales pace, down from a 12.5-month supply in July.
A parallel NAR practitioner survey shows first-time buyers purchased 31 percent of homes in August, down from 38 percent in July. Investors rose to a 21 percent market share in August from 19 percent in July; the balance of purchases were by repeat buyers. All-cash sales slipped to 28 percent in August from 30 percent in July.
Single-family home sales rose 7.4 percent to a seasonally adjusted annual rate of 3.62 million in August from a level of 3.37 million in July, but are 19.2 percent lower than the 4.48 million level in August 2009. The median existing single-family home price was $179,300 in August, up 1.2 percent from a year ago.
Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in August from a year ago (the price in one of 20 tracked markets was not available). Existing single-family home sales were down in all 20 metro areas from August 2009.
Existing condominium and co-op sales increased 8.5 percent to a seasonally adjusted annual rate of 510,000 in August from 470,000 in July, but are 17.1 percent below the 615,000-unit pace in August 2009. The median existing condo price5 was $174,000 in August, which is 2.8 percent below a year ago.
Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 680,000 in August but are 24.4 percent below August 2009. The median price in the Northeast was $260,300, up 7.6 percent from a year ago.
Existing-home sales in the Midwest increased 5.0 percent in August to a pace of 840,000 but are 26.3 percent below a year ago. The median price in the Midwest was $149,600, up 0.4 percent from August 2009.
In the South, existing-home sales rose 5.2 percent to an annual level of 1.62 million in August but are 13.4 percent below August 2009. The median price in the South was $155,000, down 1.5 percent from a year ago.
Existing-home sales in the West jumped 13.8 percent to an annual pace of 990,000 in August but are 16.1 percent lower than August 2009. The median price in the West was $214,700, which is 2.5 percent below a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 4.13 million in August from an upwardly revised 3.84 million in July, but remain 19.0 percent below the 5.10 million-unit pace in August 2009.
Lawrence Yun, NAR chief economist, said home sales still remain subpar. “The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty,” Yun said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.43 percent in August from 4.56 percent in July; the rate was 5.19 percent in August 2009.
Yun added, “Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own.”
The national median existing-home price2 for all housing types was $178,600 in August, up 0.8 percent from a year ago. Distressed homes3 rose to 34 percent of sales in August from 32 percent in July; they were 31 percent in August 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said consumers have been getting mixed signals about the housing market. “People understand the good affordability conditions with stable home prices in most areas, but they’re concerned about the economy and speculation on Wall Street,” she said. “We need to stick with the facts about the long-term value of homeownership and avoid unrealistic assessments. Tight credit and slow short sales are ongoing problems – expediting short sales will help the market to recover more quickly.”
Total housing inventory at the end of August slipped 0.6 percent to 3.98 million existing homes available for sale, which represents an 11.6-month supply4 at the current sales pace, down from a 12.5-month supply in July.
A parallel NAR practitioner survey shows first-time buyers purchased 31 percent of homes in August, down from 38 percent in July. Investors rose to a 21 percent market share in August from 19 percent in July; the balance of purchases were by repeat buyers. All-cash sales slipped to 28 percent in August from 30 percent in July.
Single-family home sales rose 7.4 percent to a seasonally adjusted annual rate of 3.62 million in August from a level of 3.37 million in July, but are 19.2 percent lower than the 4.48 million level in August 2009. The median existing single-family home price was $179,300 in August, up 1.2 percent from a year ago.
Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in August from a year ago (the price in one of 20 tracked markets was not available). Existing single-family home sales were down in all 20 metro areas from August 2009.
Existing condominium and co-op sales increased 8.5 percent to a seasonally adjusted annual rate of 510,000 in August from 470,000 in July, but are 17.1 percent below the 615,000-unit pace in August 2009. The median existing condo price5 was $174,000 in August, which is 2.8 percent below a year ago.
Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 680,000 in August but are 24.4 percent below August 2009. The median price in the Northeast was $260,300, up 7.6 percent from a year ago.
Existing-home sales in the Midwest increased 5.0 percent in August to a pace of 840,000 but are 26.3 percent below a year ago. The median price in the Midwest was $149,600, up 0.4 percent from August 2009.
In the South, existing-home sales rose 5.2 percent to an annual level of 1.62 million in August but are 13.4 percent below August 2009. The median price in the South was $155,000, down 1.5 percent from a year ago.
Existing-home sales in the West jumped 13.8 percent to an annual pace of 990,000 in August but are 16.1 percent lower than August 2009. The median price in the West was $214,700, which is 2.5 percent below a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
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