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HAS THE LOCAL REAL ESTATE MARKET BEEN AFFECTED BY GENX NEWS?

HAS THE LOCAL REAL ESTATE MARKET BEEN AFFECTED BY GENX NEWS?

WILMINGTON, NC (July 28, 2017) –

Over the past month, our community has had many discussions about the impact the presence of the perfluorochemical compound known as GenX in the Cape Fear River has and is having on our local community and economy.

One June 28th, 2017 Cape Fear REALTORS® conducted a survey* to a its Realtor® members concerning the affect the GenX news has had on the housing market.  

 

The survey asked our 2,270 REALTORS® these two questions:

1) Have you had a buyer tell you they changed their mind about LOOKING in the Wilmington market over the GenX news?

2) Has your Buyer canceled their contract on a home in the Wilmington Area over the GenX news?

The results of the survey did conclude that there was a slight impact to our local housing market due to the GenX media coverage. The results found that 5 buyers canceled a contract and 63 prospective buyers no longer want to purchase property in our area due to the GenX news.

To put this in perspective, REALTORS® sold 1,100 homes in June 2017. The 5 canceled contracts represent less than 1 percent of all sales for June 2017. The 18% increase in sales for June 2017 over June 2016 sales absorbed this loss. For now, quantifying the impact the loss of any prospective buyers will have on the market is not possible, especially while we are experiencing a very robust real estate market for our area.