Local Real Estate Blog see inside Wilmington's Property Market

Pender County is a close second in growth to Brunswick County. Local officials are planning for the increase in population with new roads and expansion. “The new Sparrows Bend development in Hampstead will provide a direct connection from Hoover Road to [U.S.] 17 as opposed to dumping cars out at one single location on 17. We’re laying the groundwork for a more safe and efficient future travel network,” Breuer said. www.tinaabraham.com

HOT! HOT! HOT!  Investing in real estate can be a great way to create income and build wealth, but owning rental property isn't for everyone. Many people simply don't have the time and patience to be a landlord, while others are turned off by the thought of inconsistent income. Because of this, the smartest way for most people to add real estate to their portfolios is through equity REITs. Because of the high income potential combined with property value appreciation, the right kind of REITs can deliver consistent market-beating total returns over time. In fact, all five of the REITs mentioned here have handily beaten the S&P 500's total return over the past 20 years

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

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. 

Spring Highlights

• 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.”

Fitch Ratings:

“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.

Wilmington NC Real Estate

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

Wilmington NC Real Estate