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.

 

Feb. 23, 2016

When to go from FSBO to Using a Realtor

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.

Feb. 23, 2016

Cold Day in Wilmington Real Estate Market


I hope your day is filled with warmth and sunshine....brrr its cold in Wilmington!! Nevertheless the real estate market does not care about the cold weather.  We have open houses everywhere!  Let me know if you are out and about and have questions about something you have seen.  Or maybe you realize I need to get my home on the market! Drop me an email or give me a ring.

Wilmington NC Real Estate

Currently on the market there are 1387 single family homes in the greater Wilmington area  and 475 under contract.  In the last month there were 196 homes sold.

Home Prices Accelerating
NAR reports that the median existing single-family home price rose in 81 percent – or 145 out of 179 metro area – of the markets tracked.

“Even with slightly cooling demand, the unshakeable trend of inadequate supply in relation to the overall pool of prospective buyers inflicted upward pressure on home prices in several metro areas,” says Lawrence Yun, NAR’s chief economist. “As a result, home ownership continues to be out of reach for a number of qualified buyers in the top job producing, but costliest, parts of the country – especially on the West Coast and parts of the South.”

Affordability Challenges
The uptick in home prices offset lower mortgage rates and a rise in the national family median income, and caused housing affordability to drop in the fourth quarter compared to year-over-year.

A home buyer making a 5 percent down payment on a median price single-family income would need an income of $49,535, NAR reports. A buyer making a 10 percent down payment would need an income of $46,928, and buyers making a 20 percent down payment would need to earn $41,714..
 

       ...until next week in The Week in Review

Tina

Aug. 14, 2015

Local Home Sales Soar 10 Year High

Across the board, the number of homes sold in July this year reached a 10-year high, at 754 single-family units compared to 650 in July 2014, according to MLS data from the Wilmington Regional Association of Realtors.

“This is a very strong, healthy market that looks like it’s being built on a solid foundation,” said Sherri Pickard, WRAR president, while discussing the MLS numbers WRAR released Monday.

Along with an ongoing increase in demand for homes in the Wilmington area has come additional benefits for sellers. We are seeing multiple offers on well priced homes....not something we have seen in awhile.

 Evidence of the market’s steady growth can also be found in some of the new home construction under way in Wilmington this summer. The Forks at Barclay, a new neighborhood rising along Independence Boulevard and S. 17th Street, is one example. More than 15 percent of the total lots, 52 townhomes and 72 detached single family homes, were sold in the 90 days that followed the opening of the community's first model home, said Shawn Horton, a broker and owner of Trusst Builder Group, which partnered with Cameron Management to develop The Forks.

Aug. 14, 2015

Sellers Market Heats Up

Sellers the market has heated up along with the weather.  I had multiple offers on one of my listings this week.  If you are thinking of putting your home on the market now is the time!  Do you have questions about the process?  Email me with any real estate questions or needs. 
 
Wilmington NC Real Estate
Currently on the market there are 1542 single family homes in the greater Wilmington area  and 589 under contract.  In the last month there were 385 homes sold.


There Are Not Enough Homes For Sale 
The biggest story of 2015 by far is the lack of inventory. Despite the fact that investors have mostly left the market (since the great deals of the recession are now gone), regular people are still competing for too few homes. One key reason: developers simply aren’t building enough new houses. Compounding the problem, builders are focusing on higher-end homes. Typically, new homes sell for about $25,000 more than previously-owned ones. These days they’re selling for about $75,000 more; the skewed numbers are a good indication that builders are catering to the affluent.

Luxury Homes Downsized

Call it a sign of the times. Cookie-cutter 4,000- to 5,000-square-foot homes with grand foyers, media rooms and three-car garages stuffed on one lot litter the ranks of unsold properties in overbuilt communities.  Architects and designers of the small home movement say the monolithic sameness of those anonymous planned communities typified the housing boom and that people are sick of it. The idea of luxury above a certain size doesn’t make sense, it’s like saying that cars are valued by their size. You don’t buy a car by the pound, and you don’t buy a house by the square footage. You buy it by its livability.

July 7, 2015

Own vs Rent

 

In the largest 100 markets in the nation, it’s still cheaper to own than rent, by a whopping 38% on a national basis, says real estate data firm Trulia. Of course, real estate  is local and conditions vary widely. Still, the rent-v-buy trade-off isn’t likely to shift until mortgage rates hit about 10.6%,Trulia predicts. Many renters see how much of their paychecks go to housing and know it makes sense to buy.

June 22, 2015

Real Estate Outlook Wilmington NC Homes

Wilmington NC Real Estate
Currently on the market there are 1514 single family homes in the greater Wilmington area  and 661 under contract.  In the last month there were 343 homes sold. The lowest priced home sold was priced $17,500 downtown and highest priced home in Wilmington at $2.5 million.

Real Estate Outlook
The housing market can handle interest rates well above 4 percent as long as inventory improves to slow price growth and underwriting standards ease to normal levels so that qualified buyers — especially first-time buyers — are able to obtain a mortgage."

May 31, 2015

Wilmington Real Estate Review

Wilmington NC Real Estate
Currently on the market there are 1526 single family homes in the greater Wilmington area  and 665 under contract.  In the last month there were 265 homes sold. The lowest priced home sold was priced $31,000 downtown and highest priced home sold on Figure Eight Island at $2.3 million.
 

Residential Market Update
Percentage Change from April 2014 - April 2015
 

Brunswick County
Association of Realtors MLS

Wilmington Regional Association of Realtors MLS

 

Categories

% Change

 

Categories

% Change

Total Units Sold

+18.7

 

Total Units Sold

+17.9

Average Sales Price

+4.5

 

Average Sales Price

+4.7

Median Sales Price

+1.4

 

Median Sales Price

+1.6

Total Dollar Volume

+23.9

 

Total Dollar Volume

+23.5

Days on the Market

-7.5

 

Days on the Market

-7.6

 

  
Pending Home Sales Climb in April to Highest Level since May 2006

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 3.4 percent to 112.4 in April from a slight upward revision of 108.7 in March and is now 14.0 percent above April 2014 (98.6) — the largest annual increase since September 2012 (15.1 percent). The index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006 (112.5).

Lawrence Yun, NAR chief economist, says the steady gains in contract activity each month this year highlight the fact that buyer demand is strong.  "Homeowners looking to sell this spring appear to be in the driver's seat, as there are more buyers competing for a limited number of homes available for sale."

May 10, 2015

Wilmington NC Real Estate Results First Quarter 2015

2015 First Quarter Local Real Estate Zip Code Report

WILMINGTON, N.C. (April 17, 2015) – When analyzing eleven major zip codes in our region – 28401, 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449, and 28443 – an average of the zip codes shows for First Quarter of 2015:

  • Our average sales price has increased by 4.9% from First Quarter 2014.
  • Of the 1,065 sellers in First Quarter 2015, 37.7% paid some sort of concession toward the purchase of the house.
  • Our list to sales price ratio for First Quarter 2015 is 96.9%, an increase from 95.5% for First Quarter 2014.
  • The average list price of the sold properties is $265,962 and is up 3.4% from First Quarter 2014.
  • The average number of days a property remained on the market for the First Quarter was 115 days, compared to 124 days for First Quarter 2014.
  • The median sold price of $205,000 for First Quarter is equal to the First Quarter 2014.

The areas of focus in this analysis were:  

  • Selling Price – The price the seller accepts for his or her house.
  • Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
  • List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
  • Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
  • List Price – The amount of money a home is listed on the market.
  • Median Price – The middle price of all the properties sold in the given time period.

28401

  • The average selling price of $116,140 has decreased 8.2% from First Quarter 2014 average selling price of $123,219.
  • 15.8% of sellers paid a concession in 2015, compared to 18% for First Quarter 2014.
  • The average list price of $123,578 has decreased 6.6% from First Quarter 2014 average list price of $132,301.
  • The average number of days a property remained on the market for 2015 was 133 days, compared to 147 days for First Quarter 2014.
  • The median sold price of $78,000 for 2015 has decreased 25.2% from First Quarter 2014.
  • Sold homes in 2015 received 93.98% of the asking price, an increase from 93.1% for First Quarter 2014.

28403

  • The average selling price of $210,990 has increased 7.8% from First Quarter 2014 average selling price of $195,719.
  • 23.7% of sellers paid a concession in 2015, compared to 24% for First Quarter 2014.
  • The average list price of $220,685 has increased 7.3% from First Quarter 2014 average list price of $205,692.
  • The average number of days a property remained on the market for 2015 was 122 days, compared to 112 days for First Quarter 2014.
  • The median sold price of $165,250 for 2015 has increased 10.2% from First Quarter 2014.
  • Sold homes in 2015 received 95.6% of the asking price, an increase from 95.1% for First Quarter 2014.

28405

  • The average selling price of $289,043 has increased 7.8% from First Quarter 2014 average selling price of $268,179.
  • 37.3% of sellers in 2015 paid a concession, compared to 30% for First Quarter 2014.
  • The average list price of $303,164 for 2015 has increased 6.4% from First Quarter 2014 average list price of $284,970.
  • The average number of days a property remained on the market for 2015 was 119 days, compared to 129 days for First Quarter 2014.
  • The median sold price of $170,250 for 2015 has decreased 5.7% from First Quarter 2014.
  • Sold homes in 2015 received 95.3% of the asking price, an increase from 94.1% for First Quarter 2014.

28409

  • The average selling price of $289,130 has increased 7.5% from First Quarter 2014 average selling price of $269,060.
  • 49% of sellers in 2015 paid a concession, compared to 33% for First Quarter 2014.
  • The average list price of $295,672 for 2015 has increased 6.3% over First Quarter 2014 average list price of $278,212.
  • The average number of days a property remained on the market for 2015 was 117 days, compared to 125 days for First Quarter 2014.
  • The median sold price of $250,000 for 2015 has decreased 2.8% from First Quarter 2014.
  • Sold homes in 2015 received 97.7% of the asking price, an increase from 96.7% for First Quarter 2014.

28411

  • The average selling price of $311,001 has increased 4.7% from First Quarter 2014 average selling price of $296,912.
  • 46% of sellers in 2015 paid a concession, compared to 35% in First Quarter 2014.
  • The average list price of $322,268 for 2015 has increased 1.5% over First Quarter 2014 average list price of $317,360.
  • The average number of days a property remained on the market for 2015 was 99 days, compared to 121 days for First Quarter 2014.
  • The median sold price of $230,000 for 2015 has increased by 5.2% from First Quarter 2014.
  • Sold homes in 2015 received 96.5% of the asking price, an increase from 93.5% for First Quarter 2014.

28412

  • The average selling price of $199,401 has increased .2% over First Quarter 2014 average selling price of $199,067.
  • 40.4% of sellers in 2015 paid a concession, compared to 37% for First Quarter 2014.
  • The average list price of $205,283 for 2015 has increased 1.4% over First Quarter 2014 average list price of $202,428.
  • The average number of days a property remained on the market for 2015 was 90 days, compared to 96 days for First Quarter 2014. The best of all the zip codes.
  • The median sold price of $167,950 for 2015 has decreased 5.9% from First Quarter 2014.
  • Sold homes in 2015 received 97.1% of the asking price, a decrease from 98.3% for First Quarter 2014.

28451

  • The average selling price of $219,108 has increased 10.5% from First Quarter 2014 average selling price of $198,250.
  • 37% of sellers in 2015 paid a concession, compared to 33% for First Quarter 2014.
  • The average list price of $221,666 for 2015 has increased 9.6% over First Quarter 2014 average list price of $202,163.
  • The average number of days a property remained on the market for 2015 was 126 days, compared to 106 days for First Quarter 2014.
  • The median sold price of $196,000 for 2015 has increased 11.5% from First Quarter 2014.  
  • Sold homes in 2015 received 98.8% of the asking price, an increase from 98.0% for First Quarter 2014.

28480

  • The average selling price of $849,522 has increased 28.2% from First Quarter 2014 average selling price of $662,500. The best of all the zip codes.
  • 5.6% of sellers in 2015 paid a concession, compared to 6% in First Quarter 2014. The best of all the zip codes.
  • The average list price of $879,578 for 2015 has increased 20% over First Quarter 2014 average list price of $727,955. The best of all the zip codes.
  • The average number of days a property remained on the market for 2015 was 196 days, compared to 166 days for First Quarter 2014.
  • The median sold price of $628,500 for 2015 has increased 22.6% from First Quarter 2014. The best of all the zip codes.
  • Sold homes in 2015 received 96.5% of the asking price, an increase from 91.0% for First Quarter 2014.

28428

  • The average selling price of $259,326 has increased 3.7% from First Quarter 2014 average selling price of $250,037.
  • 25% of sellers in 2015 paid a concession, compared to 17% for First Quarter 2014.
  • The average list price of $272,857 for 2015 has increased 4.3% over First Quarter 2014 average list price of $261,629.
  • The average number of days a property remained on the market for 2015 was 173 days, compared to 144 days for First Quarter 2014.
  • The median sold price of $227,500 for 2015 has decreased .2% from First Quarter 2014.
  • Sold homes in 2015 received 95.0% of the asking price, a decrease from 95.5% for First Quarter 2014.

28449

  • The average selling price of $327,563 has increased 2.6% over First Quarter 2014 average selling price of $319,360.
  • 20% of sellers in 2015 paid a concession, compared to 10% for First Quarter 2014.
  • The average list price of $345,620 for 2015 has increased 4.0% over First Quarter 2014 average list price of $332,485.
  • The average number of days a property remained on the market for 2015 was 142 days, compared to 151 days for First Quarter 2014.
  • The median sold price of $270,000 for 2015 has decreased 13.1% from First Quarter 2014.
  • Sold homes in 2015 received 94.7% of the asking price, a decrease from 96.0% for First Quarter 2014.

28443

  • The average selling price of $239,622 has increased 4.5% over First Quarter 2014 average selling price of $229,218.
  • 44% of sellers in 2015 paid a concession, compared to 35% for First Quarter 2014.
  • The average list price of $241,289 for 2015 has increased 1.9% over First Quarter 2014 average list price of $236,684.
  • The average number of days a property remained on the market for 2015 was 114 days, compared to 183 days for First Quarter 2014.
  • The median sold price of $237,000 for 2015 has increased 7.7% from First Quarter 2014.
  • Sold homes in 2015 received 99.3% of the asking price, an increase from 96.8% for First Quarter 2014. The best of all the zip codes.

Ten out of eleven zip codes reported an increase in the average sales price. Nine out of eleven zip codes have the List to Sales price ratio above 95%. Clients are getting closer to their asking price, which is always a good sign that the real estate market is recovering.

Nov. 18, 2014

Where are Home Prices Headed Over the Next 5 Years

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.  

The results of their latest survey

  • Home values will appreciate by 4.8% in 2014.

  • The cumulative appreciation will be 23.5% by 2019.

  • That means the average annual appreciation will be 3.6% over the next 5 years.

  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 15.1% by 2019.

    Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

Nov. 6, 2014

Renting vs Buying

In Trulia’s latest Rent vs. Buy Report, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States. The updated numbers actually show that the range is from an average of 17% in Honolulu, all the way to 63% in Detroit, and 38% Nationwide!  #tinaabraham #wilmingtonnc www.tinaabraham.com