What’s So Special About “Location, Location, Location”?

Be the first to comment on this post

What do real estate agents mean when they say the three most important factors in selecting a house are “location, location, location”?

Door KnockerThe house is wonderful! But before you buy, carefully check the location to be sure this is the house you want to buy.

  • Consider destinations

Where will family members go most often from this new location? How easy is it to reach those places from here? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls, and neighborhood services?

  • Be sure rooms have a view

What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road planned?

  • Check around the clock

Is rush hour traffic a problem? What will be the impact of special events like local high school games or church picnics?

  • Crash test the driveway

How easy is it to get into and out of the driveway?

  • Be service conscious

What utilities serve this property? Are the rates competitive? Do you want an all-electric house, or do you want gas or oil heat? Where will you get your mail? Where are the easements?

  • Dig below the surface

Is the soil stable? Is part of the property on a flood plain — if so, what is the history of floods on the property?

  • Visit the neighbors

How will you fit in with the neighbors? Do people seem to be friendly? Are houses well-maintained?

  • Read the fine print

If the community has special by-laws or architectural controls over changes to a house, what are the pros and cons?

Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the house’s location.

Do you have home questions about a specific location? We can help. Call or e-mail us now. Kay Baker 910-202-3607 or kaybaker@seacoastrealty.com

To search all Wilmington NC real estate please visit www.cbbaker.com

 

Categories: ability park, Figure Eight Island, Landfall, Porters Neck Plantation, Uncategorized, volunteer in wilmington NC, Wilmington NC Market Statistics, Wilmington NC Neighborhoods, wilmington nc real estate, worlds largest christmas tree, Wrightsville Beach NC

7 Reasons To Love | A TOUGH MARKET | The Time to Buy is Now.

Be the first to comment on this post

Today’s housing market is challenging. That’s a given. It’s tough on buyers and sellers alike, who are anxious, not knowing where the real estate market is going next. They both want — and often need — a great deal whether they are buying or selling. Our current real estate market requires a special perspective no matter which side of the settlement table you are on. The rates inched up a bit last week, and the market has been hot.  If you have been waiting for interest rates to get better and home prices to fall, then you might get left out of the chance to buy.

Savvy buyers can readily find a lot to love in today’s market. Buyers feel the love from low interest rates and competitive prices to a huge selection of homes and incredible investment opportunities. Look past the national headlines — which are gloomy at best and don’t apply at worst — to our local real estate market. Here is where buyers benefit the most when the going is tough. Unless, of course, you wait and miss out.

Smart sellers, on the other hand, can benefit from a buyer’s market as well. Successful home sellers in today’s market know they must price their home correctly and be flexible. Providing a buyer with a great deal on their home opens the door for sellers to move on to their own next step — whether it’s moving up, downsizing or relocating. Smart sellers also know what they may give up on price, they can make up — and then some — on their next home purchase. That’s another bright side of today’s real estate market.

Take a moment to learn the seven reasons why it’s a great time to buy a home. And, be sure to contact us when you’re ready to make a move.

1. Loving Low Interest Rates
Historically low interest rates continue to allow home buyers to afford more home for their money. Lower interest rates reduce your monthly payment and increase your buying power. Locking in at a low, fixed-interest rate means your monthly loan payment will never change over the course of your loan.

2. Embracing Investment Property
Even if you’re not in the market to buy a primary residence, you should take a look at the properties available for sale as investments. With ever-increasing numbers of families looking to rent, it’s an opportune time to invest in a rental property. Being a landlord can be a rewarding experience when you find the perfect property.

3. Attractive Home Prices
Home prices have never looked better! Many sellers are motivated to get their homes sold and are pricing accordingly. Don’t be afraid to make an offer on a home or to work with us to negotiate a great price on a great home.

4. Wondrous Selection Of Homes
If your “needs and wants list” of home features can’t be contained, now is the time to be looking at homes. The selection available in our area is outstanding. No matter what your budget, family size or life stage, we can help you find the home that fits.

5. Digging Distressed Properties
Others’ foreclosures, bank-owned and short-sale properties can be the key to your next home. Don’t overlook distressed properties, as you may uncover a hidden gem priced right so you can make upgrades and improvements without breaking your budget. Distressed doesn’t always mean a steal, but it can often lead to a great deal.

6. Engaging Your Financial Options
If you’re tired of seeing your savings yo-yo in the volatile stock market, real estate is a great asset balancer. Consult your financial professional to make sure you have the savings to spare. When you’re ready, we can help you find great investment property or a home to buy for all-cash if you desire.

7. Winning Over Motivated Sellers
Successful sellers keep the market going. Homeowners are eager to sell their homes to buyers who make realistic offers. It’s a crowded market for sellers, but the ones who are motivated will offer a great price and may throw in incentives (e.g., helping with closing costs, etc.) or much-valued sweeteners — such as a home warranty — that are as good as cash.

8. Professional Partner
When you’re buying or selling a home, it’s difficult to go it alone. We can help you every step of the way when it comes to getting a great deal on a new home. Feel free to contact us anytime you’re ready to jump into our real estate market to buy or sell. We’d love to work with you!

Categories: 3D Journey 2 Mysterious Island, Economy, Financing a Home Purchase in Wilmington NC, Investment Property Wilmington NC, miracle league, wilmington nc, Wilmington NC Market Statistics, Wilmington NC Neighborhoods, wilmington nc real estate

Which Improvements Can Be Added To Your Home’s Cost Basis? | Wilmington NC real estate

Be the first to comment on this post

Some of the money you spend on your home can be added to its “cost basis,” your legally recognized investment in the home. That cost basis becomes important when you go to sell your home because the difference between the sales price and your “adjusted cost basis” is the amount of profit (capital gain) the government may be able to tax you on.

By tracking all the money you invest in your home, you reduce your capital-gains tax liability at sale time. Aside from the price you paid for the home and some other acquisition costs (again, cost basis), tax law allows you to add the costs of improving your home as adjustments–within limits. So, what can you count?

If the home improvement is a major replacement, addition or alteration, it probably is an adjustment to the cost basis. If it’s a maintenance or repair expense, it usually isn’t. The IRS offers some further guidance.

Improvements are expenditures that add life to your home, increase its value or adapt it to a new use. For example, the addition of a bedroom or storm windows would be improvements. So would upgrading the kitchen or replacing an old heating system with a new high-efficiency unit. (Only the extra expense for upgrading, instead of replacing with similar quality, may be added to the adjusted cost basis.) Want to turn your garage into a family room? It’s an improvement because it adapts the area to a new use.

You may not, however, count improvements for which you have already collected residential energy credits or, in case of casualty, for which you have received insurance payment. Any civic improvements, such as a new sidewalk or street, can be added to the home’s cost basis, unless you have already been paid for an easement or right of way.

Repair And Maintenance
Repair or maintenance work does not affect the cost basis, even though it adds to the aesthetic value of a home. For example, you cannot count costs for:

  • painting
  • patching damaged walls
  • repairing broken windows
  • cleaning carpeting
  • fixing a leaking faucet
  • replacing a non-functioning doorbell
  • maintaining lawn and trees

Caveats
Repairs and maintenance when they are part of an extensive remodeling or renovation are considered to be capital improvements–and can be added to the cost basis.

Fix-up expenses to make a home more saleable–if accomplished within 90 days before the sales contract is signed and paid for within 30 days after closing–will become selling expenses that also increase the cost basis.

Consult your professional tax advisor for further details.

Search all Wilmington NC real estate online at www.cbbaker.com.  Sign in to save your favorites.

Categories: Uncategorized

So You Want To Buy A Foreclosure? | Understand The Three Steps | Wilmington NC real estate

Be the first to comment on this post

FORECLOSURE:
What Every Buyer Must Know

 In today’s market, you’ll hear lots of terms used to describe “bargain”
properties, distressed, short sale, pre-foreclosure, auction, REO,
bank owned, foreclosure, foreclosed, and more. Confused?
That’s understandable. Some of these terms are interchangeable,
some are not, and some cover a whole range of bargain property types.

 

Foreclosure Overview:

To understand the terms, it’s important to understand the three stages of foreclosure:

  1. Pre-foreclosure stage. This stage begins when the homeowner falls behind on home-loan payments (or sometimes other terms of the loan). Lenders may wait for a second, third or even fourth missed payment before sending the homeowner a Notice of Default — which becomes public record. The homeowner then has a given period of time to respond to the notice and/or come up with the outstanding payments and fees — sometimes by selling the home in a pre-foreclosure sale, also known as a distress sale. (If a judicial procedure is required, it occurs after the notice of default is given.)One type of pre-foreclosure or distress sale is a short sale — when proceeds from the sale of a home are less than the amount of mortgage still owed to the homeowner’s lender. A lender-approved short sale (or short payoff) occurs when the homeowner’s lender agrees to accept the proceeds of the home sale as satisfaction of the mortgage owed, even though proceeds are less than the outstanding debt.
  2. Foreclosure stage. At this stage, the former homeowner may or may not have been evicted — depending on state law — when the lender puts the home up for public auction (after a judgment of foreclosure in those states requiring judicial procedure).If the home sells at the foreclosure auction, (sometimes called a sheriff’s sale, trustee’s sale or step sale) money from the sale is used to pay off the costs of the foreclosure, taxes and other prior liens, service charges and advances, interest and principal on the mortgage, late charges or fees, and liens recorded after the first mortgage. Any amount left over is paid to the borrower (former homeowner). When proceeds from the sale are less than the various amounts owed, the lender may be able to hold the borrower responsible for the difference (deficiency judgment).
  3. Post-foreclosure stage. When a property that does not sell at auction — either because no one bid on it or because bids did not meet the lender’s or agency’s minimum price — the property becomes real estate owned (REO) by the lender or government agency that guaranteed the loan (such as FHA/HUD, VA, etc.). You’ll also hear the term bank-ownedapplied to these properties, whether they are owned by an actual bank or some other type of lender. (Be aware: The term REO also applies to properties purchased by companies from employees who didn’t sell their home on the market before relocating, which is to say that not all REOs are foreclosed properties.)Once the lender or agency has repossessed a property following a failed auction attempt, the home is put back on the market. Most REO properties are listed for sale through real estate brokers and placed on the Multiple Listing Service.

 

At this stage, the foreclosure process is complete, and the property may be accurately described as a foreclosed property, while in the first two stages the home is in foreclosure and should be referred to as a foreclosure property. (You’ll find, however, that real estate writers and others sometimes misuse this terminology; be sure to ask if you are unsure what stage of foreclosure a particular property is in.)

Here is a list of current foreclosures in the Wilmington NC real estate area  Click Here for List…

For a list of Short Sale Homes Click Here….

To search the Wilmington NC MLS, please visit www.cbbaker.com

 

Categories: Buy a foreclosure in Wilmington NC, Buying Wilmington NC real estate, Wilmington NC Market Statistics, wilmington nc real estate, wilmington nc weekly events, worlds largest christmas tree, Wrightsville Beach NC


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.