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Real Estate - Residential

Local Realtors Group Surveys GenX Impact

By Christina Haley O'Neal, posted Aug 3, 2017
Cape Fear Realtors recently released the results of a survey studying the effect that news about GenX has had on the local real estate market.

The results of the survey showed a slight impact on the local housing market in June, according to a release from Cape Fear Realtors. Five buyers canceled contracts and 63 prospective buyers no longer wanted to purchase property in the area because of the GenX issue, the survey of 2,270 Realtors in the Cape Fear region showed.

GenX, an unregulated chemical found in the Cape Fear River and linked to The Chemours Co. operations in Fayetteville, became a topic of concern for area residents in early June, when a StarNews report brought to light a study documenting the chemical in Cape Fear Public Utility Authority's water supply.

The news has caused area grass roots organizations, local leaders and members of the community to join in several discussions about the topic relating to public health and water quality. Most recently, Gov. Roy Cooper visited Wilmington to host a press conference about a series of state measures taking action on the issue. State officials also indicated water samples meet the state health goal for GenX.

The survey, conducted June 28, asked two questions of the Realtors group: "Have you had a buyer tell you they changed their mind about looking in the Wilmington market over the GenX news?" and "Has your buyer canceled their contract on a home in the Wilmington Area over the GenX news?"

The canceled contracts represent less than 1 percent of all sales for June 2017, which saw a market total of 1,100 homes sold, an 18 percent increase in sales from June 2016, according to the report.

"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," officials said in the release.

As the levels of GenX trend on state standards, and state measures are ongoing, President of Cape Fear Realtors Neal Johnson said Thursday, "I think it's comforting to see there's consistency."

“From our surveys … it does not appear that the GenX issue has made any significant impact on our local real estate market,” Johnson said.  “To me as president of the association, this is great information to have. I hope to see the issue … settled and we can move past it.”

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