Housing market better but buyers still cautious

Housing market better but buyers still cautious Key real estate experts gathered in Wrightsville Beach on Thursday to make their diagnoses of what continues to ail the region's property market and give prognoses for its future. The National Association of Realtors "says 94 percent of all home buyers go online and spend up to two years searching what they're going to buy before they contact the agent," Wallace said. "We're seeing multiple offers again," he said. Wallace was joined in a panel on the housing market's status by Spruill Thompson, of Cape Fear Commercial in Wilmington; Jay Shackelford of Rasberry Shackelford put a damper on property values, he said. Access to credit is key to the recovery, whether in domestic or commercial real estate - and to get a mortgage you have to be "squeaky clean," Wallace said. That access to credit not only applies to home buyers, but also home builders and small companies. The tenants don't have lines of credit to do improvements and sometimes the landlords do not either, so they have to go back to the banks to find solutions. There are signs, however, in the long climb back, and appraisals reflect that. A great deal of appraisal work has involved foreclosed properties, but now things may be changing. "We've seen more appraisals for purchases over the last three or four months," Shackelford said, "than we have for quite some time. But home sales are up substantially compared with last year at this time - 49 percent at his brokerage, Wallace said. The panel was assembled for an economic roundtable luncheon that was sponsored by Shipman ain cautious. But "very few of our local builders can borrow any money. Fact is, the patient was at one time gravely ill. Intracoastal Realty President Jim Wallace called what was a recession for many a depression to real estate. Housing market better but buyers still cautious Trade News selected by Local Linkup on 18/05/2012