Posts Tagged ‘wilmington nc real estate’

Sellers: Don’t Wait Until Spring To Make Your Move

Wednesday, January 26th, 2022

Courtesy: At Keeping Current Matters

As you plan out your goals for the year, moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here.

You don’t want to wait until spring to spring into action. The current market conditions make this winter an ideal time to move. Here’s why.

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 than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple strong offers this season. Just remember, experts project more inventory will come to market as we move through the winter months. The realtor.com 2022 forecast says this:

“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”

Selling now may help you maximize the return on your investment before your house has to face more competition from other sellers.

2. Your Equity Is Growing in Record Amounts

Current homeowners are sitting on record amounts of equity thanks to today’s home price appreciation. According to the latest report from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months.

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 own home search, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the down payment on your next purchase.

3. While Rising, Mortgage Rates Are Still Historically Low

In January of last year, mortgage rates hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far 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%

Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll cost you more to purchase your next home.

4. Home Prices Are Going To Keep Rising with Time

According to industry leaders, home prices will also continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.

What does that mean for you? If you’re selling so you can move into a bigger home or downsize to the home of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.

Bottom Line

If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory. Reach out to a local real estate professional today to get set up for homebuying success this year.

 

A Big Change in Real Estate

Monday, September 21st, 2015

You Can Always Count on Change

There are so many examples of how things have changed. If you were born in the 50’s you have seen so

many changes. If you are part of the Greatest Generation…WOW have you seen changes. Things that the

Millennials take for granted, Baby Boomers struggle to grasp. How many upgrades to my computer or

cell phone can I ignore before my system is totally obsolete or the computer gurus will refuse to work

on? The home I grew up in had two bedrooms and one bath, a small formal living and dining room and a

small eat in kitchen. There is no such thing as a typical home today. Anything from 2 bedrooms and one

bath; three bedrooms with 2 ½ baths; five bedrooms with 4 ½ baths. A great room or den, a media

room, a FROG (finished room over the garage which can be just an open space finished nicely with

carpet, or it can also have a large closet and a full bath of its own.) You can own the large yard that

surrounds your home, own no land because your property is defined as a condominium, townhome or

patio home. A carport, detached or attached garage which can be one, two, three or even four bays.

As you start to work with your REALTOR® and you want them to have a good understanding of what you

want in a home, defining it might not be as easy as you think. But work together and get started looking.

The best way to define what you want is to let your REALTOR® know what you don’t want. Things seem

to work out when we understand the picture you have in your mind of that perfect place to call home.

One big change that is occurring has nothing to do with style of home, how long it takes to find it, or

what the preferred color pallet is. It has to do with getting your financing lined up and the transactions

successfully closed and recorded. If you have bought a home before and you think you understand the

steps to this part of buying your home… Think again. As of August 1 ( this date may change in order to

allow lenders and lawyers to update the required software) of this year things are changing. If you are

familiar with the term HUD-1, it will now be called the Closing Disclosure Form. This form will contain

the final disclosure that was given to the borrower along with the HUD-1. The final rule has two options

pertaining to who prepares this form. The lender can prepare the form, or the lender and the settlement

agent can prepare it together. There will also be a 3 day rule…A WHAT? This new rule says that the

closing disclosure must be given to the borrower 3 days before closing. There might also be a 3 day

delay if certain changes have to be made, sending the documents back to the underwriter. Those

changes fall into the following categories;

  • Changes to the APR (annual percentage rate) above 1/8 of a percent of the loan;
  • Changing the loan product;
  • Adding of a prepayment penalty to the loan.

 

Why all these changes? The reasons were established in the Truth and Lending Act and the Real Estate

Settlement Procedures Act; To improve consumer understanding of risk factors, overall costs and

monthly payments; To help the consumer realize that they should compare the different loan products

that are available to them and to avoid costly surprises at the closing table. These new rules apply to

most mortgages EXCEPT Home Equity lines of credit, Reverse Mortgages and Mortgages secured by a

mobile home.

 

As the consumer, you would be well advised to start the conversation early on with your real estate

team. Your REALTOR® will be educated on these changes as will the lender and the closing attorney.

The lender and the closing attorney are on the front lines of these changes. My personal advice to you if you

are purchasing a home after August 1st is to stay calm if faced with a delays. It is no one’s fault. We are

all facing a learning curve and we are doing our best to understand any impact these new rules will have

on our clients. Your REALTOR®, Lender and Attorney are working hard to best represent your needs.

Buying and selling real property, especially your primary residence, can be an emotional roller coaster

ride at times. Make sure that you are comfortable with the members of your team. Ask questions. And

remember that delays are normal. Prepare for plan B, if a short delay should occur. Your team members

can help you understand the delay and then help you to manage the situation.

By: Patrice Willetts

 

Wilmington Cost Of Living

Thursday, February 3rd, 2011

Cost of Living Wilmington Wrightsville beach Real Estate

3rd Quarter 2010 Cost of Living
Select Southern Cities:


CITY Composite Grocery Housing Utilities Transportation Healthcare Misc. Goods & Services
Wilmington, NC 98.5 103.2 89.3 114.1 96.9 100.1 100.4
Asheville, NC 99.4 101.7 95.4 113.9 95.7 104.6 98.3
Atlanta, GA 93.6 93.4 89.8 85.6 102.0 105.3 95.0
Charlotte, NC 94.1 100.1 81.2 94.8 94.6 110.6 100.9
Charleston, SC 99.8 107.0 96.1 98.2 93.1 103.4 102.8
Raleigh, NC 97.0 102.6 87.9 110.0 95.3 97.6 99.5
Norfolk, VA 110.1 111.6 118.0 109.6 104.2 107.9 105.1
Washington, DC 141.3 107.9 232.0 98.5 105.7 103.1 104.1

The ACCRA Cost of Living Index (see table above) measures the differences in the cost of consumer goods and services between cities, excluding taxes, for a middle-class standard of living. Approximately 300 urban areas in the United States participated in the most recent study. The results are based on the cost of more than 60 items that are priced by area chambers of commerce, economic development groups or similar organizations in each urban area during the same 3-day time frame. Each community is given a composite index in which the average score is 100 (if index numbers are above 100, they are more expensive than the average), derived from six categories. The index does not measure inflation. Instead, it serves as a snapshot of comparative costs between cities during a certain time period. Wilmington’s latest study scores, compared to other southern cities, are shown in the table above.

Salary vs. Cost of Living: What to consider when evaluating a move
Some people won’t consider a move to a smaller city like Wilmington, where salaries may be lower, because they don’t want to lose purchasing power. But oftentimes the opposite is true.
Alternatively, some people are lured to another city for a bigger salary, only to find out that their disposable income—and consequently their quality of life—actually goes down, not up.
Why? Because the cost of living has to be measured versus the difference in salary. Companies in larger cities may offer larger salaries, but they also typically come with a higher cost of living.
If you are considering a move, use the cost of living calculator below to compare the cost of living between Wilmington and another city.
Data compiled and published by The Wilmington Chamber of Commerce

Local Residential Market Off to Promising Start in 2011

Monday, January 31st, 2011

Beach camping2011 is going to be an exciting year for our local real estate market. During the fourth quarter of 2010, our residential market showed significant signs of improvement over year-end 2009. This is an extraordinary sign that the market is stabilizing which will offer many potential homeowners and REALTORS® reason to continue being optimistic heading into the rest of this year.

While analyzing the growth within these six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451, an average of the zip codes shows:

• Our average sales price had an increase of 3.2% from year-
end 2009.
   • Of the 2,587 sellers in 2010, 28.4% paid some sort of concession toward the purchase of the house.
• Our list to sales price ratio for 2010 was 94.65%, a slight decrease from 95.12% for year-end 2009.
• The average list price of the sold properties was $260,379, up 3.7% from year-end 2009.
   • The average number of days a property remained on the market for 2010 was 123 days, compared to 132 days for year-end 2009.
• The median sold price of $195,000 for 2010 was an increase of 2.7% from year-end 2009.

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