Local Real Estate Blog see inside Wilmington's Property Market
The Real estate market is constantly changing, Join me each week with The Wilmington Week in Review and keep up with what is going on in our local market in Wilmington NC, Wrightsville Beach, Carolina Beach and the Greater Wilmington NC Area.
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Call me if you have any questions about an Investment property you see available on the market. I’d be glad to provide you with all the information and guidance you need. Email me with any questions.
Wilmington NC Real Estate
Currently on the market there are 1413 single family homes in the greater Wilmington area and 672 under contract. In the last month there were 3012.
Wilmington Rental Market
Wilmington boasts a very competitive renters market. Rental property is in high demand and availability is low. Rent prices have not changed over the past 3 months. This is 8 percent lower than the county average of $1,324 and same as the state average of $1,218. Those that do turn to renting should expect to pay about $1,228 a month in rent.
Wilmington Best Place to Start a Business
Wilmington continues to demonstrate an increased propensity towards business development. In fact, NerdWallet, an online financial education and empowerment leader, recently ranked Wilmington as the second best place to start a business in the country. It is not hard to see why: Wilmington has a growing population, a strong tourism industry, and is within close proximity to the beach. Perhaps even more impressively, the city boasts nearly 15 unique businesses for every 100 people.
Wilmington NC Real Estate
Currently on the market there are 1394 single family homes in the greater Wilmington area and 617 under contract. In the last month there were 278 homes sold.
- This is the 48th consecutive month with year-over-year price gains.
- Lawrence Yun, NAR's Chief Economist says that, "The main issue continues to be a supply & affordability problem. Finding the right property at an affordable price is burdening many potential buyers."
- Inventory is still below historic normals at a 4.4 month supply.
Going into the 2016 spring market, the biggest challenge the real estate industry has is the lack of available housing inventory for sale. Here are a few experts and their thoughts on the subject:
David Crowe, Chief Economist for the National Association of Home Builders:
“Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place.”
Ralph McLaughlin, Chief Economist with Trulia:
“We are in a time of short supply, which is great news for sellers because they will likely be faced with multiple offers due to the little inventory out there…Buyers will be up against a lot of other people and against a short supply of existing homes.”
Lawrence Yun, Chief Economist with NAR:
“First-time buyers in high demand areas continue to encounter instances where their offer is trumped by cash buyers and investors. Without a much-needed boost in new and existing-homes for sale in their price range, their path to homeownership will remain an uphill climb.”
“One important issue that has restrained sales and starts is inventory. On an absolute basis, inventory has not expanded as much as in past recoveries, leading to less selection for buyers. This is especially true for existing home sales but is evident for new home construction as well. When it comes to U.S. housing inventory, more is better."
Jonathan Smoke, Chief Economist for Realtor.com:
“The increase in sales is resulting in continued tighter-than-tight supply—measured by NAR to be four months in January. For you non-economists out there, that metric measures the number of months it would take to sell the current inventory of available homes, at the current pace. Got it? Six to seven months’ worth of homes on the market is considered normal; four months is cray-cray.”
What if I wait to Buy a Home? What will happen over the next 12 months?
There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.
According to CoreLogic’s latest Home Price Index, prices are expected to rise by 5.5% by this time next year. Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.
If you're thinking of making a move within the next few months, there are two important things you need to know.The first is the market value of your current property. That's the amount your home will likely sell for in today's market. When you know its market value, you'll have a better idea of how much money will be available to invest in a new home. The second is an overview of what's available on the market. Which of the homes currently available for sale meet your criteria with respect to the type of home, its special features (such as a big kitchen or pool), the neighborhood, etc? How much are these homes selling for? With those two pieces of information, you'll be able to make a better decision. Email me and lets get started.
Wilmington NC Real Estate
Currently on the market there are 1295 single family homes in the greater Wilmington area and 601 under contract. In the last month there were 254 homes sold.
Features Home Buyers Want the Least
Which home features are losing favor with potential buyers? In a new survey of more than 4,300 house hunters of all ages, the National Association of Home Builders identified the top 12 items they say they don't want in a new home:
1. Elevator (63 percent say they don't want one)
2. Pet washing station (54 percent)
3. Wine cellar (53 percent)
4. Golf course (53 percent)
5. Daycare center in the community (52 percent)
6. High density — smaller lots and attached or multifamily buildings (46 percent)
7. Cork flooring on the main level (45 percent)
8. Dual toilets in master bathroom (44 percent)
9. Two-story family room (43 percent)
10. Wet bar (42 percent)
11. Two-story entry foyer (40 percent)
12. Laminate countertop (40 percent)
Making the Right Offer
You’ve shopped around and attended a few select viewings. Now you’ve found the home of your dreams. It’s yours – as long as you make the right offer! So how do you make the right offer? That’s a very important question to consider. If your offer is too low, you risk the seller turning you down. You may not get a chance to make a second offer, especially if there are already multiple offers for the property. If your offer is too high, you’ll leave thousands of dollars on the table... money that could have been used for other important things, like renovations or a family vacation.
So before deciding how much to offer for a home you want, we need to talk. We will discuss what goes into a good offer and other ways to strengthen your offer, such as getting a pre-approved mortgage certificate.
The Real Estate market is heating up for spring. We are seeing listings going under contract in some areas in a couple of weeks. The market is going to be on fire this year! Home prices across the country rose an average of 5.76%, North Carolina as a whole saw 6.6% increase over last year. If you are thinking of buying more than likely you will find a shortage of homes to view and the ones out there if priced correctly will be going under contract. Thinking of selling this year is will be a good year....and who knows what will happen next year. Waiting to move could end up costing you more. Email me and lets get started.
Wilmington NC Real Estate
Currently on the market there are 1277 single family homes in the greater Wilmington area and 592 under contract. In the last month there were 229 homes sold.
14,986 Homes Sold Yesterday… Did Yours?
After all 14,986 houses sold yesterday, 14,986 will sell today and 14,986 will sell tomorrow.14,986! That is the average number of homes that sell each and every day in this country according to the?National Association of Realtors’ (NAR)?latest?Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.59 million. Divide that number by 365 (days in a year) and we can see that, on average, over 14,986 homes sell every day. The report from NAR also revealed that there is currently only a 4.0-month supply of inventory available for sale,?(6-months inventory is considered ‘historically normal’). This?means that there are?not enough homes available for sale to satisfy the buyers who are out in the market now in?record numbers.
Bottom Line ~We realize that you want to get the fair market value for your home. However, if it hasn't sold in today's active real estate market, perhaps you should reconsider your current asking price.
Growing Pains With the Rapid Growth in Brunswick County
The 1990s and 2000s is when building in the northern end of the county accelerated, as Leland cemented itself as a bedroom community with the build out of planned communities such as Brunswick Forest and Compass Pointe.
What is certain is that now, more than at any other point in its 251-year history, Brunswick County is a landing spot. The county has more homes and people than ever before, bringing both boons -- such as a larger tax base and the critical mass to bring larger attractions -- and headaches, including clogged transportation arteries and flooding.
Brunswick's newest residents have, at times, left the county struggling to cope with all of their demands.
Perhaps the most obvious way this plays out is the traffic situation on U.S. 17-74-76 every morning and evening.
Since 2003, according to N.C. Department of Transportation data, U.S. 17-74-76 west of Village Road has added more than 20,000 cars per day. In 2003, the area recorded 42,000 trips, a number that reached 66,000 by 2007 and has basically stayed there.
Coldwell Banker is the Brand to Sell your Home
# Offices worldwide
Coldwell Banker presence
47 countries and territories
# of U.S. Transaction Sides
Average U.S. Sales Price
$308,398 (15.8% higher than NAR 2015 average*)
Total U.S. Sales Volume
# of U.S. $1 million + Transaction sides
Avg. sales price of $1 million+ properties
Do you realize how many types of waterfront homes we have in this area? Is it your dream to live on the water or have water access? There are so many options. New Hanover County only is graced with beaches, rivers, the sound, creeks. There really are so many options. How about waking up in the morning and grabbing your cup of coffee and melt in the waterview. If you are looking for this let me know, so i can share with you all of the possibilities!
Wilmington NC Real Estate
Currently on the market there are 1272 single family homes in the greater Wilmington area and 582 under contract. In the last month there were 220 homes sold. The lowest priced home sold for $15,000 and the highest priced home sold for $2.7 million in Wrightsville Beach.
Existing Home Sales up 11%
Existing home sales are now 11% higher than last January, according to the National Association of Realtors. What’s more, January’s existing home sales report show prices are rising as inventory continues to disappoint demand.
“The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints,” said Lawrence Yun, chief economist at NAR. “Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession.”
Existing home sales measures closed transactions for all residential property types — condos, single families, co-ops — January sales inched up 0.4% to a seasonally adjusted annual rate of 5.47 million.
Home prices rose 8.2% from January 2015 to January 2016, according to the report.
Selling Your Home?
The condition of your property is always a factor in how quickly your home sells. It's a fact: acquiring the highest market value and elevating your home above the others in the same price range often comes down to first impressions. Here are some inexpensive ways to maximize your home's curb appeal:
-Keep the grass cut and yard clutter to a minimum.
-Apply fresh paint to any wooden fences and your front door.
-Clean windows inside and out.
-Wash or paint your home's exterior.
-Ensure gutters and other exterior fashions are firmly attached
Mortgages Take a Drop
Mortgage rates declined this week, giving a boost to buyer affordability, Freddie Mac reports in its weekly mortgage market survey.
Since the beginning of this year, 30-year rates have fallen nearly 40 basis points, “helping housing markets sustain their momentum in this year,” says Sean Becketti, Freddie Mac’s chief economist. The National Association of REALTORS® reported this week that existing-home sales had increased 4 percent in February over January and are up 11 percent from last year.
Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 25:
- 30-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.6 point, dropping from last week’s 3.65 percent average. Last year at this time, 30-year rates average 3.80 percent.
- 15-year fixed-rate mortgages: averaged 2.93 percent, with an average 0.5 point, falling from last week’s 2.95 percent average. A year ago, 15-year rates averaged 3.07 percent.
What does it take to find the right Realtor chemistry? That is a good question. The first thing you will have to know is what is the right Realtor chemistry. The Realtor you are going to be working with for your real estate transactions can be someone you work closely with for several months, sometimes up to a year.
Therefore you will want that person to be someone you will want to be around and work with on this very important and may even be the most important transaction in your life.
It is proven that many times a home purchase is the largest and by far the most significant financial purchase in a person’s life. Even the person who is a real estate guru wants to make sure they use an experienced and personable Realtor. This is in order to make each real estate transaction they have is completed correctly.
The right chemistry for the Realtor you will be working with is specific to you and your personality. There are people who want to state what they want, and then wait for the homes to be brought to them. At that point they will point and click through the choices on the Internet, view a few homes, and then let their Realtor do the rest. However there are others who want to be a part of the process, with each search, each view, and each step of the way.
Both of these options and the many variances in between are great. The difference is that you will want to make sure that the Realtor you choose is one that is able to work with and accommodate the type of client you would be.
A great Realtor will recognize the type of person you are and will be able to compliment your real estate transaction with the options for you. Now that you know what the right chemistry is, how do you find out the different types of Realtor chemistry that is out there?
The best way to do this is with a little research and work. The first step to take is to find the local Realtors that are available in the area that you want to complete the real estate transaction in.
The reason you want a Realtor in the area you will be working in is because they will know the area, the other Realtors and the market.
After you have compiled a list of several names that you can interview, it is time to do about three interviews. This can be something that can be completed in a couple days time. However it is very important. The right Realtor can make all the difference in the success of your real estate transactions.
As the economy continues to improve, more and more Americans are seeing their personal financial situations also improving. Instead of just getting by, many are now beginning to save and find other ways to build their net worth. One way to dramatically increase their family wealth is through the acquisition of real estate.
For example, let’s assume a young couple purchases and closes on a $250,000 home in January. What will that home be worth five years down the road?
Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists every quarter. They ask them to project how residential prices will appreciate over the next five years. According to their latest survey, here is how much value that $250,000 house will gain in the coming years.
When selling a home, it is important to know when to go from FSBO to using a Realtor. The biggest reason to go from FSBO to a Realtor is when you want to sell your house if it is not selling fast enough. FSBO or for sale by owner can be a great way to sell your home if you have the time and resources to dedicate to selling your home. However, most of us do not have a great deal of time to sell a home. It also takes money and resources to advertise a home. In order to successfully sell a home, you need both of these covered.
If you have not had a great deal of experience in selling homes, you might find that selling your home can be risky and costly. Statistically speaking, the average home that is sold FSBO usually sells to family or friends. There is a percentage of homes that sell FSBO due to hard work and diligence. However that is usually what it takes to sell a home.
When you are calculating the cost of a home that does not sell in a timely manner, you will see that with mortgage payments, advertising, utilities, and upkeep tend to cost more than the commission a professional would receive. The cost of a Realtor is usually covered in the sale price of the home. Most homes sold by Realtors will sell for roughly $12,000 more. Which is similar to the cost of a Realtor.
You will also want to look at the time frame you want to sell your home in. If you have the right tools and connections you will be able to sell your house. Also, if you have enough time for the house to sit while being sold, you will usually sell the house. If however, you do not have a great deal of time to sell your house, you will want to seek the help of a Realtor.
There is a great deal of documentation and legalities that you will need to learn and become aware of. This can make a huge difference in the completion of the closing of a home correctly. If documentation is not completed correctly, there can be time and money loss.
If you do not use a Realtor, you will likely be paying for Attorney fees, and notary fees. Most of the time a professional has these set up for the convenience of their client.
If you want to sell your home yourself, and are determined, there are many tools that may make it easier. You can obtain a market analysis online in order to set a good price on your house.
You can make sure that your home has a good curbside view. In addition you will want to make sure that the inside of the house in sin good repair. Finally you can go through get a quick evaluation here www.myhousevaluez.com to make sure you are in the right ball park on price.
If after a period of time you are not able to sell your home, it may be worth it to hire a professional Realtor to help you complete your real estate transaction.
The biggest determining factor between using a Realtor and going FSBO, is how fast, how much and how? If you have the tools, time and resources you can sell your home FSBO. On the other hand if you do not, it is time to find the help of a Realtor.