Selling Basics | 1-2-3s Of Selling In Wilmington NC

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1604crowslanding1—Start cleaning, clearing and prepping now. Don’t waste time getting your home in order for visits by potential buyers. Clear out clutter, deep clean and move out some of your bulkier furniture to temporary storage or sell/give away/move it to your new home.

2—Secure a local agent. Selling your home in today’s fast-changing market requires you to know and do a lot more than most people have the time, energy or know-how to deal with. Work with a local agent who has experience—like us.

3—Price it right. Working with a professional agent, you will get feedback on what local home prices are doing, what the competition looks like and how the price will affect buyers.

4—Stage it, clean it, make it ready to show. Staging a home means having it look its best for buyers by giving each room a focal point and a purpose—whether you do it yourself with your belongings or you use rental items to spruce up your residence. Hiring a pro stager is another option, but make sure you have a clean base to start from and your home could be ready to show quickly.

5—Accept the right offer. The first offer could be your best offer, only offer or the start of more. You’ve got to know when to hold ’em, know when to counter and know when to call. We can help you evaluate an offer to help you determine whether it’s a good move to accept or whether you should make a counteroffer.

SELLERS: Yesterday is history. Set an asking price for your home that reflects the reality of the current real estate market—instead of rumor or yesterday’s sales prices.

6—Be patient, but pay attention.Once the offer is signed and accepted, be flexible to allow the buyer to schedule inspections and finalize financing. However, your agent and you should keep track to make sure closing/settlement is on track for the agreed-upon date.

7—Get moving. Once that offer is signed, it’s real. Get your bags packed and boxes loaded up. You’re on your way to the next stage with your home sale behind you!

Professional guidance is essential in today’s real estate market, especially in your local area. We look forward to putting our know-how to work for you.

Categories: Selling Basics, wilmington nc real estate, Wilmington NC real estate stats 2014

Need to Renovate? A Mortgage Loan That Can Help Pay For Your Home’s Renovations

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1Want to renovate your home’s 20th century-era kitchen? Or maybe you’d like to build that master bedroom of your dreams. You can—with the help of two mortgage programs designed to help homeowners pay for renovations designed to improve the value of a residence.

Fannie Mae offers the HomeStyle Renovation Mortgage, while the Federal Housing Administration (FHA) provides the 203(k) Program. Buyers can take out these mortgages when buying a new home. But they can also refinance their existing mortgage loans into a HomeStyle or 203(k) loan if they need to make improvements to their current homes.

These loans allow consumers to borrow more than a home is worth, as long as you use the extra money you are borrowing to pay for home repairs or renovations.

For instance, if borrowers want to buy a $150,000 home, they can take out a HomeStyle or 203(k) loan for $175,000. They can then use that extra $25,000 to fund the renovation of an aging kitchen or add another bathroom.

Borrowers will have to work with consultants who will study borrowers’ renovation plans and make sure that the homeowners are using the money for the repairs they promised to make.

But that extra work is worth it if it allows you to improve the value of your home while making it a better place to live for you and your family.

If you have questions about these loan programs, don’t hesitate to call us. We can help you determine which program is best for you. And we can guide you through the application process for both types of loans.

Don’t Keep It To Yourself!
After you’ve read and reviewed this newsletter, we hope you’ll pass it on to those you know who are thinking about selling or buying a home this year. They’ll appreciate you thinking about them, and we’ll certainly appreciate the referrals. Your positive word-of-mouth is greatly valued. Thank you!

 

Categories: Get a Mortgage to Renovate, Uncategorized, wilmington beach homes, wilmington nc, wilmington real estate stats

SMORGASBORD When You’re Ready For A Mortgage You’ll Have Plenty Of Choices

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jones 91011 268This is a great time to apply for a mortgage loan. Interest rates are still low. Many borrowers are able to qualify for rates under 4%. And even better? Mortgage lenders today offer a wide variety of loan types. Borrowers with solid credit scores should have little trouble finding a home loan that works for their varied financial situations.

Here’s a look at some of the choices on the most popular mortgage smorgasbord available today. If you need help choosing, give us a call. We’d be happy to discuss your options.

30-Year Fixed-Rate: The 30-year fixed-rate mortgage (FRM) loan remains a favorite among borrowers. And why not? This mortgage comes with lower monthly payments because of its long life. Plus, the interest rate is fixed, so borrowers always know how much they’ll pay in principal and interest each month. (Your payments can still change, though, if taxes or insurance bills increase or decrease.) The downside? Because repayment is spread out over three decades, borrowers who pay off a 30-year loan in full will pay a lot more interest than those with different loan types.

15-Year Fixed-Rate: The 15-year fixed-rate loan comes with all the benefits of the 30-year version. But borrowers will pay far less interest each month because the repayment period is cut in half. The interest rates attached to 15-year mortgages are also lower than those that come with 30-year loans. However, because of the shorter term, a 15-year mortgage does come with higher monthly payments.

Hybrid ARMs: An adjustable-rate mortgage (ARM) features interest rates that are fixed for a certain number of years, often five, seven or 10. After that fixed period ends, though, the interest rate adjusts on a pre-set schedule according to the performance of whatever financial index the loan is tied to. Hybrid ARMs come in several varieties, but they all operate similarly: The 5/1 ARM, for instance, features a fixed-rate period of five years, while a 7/1 hybrid has a seven-year fixed period before the interest rate begins adjusting each year. The main benefit of these loans is the low initial interest rates that come with them. ARMs usually start with interest rates that are lower than those attached to fixed-rate loans. It’s important, though, for consumers to understand just how high their rate can jump each year once their loans enter the adjustable period and how that affects their payment—and ability to pay.

5/5 ARM: The 5/5 ARM is a relative newcomer. In this type of ARM, the interest rate is fixed for five years, then can adjust once every five years until the loan is paid off, the owner refinances it or the owner sells their home. This loan combines the low interest rate of an ARM with a bit of the stability that comes with a fixed-rate loan. Another variation is a 15/15 ARM.

Categories: Mortgage choice, Uncategorized


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.