Data Content via the National Association of Realtors:

WASHINGTON (December 21, 2022) – Existing-home sales declined for the tenth month in a row in November, according to the National Association of REALTORS^®. All four major U.S. regions recorded month-over-month and year-over-year declines.

Total existing-home sales,¹ https://www.nar.realtor/existing-home-sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – waned 7.7% from October to a seasonally adjusted annual rate of 4.09 million in November. Year-over-year, sales dwindled by 35.4% (down from 6.33 million in November 2021).

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NAR Chief Economist Lawrence Yun. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.”

Total housing inventory² registered at the end of November was 1.14 million units, which was down 6.6% from October, but up 2.7% from one year ago (1.11 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, which was identical to October, but up from 2.1 months in November 2021.

The median existing-home price³ for all housing types in November was $370,700, an increase of 3.5% from November 2021 ($358,200), as prices rose in all regions. This marks 129 consecutive months of year-over-year increases, the longest-running streak on record.

Properties typically remained on the market for 24 days in November, up from 21 days in October and 18 days in November 2021. Sixty-one percent of homes sold in November 2022 were on the market for less than a month.

First-time buyers were responsible for 28% of sales in November, which was unchanged from October, but up from 26% in November 2021. NAR’s 2022 Profile of Home Buyers and Sellers – released last month⁴ – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.

All-cash sales accounted for 26% of transactions in November – identical to October and up from 24% in November 2021.

Individual investors or second-home buyers, who make up many cash sales, purchased 14% of homes in November, down from 16% in October and 15% in November 2021.

Distressed sales⁵ – foreclosures and short sales – represented 2% of sales in November, virtually unchanged from last month and one year ago.

According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.31% as of December 15. That’s down from 6.33% last week, but up from 3.12% one year ago.

“The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added. “The average monthly mortgage payment is now almost $200 less than it was several weeks ago when interest rates reached their peak for this year.”

Realtor.com®’s Market Trends Report(link is external) in November shows that the largest year-over-year median list price growth occurred in Milwaukee (+38.1%), Memphis (+26.9%) and Miami (+24.8%). Phoenix reported the highest increase in the share of homes that had prices reduced compared to last year (+28.4 percentage points), followed by Austin (+23.8 percentage points) and Denver (+21.0 percentage points).

Single-family and Condo/Co-op Sales

Single-family home sales declined to a seasonally adjusted annual rate of 3.65 million in November, down 7.6% from 3.95 million in October and 35.2% from one year ago. The median existing single-family home price was $376,700 in November, up 3.2% from November 2021.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 440,000 units in November, down 8.3% from October and 37.1% from the previous year. The median existing condo price was $321,600 in November, an annual increase of 5.8%.

“For most of this year, prospective home buyers have faced the dual challenges of elevated mortgage rates and limited housing inventory,” said NAR President Kenny Parcell, a REALTOR® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. “Consumers can rely on REALTORS® to provide informed guidance on changing market conditions and trusted expertise throughout all steps of the home buying process.”

Regional Breakdown

Existing-home sales in the Northeast decreased 7.0% from October to an annual rate of 530,000 in November, down 28.4% from November 2021. The median price in the Northeast was $394,700, an increase of 3.5% from the prior year.

Existing-home sales in the Midwest retreated 5.6% from the previous month to an annual rate of 1.02 million in November, falling 30.6% from one year ago. The median price in the Midwest was $268,600, up 3.9% from November 2021.

In the South, existing-home sales dwindled 7.1% in November from October to an annual rate of 1.84 million, a 35.0% decrease from the previous year. The median price in the South was $340,100, an increase of 4.4% from this time last year.

Existing-home sales in the West fell 12.5% from October to an annual rate of 700,000 in November, down 45.7% from one year ago. The median price in the West was $569,800, a 2.0% increase from November 2021.

“The West region experienced the largest decline in home sales and the smallest increase in home prices compared to the other regions of the country,” Yun said.

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

# # #

For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for November is scheduled for release on December 28, and Existing-Home Sales for December will be released on January 20, 2023. Release times are 10 a.m. Eastern.

¹ Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

² Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

³ The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

⁴ Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

⁵ Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

Courtesy: Houselogic

The temps are starting to drop, and the smell of wood smoke is in the air. That’s when veteran homeowners know it’s time to do these six things if they want to avoid trouble or overspending.

#1 Buy Appliances

Whisper to them. Do a rain dance. Whatever it takes to get your old appliances to wait until fall to go on the fritz. Manufacturers bring out their latest models during the fall, and store owners offer big sales on appliances they want to move out — like last year’s most popular dishwasher. So September, October, and November are great months to buy.

But October is right in the middle, when there’s still plenty of selection and retailers might be more willing to haggle.

Refrigerators are the exception because new models don’t come out until spring.

#2 Switch the Direction of Ceiling Fans

Most have a switch to allow the ceiling fan blades to rotate either clockwise or counterclockwise. One way pushes air down to create a nice breeze, and the other sucks air up, helping to distribute the heat. Think counterclockwise when it’s warm and clockwise when it’s cool.

#3 Clean Windows

Daylight is about to dwindle so why not get as much of it as you can? Clean off all the bugs, dust, and grime from your windows while the weather is still warm enough to do so. For streak-free windows, combine ¼-cup of white vinegar with ¼ to ½ teaspoon of eco-friendly dish detergent and 2 cups of water.

If window cleaning isn’t a DIY job at your home, schedule a professional window cleaner (who, unlike most of us, is able to do it even when temperatures plummet) before the end of the month. The closer it gets to the holidays, the busier they get. Bright sunshine on winter’s darkest days makes it totally worthwhile.

#4 Schedule a Heating Unit Checkup

To ensure your family will be able to feel their toes all winter, schedule early in the month for your heating unit to be serviced. As temperatures drop, service companies get busier.

Whether you hire your heating company’s technician or a contractor to do it, they’ll clean soot and corrosion from the combustion chamber, replace filters, and check the whole system for leaks, clogs, and damage. Nothing pairs with a pending blizzard better than the assurance that you’ll be weathering the storm with warm air piping through the vents and cocoa in hand.

#5 Get a Chimney Sweep to Inspect the Fireplace

It’s time to dust off and sweep the chimney! Best to hire someone who knows wood-burning fireplaces. A professional chimney sweep will ensure your wood-burning fireplace burns more efficiently and will help prevent chimney fires and carbon monoxide poisoning during the winter. So, yeah, it’s pretty important.

Tip: If you don’t already have a chimney cap, this is also the time to add one to stop wild outdoor critters from crawling down it — and (yikes!) into your house.

#6 Insulate Exposed Pipes

If you’ve ever dealt with a burst pipe, you know it’s a sad, wet disaster worth preventing. To avoid the stressful (not to mention, expensive) ordeal, prep your home’s exposed pipes with foam or heat tape — choosing which one will work best with your climate. Remember: The most at-risk pipes are often those in unheated areas such as an attics, crawl spaces, and garages, so secure those first.

Courtesy: Keeping Current Matters

It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR):

“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”

If you’re thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.

The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help make your homeownership goals a reality.

1. Expand Your Search Area and Criteria
If you’ve been looking for a home in the city center or a specific area that’s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home. As CNET notes:

“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”

2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. According to Nerd Wallet:

“A variety of mortgages are available with varying down payment and eligibility requirements.”

Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.

3. Look for Grants, Gift Funds, and Down Payment Assistance
There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is downpaymentresource.com. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. As NAR indicates:

“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”

Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.

Bottom Line
If you’ve been searching for a home and have found yourself stepping out of the process because you’re worried about rising costs, connect with a trusted real estate expert. Having a team of local advisors on your side may be just what you need to guide your search in a new and more affordable direction.

Courtesy: Keeping Current Matters

Courtesy: Keeping Current Matters

June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.

If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when you do.

The Emotional Benefits of Homeownership

Because it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.

Your Home Can Reflect Your Tastes and Personality

Investopedia puts it like this:

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”

That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWire, says:

“The psychology is that this is yours and you’re going to make it as good as possible because you’re in for a long time, . . . “

And that can create a greater sense of ownership, pride, and connection with your home and your community.

It Can Enhance Your Neighborhood and Civic Engagement

Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:

“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”

The Financial Benefits of Homeownership

When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.

It Can Help You Feel Financially Stable

Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

It Can Grow Your Wealth

Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.

According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Bottom Line

Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, contact a local real estate professional to begin the process today.

Courtesy: Keeping Current Matters

According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.

If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.

Early Signs Inventory May Be Growing

The latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (see graph below):

This indicates more sellers are listing their homes for sale each month this year. And according to realtor.com, this growth is expected to continue. Their research finds the majority of potential sellers plan to list their homes over the next six months. Realtor.com says:

“. . . markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”

Homes Are Still Selling Quickly

But while new listings are increasing, it’s important to know they’re also selling quickly. The latest Realtors Confidence Index from NAR shows the median days on market for recently sold homes since the beginning of the year (see chart below). The time on market has decreased month-over-month. That means homes are selling even faster than they did the previous month.

What That Means for You

While a low-inventory market is difficult to navigate as a buyer, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if you’ve had a hard time finding a home that fits your needs. Just remember, those new listings are going fast. That means you’ll want to keep your foot on the gas and be ready to act if you find a home you love this season.

Your agent can help you stay on top of the latest listings in your area so you can find the home that’s right for you and submit your strongest offer as quickly as possible.

Bottom Line

If you’ve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. Partner with a real estate professional to stay up to date on the latest listings in your market, so you can be ready to move fast when you find the one that’s right for you.

Courtesy: House Logic

Smart home devices can be clever choices for your home and your budget.

When you’re not home, little doubts can plague you. Did I lock the door? Did I leave a key for the housekeeper? Is the AC still on full blast? Smart home devices can resolve those questions and ease your mind. They can also make your home more comfortable and convenient, and save you money.

Once the exclusive domain of the super-rich and alpha geeks, smart home devices have become more common, user friendly, and affordable. You can equip your home with some basic smart devices like a smart thermostat, smart lighting, and smart door locks for $1,000 or less. You can run these devices with your smartphone or tablet. And in many cases, you can install them yourself; no electrical engineering degree required.

Here’s what you need to know to get started in choosing the right smart home devices for your home and your budget.

What Are My Smart Home Goals?
Start by deciding what you want to accomplish, and that will lead you to a relevant device. If you want more security, consider a smart door lock. Are you looking for more comfort and convenience? Check out smart lights that come on right before you get home from work. Want to save money? A smart thermostat that uses artificial intelligence to control the temperature in your house may be the way to go. Do you crave a cool, high-tech gadget that’s downright Jetsons-esque? Go for a smart appliance like a fridge that can stream cooking videos.

Do I Need a Hub?
You don’t necessarily need a hub. In the early days of smart home tech you needed a dedicated device that tied all your smart home devices together. Back then, hubs were problematic, because not all devices were compatible with them, and their software needed to be updated regularly. Those old hubs are near relics now. These days, you can run your smart home devices through an app on your phone or tablet. Wi-Fi and the cloud have been game changers in smart home technology because they enable many devices to network together regardless of the make and the brand.

Many homeowners use a voice assistant like Siri or Alexa as a de facto home hub by tying all their smart home devices to it. Once you do that, you can control your devices with a single unit. If you tie your smart home door lock and smart home appliances to your voice assistant, you can say, “Siri, preheat the oven to 350 degrees and unlock the door,” and consider it done.

“Voice assistants have made so much more possible in the area of smart home devices,” says John Carey, vice president of Designer Appliances, a New Jersey retailer that specializes in smart appliances. “They can work with so many different products.”

Do I Need a Wi-Fi Connection?
You can run your devices by connecting them to a hot spot device, like a MIPS (Microprocessor without Interlocked Pipelined Stages), which lets you tap into a cell phone signal. A MIPS is basically a little computer that hooks your smart devices to the cloud via a cell phone network. You can also run smart devices through a hot spot on your phone or tablet. But you’ll get the best experience with Wi-Fi hooked up to the internet, Carey says.

Can Smart Homes Get Hacked?
Although smart homes can be hacked, the damage a hacker can do is limited, says Christy Roth, director of offer management, home and distribution software for Schneider Electric in Nashville, Tenn. “Hackers can’t get to your bank account through your smart refrigerator,” she says. “But they could see what’s in your refrigerator or turn it off.”

Although appliances can be at risk, homeowners are typically more concerned about risk tied to devices like smart locks and cameras. Carey says you’re better safe than sorry when it comes to security with smart home devices and appliances. “We recommend people set up a guest network that’s separate from their main network and connect all their smart devices to that. That way hackers can’t get on your network and onto your computer, where you store sensitive information.”

4 Smart Home Device Categories
Here’s a quick primer on four of the most popular smart home devices and some pros and cons for each.

1. Smart thermostats — They’re the top-selling smart home device. Around 33 million households in the United States had one as of 2020. “They’re the most natural place to start if you want to get into smart home tech,” Roth says. Smart thermostats let you create programmable temperature settings based on your schedule, the weather, and your own needs. Many smart thermostats incorporate artificial intelligence technology to learn your schedule and adjust heating and cooling according to when you’re home. They’ll turn off the AC while you’re at work and turn it on 30 minutes before you get home from work each day. “They definitely pay for themselves with energy savings,” Carey says.

Pros

Smart home thermostats reduce the use of heating and cooling systems when nobody is home. If your HVAC runs less, your utility bill will be lower.
They alert you when it’s time to change the filter and can tell you when your last maintenance check was, saving you costly repairs.

Cons

They can be complex to operate. “Setting up the profiles for vacation and sleep isn’t easy, so people can end up ignoring them or overriding them,” Roth says. “And the AI can annoy some people so that they override it. That defeats the purpose of having them.”
Some require professional installation.

2. Smart lighting — This includes smart lightbulbs or smart switches. Both can be controlled remotely, via your smartphone when you’re miles away or with a voice assistant when you’re at home. You can program them to turn on or off at certain times and control their brightness.

Pros

Smart bulbs are simple to set up; you can screw them into a light fixture yourself.
They are easy to scale up; buy more to enlarge your smart lighting system.
They let you use whatever bulb you want because the switch is hooked to the cloud, not the bulb.

Cons

You can’t get smart bulbs to fit every fixture.
They don’t work well in fixtures tied to dimmer switches.
They require rewiring to install. You’ll need to call a pro.

3. Smart appliances — Anything that runs on electricity is game for joining the Internet of Things, the ever-growing network of connected devices that talk to one another via the cloud. So, you can get smart microwaves that let you download cooking instructions for frozen food, smart ovens you can preheat before you get home, and smart refrigerators that alert you when food hits its expiration date. “Our biggest seller is smart washing machines,” Carey says. “They’ll alert you when your laundry is done, so you can get it into the drier before it sours.”

Pros

They look cool. What’s not to love about a refrigerator with a touchscreen that lets you see inside the fridge without opening it?
They can cut your electric bill. Some smart appliances can calculate energy rates and schedule themselves to run during off-peak hours when electricity rates are lower.

Cons

They’re expensive to buy and repair.
If your internet goes down, your smart appliances become dumb ones.

4. Smart door locks — They let you lock and unlock your house with the tap of a finger or a voice command. No keys required. Smart locks enable remote access, so you can unlock a door to let in a guest while you’re at work. Some locks allow you to monitor entry and exit logs in real time, so you can see if the kids got home from school or if the dog walker arrived on time. Some allow you to set up entry codes that work for only a certain period of time, so you can control who has access to your house.

Pros

You don’t have to dig in your purse or pockets for keys.
You can see who comes and goes at your house.
Instead of giving out house keys to everyone who needs to get into your home, you can set a code for the cleaning person or the dog walker that only they use.

Cons

They run on batteries. If the battery goes dead, you’re locked out.
If the power goes out or your Wi-Fi goes down, you won’t be able to operate the lock remotely.
Like all smart tech, smart locks can be hacked. But they have a system that will notify you or the police of an unauthorized entry.
Smart devices are a smart investment as long as they add comfort, convenience, or savings that you value. You’ll be more likely to get what works for you after exploring the most popular options and their pros and cons.

Courtesy: Keeping Current Matters

If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one.

If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.

1. The Number of Homes on the Market Is Still Low
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house.

Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this season.

2. Your Equity Is Growing in Record Amounts
According to the most recent Homeowner Equity Insight report from CoreLogic, homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year.

That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.

3. Mortgage Rates Are Increasing
While its true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.

For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says:

“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates….”

When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.

4. Home Prices Are Climbing Too
Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.

What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.

And, once you make your purchase, you can find peace of mind in knowing ongoing home price appreciation is growing the value of your new investment.

Bottom Line
If you want to win when you sell and when you buy, this spring could be your golden opportunity. Get connected with a local real estate professional so you have the insights you need to take advantage of today’s incredible sellers’ market.

Courtesy: Keeping Current Matters

While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible.

The most recent Consumer Confidence Survey finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall (see graph below):

As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the time to list.

While more people are moving their plans up, others are actively putting theirs in motion. Time on the market is a great indication that homebuyers are motivated and moving quickly. According to a recent realtor.com report, the average home sold faster this January than any January on record.

Danielle Hale, Chief Economist at realtor.com, notes:

“Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”

What Does That Mean for You?
Homebuyers are rethinking their strategies and moving their plans forward. Others are making their moves today. That means demand for your house isn’t just increasing – it’s high right now.

And because there are so few homes available for determined purchasers to choose from, if you’re planning to sell your house this year, doing so sooner means you can take advantage of high buyer demand before more houses are listed in your neighborhood. Why is this important? Because as more houses are put up for sale, buyers will have more options. But until then, your house will be in the spotlight.

Bottom Line
With so many buyers eager to make a purchase, you could benefit from listing your house soon. To understand how strong buyer demand is in your area, connect with a local real estate advisor and start making your plans today.

What’s Happening with Home Prices?

Courtesy: Keeping Current Matters

Courtesy: Keeping Current Matters

As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers. Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon?

Mortgage Rates Will Likely Increase, but Remain Low

Many experts are projecting a rise in interest rates. The latest Quarterly Forecast from Freddie Mac states:
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”

However, even as mortgage rates rise, the anticipated increase is expected to be modest at most, and still well below historical averages. Rates remaining low is good news for homebuyers who are looking to maximize their purchasing power. The same report from Freddie Mac goes on to say:

“While higher mortgage rates will help slow the pace of home sales and moderate house price growth, we expect overall housing market activity will remain robust. Our forecast has total home sales, the sum of new and existing home sales, at 7.1 million in 2021….”

Home Price Appreciation Will Continue, but Price Growth Will Likely Slow. 

Joe Seydl, Senior Markets Economist at J.P. Morgan, projects home prices to continue rising as well, indicating buyers interested in purchasing a home should do so sooner rather than later. Waiting for rates or home prices to fall may not be wise:

“Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”

Other experts remain optimistic about home prices, too. The graph below highlights 2021 home price forecasts from multiple industry leaders:

Inventory Remains a Challenge, but There’s Reason To Be Optimistic. 

Home prices are rising, but they should moderate as more housing inventory comes to market. George Ratiu, Senior Economist at realtor.com, notes there are signs that we may see the current inventory challenges lessen, slowing the fast-paced home price appreciation and creating more choices for buyers:

“We have seen more new listings this year compared with 2020 in 11 of the last 13 weeks. The influx of new sellers over the last couple of months has been especially helpful in slowing price gains.”

New home starts are also showing signs of improvement, which further bolsters hopes of more options coming to market. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), writes:

“As an indicator of the economic impact of housing, there are now 652,000 single-family homes under construction. This is 28% higher than a year ago.”

Finally, while it may not fundamentally change the market conditions we’re currently experiencing, another reason to be optimistic more homes might come to market: our improving economy. Mark Fleming, Chief Economist at First American, notes:

“A growing economy in the summer months has multiple implications for the housing market. Growing consumer confidence, a stronger labor market, and higher wages bode well for housing demand. While a growing economy and improving public health conditions may also spur hesitant existing owners to list their homes for sale, it’s unlikely to significantly ease the super sellers’ market conditions.”

Bottom Line
As we look at the forecast for prices, interest rates, inventory, and home sales, experts remain optimistic about what’s on the horizon for the second half of 2021. Contact your trusted real estate advisor to discuss how to navigate the market together in the coming months.

Courtesy: Houselogic

Could it really be summer?!

Tackle these five summer maintenance tasks during June’s longer days and better weather — and save yourself time and money this winter.

#1 Update Outdoor Lighting

In June, winter nights are probably the last thing on your mind. But early summer is the perfect time to plan for those “OMG it’s only 4:30, and it’s already dark ” moments by adding or updating landscape lighting. The most energy-efficient, easy-to-install option is solar lighting, but it won’t perform as well on dark or snowy days. For light no matter the weather, install electric.

LED bulbs last up to five times longer and also use less energy than comparable bulbs.

#2 Clean Your House’s Siding

With a bit of preventative maintenance, your home’s siding will stay clean and trouble-free for up to 50 years. Fifty years! Clean it this month with a soft cloth or a long-handled, soft-bristled brush to guarantee that longevity.

Start at the bottom of the house and work up, rinsing completely before it dries. That’s how you avoid streaks.

#3 Focus on Your Foundation

There’s no better time for inspecting your foundation than warm, dry June. Eyeball it for crumbling mortar, cracks in the stucco, or persistently damp spots (especially under faucets). Then call a pro to fix any outstanding issues now, before it becomes an emergency later.

#4 Seal Your Driveway Asphalt

Your driveway takes a daily beating. Weather, sunlight, cars, bikes, and foot traffic – all of these deteriorate the asphalt. Help it last by sealing it. Tip: The temperature must be 50 degrees or higher for the sealer to stick, making June a good month for this easy, cost-effective job.

#5 Buy Tools

Thanks to Father’s Day, June is the month everyone can get a deal on tools, tool bags, and that multitool you’ve had your eye on. If it’s time to replace a bunch of tools, or you’re starting from scratch, look for package deals that offer several at once. These can pack a savings wallop, offering 30% off or more over buying the tools individually.

By: Keeping Current Matters

When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready.

1. There’s high demand from homebuyers.

Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year. Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime, notes:

“As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.”

When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.

2. There aren’t enough houses for sale.

Purchaser demand is so high, the market is running out of available houses for sale. Recently, realtor.com reported:

“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”

The National Association of Realtors (NAR) also reveals that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market – in fact, NAR reports that the average house is on the market for only 21 days.

It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.

3. You have a lot of leverage in today’s market.

Clearly, many more people are interested in buying than selling this spring, creating the ultimate sellers’ market. When this happens, homeowners in a position to sell have the upper hand in negotiations.

According to NAR, agents are reporting an average of 3.7 offers per house and an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use your leverage to negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms.

4. It’s a great way to use your home equity.

According to the latest data from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate. Equity is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home.

Mark Fleming, Chief Economist at First American, notes:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”

5. It’s a chance to find a home that meets your needs.

So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home.

Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and find the home of your dreams.

Bottom Line

Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Contact a real estate professional so you’ll be positioned to win when you sell your house this spring.

Save the headache and find your perfect home buying collaborator.

You’ve been boosting your credit score, saving up for a down payment, and creating your dream home wish list for months. You’re basically ready to move into your perfect new home, right? Not really. The buying process can be complicated, and even if you’ve seen 400 episodes of “House Hunters,” you’re probably not an expert.

That’s where your real estate agent comes in. They’re like a personal mentor to guide you through one of the biggest financial decisions of your life.

HouseLogic teamed up with REALTOR® Dale Chumbley of Camas, Wash., during a Q&A on Facebook, to answer your questions about how to work with agents and lenders. For the entire conversation, visit HouseLogic’s Facebook page.

#1 When to Reach Out to an Agent

Q: It’s probably unrealistic to think you can buy a home entirely online, but when and how does a real estate agent come into the process?

A: We know that almost all buyers now start their home search online. Listing sites are a great way to get familiar with the general marketplace and what’s going on in it, but you really need a local agent to understand the idiosyncrasies of any given neighborhood. Someone who’s working every day in the market you’re considering can help you decipher some of the nuances you don’t get when you browse online and direct you to the right area for all your home needs. 

Once you have a general sense of your home wish list, start reaching out to agents and having conversations about what you’re looking for. The best way a buyer can find an agent is through the recommendation of a trusted resource. Ask your friends and family who they have worked with in a particular area, and try to interview a few agents so you can find the right fit. 

Look them up online to read their reviews and get a feel for their level of business. And make sure you work with someone who you enjoy spending time with. Finding the right partner early in your buying journey can save you a lot of hassle later on down the road.

#2 How An Agent Helps You

Q: What sorts of things can real estate agents help with that most people don’t know about?

A: A good real estate agent is with you far beyond the actual transaction. 

During the transaction itself, agents help you organize inspectors, contractors, and anything else that’s needed for the logistics of the home buy. They also can put you in touch with a great lender from the beginning.

After closing, your agent can continue to be your resource for any repair work you might need or help answer any general questions you may have about home improvement ROI, financing, and more.

A great agent should be a mentor and resource, so make sure you have someone by your side who can help guide you through your whole home ownership journey.

#3 How To Switch Agents

Q: Is it possible to switch agents without making anyone feel badly or causing problems?

A: If  it’s not working out, and you’re under a buyer-broker contract, you’d need to work out the legalities of closing out that formal agreement with your current agent before moving on to someone new. 

If you aren’t under contract and the relationship isn’t working for you, speak up. Have a heart-to-heart with your agent, and clearly explain what you need and why you feel you aren’t getting it.

[Whether you’re under a contract or not,] share your honest feedback, and give your agent a chance to get back on track. 

#4 How to Decide Between an Online vs. Real-Life Lender

Q: You can get a loan online or from a bank in person. What do you think is the best approach, and why?

A: From my experience, the real-life mortgage broker tends to be the best. Having the ability to sit down face-to-face and have a conversation about your overall financial goals and how real estate plays into them is very important. An expert lender who can help you navigate the whole buying process makes for a better, less stressful experience all the way around. 

I also believe you have a better competitive advantage when working with someone you have an in-person relationship with and that you can reach whenever you need to. There’s nothing worse than wanting to write an offer on the weekend and not being able to get a lender letter until Monday when your online loan officer is back in the office.

As for the loan, I’d recommend sticking with a mainstream mortgage broker or trusted bank. Keep in mind, if something appears “too good to be true,” it often is. If you have a red-flag feeling, listen to your gut.

#5 The Loan Process

Q: The loan process can seem a little scary. Should buyers expect their mortgage lender to help them through all the financial and paperwork details, or are they on their own? What should buyers get together in terms of finances before even reaching out to a lender?

A: The loan process can definitely feel overwhelming, especially if you’re a first-time buyer. But if you have a lender who has strong experience and with whom you have a good relationship, they can absolutely guide you through all the finer points of the loan process and make it as smooth and painless as possible. 

You should try to meet with mortgage lenders as soon as possible. People often think they need to have everything exactly in order before connecting with a lender, but you really want to allow the lender to help you get ready. They can give you the road map to buying success as they evaluate your financial information, step by step.

Even though it’s a major commitment, I think buying a home shouldn’t be a scary or daunting project. If you have positive relationships with your agent and lender, the journey can and should go smoothly. (And be fun!)

#6 How to Choose the Loan

Q: If you’ve been pre-approved by, say, three different mortgage lenders that offer pretty similar loan terms, what’s the biggest differentiating factor when selecting a final lender?

A: In selecting your final choice for lender, you want to make sure you choose someone you feel comfortable with and who is competent to help all the way through the process. I would also lean on the expertise of your agent and who they have a relationship with; that can help streamline communication between all the parties involved in the transaction.

#7 Deciding on the Loan Terms

Q: If you’re more confident about the monthly payments on a 30-year mortgage over a 15-year, but you’re not planning to stay in your next home for decades, how do you know which type of loan to pick?

A: This is where having a lender that can help you look at your overall financial situation becomes critical, and it can be another major difference between an in-person relationship and one you’ve made online.

Particularly if you’re a first-time home buyer, you need that person who can walk you through each step of the financial process and explain the pros and cons of all the different loan types to help you make your best educated decision.

#8 Getting an Attorney Depends on Which State You’re In

Q: How important is a real estate attorney? If I’m considering employing one for my home purchase, at what point in the buying process should I reach out?

A: [Whether to use a] real estate attorneys varies from area to area. In some parts of the country it’s standard practice to employ one, but where I’m from a real estate attorney is never brought into the home buying process unless there’s an actual legal issue. 

I would make sure to talk to your agent and ask them if it’s something you should be doing where you live. 

At the end of the day, both agents and lenders are there to make you feel comfortable, confident, and prepared over the course of your home buying journey. Trust your instincts, and be honest about your needs and financial situation; the right partners will guide you to the perfect fit.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Lisa Kaplan Gordon

Fall is the most crucial time for your lawn.

Although spring lawn care gets all the attention, fall lawn care is the make-it or break-it season for grass.

“I’m already thinking about next year,” says John Dillon, who takes care of New York City’s Central Park, which features 200 acres of lawn in the middle of Manhattan. “The grass I grow this fall is what will be there next spring.”

Fall lawn care is no walk in the park. It’s hard work, and Dillon guides you through the four basic steps.

#1 Aerate
Aeration gives your lawn a breather in autumn and provides room for new grass to spread without competition from spring weeds. Aeration tools pull up plugs of grass and soil, breaking up compacted turf. That allows water, oxygen, and nutrients to reach roots, and gives seeds room to sprout.

If kids frequently play on your lawn, plan to aerate twice a year — fall and spring. If your lawn is just for show, then aerate once a year — and maybe even once every other year.

A hand-aerating tool ($20), which looks like a pitchfork with hollow tines, is labor-intensive and meant for unplugging small sections of grass. Gas-powered aerating machines (rental, $20/hour) are about the size of a big lawn mower, and are good for working entire lawns. Bring some muscle when you pick up your rental: Aerating machines are heavy and can be hard to lift into your truck or SUV.

Depending on the size of your property, professional aeration costs about $150.

#2 Seed
Fall, when the soil temperature is about 55 degrees, is the best time to seed your lawn because turf roots grow vigorously in fall and winter. If you want a lush lawn, don’t cheap out on the seed.

Bags of inexpensive seed ($35 for 15 pounds) often contain hollow husks, weed seed, and annual rye grass seed, which grows until the first frost then drops dead. Splurge on the good stuff ($55 for 15 pounds of Kentucky Bluegrass seed), which resists drought, disease, and insects.

Water your new seed every day for 10 to 20 days until it germinates.

#3 Fertilize
A late fall fertilization — before the first frost — helps your grass survive a harsh winter and encourages it to grow green and lush in spring. Make your last fertilization of the year count by choosing a product high (10% to 15%) in phosphorous, which is critical for root growth, Dillon says.

Note: Some states are banning phosphorous-rich fertilizers, which are harmful to the watershed. In those places, look for nitrogen-rich fertilizers, which promote shoot and root growth. Check with your local extension service to see what regulations apply in your area.

#4 Mulch
Instead of raking leaves, run over them a couple of times with your mower to grind them into mulch. The shredded leaves protect grass from winter wind and desiccation. An added bonus — shredded leaves decompose into yummy organic matter to feed grass roots.

A mulching blade ($10) that attaches to your mower will grind the leaves even finer.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Pat Curry

By: Leanne Potts

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: HouseLogic

Everything has value. Especially your home.

And when it comes to selling your home, assigning a price to that value is complicated. You made memories there. You’ve got a major financial interest in the place, too.

Buyers think of value, but they’re more concerned with price. And your home’s price is one of its most attractive — or unattractive — features. The right price can attract buyers, quickly. The wrong price may mean the house sits on the market, which can create the vibe among buyers that there’s something wrong it. (If the home buying process is Instagram, think of a wrongly priced home as a photo that isn’t getting any likes.)

It’s your agent’s job, as the real estate expert — mining his or her expertise and knowledge of the market — to determine the best price for your home. But it’s your house. You need to have your own idea of how much your property is worth. Here’s how to get it.    

Work With Your Agent

This is crucial. Your agent brings the right mix of industry expertise and knowledge of your local market to the table. 

To understand whether your agent is pricing your home properly, read through each of the steps below. Use what you learn about your home’s fair market price to evaluate any price your agent recommends.

Throughout the pricing process, a good agent will:

• Listen to your needs
• Take into account your research
• Use his or her knowledge of the local market to help you pick the best asking price 

You’re a team. It’s in both of your interests to price your home correctly — a timely, profitable sale is win for everyone.   

And Yeah, You Should Also Check the Internet

Pricing a home is both art and science. To understand what will inform your agent’s pricing decisions — and to be prepared to bring your own educated input to the conversation — start with a pricing research phase.

This includes taking advantage of online estimating tools — but only to an extent. Property websites like realtor.com® and Redfin enable you to plug in your home’s address to see approximately how much your house is worth. They base their estimates on your home’s square footage and real estate data they’ve collected, such as recent home sales in your local market.

But those results are estimates based on generalized factors, not your unique situation. If at any point the price you see in an online calculator doesn’t align with what your agent suggests, prioritize the agent’s advice. 

Online estimators also have a reputation among real estate professionals for misleading buyers and sellers alike with less-than-optimal pricing information. But as a starting point, they have their utility.   

Know Your Local History

What your home’s listing price should be largely depends on what similar homes, or “comps,” recently sold for in your area. To price your home, your agent will run the average sales prices of at least three comps to assess your home’s value.

What constitutes a comp? A number of factors, including a home’s: 

• Age 
• Location
• Square footage 
• Number of bedrooms and bathrooms 

Agents will look into the difference between each comp’s listing price, and the price it sold for. He or she will consider price reductions and why they happened, if relevant. All the while, your agent will also rely on inside knowledge of housing stock and the local market. That nuanced understanding is invaluable, particularly when measuring the unique aspects of your home with raw data about comps.

When selecting comps, agents generally look for properties that sold within a one-mile radius of your home, and in the past 90 days. They find these homes using the multiple listing service (MLS), a regional database of homes that agents pay dues to access.

Size Up the Competition

In addition to recently sold homes, your agent will also look at properties that are currently for sale in your area. These listings will be your competition. But because listing photos don’t always tell the full story, a good agent will check out these homes in person to see what condition they’re in and to assess how your home sizes up.

You can do the same. For additional perspective, you can also get in touch with your local association of REALTORS®. Ask if they have information to offer about your neighborhood and the local market.

Understand the Market You’re In

The housing market where you live can greatly impact your pricing strategy. 

If you’re in a seller’s market, where demand from buyers outpaces the number of homes for sale, you may be able to price your home slightly higher than market value.

But if you’re in a buyer’s market, where buyers have the advantage, you may have to price your home slightly below market value to get people interested. 

You can see local market trends by checking the online resource realtor.com®. It offers charts that display important housing market data, such as a city’s average listing price, median sales price, and average days a home is on market. It’s a lot of information. At any point, you can ask your agent to help you make sense of how your local market will influence your home’s price.

Put Your Feelings Aside

As previously mentioned, many sellers think their home is worth more than it is. Why? Because memories. Because sentiment. Because pride.

But you have to stay objective when assessing your home’s value. Buyers, after all, won’t know your home’s personal history. What makes your home special to you may not be something that entices them. Read: They may want to convert that craft room you worked so hard to perfect into a man cave.

The lesson: As much as possible, set aside your emotional attachment to your home. It will make it easier to accept your agent’s realistic, clear-eyed calculation of its price.

Remember: It’s All Relative

As you and your agent are talking price, the local market may throw you a curveball or two.

In some markets, for example, it could make sense to price your home slightly below its fair market value to spark a bidding war. 

Of course, there’s no guarantee a pricing strategy such as this will pay off. Similarly, there’s no one-size-fits-all playbook. Your home should be priced for its own local, or even hyper-local, market. Period. Confer with your agent before you decide to try any market-specific pricing tactics.

Be Savvy With the Dollar Amount

Pricing your home requires careful attention. In some cases, fair market value may not be precisely what you should list it for — and the reasons can be subtle. 

For example, if comps show that your home is worth $410,000, setting that as your asking price can backfire — the reason is that buyers who are looking online for properties under $400,000 won’t see your home in search results in that case. This explains why many agents use the “99” pricing strategy and, for example, list $400,000 homes for $399,000. The idea is to maximize exposure.

Have a Heart-to-Heart With Your Partner

Not the sole decision maker in your household? Talk to your partner about your home’s price before it’s listed. You can use this worksheet as a guide for that discussion.

The reason isn’t just to foster the kind of open communication that’s important to any relationship. It’s that if you’re not on the same page about price or the other things that are important to you about sale, each subsequent step of the selling process will be impacted by that tension. 

Keep Your Head in the Game

You’ve considered your agent’s advice, and the two of you have agreed on the right price for your home. Hey, champ! Your house is on the market.

Even after the listing date, price should be an ongoing discussion between you and your agent. Markets are fluid, so it’s possible that you’ll have to make tweaks. 

In any case, it’s important to to stay in continuous dialogue with your agent, the MVP of Team Sell Your House. Together, keep your eyes on the price.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: HouseLogic

Follow these six tips to get your home trim and clutter-free in the new year.

Every January, millions of people pledge to lose weight by hitting the gym or going on a diet. But like our bodies, our homes also accumulate excess baggage. So this New Year, why not put your house on a diet? Here are six tips to help your home lose its “love handles” of old clothes, obsolete gadgets, furniture and more. Now you and your house can both meet your weight-loss goals this year.

DO THE 27-FLING BOOGIE

You might not be able to think of 27 things in your house you no longer use, but if you get a box and don’t stop until you find them, you’ll clear up space and have something to donate to a local charity. FlyLady, who learned this tip from Suze Orman, adds this advice: “As soon as you finish filling the box, take it to the car. You are less tempted to rescue the items.” You can also do this again for a 54-Fling Boogie, and send 27 more items directly to the trash.

THE BIGGEST LOSERS

If your home is on the obese side of the spectrum, it calls for extreme measures. A Bagster acts just like a dumpster but with the portability of a large shopping bag. Just fill the container with all of the items you’re ready to let go of, schedule a pickup, and before you know it, you’ll have shaved some serious weight off your home.

OPRAH’S DIET PLAN

If you’ve been loath to help your home lose that extra baggage because you don’t know what to do with the items, Oprah has the answer. She gives a comprehensive, state-by-state list of where to get rid of anything from furniture to that old pair of golf clubs. Plus, you get to help a local charity.

LOSE THAT POST-CHILD WEIGHT

Did your kids skip town but leave their clutter? When children go to college or move out, their old stuff can add some serious heft to your home. It’s best to get them to come clean it out themselves—they know what items are significant, and which ones aren’t. But if they moved across the country, and home visits are too precious to waste cleaning, you can do the deed virtually. Just take photos of their items, upload them into a shareable album, and have them choose what gets sent to them and what gets pitched.

DON’T LET THE MAILMAN RUIN YOUR DIET

A few days of piled-up mail can easily put a few extra pounds on your kitchen table. Household advisor FlyLady says to combat the daily onslaught, deal with the paperwork the moment it comes into the house with a garbage can and calendar at your side. Then always put the bills in the same place, and set one or two days a month to tackle them.

BOOK YOURSELF A HEALTHIER WEIGHT

It’s hard to let go of books you’ve read, but bookshelves can only hold so many. Put them to a new use—as shelves! This simple DIY project actually uses your old books as a storage solution. With this, you’ll clear out your place and–just like with your own diet–you’ll probably impress your friends.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Lisa Kaplan Gordon

Hosting has its shares of anxieties, especially if you’re striving to make your home welcoming.

How do you know everyone will feel comfortable?

And will you ever get a chance to relax yourself?

You will if you focus on what’s really necessary. Here’s a list of steps to get your home ready — and take the stress out of hosting.

#1 Declutter

The day before guests arrive is no time to pull apart junk drawers and clean out linen closets.

Declutter your home, especially the guest rooms and public areas — foyer, kitchen, living room, den, and dining room. Remove anything unnecessary from countertops, coffee tables, and ottomans; if it’s out of sight, keep it out of mind, for now.

If you run short of time, bag up the clutter and store it in car trunks, basements, and out-of-the-way closets. Sort and arrange after your guests depart.

#2 Add Night Lights

Even though you can navigate your home blindfolded, your guests can’t. Make sure outside lights are working so they don’t trip on the way to your door. Put motion-activated night lights in hallways, bathrooms, and bedrooms to ensure safe passage after the sun sets.

#3 Make Space in the Entryway

Your home’s foyer is the first place guests see, so make a good first impression.

• Place a small rug or welcome mat at the entrance to protect floors from mud and snow. 
• Clear out shoes, umbrellas, and other clutter.
• Add extra hooks to walls so guests can hang coats and hats.
• Add a storage bench where guests can remove boots and shoes.

#4 Add a Coffee Station and Extra Stools

Your kitchen is command central during the holidays, so make sure it’s clean and ready for guests and extra helpers.

• Move your coffee station into a family room so guests don’t crowd the kitchen when you’re trying to fix meals.
• If you like to visit while you’re cooking, place extra stools and chairs around the perimeter of your kitchen so guests can set a spell.

#5 Create Extra Sleeping Space

If you’ve got a guest room, replace the ceiling fixture with a ceiling fan and light combo, which helps guests customize their room temperature without fiddling with the thermostat for the entire house. 

To carve sleeping space out of public areas, buy a folding screen or rolling bookcase, which will provide privacy for sleepers. Fold or roll it away in the morning.

#6 Make Extra Bathroom Supplies Easy to Find

Bring toilet paper, towels, and toiletries out of hiding, and place them on open shelves so guests can find them easily.

If you don’t have enough wall space for shelves, place these items in open baskets around the bathroom.

Also, outfit each tub with a bath mat (to avoid falls) and each toilet with a plunger (to avoid embarrassment).

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: HouseLogic

Ah, the offer!

Cinematically speaking, this is the iconic moment — we’d forgive you if you imagined, say, putting a hand on your agent’s shoulder and whispering (in your best Vito Corleone) that you’re going to make them an offer they can’t refuse.

In reality, it’s not that simple (or dramatic). Your offer marks the beginning of a back-and-forth between you and the seller, typically with real estate agents advising you both.

The more intentional you are about your offer, the better your chances of making a successful bid. Follow these 10 steps, and you’ll be well prepared — that’s a true story. (“The Godfather” again. We couldn’t resist.)

#1 Know Your Limits

Your agent will help you craft a winning offer. You can trust your agent’s advice on price, contingencies, and other terms of the deal: It’s a mutually beneficial relationship. The more collaborative you are with your agent, the more quickly you’ll be able to move.

But ultimately, it’s you who decides what the offer will be — and you who knows what your financial and lifestyle limits are. Buying a home means mixing strong emotions with business savvy, so now is also a good time to reflect on your “musts.”

• Have a top limit to your offer price because you’re also saving for retirement and love beach vacations? Stick to it. 
• Want a vegetable garden or to paint your home’s exterior purple? Make sure your homeowners association rules permit it. 
• Besides reading HOA rules, find out how much the HOA has in reserves to cover common area repairs. You don’t want to be slapped unexpectedly with a special assessment. 
• Want a dog-friendly community? Make sure there are no pet weight limits or preventing you from cohabitating with your (extra-large) canine bestie.

#2 Learn to Speak “Contract”

Essentially, an offer is a contract. The documents and wording vary across the country.

In the spirit of due diligence, take time to review sample offer forms before you’ve found a house (LawDepot.com has purchase agreements for each state). If you’re high-maintenance, a real estate attorney can explain the documents to you so you’re familiar with their vocabulary when you’re ready to pull the trigger on an offer with your agent. Your agent will have offer forms for your state. 

#3 Set Your Price

Homes always have a listing price. Think of it as the seller’s opening bid in your negotiation to buy a home.

As the buyer, your offer will include an offer price. This is the first thing home sellers look at when they receive a bid.

Your agent will help you determine whether the seller’s listing price is fair by running comps (or comparables), a process that involves comparing the house you’re bidding on to similar properties that recently sold in the neighborhood.

Several factors can also affect your bargaining position and offer price. For example, if the home has been sitting on the market for a while, or you’re in a buyer’s market where supply exceeds demand, the seller may be willing to accept an offer that’s below the list price. Or if the seller has already received another offer on the home, that may impact the price you’re willing to offer. Your agent will help you understand the context here.

#4 Figure Out Your Down Payment

To get a mortgage, you have to make a down payment on your loan. For conventional loans (as opposed to government loans), making a 20% down payment enables borrowers to avoid having to pay private mortgage insurance (PMI), a monthly premium that protects the lender in case the borrower defaults on the loan.

But 20% isn’t always feasible — or even necessary. In fact, the median down payment was 10% in 2017, according to the National Association of REALTORS®. Your lender will help you determine what the best down payment amount is for your finances. Depending on the type of loan you get, you may even be able to put down as little as 0% on your mortgage.

You might qualify for one of the more than 2,400 down payment assistance programs nationwide. Many of them make funds available to households earning as much as 175% of area median income. In other words, middle-income households. And the savings can be substantial: Home buyers who use down payment assistance programs save an average of $17,766 over the life of their loan, according to real estate resource RealtyTrac. Find out more about down payment assistance programs in your state.

You can use an online mortgage calculator to see how different down payments would affect your mortgage premiums and how much you’ll pay in interest.

#5 Show the Seller You’re Serious: Make a Deposit

An EMD — short for earnest money deposit — is the sum of money you put down as evidence to the seller that you’re serious (read: earnest) about buying the house. If the seller accepts your offer, the earnest money will go toward your down payment at closing. However, if you try to back out of the deal, you might have to forfeit the cash to the seller.

A standard EMD is 1% to 3% of the sales price of the home (so, that would be $2,000 to $6,000 on a $200,000 loan). But depending on how hot the market is where you live, you may want to put down more earnest money to compete with other offers. 

In most cases, the title company is responsible for holding the earnest money in an escrow account. In the event the deal falls through, the title company will disperse the funds appropriately based on the terms of the sales contract. Title companies also check for defects or liens on a seller’s title to make sure it can be transferred cleanly to you.

#6 Review the Contingency Plans

Most real estate offers include contingencies — provisions that must be met before the transaction can go through, or the buyer is entitled to walk away from the deal with their EMD.

For example, if an offer says, “This contract is contingent upon a home inspection,” the buyer has a set number of days after the offer is accepted to do an inspection of the property with a licensed or certified home inspector.

If something is wrong with the house, the buyer can request the seller to make repairs. But most repairs are negotiable; the seller may agree to some, but say no to others. Or the seller can offer a price reduction, or a credit at closing, based on the cost of the repairs. This is where your real estate agent can offer real value and counsel on what you should ask the seller to fix.

Just remember to keep your eye on the big picture. If you and the seller are bickering over a $500 repair to the hardwood floors, keep in mind that’s a drop in the bucket in relation to the size of the bid.

In addition to the aforementioned home inspection contingency, other common contingencies include:

• A financing contingency, which gives home buyers a specified amount of time to get a loan that will cover the mortgage.
• An appraisal contingency, where a third-party appraiser hired by the lender evaluates the fair-market value of the home to ensure the home is worth enough money to serve as collateral for the value of the mortgage.
• A clear title contingency, where the buyer’s title company verifies that the seller is the sole owner of the property and can legally convey ownership to the buyer.
• A home sale contingency, where the transaction is dependent on the sale of the buyer’s current home.

Although contingencies can offer protection to buyers, they can also make offers less appealing to the seller because they give buyers legal ways to back out of the sale without any financial repercussions. So, if you’re going up against multiple offers, making an offer with fewer contingencies can potentially give you an edge over the competition.

In other words: A chill offer is an attractive offer. But keep in mind you have to be comfortable with the risks that come with this strategy. If you don’t have a financing contingency, for example, and you can’t get a mortgage, you’d likely lose your earnest money deposit since you’re on the hook. (An outcome that’s decidedly un-chill for you.)

#7 Read the Fine Print About the Property

The sales contract states key information about the property, such as the address, tax ID, and the types of utilities: public water or private well, gas or electric heating, and so on. It also includes a section that specifies what personal property and fixtures the seller agrees to leave behind, like appliances, lighting fixtures, and window shades. The seller provides prospective buyers with a list of these items before they submit an offer. This can be another area of negotiation.

Carefully reviewing the property description also helps you know, for example, if the seller plans to take that unattached kitchen island with them when they move. (Stranger things have happened.)

#8 Make a Date to Settle

The sales contract you submit to the seller must include a proposed settlement date, which confirms when the transaction will be finalized. The clock starts as soon as the purchase agreement is signed. If you don’t close on time, the party that’s responsible for the delay may have to pay the other party compensation in the form of “penalty interest” at a predetermined rate.

A 30- to 60-day settlement period is common because it gives the typical home buyer time to complete a title search and obtain mortgage approval, but settlement periods can vary. Some sellers, for example, prefer a longer period so they have more time to move or look for their next house. Being flexible, with respect to the closing date, could give you more negotiating power in another area of the deal.

One thing that’s the same no matter where you live is that you’ll have a three-day period prior to settlement to review the Closing Disclosure, or CD — a five-page form that states your final loan terms and closing costs.

Once the sales contract is signed, the parties can change the settlement date if they both sign an addendum specifying the new day.

#9 Write a Fan Letter to the Seller

Want to make a truly compelling offer? Pull on the seller’s heartstrings by attaching a personal letter to the bid documents. Tell a compelling story about your family and your connection to the area. Get deep about your roots.

Also, sincere flattery can go a long way. Compliment the seller on how their kitchen renovation looks Apartment Therapy–worthy, for instance, or how the succulents in their landscaping remind you of a resort in Palm Springs.

Your agent can help you gather background on the sellers (e.g., are they crazy about their labradoodle, like you are about yours? Did they run a small business from the home, like you dream of doing?). And you should — of course — refer to information you gleaned during the open house or private showing. Use this intel to write a message that really speaks to the seller, and it may very well seal the deal.

#10 Brace Yourself for a Counteroffer

If you’re making a lowball bid or going up against multiple offers, the seller may decide to make you a counteroffer — a purchase agreement with new terms, such as a higher sales price or fewer contingencies.

At that point, it’s up to you to accept the new contract, make your own counteroffer to the sellers, or walk away.

Don’t panic: The next part of our guide walks you through the counteroffer process, and it offers strategies to give you more negotiating power.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Kelley Walters

By: Leanne Potts

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Jan Soults Walker

Summer is finally here and with it comes so many fun events and activities! We talked with our broker staff and came up with a list of some of their favorite things to do this season. From the river to the coast, Wilmington to Carolina Beach, young to old – there’s something for everyone! Check it out!

Fourth Friday Art Walk in downtown Wilmington

4th Friday of each month 6:00pm – 9:00pm
The Arts Council of Wilmington & NHC is pleased to coordinates these self-guided tours. They are held from 6:00-9:00 p.m. on the fourth Friday of each month.

Wilmington Farmers Market at Tidal Creek

Saturdays weekly from 8:00am-1:00pm
This is a produce only market from local vendors. Tidal Creek Coop is dedicated to providing an alternative grocery shopping experience where you will find food grown and sold with integrity.

Airlie Garden Concert Series

Every 1st and 3rd Friday from 6:00pm – 8:00pm
Airlie’s 2018 Summer Concert Series begins May 18th and runs every 1st and 3rd Friday through September 21st. Concerts are from 6pm-8pm each scheduled evening, and are open to the general public.

Downtown Sundown

Every Friday 6:30pm-10:00pm
The Downtown Sundown Concert Series is a free, family friendly event that attracts both local residents and out of town visitors. 

Movies at the Lake

Every Sunday 8:45pm Free Outdoor movies Sundays through Labor Day Weekend September 2, 2018. Grab your kids, blankets and beach chairs and head to Carolina Beach Lake Park to enjoy an outdoor movie on a ‘gigantic’ screen. Movie goers can purchase cotton candy, popcorn, candy, soft drinks and much more. You can also bring your own food and beverages.

Live Music at the Ocean Grill & Tiki Bar

Every Thursday 7:00pm – 9:00pm
Enjoy live music every Thursday from 7-9pm while watching the sunset and waves crashing. Check the link for schedule of bands!

Kilwins Ice Cream and the Riverwalk

Grab a cone and enjoy the scenic walk along the river. Stop in some of the stores along the way. You won’t be disappointed!

Fort Fisher Aquarium

Rainy day at the beach? Check out the aquarium at Fort Fisher! Pet a stingray, watch the daily dive shows, visit the albino alligator, wonder at baby sea turtles and much, much more!

Capt’n Bills

Who doesn’t love a little beach volleyball! Whether you’re there to play or just grabbing some food and drink to watch – it’s always a fun time!

Hugh MacRae Park – Splash Pad

If you have children – this is the perfect place to spend an afternoon and cool off!

Jungle Rapids, Museums, River Cruises and MORE!

Other fun family activities can be found through the link below.

By: John Riha

Avoid these easy-to-prevent mistakes that could cost you big time.

You’ve finally settled into your new home.

You’re hanging pictures and pinning ideas for your favorite bath.

But in all your excitement, are you missing something? Now that you’re a bonafide homeowner are there things you should know that you don’t?

Probably so. Here are six mistakes new homeowners often make, and why they’re critically important to avoid.

#1 Not Knowing Where the Main Water Shutoff Valve Is

Water from a burst or broken plumbing pipe can spew dozens of gallons into your home’s interior in a matter of minutes, soaking everything in sight — including drywall, flooring, and valuables. In fact, water damage is one of the most common of all household insurance claims.

Quick-twitch reaction is needed to stave off a major bummer. Before disaster hits, find your water shutoff valve, which will be located where a water main enters your house. Make sure everyone knows where it’s located and how to close the valve. A little penetrating oil on the valve stem makes sure it’ll work when you need it to.

#2 Not Calling 811 Before Digging a Hole

Ah, spring! You’re so ready to dig into your new yard and plant bushes and build that fence. But don’t — not until you’ve dialed 811, the national dig-safely hotline. The hotline will contact all your local utilities who will then come to your property — often within a day — to mark the location of underground pipes, cables, and wires.

This free service keeps you safe and helps avoid costly repairs. In many states, calling 811 is the law, so you’ll also avoid fines.

#3 Not Checking the Slope of Foundation Soil

The ground around your foundation should slope away from your house at least 6 inches over 10 feet. Why? To make sure that water from rain and melting snow doesn’t soak the soil around your foundation walls, building up pressure that can cause leaks and crack your foundation, leading to mega-expensive repairs.

This kind of water damage doesn’t happen overnight — it’s accumulative — so the sooner you get after it, the better (and smarter) you’ll be. While you’re at it, make sure downspouts extend at least 5 feet away from your house.

#4 Not Knowing the Depth of Attic Insulation

This goes hand-in-hand with not knowing where your attic access is located, so let’s start there. Find the ceiling hatch, typically a square area framed with molding in a hallway or closet ceiling. Push the hatch cover straight up. Get a ladder and check out the depth of the insulation. If you can see the tops of joists, you definitely don’t have enough.

The recommended insulation for most attics is about R-38 or 10 to 14 inches deep, depending on the type of insulation you choose. BTW, is your hatch insulated, too? Use 4-inch-thick foam board glued to the top.

#5 Carelessly Drilling into Walls

Hanging shelves, closet systems, and artwork means drilling into your walls — but do you know what’s back there? Hidden inside your walls are plumbing pipes, ductwork, wires, and cables.

You can check for some stuff with a stud sensor — a $25 battery-operated tool that detects changes in density to sniff out studs, cables, and ducts.

But stud sensors aren’t foolproof. Protect yourself by drilling only 1¼ inches deep max — enough to clear drywall and plaster but not deep enough to reach most wires and pipes.

Household wiring runs horizontally from outlet to outlet about 8 inches to 2 feet from the floor, so that’s a no-drill zone. Stay clear of vertical locations above and below wall switches — wiring runs along studs to reach switches.

#6 Cutting Down a Tree

The risk isn’t worth it. Even small trees can fall awkwardly, damaging your house, property, or your neighbor’s property. In some locales, you have to obtain a permit first. Cutting down a tree is an art that’s best left to a professional tree service.

Plus, trees help preserve property values and provide shade that cuts energy bills. So think twice before going all Paul Bunyan.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: HouseLogic

Walk-throughs, closing costs, and other items to check off your list before the big finish!

Closing time. The end of the road. The last hurrah — and hurrahs are in order.

If you’re here, then you’ve found a buyer, negotiated home repairs, and are ready to move out — and on. But before you can make this sale official (and get paid!), you still have a few items to cross off your list.

Here, we’ve laid out everything you need to know to have a successful settlement.

Closing Is the Final Step

Closing, or “settlement,” is when both parties sign the final ownership and insurance paperwork, and the buyer becomes the legal owner of the home.

Typically, closing day takes place about four to six weeks after you signed a purchase and sale agreement. During this window, the buyer’s purchasing funds are held in escrow until all contingencies, like the home inspection contingency and appraisal contingency, are met.

Your agent will be able to answer questions and offer support through closing. Here’s what to expect from the process, start to finish.

Before You Close, You’ll Have a Final Walk-Through

Most sales contracts give the buyer one last chance to do a walk-through of the home within 24 hours of settlement. This is their chance to check that the property is in good condition, and to make sure the agreed-upon repairs were completed.

In most cases, no problems arise at this stage of the transaction. (If something is amiss, your agent can walk you through it.) The final walk-through mostly gives buyers peace of mind knowing that you, the seller, have adhered to the conditions of the sales contract and home inspection-related repairs.

Follow These Steps to Prepare for the Final Walk-Through

To help ensure that the walk-through goes smoothly, take these six steps ahead of time to prepare:

Step #1: Clean house. Your home should be spotless for the final walk-through. Assuming the buyer is taking ownership on closing day, you should be fully moved out at this point. But moving can be messy. After purging, packing, and moving, you may want to do one more deep cleaning.

Step #2: Leave owner’s manuals and warranties. Make the buyer’s life easier by providing all manuals and warranties you have for home appliances. Print physical copies and put these documents in one place for the new owner. If you have receipts from contractors for repairs, leave them with the manuals.

Step #3: Provide a vendor list. Give the buyer contact information for home contractors or maintenance companies that you’ve used in the past. These vendors are familiar with your home, and the new owner will appreciate having a list of servicers they can trust will take good care of their new home.

Step #4: Check for forgotten items. Do one more check throughout the home to make sure you’re not leaving anything behind. One exception: You may want to leave unused or leftover paint cans in the colors currently in use within the home — but confirm with the buyer first.

Step #5: Turn off water shut-off valves. The last thing you want before closing is a flood. With the buyer’s permission, turn off your house’s main shutoff valve 24 hours before closing.

Step #6: Lock up. Until settlement is complete, you’re legally responsible for the home — meaning you’d be liable if there’s a break-in before closing. So, the day before settlement make sure to close window coverings and lock the entry doors. If a house looks un-lived in, it’s a welcome sign to burglars. It’s a good idea to leave a porch light on, or to set an interior light to turn on and off with a timer.

If the final walk-through reveals an issue with the house, don’t panic. The standard protocol is for the buyer’s agent to immediately alert the listing agent that there’s a problem. Then, both parties work together to solve it. Typically, either the closing gets delayed or there’s additional negotiation, such as monetary deduction of the sales price. In other words: There are options, and your agent can help you through this.

Up Next: The “Closing Disclosure”

Let’s assume the final walk-through is smooth sailing. (Woo-hoo!) What happens next?

You’ll get info about your closing costs from the title company.

Meanwhile, the buyer’s mortgage lender must provide the buyer with a Closing Disclosure, or CD, three business days before settlement. This is a formal statement of the buyer’s final loan terms and closing costs. As the loan borrower, the buyer is entitled to a three-day review period to see if there are any significant discrepancies between their CD and Loan Estimate (LE) — a document buyers receive when they apply for a loan. The LE outlines the approximate fees the buyer would need to pay.

In most cases, there are no major differences between the CD and LE. However, if certain closing costs differ by 10% or more between the estimate and the disclosure, the buyer’s loan has to go back to the mortgage lender so that cost differences can be reviewed. If that happens, closing is usually delayed until the issue is resolved.

Expect to See These People at the Closing

The closing typically takes place at the title company, attorney’s office, or the buyer’s or seller’s agent’s real estate office. (Unless you live in a state that allows for electronic closings — eClosings — with remote notaries. In that case, the involved parties can opt to sign documents digitally.)

The list of legally mandated attendees will depend on your state, but usually you’ll be joined by:

• Your agent
• The buyer
• The buyer’s agent
• A title company representative
• The loan officer
• Any real estate attorneys involved with the transaction

Remember to Budget for Closing Costs

Closing costs can vary widely by location, but you’ll generally pay closing costs of 5% to 10% of the home’s sales price. So, on a $300,000 home, you can expect to pay anywhere from $15,000 to $30,000 in closing costs. In most cases, these costs are deducted from your proceeds at closing.

Closing costs for sellers typically include:

The commission for the listing agent and buyer’s agent
Transfer taxes or recording fees
Loan payoff costs
Unpaid homeowner association dues
Homeowner association dues included up to the settlement date
Prorated property taxes
Escrow, title, or attorney fees

Be Sure to Bring These Things to Closing

At the closing you should have:

A government-issued photo ID
A copy of the ratified sales contract
House keys, garage remotes, mailbox keys, gate keys, and any pool keys
A cashier’s check, or proof of wire transfer, if your closing costs are not being deducted from the sales price. (Yes, it’s OK to use a cashier’s check — especially if you don’t want to deal with the hassle of a wire transfer, which can take time to clear. With a cashier’s check, you’re guaranteed the money you need for settlement will be there at closing.)

Don’t Forget to Dot These I’s and Cross These T’s

Before you rush off to pick out paint samples for your new place, remember to do these two steps that are often overlooked by sellers:

Transfer utilities. Don’t want to pay for the new owner’s utility bills? Coordinate with the buyer so that utilities — including not only gas and electric but also water and cable — are transferred to the buyer on closing day

Change your address. You obviously want your mail to be sent to your new home. Setting up a forwarding address will also ensure that you can be reached if there are any post-closing matters. You can file a change of address with the U.S. Postal Service here.

Finally: Celebrate!

At last, your home is officially sold. Congratulations! Give yourself a pat on the back — and then start settling into your new phase of life.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: G. M. Filisko

When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

1.  Take services out of your name.

Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.

If you’re on an automatic-fill schedule for heating oil or propane, don’t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you’re entitled to a refund of prepaid premium.

2.  Spread the word on your change of address.

Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

3.  Manage the movers.

Scrutinize your moving company’s estimate. If you’re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don’t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

4.  Do the settlement math.

Title company employees are only human, so they can make mistakes. Before your closing, check the math on your closing disclosure and compare it with your loan estimate.

5.  Review charges on your closing docs.

Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras — such as a discounted commission or a home warranty policy — make sure that’s included. Also check whether your real estate agent or title company added fees that weren’t disclosed earlier. If any party suggests leaving items off the docs, consult a lawyer about whether that might expose you to legal risk.

6.  Search for missing credits.

Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you’ve prepaid taxes for the year, you’re entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank?

7.  Don’t leave money in escrow.

End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: G. M. Filisko

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Lisa Kaplan Gordon

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By Tony Harrington, ABR, AHWD, ALHS, CIPS

When I think back to my first experiences with the terms “global” and international,” I think back to a quote from the famous Yogi Berra, “You couldn’t know what you didn’t know, but now you know.” This is true for my first experiences with the terms “global” and “international.”

In 2016 alone, NAR found that more than $153 billion of international money flowed into the U.S. for residential purchase. In North Carolina, there are great opportunities to attract a piece of this investment. NC REALTORS® is now working to grow programs to help REALTORS® with this effort, and I am proud to be a part of the vision.

Two years ago, I was excited to be asked by 2016 NC REALTORS® President Kim Dawson to be on the newly formed NC REALTORS® Economic Development Committee. This group included business leaders from across the state with various levels of expertise and experience. As the committee evolved, we realized quickly that there was a need for additional education for brokers across the state. Connecting commercial and residential agents with economic development partnerships, local and state government agencies, as well as federal organizations, was needed to create a “network” of communication to effectively draw global business and transactions to our state.

During a meeting of the Committee during NC REALTORS® Legislative Meetings in June 2017, NC REALTORS® CEO Andrea Bushnell spoke to the group about the need for creating a “global” program. Internally, I thought this was a great idea, and then she looked at me and said, “Tony, would you chair this initiative?” You have all been there. You smile and say, Why of course, while inside you are saying, WHAT? What is global? Where do I even begin?

As the broker/owner of a firm who was comfortable in my area of the state, I did not really branch out of my comfort zone. Unfortunately, this is the case for most brokers. They do not participate much in their local or state organizations – not to mention with their local politicians and chambers. Most just sell real estate, and that is good enough for them. I was fortunate to have a mentor pull me out of that zone and show me that there is a much bigger picture! Due to that guidance, I knew I had to dive in headfirst.

The leadership at the National Association of REALTORS® (NAR) and Isabel Villa-Garcia at NC REALTORS® were my first connections to develop a plan to lay the groundwork for our program. Quickly, I knew that if I was to understand and promote such a program, I needed to live by experience. I signed up to take NAR courses to better understand what was being offered. The first course I took was “At Home with Diversity,” an NAR certification program designed to present a picture of the changing face of the real estate industry. The curriculum encompasses topics of diversity, inclusion, fair housing, and risk reduction.

Through this course, I realized global brokers who conduct international transactions need further education and experience through in-depth training tools and knowledge. The pinnacle of this education is the Certified International Property Specialist (CIPS) program offered by NAR Global Programs. After taking the five-day course in Annapolis, Md., I changed my business model.

I originally attended with the intention of observing the program and realized quickly the benefit of putting the knowledge to use. This course was dynamic, covering everything from transactions to global cultures, currencies, money transfers, and so much more. The CIPS instructor was well versed and had strong knowledge of international processes with relatable stories and examples. With the coursework completed, I submitted my application for the designation. Once accepted, CIPS designees instantly join a tight-knit network of over 2,800 international property professionals around the world. These referral partners can help you do business in over 50 countries. 

Know your market, find out what attracts people to your region, educate yourself, find a mentor and go global! Needless to say, I have gone from thinking “local” to “global.” 

I now know what I didn’t know.

Stay tuned for exciting announcements in the coming year, as we roll out the program, NC REALTORS® Global Network, online and around the state. 

Tony Harrington is the Broker/Owner & Certified Residential Real Estate Appraiser with The Property Shop of the Carolinas in Wilmington, N.C

Tony holds the designations of ABR, AHWD, ALHS, CIPS

By: Oliver Marks

The Property Shop of the Carolinas is pleased to announce the addition of 3 new brokers; Tyler Berry, Jason Worthy and Jeff Ramsay. Each of these individuals bring a diverse level of experience and knowledge to the team.

Jason Worthy is passionate about helping others achieve their goals and has invested much of his time in becoming a certified Accredited Buyers Representative. He prides himself on putting your needs first and building lasting relationships with everyone he works with. He services Brunswick, New Hanover and Pender County.

Tyler Berry has held a diverse career over the past 14 years and this background gives him the unique ability to help find ideally suited properties and buyers for his clients. He takes the time to thoroughly understand his client’s needs to ensure that whether buying or selling a home, it’s an effortlessly enjoyable experience. Tyler specializes in the Carolina Beach and Kure Beach areas.

Jeff is a life-long Wilmingtonian and has over 30 years of family real estate experience. Jeff also owns his own local landscaping business which has allowed him to really engage with the community and make great connections.

This growth allows The Property Shop to continue to provide the same, high-level, quality service that our clients have come to expect. To learn more or contact one of these brokers, please reach out to us through the information below.

By: Jan Soults Walker

By: G. M. Filisko  on HouseLogic

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

By: Lisa Kaplan Gordon

Want summer comfort but hate the AC? Follow these tips on how to keep your house cool without frosty air conditioning.

Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®

Applying for a home mortgage can be an exciting time! It can also be a stressful time if you run into snags with your loan approval. The process involves inspecting factors such as your credit, income, debt and assets. Because of this, there are several actions you should avoid during the time your loan is being processed.

Whether it’s your first time or tenth, these 7 tips can make or break your loan approval.

1. Do not quit or change your job. A stable and consistent source of income is important to lenders. If you start a new job you may not have a pay stub yet for proof of income.
2. Do not buy a car or any other big ticket items. As much as those new wheels are calling your name, wait until after closing on your home. It’s best to minimize your financial obligations when asking a lender for money.
3. Do not use your credit cards to excess or for large amounts. Increasing your debt will not look good when applying for a loan.
4. Do not originate inquiries into your credit. A record is kept for each inquiry and can affect your credit.
5. Do not change bank accounts. Changing banks will only complicate things. Maintain consistency from initial application until closing on your home.
6. Do not co-sign a loan for anyone else. Simply put, their debt becomes yours.
7. Do not omit any debts or other liabilities from your application. These are required on the application for a reason and it is in your best interest to be up front about all necessary information. On top of that, misrepresenting this information can be considered mortgage fraud and there could be consequences.

If you anticipate any big changes during the process, make sure to talk them over with your REALTOR® or loan provider. Bottom line, if you’re not sure, ask. It’s better to be safe than sorry.

“On September 30, just six months from today, the National Flood Insurance Program will expire.” – National Associate of REALTORS®.

Stay informed on the latest updates for flood insurance! This is important information to learn and understand, especially for those who reside or own property in the coastal region. Ask one of our experienced REALTORS® for more information.

Read more here:

 The Property Shop increases its footprint of residential real estate services to the Raleigh-Durham market.

“We are pleased to have aligned ourselves with Mark Steward and the Mark Steward Team with The Triangle Real Estate Group in our States Capital City.  Mr. Steward and team will not only be working with us in the Coastal Region but will be our contact and Brokerage team for our clients moving to that area.  Mark understands both markets having homes in these locations. The Mark Steward Team is comprised of Mark Steward, Jackson Cort, Marketing Manager and Kate Peacock Business Development Manager and our States 78^th Miss North Carolina. With this alliance we will be able to offer our clients an extensive network of real estate professionals from the Capital to the Coast.”  Tony Harrington, Broker/Owner

The Property Shop is a full service residential real estate and appraisal firm serving New Hanover, Pender, Brunswick, Duplin, Onslow, Sampson and now Wake & Durham Counties.

Thinking of buying or selling a property? Thinking of doing it alone? Think again. While you can go solo on this venture, there are many reasons why you shouldn’t. Hiring a REALTOR® is the best decision you can make and here’s why.

1. Experience, experience, experience
This is their job. Day in and day out, it’s what they do. In addition to what they learn in the field, they also take many courses to further educate themselves. On top of that, there are dozens of forms, disclosures, contracts and other documents that are required for buying or selling a home. REALTORS® have the expertise to help you prepare these forms accurately to ensure you get the best deal.
2. Amazing Search Skills
By now, you’ve most likely looked online and think you have a pretty good grasp on what is available. But guess what? REALTORS® have even more access. A REALTOR® can find properties that you can’t and those that may be coming on the market soon. They also have access to see the history of all properties and documents that aren’t available to you.
3. Pricing It Right
A REALTOR® can provide you with a Comparable Market Analysis for a home that gives you a realistic price point. You may think you know exactly what your home is worth, but there are a lot of different moving pieces that can affect the value. A REALTOR® will provide you with the perfect price point to help your home sell quickly and for a fair amount.
4. Marketing
Your REALTOR® knows when and where to market you property. Through research on the area and contacts in the industry, they can provide you with a level of marketing that cannot be achieved alone. In addition, they have access to the amazing search system mentioned above. This allows other REALTORS® to see your property and pass along to potential buyers. There is a huge market that cannot be reached without the help of a REALTOR®.
5. Negotiating
Negotiations. This is make or break it time and a very important part of the process. Your REALTOR® knows how to negotiate anything from the price to repairs to closing costs and more. They know when to push for more, how to word requests, and when to ask for something different. The main objective will always be to get you the best deal.
While there are many other reasons you should use a REALTOR®, these 5 alone will make a huge difference in your home buying or selling experience. If you’re interested in learning more, give us a call today and we’ll talk you through the process with no commitment.

Staging your home can make all the difference when deciding to put your house on the market. It has the potential to fast-track your sale and/or increase the perceived value. You may think that staging is expensive, and it can be, so we pulled together 10 ideas you can do yourself for little to no cost.

Interior

1. De-clutter! This is absolutely number one. Removing the clutter from your house will change the appearance immediately. And an added bonus, it will help you get a head start on packing.
2. Add fresh flowers and candles. This will make your home appear welcoming and homey. Make sure to use scents that are light and fresh, nothing overpowering.
3. Open all the blinds and turn on all the lights. This will make your home appear brighter and more appealing.
4. Touch up or re-paint rooms. Having a fresh coat of paint in a neutral or light color will make the home look new and allow the potential owner to start with a blank slate. It will also cover up the years of scuffs, oily hands and random spots that could cause concern for some home-buyers.
5. Throw Pillows. Add some decorative throw pillows to your beds and couches.

Exterior

1. Rake and mow your yard. Whatever the season, make sure your yard is kept up. It its spring or summer, keep a freshly cut lawn. If it’s fall or winter, rake up the leaves.
2. Add flowers. Whether you plant flowers out front, or add potted entry-way plants, these little touches can really brighten up the entrance to your home.
3. Power wash or touchup. Washing off that slight green tint or touching up paint on a few spots will help tremendously. Although a seemingly simple task for the next homeowner, seeing the grime could be a turnoff for a potential buyer.
4. Exterior lights. Make sure all your outdoor lights are working in case buyers come by at later hours. If you don’t have any, make an effort to add a couple.
5. Show the Potential. Have a porch, backyard or deck? Add some rocking chairs or patio furniture. Let the buyer envision themselves relaxing or entertaining company.

By making the extra effort through one of all of the tasks above, you could truly make a huge difference in how fast and for how much your house sells. Take action today!

Following a strong year for The Property Shop, we were excited to welcome a new year at the 2017 Cape Fear REALTORS® Inauguration where several of our brokers received recognition.
After diligently serving on the board herself, Patrice Willetts had the honor of installing the new president and the 2017 Board of Directors. Along with the other inductees, she proudly introduced two of our very own, Tony Harrington and Jamie Lynn Crist. Tony, our Broker in Charge, and Jamie Lynn are an inspiration to as all through their dedication to the industry and to our community.
In addition, following in the footsteps of Michael Turnage and Tony Harrington in 2016, Jamie Lynn Crist and Danica Fletcher both were accepted into the 2017 Leadership Academy. The Leadership Academy is a very selective and distinguished course where students learn new skills while fine-tuning others in order to become the best leaders possible.

We’re so proud of everything our brokers have accomplished this year and look forward to an even better year in 2017!

We are pleased to announce the addition of 5 new brokers; Tom Craigg, CB Johnson, Danica Fletcher, Ilene Meyers and Lisa Tomak. Each of these individuals brings a diverse level of experience and knowledge to the team. This growth allows The Property Shop to continue to provide the same, high-level, quality service that our clients have come to expect.

Tom Craigg comes to the team with over 20 years’ experience in new home sales. Originally from Jacksonville, NC, he has been calling Wilmington home since 1982. As a real estate investor himself, he brings a wealth of knowledge on the buying and selling of homes and is eager to share this information with his clients.

CB Johnson served for five years as an Officer in the U.S. Marine Corps before beginning his real estate career.  He has been a full time REALTOR® in Wilmington for 12 years. Along with his commitment to his clients, CB has taught a variety of real estate classes. His wealth of knowledge on the industry helps him excel as he focuses on representing homeowners that are selling their property as well as anyone seeking to purchase a home.

Danica Fletcher entered into the field when she decided to apply her insurance industry experience to real estate. By pairing her knowledge for Urban Planning with client contact and satisfaction, she has built a successful career as a REALTOR®. She enjoys all aspects of real estate from helping first time home buyers find that perfect first home to listing residential property for seasoned clients.

Ilene Meyers hails from Brooklyn, New York and has 20 years of experience in the airline industry. In addition, she is a former Estate & Trust Specialist for Charles Schwab and a financial software trainer for the State of North Carolina. Her extensive experience with customers and finances combined with her enthusiastic attitude allow her to offer superior service to her clients.

Lisa Tomak relocated to Wilmington from Michigan. She has over 25 years’ experience in customer service, including retail management, marketing and home improvement sales. In addition, Lisa is very involved with the community and volunteers with organizations such as  Junior Achievement, Project Charlie and Boys and Girls Clubs of America. Lisa is eager to help make your home buying or selling dreams become a reality.

Feel free to contact us or any of these brokers to learn more!

My name is Tony Harrington and I would be honored to serve you as a Director with the Wilmington Regional Association of REALTORS®. While serving, I look forward to offering my diverse perspective to enhance the real estate industry with WRAR. Some of my experiences include:

• 20 Years as REALTOR® including both Raleigh- Durham and Wilmington/Coastal Markets
• Proud Owner, Broker in Charge & Certified Residential Real Estate Appraiser with The Property Shop of the Carolinas
• Appointed to serve on the 2016 NCAR Economic Development Committee
• RPAC Sterling R®
• Class of 2016 Leadership Academy with WRAR
• Member of WRAR Appraisal Council
• Member of Rotary International
• President of the National McCoy Pottery Collectors Society
• Previous Career with Piedmont & American Airlines as a manager of flight crew training & Manager of International Flight bases.We should be extremely thankful for the exceptional leadership we have at WRAR from the Staff to the Board of Directors. I look forward to the opportunity to continue pursuing the direction our association has already forged. One of the key issues in today’s market is envisioning the future with changes in technology and ease of access to information for our buyers and sellers. Working to keep WRAR in the forefront of the industry and up to date in tools and education, to you as a member, is my promise. I’m asking for your vote, and confidence to represent you on The Wilmington Regional Association of REALTORS® Board of Directors.

Voting will open soon here!

As given by The Property Shop

As spring grows ever nearer, we’re called from our winter hibernation to experience the warm sun on our faces and re-discover our world as is morphs into green splendor!

Without question, each Property Shop Broker will tell you that their favorite spring time activity is selling and buying homes with each of their clients.  When the Brokers at The Property Shop aren’t out showing homes, writing contracts and generally working like crazy, they get some time to enjoy all that our area offers.  We were able to pry a few of their favorite spring time Wilmington Area Activities from them.

So, seize the day and go re-discover your community with these fun activities recommended by The Property Shop, then let us know if they make your top ten list!

1. A fast stop at ABC

   Spring is one of the busiest times of the year for Real Estate! When Tony (Owner/Broker in Charge) of The Property Shop sees some down time in sight, he heads to the ABC store to stock up on essentials “wink, wink”! Find your nearest store here!  Looking for the perfect Coastal Spring Drink to try out?  Check out a great recipe for Southern Sweet Tea here! Once liquid libations are in hand, it’s time for some quiet time enjoying the scenery in Landfall,one of the premier Wilmington NC Communities. 

2. Shopping at the Cotton Exchange

   Start any weekend off with a walk along the downtown boardwalk. Take some time to let history waft over yourself as you explore historic downtown.  While you enjoy the sights and sounds of the Cape Fear River and you may just find yourself at the Walk of Fame outside of the Cotton Exchange.

3. Brunch at Jester’s

   Looking for the best brunch in town? Erika says that Jesters Café  is an absolute MUST!  After you are stuffed from a great breakfast take the water taxi to the Historic USS North Carolina Battleship .  Even if you have been to the battleship before, it’s worth another visit.  New information and exhibits are on display this year.

4. Walk on Kure Beach 

   For Hugh, a stroll on Kure Beach late Sunday morning can’t be beat! Hugh votes Kure Beach #1 for walking because of the free parking, perfect walking conditions (it’s less sloped than Wrightsville Beach) and the Ocean Grill and Tiki Bar.  Hugh recommends that you kick back while on the pier at the Ocean Grill and Tiki Bar and enjoy a beer or Bloody Mary while listening to the waves crash all around you, the atmosphere can’t be beat!

5. Heirloom Gardening 
6. One of Patrice’s greatest springtime activities is heirloom gardening. Tending to plants that have been passed down through her family for multiple generations brings Patrice peace of mind and joyful memories!  This may seem out of reach for many of you from lack of heirloom plants to a black thumb, but have no fear the New Hanover County Arboretum is here!  For a small fee they can help you discover the tips and tricks to heirloom gardening, teach you the history of different plant varieties and decipher where to buy the right plants.

7. Golfing at Pine Valley 

   Little compares to the quiet stillness broken by the crisp crack of a perfect swing connecting with ball at Pine Valley Country Club. Ken can often be found enjoying a competitive game of golf throughout the spring season!  Want to join him or find a challenging course near you?  Our Coastal North Carolina Area has some of the best golf around, find your course here.

8. Dockside Dining 

   Scott likes to eat, so spring time must mean that he will be eating outside on the ICW at his beloved Dockside! Drive out, walk in, or boat over and enjoy the fresh spring air and beautiful scenery!

9. Easter Egg Hunt at Hugh Macrae

   Spring time is not complete for Allyson without a trip to Hugh Macrae Park for the Annual Easter Egg Hunt! Taking place this Friday, check it out and tag us in your Instagram twitter and facebook pictures!  Not able to make it for the Easter Egg Hunt?  Hugh Macrae is a great place to walk a loop, spend time with your kids at the playground, take in a game of tennis or baseball, bring your pups to the dog park or canter with your horse in the arena.  There is something for everyone!

10. Azalea Festival

    If you haven’t been lately, it’s time to head to the Azalea Festival get your tickets here! Michael’s favorite part of the festival are what else but the Azaleas!  Kicking off on April 6^th and lasting through the 10^th, you can enjoy one of Wilmington’s most popular claims to fame from flowers, concerts, and street fairs to parades and a tour of homes!

11. Boating

    Spring time means that it is the start of the boating season! Shari loves spending time boating up and down the ICW with her family.  What’s that you say, you don’t have a boat to join in the fun with Shari?  No problem, rent one with on your own or with your personal Capitan!  While you’re at it, head to Dockside and see Scott or take an adventure down the Cape Fear River to downtown and find Ed & Erika enjoying the shopping and food!

12. Paddle boarding

    Sarah, the Office Manager, can often be found paddle boarding around the Wrightsville Beach area and recommends it to everyone! Wrightsville SUP is a great place to head out from and convenient if you need to rent a paddle board or need some lessons before you feel sea worthy.

Without a doubt, we LOVE where we live and had a hard time limiting our list to just a few spring activities in Wilmington!  If you’re ready to make your claim on this unique city with an abundance of activities for everyone, give The Property Shop a call today for your slice of Wilmington, NC Real Estate!

What is a Boutique Real Estate Firm?

Many may consider a “boutique” firm to cater to high end only, or possibly too small to break into the competitive real estate market.  In reality, these firms are extremely specialized businesses with a culture centered on customer service and professionalism.  As a client of a Boutique Real Estate Firm, you can expect above average representation in any transaction from a quaint condo unit to sprawling estate and everything in between.  You will rest assured knowing that not only your Broker but the entire office is working to assist you for a smooth and skilled transaction. 

How is a boutique firm similar to a large real estate company?

In an age of technology where bigger is often better and instant gratification is expected, a Boutique Real Estate Firm, like The Property Shop in Wilmington North Carolina, stands among the best.

• Boutique Firms offer the same Multiple Listing Service (MLS) representation as larger companies. Meaning, all companies have the same access level to the same properties whether representing a buyer or a seller.
• Online marketing offerings at larger companies and Boutique Firms are equal. Your property will be represented on major home buying and selling sites like REALTOR.com, Homes.com Zillow and Trulia and many others.
• Much of the technology that REALTORS® provide their clients are provided through the MLS system. This technology is available to both large companies and boutique firms.
• Large Real Estate companies have high quality marketing products, just like a boutique firm. Often, boutique firms are able to specialize their marketing even more than larger firms.

So, why is a Boutique Real Estate Firm Best?

1. Quality of Quantity.

Boutique firms know that each client has different needs.  Instead of focusing on the number of homes they purchase or sell, the boutique firm can concentrate on Customer Service.  The boutique firm knows that your opinion has a more significant impact than at a larger company, and will strive for your satisfaction.

2. Support from their office.

The small close-knit group that a Boutique Firm creates helps to facilitate the needs of each broker and therefore each need of their clients.  By choosing a boutique firm you can guarantee that the entire office is dedicated to your best interest.

3. Established and Top-Tier Agents.

The owner or hiring manager is working to cultivate a small and professional environment, which means only the best and most driven will be selected.  At a boutique firm, you can expect each broker to be proficient and dedicated to each client

4.  Vigilant about cultivating the culture and brand of the firm.

Unlike a larger company, a Boutique firm has something to prove and doesn’t have a large brand name to use as a source of their worth.  Your boutique firm is eager to show their ability to complete with a larger firm.

5.  Innovation and customization happen more quickly.

Large companies have more “red tape” and company regulations that restrict the ability of your broker to be innovative.  A boutique firm offers instant communication with the company owner, allowing for quick and cutting edge customization in marketing your home.  Most marketing is done in house, so your broker won’t need to wait for weeks before your home is represented in the market place.

6. Boutique firms care about the rights of buyers and sellers more than building a business empire.

Many boutique real estate firms have strong options regarding the rights of their clients, rights of other REALTORS® and their small business.  Their primary cause is not to build a business empire, but to be sure their community thrives through home ownership.  The Property Shop brokers can be found sitting on local REALTOR® boards, state REALTOR® boards and National REALTOR® boards protecting and promoting your private property rights.

7. Your community comes first.

Your community is your boutique firm’s community.  Your boutique firm will typically be committed to an economically sound, beautiful and welcoming community because their business only does well if the community does well.  Property Shop Brokers will be found volunteering their time at various organizations throughout the area.

8. Your Transaction is always with your agent.

With a focus on customer satisfaction, your broker will not give your contract to a closing coordinator.  Closing coordinator are typically used by larger companies so a broker can begin work with their next client.  Our brokers will see your transaction through from the beginning to the end.  No paperwork or important information will be lost in the shuffle, so you can be assure that you are well represented throughout the entire process.

This informative video from the North Carolina Association of REALTORS® helps to explain, ” Why Use a REALTOR ®” for your Real Estate Transactions.  Without the knowledge of your  REALTOR® you risk a poor investment.  Your  REALTOR® can provide you information about the area that you are interested, the best options for upgrades and compare other similar properties to negotiate the best possible price for your investment.

What are you waiting for?  Contact The Property Shop today for your own personalized home purchase subscription or your custom home selling marketing plan!

One week ago The Property Shop was honored with awards and recognition at the Wilmington Regional Association of REALTORS® Inauguration.

Our very own Patrice Willetts was inducted into the Wilmington Regional Association of REALTORS® Hall of Fame for her current and past outstanding service to the organization.  Patrice is an inspiration for each of the brokers in our office for her dedication to the education of others and commitment to each of her clients.  Patrice continues to work diligently to promote and protect private property rights for home owners and facilitate the Real Estate Industry as a whole.  The Property Shop is proud to have her as an invaluable asset to our team!

Tony Harrington (owner of The Property Shop) and Michael Turnage both were accepted into the Leadership Academy.  The Leadership Academy is an immense honor that will ensure, upon completion that Tony and Michael are able to better to serve each of their clients and The Property Shop.  We look forward to supporting them as they complete this long and essential process.

Also honored for her dedicated service to WRAR while on the Board of Directors was Shari Cutting of The Property Shop.  Shari’s hard work is an excellent example to our broker staff for her dedication to the Wilmington Regional Association of REALTORS®, her clients and the Real Estate Profession.

Previously privileged to receive the North Carolina Association of REALTORS® “Rising Star Award” was Hugh Williams who diligently served on the WRAR Finance Committee.  The Rising Star Award Recognizes a REALTOR® who has been a REALTOR® for five years or less and who has provided exemplary service to the local Board and exhibits leadership potential.

After all awards were given and recognition’s of service we honored, The Property Shop enjoyed an evening of fun, dancing and celebration!

We look forward to another spectacular year of service, dedication and fun for The Property Shop and each of our brokers!

In 1964, 40 percent of home buyers read newspaper ads to find a home and seven percent drove around looking for an open house. In 2014, 43 percent looked for properties online first.
The world we live in today is a digital one and searching for a home is no different. Buyers now have apps that let them search by location and neighborhoods. Online listings have virtual tours so viewers can look at a bunch of potential homes while narrowing down their search to a select few in the effort to save time. Online searching maximizes the ability to compare and contrast homes on the market by selected features. Most of this is done before a potential home buyer connects with a real estate agent.

Also in 1964, 61 percent of home buyers contacted agents they knew. In 2014, buyers worked with an agent 87 percent of the time to find their home, so trust in a REALTOR® is still king. While the initial process may start online, home buyers turn to the advice from a trusted real estate agent. The difference is that home buyers are entering the process more educated about the market before they speak to a home seller or an agent.

In addition to the home buying process, REALTORS® also utilize technology in their everyday business practices. Staying up to date with new technology is important, but also cited as one of the biggest challenges for firms in the next two years.

Over 90 percent of real estate firms have websites, and the most common feature on their websites were property listings. Along with web use, REALTORS® are also using their mobile devices for a multitude of different activities, with the primary being to communicate with their clients. In the Real Estate in a Digital Age report, we examine the process home buyers go through in the initial online search and how REALTORS® are connecting with customers in the digital space.

A Day in the Life of a Home Buyer

How Home Buyers find a home …
The typical buyer used a mobile device to search for properties online. S/he looked at websites with photos, home listings, and information about the home buying process. S/he then contacted an agent and visited a median of 10 homes over 10 weeks in 2014 before purchasing a home.
The typical home buyers is a Millennial 25-35 years old, married without children living at home, and has a median income of $84,500. They make up the largest group of homebuyers at 68% followed by GenX at 29%

First Step Taken During the Home buying Process;
43% Looked online for properties, 15% Contacted a REALTOR, 12% Looked online for information on the home buying process, 7% Talked with a friend, 6% Contacted a lender, 6% Drove by homes and neighborhoods.

It is an exciting time when you are looking to purchase your first home. It is fun, exhilarating, it can be stressful. As I have mentioned before, always have a TEAM in please to help you with your searches. And yes, your mobile device is part of that team. Your agent will have access to all of the same information as you are finding online. Often times our information is more updated. So keep your agent informed. Utilize all the websites and apps available to you. Your agents website is usually a good place to search. And your agent will also set you up on a client portal with criteria specific to your needs and wants.

Happy House Hunting.

By: Patrice Willetts

Interested in a fun & rewarding career in Real Estate with a team that is here to support you?  We’re Hiring!

The Property Shop of the Carolina’s LLC is looking for a few REALTORS to join our team! Come work for a boutique style firm that offers a highly competitive commission structure.

The Property Shop is proud to provide “Knowledge Based Real Estate”! We put the emphasis on client level service and are experienced in appraisals and marketing. Your support and guidance will come from the entire team, including an approved NCREC Instructor and approved NAR Designation Instructor as well.

After all, it’s what we know that makes the difference!

Contact Tony Harrington today for your confidential interview at 910-612-8669.

Weathering a Hurricane When Your House is for Sale:  Top 5 Things to Know Selling in Hurricane

Selling a home can be stressful, selling in hurricane weather can push someone over the edge!

As the impending Hurricane Joaquin begins to bare down on the east coast, we at The Property Shop are preparing for high winds and heavy rain by utilizing our resources at the American Red Cross from the link below.

http://www.redcross.org/prepare/disaster/hurricane

While we urge all of our home owners to follow the protocol set out by the American Red Cross, we still always have Real Estate on our minds and have a few additional tips for all of our home sellers!

1. The FOR SALE sign in your front yard:

Although selling your home may be a high priority, you are not likely to find a buyer in the eye of a hurricane, so be certain to secure all outdoor FOR SALE signs!  Unsecured, the sign can cause unexpected damage to your home or your neighbor’s home.  While you are bringing in your signs, also bring in any garbage cans or exterior items of any kind that could break free during the storm.

2. Confirm your insurance policy:

Before the storm, be certain to know the exact details of your insurance policy and have your property and possessions well documented.  With proper documentation, if a claim needs to be made, insurance adjusters will be able to provide assistance faster, meaning that your home will be ready for showings faster!

What if I close the day before the hurricane hits?  Insurance is required on the property until the time of the recording, so be certain that your Home Owners Insurance Policy is effective long enough to cover the recording, which a storm may delay.

3. Out of Town Sellers:

Not all sellers are currently living in the home they are selling.  Designate someone, probably your REALTOR, to walk through the property before the storm to secure and document any issues.  For comprehensive property security during the storm you may need to hire a service to ensure your home is protected as possible during the storm.  Your REALTOR should have the information you may need.  After the storm has passed, have the same designee walk through the property again to let you know of any new issues.

4.  Coolers, water, ice and more ice:

Few smells are worse than that of rotten food.  Prepare to have power out for multiple days which means that any food you have will begin to rot if not properly taken care of.  Be sure to have enough coolers and ice for your entire food supply, so that when the storm is over your home is ready for showings. You don’t want a potential buyer to turn and run from the stench of your home!

For our owners living on properties will well and septic service, be sure to fill bathtubs with water.  When the power goes out for days at a time you will then have water to flush toilets and rinse off.

5. Buyers of your home have secured insurance:

If your home is under contract, verify that the buyer of your home has locked in an insurance policy.  If the insurance has not been locked in, the impending hurricane can cause the closing to be delayed, consequently, causing delays with your own move.

While hurricanes can be a source of stress and additional concern, preparedness is the best cure.  Our thoughts and best wishes will be with all as Hurricane Joaquin approaches.

I love music, all kinds of music. Megan Trainor’s Grammy Award winning song for Record of The Year is

one of those songs that just catch your attention, makes you smile. “It’s all about that bass, ‘bout that

bass, no treble….” And if you watch her, and really listen to the lyrics, it can take you to another level.

That is what I so enjoy about music. Simply put, there is no One Size Fits All. It depends on my mood,

inspirational level, if I am melancholy or if I am just happy to be alive! Music can get me there.

So what does my opening comment have to do with real estate you might be asking right now? Bottom

line, there is no one size fits all. Housing options are so varied. Purchase a Condo, Townhouse or patio

home with a required homeowner’s association fee and leave the yard and exterior maintenance to

others. Rent right now because you are still in school, working part time, not sure you will still be in this

area in 1 or 2 years. Purchase that dream home you have worked so hard for because “now is the time.”

There is no transaction that I have ever been involved with that was the same as another transaction. As

REALTORS® we must be flexible and understand that there are many layers to a transaction. Sometimes,

lots of Treble! Everyone’s needs are different. Does the buyer have cash to put down? Are we looking at

financing through USDA? (which is limited to certain locations) In real estate, it is not just about that

base….we have treble, we have crescendos, we have flats and sharps. We have it all. To put it in YOUR

musical terms… Love classical, we have it; Hard Rock, got that too. Into the oldies, Show tunes, Gospel,

we have it all.

The choices that pertain to real estate types are wide open and varied. Locations and what that means

to your decision is important. Very important. So are the types of loans that you can apply for. I have

said it often in articles that I write and in presentations that I make, loan products are so varied that

they can make or break your successful transaction. Before you get your heart set on a particular home,

establish a working relationship with your lender. Make sure that the loan you are applying for is the

best fit. Remember….one size fits all does not apply when you are considering a mortgage loan.

I will also offer that one size fits all does not apply when you are choosing a REALTOR® to hire. Yes, I said

hire. As REALTORS® we are hired by our clients to represent them in one of the largest and most

important investments (or sales) they will make. Make sure that the agent you choose is not a one size

fits all agent. (Happily, I can say I do not know too many) Your agent should be flexible and play the song

YOU need to play, in ways that YOU want it played. Follow their guidance, listen to their experience and

knowledge of the market. But at the end of the day, you are maestro, the one who sets the tone for the

direction your needs require. All of the musical terms apply during this transaction. There will be highs,

there will be lows. There will be the melody and there will be the chorus. There will be times that it is all

base, and times treble will contribute.

As you can tell by now, I love music. I think there is always a song or melody playing in my head. I

sincerely hope that you enjoyed my simple analogy between music and real estate. It should be

enjoyable. It should bring value and contentment to your life. Play the music that moves you. And in the

transactions of real estate, think of it this way….there is an orchestra ready to play your song. It is made

up of all different people who have different levels of participation. This is your band, your choir, your

symphony…..your TEAM. As you bring them all together and create your melody, the very best outcome

that you can plan for is the melody that you composed, you envisioned, you hear over and over in your

head.

By:  Patrice Willetts

Let’s talk about the residential transaction from the Buyer point of view.

First, if you are looking to purchase a home, please hire a REALTOR®. There are so many aspects and

moving parts to a transaction. The hard work begins AFTER you find your dream home and are under

contract. You will have to decide on what is the best loan for your particular needs. Getting prequalified

is a very smart first step. Knowing before you start looking how much you are comfortable with

spending will make your decision so much easier when you find “it.” Provide your REALTOR® with two

lists. One that will list the things you MUST have and another list of your wish list. Must haves include

master bedroom on the first floor, open floor plan, type of siding, the number of bedrooms, what side of

town you want to live on? A wish list could be a fence or pool, things that can be added later.

Now we start looking. As REALTORS® we have the ability to set our clients up on something called a

client portal. We enter specific criteria and a search is automatically generated showing us what is

currently on the market that fits the parameters of the client’s criteria. At first you will get a complete

list of what is currently on the market that fits the criteria. This might be over 100 listings. Following that

initial search, you will receive a message at least once a day with new listings and price reductions. You

will have the opportunity to save or reject each listing. We can then see what you have saved or rejected

and will schedule a time for you to view the ones you like.

You find the property you like and we make an offer. Now the negotiating begins. It really should not be

all that messy. Everyone involved in the transaction knows their job. The buyer is to provide everything

needed for the loan, to do their inspections in a timely manner and to provide the seller with the

necessary repairs that have shown up on any report.

The seller knows that they are to provide clear title, understand the items that showed up on inspection

reports that do need to be addressed (changing the paint color in a room is not a request the seller

should be asked to do) We are looking for items that are not performing the function for which they

were designed.

Both the Buyer and the Seller need to be aware of changes that are coming soon that have the potential

of delaying the closing. Changes to appraiser responsibilities and to lending disclosure requirements are

right around the corner. Please understand, have patience and keep the lines of communication open

with all parties. In my opinion, a transaction that in the past took 30 days will most likely take 45 days.

Ask questions, be an informed consumer. As REALTORS® we want our clients to be well informed, to

understand the ins and outs of this process. This is most likely the largest investment you will make. A

home provides more than just a roof over your head. It is the place that your life takes shape, it is your

safe harbor, it can enhance your financial future. So again, if you have questions, ask! We may not be

able to answer them all but we know the people who can. Your financial advisors are there to lead you

on investments that will enhance your portfolio, county and city zoning staff that will tell you if that

small home based business is allowed in a certain neighborhood, the manager of the Home Owners

Association that will make sure your ideas are within the covenants of the community.

Put your team together, do your due diligence, ask questions when needed…..and then enjoy all that

home ownership provides.

  By: Patrice Willetts

Primary Residence, Investment Property.

Own, Rent, Buy, Sell

How important is real estate to your financial picture? If you are like most people, your home is your

biggest investment. An age old dream for so many is to have the opportunity to own their home. Put

down roots, raise a family, make improvements and enjoy your dream. We also have opportunities to

invest in income producing rental property or locations for our businesses. As a REALTOR® for 20 + years

I have had the opportunity to watch the changes to people’s needs and wants. Housing needs are

important to a community. As communities change, as our lifestyles evolve, as our family and/or

financial needs change, our housing choices can change. Consider the young family with one child.

When they were first married they rented an adorable 2 bedroom condo. Making good financial choices

they purchase their first home. They work hard, had their first child and continued to make great

decisions for their financial future. Along comes their second child, and they have outgrown their home.

I’m sure you can see where I am going with this. Fast forward 25 years, their two children are grown and

they are now empty nesters. What to do with this large home with all the bedrooms upstairs. The

marketplace is finding that downsizing is becoming a significant part of consumer needs. Communities

are being designed to provide an environment offering amenities and floor plans that will be attractive

to the young retiree, the empty nester, etc. The residential, primary residence story can be ever

changing. When this young couple was just starting out, they rented first. It is a possibility that an

individual investor owned that 2 bedroom condo. That investor was most likely someone making

investment decisions for their financial future by investing in real estate.

Consider the commercial need. You are a professional and are looking for a location for your growing

business. Do you buy or do you rent? Or maybe you are the investor and you own a professional

building that is just right for a young business to grow. Whether it is for residential or commercial needs,

you should have a team in place that can help you make the best financial decisions. There are ups and

downs to every situation, and you probably have questions. Pull together your financial advisor, who

understands your needs and can council you on strategy, along with your tax advisor who can help you

understand how the tax laws will contribute to the decisions you make.

Personally, I feel that owning your own home is the best way to grow wealth. Is it the only way, no. But

as you decide what your needs are, the direction you should take becomes more clear. The young

couple I talked about earlier will one day face a totally different decision. For different reasons they will

need to sell that large home. A few questions they should consider might be; Is our home in good

condition right now? If we stay here for 10 more years how much will we spend on maintaining and

updating this home? Would it be better to sell now before too much deferred maintenance reduces the

market value?

In my opinion the primary residence investment includes emotion. We will raise our family here and we

will make beautiful memories. And then there is the real estate investment that will bring them a certain

rate of return on their money; a Non-emotional decision where the numbers rule.

As you consult with the members of your financial advisory team, it might be a good idea to include a

REALTOR®. One scenario I will share with you is of a recent widow who had some cash. She was so afraid

of out – living her money. She always said she did not want to be a burden on her children. She was

willing to invest as long as her principal was secure. We were able to work as a team with her financial

advisor and took a percentage of her principal to invest in real estate. She held a first mortgage for a

young couple starting out and she purchased a small condo for rental purposes that a single person

could afford. She felt good about her investments, not only because she now had a monthly income

from her principal, but because she felt she was helping others to get started.

For over twenty years I have been involved in the many aspects of property ownership. I am a firm

believer in Protecting and Promoting Private Property Rights. Whether you are buying a home for

yourself, choosing to invest in rental property, residential or commercial, you have private property

rights. Cities and Counties work to have long range plans for growth and development. Property Rights

and Zoning play a big part in the overall development of an area. A healthy and sustainable community

depends on the wise use of the land. There is a balance that we all should work to achieve. When an

area has as much to offer as we do, there are ample opportunities for investment. Interested in a

second home at the beach? Drive a few hours for that mountain cabin? Not only can you keep these for

your own enjoyment, but you can place them on a vacation rental program, affording you a return on

your investment. Many clients that I work with are downsizing. As we mentioned before, the large

house served its purpose and it is time to move on. Consider the yard work you will not be doing, the

pool you will not be cleaning, the roof you will not be worrying about. But this brings a new set of

Property Rights into play and these rights are defined in the homeowner’s association documents that

will lay out the rules of the development.

Ask all your questions. Understand the issues and learn all you can. Own, rent, buy or sell. At different

times you will have different needs. Investment in residential and commercial real estate just might be

the key to your financial future, no matter if you are just starting out or looking to diversify your

portfolio.

By:  Patrice Willetts

All That is Good!

Spring is almost here. Let me repeat that…SPRING is almost here!! It has been a cold winter here in

Southeastern North Carolina. For those that live in the Northeast, I just cannot begin to imagine living

through so many cold and snowy months. The last I heard, one area received over 100 inches of snow.

WOW!!

As REALTORS® we try to help homeowners who are considering selling their current property what the

environment is for their type of property. One of the most important aspects of our representation of a

seller is to make sure they have a very good understanding of the market and how much interest there

might be in their particular property. Local statistics are very important. Making sure that the

information we use to compare properties is current, relative and is the best comparable out there.

Property condition and price play a very big role in marketability. You cannot just say this is a four

bedroom home with two full baths. You need to walk through the property, consider the condition and

any maintenance issues that might have been overlooked. Or, how well the home has been taken care

of and updated.

I am sure that there are many people who live in the Northeast that are seriously considering next

winter and if they want to still be living where they are now. Ask any REALTOR® right now, and they will

honestly tell you that this time of year is when people who are considering a move, are making

connections, visiting new areas and figuring out how and when to make their move. They have so much

to consider. Jobs, schools, weather (NO SNOW!)

In this part of the state, we have so much to offer. Would you like an oceanfront condo with an indoor

pool? We have that. If your interest is in living in a golf and/or tennis community, we have that also. Do

you love Historical locations? There is so much to offer in Historic Downtown Wilmington. Would you

enjoy a few acres not too far from town, we can do that also. Walkability, parks, recreation

opportunities, University of NC Wilmington and Cape Fear Community College, beaches, theatre, the list

goes on and on.

This time of year is also when people who just need a little vacation are in town. They come for the

Azalea Festival, our early spring, a time to visit family and friends and enjoy some sunshine. Many times,

this is the first time that a move to Wilmington might cross their minds.

I moved here in the early 1980’s. I have seen this area blossom into a very desirable destination. When

those that might be thinking of the Wilmington area in terms of a move call me, I love to show them all

the beautiful parts of town and the things that helped me decide to move here.

So again, Spring is almost here. Get out and ENJOY everything that is good about where we live.

By: Patrice Willetts

North Carolina Association of REALTORS members honored with Hall of Fame status.  February 13, 2015 NAR will recognize two outstanding REALTOR® leaders at the May Legislative Meetings and Trade Expo in Washington, D.C.  Past President Patrice Willetts and NCAR Director Leigh Brown will represent NCAR in the Class of 2014 NAR RPAC Hall of Fame.

Patrice Willetts has served as 2013 President of NCAR and as 2000 President of her local board, the Wilmington Regional Association of REALTORS®. Patrice’s leadership at NCAR includes numerous committee assignments and many years of service. She has also served nationally on the Land Rights, Property Rights and Environment Committee as well as the Public Policy Committee. She is a graduate of both the NCAR and NAR Leadership Academies. Patrice’s accreditation’s include Senior Residential Specialist, NAR’s Green Designation and Accredited Buyer Representative. Patrice is a broker with The Property Shop in Wilmington, NC.

At The Property Shop of the Carolina’s LLC we are proud to have Patrice as a guiding beacon for all brokers in the office.  Her positive attitude and all around helpfulness make The Property Shop a well educated and experienced firm.  Congratulations from all of us, it’s well deserved!

Welcome to our new website featuring our up to the minute Property Shop blog! Keep an eye out for updates, videos and information on the ever changing real estate market here in the New Hanover, Pender and Brunswick County markets. We look forward to our future interaction and want to be your real estate professionals in your next real estate transaction! Tony