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WILMINGTON – After a rough few years in the real estate market across the state, signs of improvement appear to be on the horizon. A panel of longtime real estate agents in the Wilmington region reflected on the current status of the market and their expectations for the year to come during a Real Estate Reality Check discussion.

Intracoastal Realty President Jim Wallace, who was on the panel of industry experts, said the combination of low prices, low interest rates and more property for buyers to choose from creates a strong market.

"Also, in addition, there are bank-owned properties now that are priced well below the market," said Wallace. "So it's a good opportunity for people to buys a house now."

Many realtors, like Jonathan Barfield, Jr., of Barfield and Associates Realty, were encouraged to hear that the tax incentive for first time home buyers will continue into 2010.

"Indeed it's going to continue to help the real estate market, put realtors back to work, allow sales to take place, but also to get rid of the unused inventory that we have here in our market place," Barfield said.

Some realtors are hopeful a new federal incentive for existing home owners will bring more people into the buyers pool. Homeowners who've lived in a primary residence for five of the last eight years can now qualify for a $6,500 tax credit on a additional home purchase.

"We think this is going to open up a whole new segment of buyers that we didn't have before," Wallace said.

Others in the industry like home builders and construction workers are encouraged by next year's outlook.

"Material costs are down, labor cost are down," said Kevin Johnson, of Mark Johnson Custom Homes. "People are really just trying to keep the lights on and do any work that they can. Cash flow is important."

The Real Estate Reality Check panel discussion was part of a power breakfast series sponsored by the Greater Wilmington Business Journal.