“What Really Determines Your Home’s True Value In Today’s Market ”

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Looking at a home just by its address or public data rarely returns an accurate market value. Why? Because every property and pocket-market is unique. Here’s a quick refresher to see how the home you own—or the home you’re thinking of buying—stacks up in terms of local values and price trends.

Check out your value here.  www.WilmingtonHouseValues.com

Location, location, location. It’s not just a cliché because most homebuyers will pay more for a comparable home that is conveniently located near schools, place of work, public transportation, parks, etc.

Size of home. The number of bedrooms, bathrooms and total rooms in the home helps determine its underlying value.

Size of lot. A bigger lot often means that the home commands a larger price tag, especially in cities where open space is at a premium. Landscaping and hardscaping improvements (or lack thereof) can swing value up or down.

Amenities. If the home has special features that other homes don’t have or it has been upgraded, it may be worth more if the majority of homebuyers find these features desirable. Large, updated kitchens and baths, spacious and numerous closets, usable storage space, outdoor entertaining space, modern wiring, etc. often add value.

Age and condition. Newer homes are typically worth more than older homes because they often need less work to make them move-in ready. Well-maintained older homes, however, that have been remodeled and are located in a desirable area may bump the price tag higher.

Get professional advice. If you have any question about local home price trends—or your home’s potential selling price—contact us. We’d love to show you how our knowledge of local values can help you determine what your home is really worth in today’s market—and if selling your home or finding a new one fits your financial goals.Let us know how we can help. kaybakerassociates@ec.rr.com or 910-202-3607

Categories: Sell your home, Selling Home, Selling your home, Wilmington NC Neighborhoods

SELLING A HOME HAS CHANGED Retiring Soon? Avoid These Common (And Costly) Home Selling Myths

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Myth: A neighborhood pretty much like the old one we have is just fine.
Truth: If you have your heart set on certain activities such as swimming, golf, volunteering, etc. choose a location where these activities are readily available. Are you a gardener who thrives getting your hands in the dirt or are you trying to escape yard work?

If you are thinking of continuing to work—part time or more—are there job opportunities available? Consider: Even if you don’t want to work now, down the road, your finances may require you resume working and you’ll want to avoid relocating for a job.

Myth: Every place has the same healthcare resources.
Truth: Good healthcare access is a necessity as we age. Make sure suitable hospitals and doctors in your health insurance network are within easy proximity to your retirement location. If you already have preferred healthcare professionals, consider whether your new home gives easy access or if you will need to find new providers. TIP: Ask your existing medical team for referrals and recommendations for professionals in your new location.

Myth: Driving is always the best way to get around.
Truth: As visions of golf carts, public transportation options, bicycles, taxis and your own car, or two, dance in your head, prioritize what your main method of commuting will be in your new location. Will these options still be viable later on in life? Don’t forget safety considerations. If you have plans to attend evening events in a big city, will you feel safe on public transportation as your only transportation choice? TIP: Reliance on friends or relatives for occasional commitments may work in a pinch, but over time, these arrangements may be fraught with problems.

Myth: When it’s time to move, I’ll just hire a packer/mover.
Truth: Long before you decide to move, start to pare down and clear out furniture and household items you no longer need or want. It’s not just for showing your home for sale; in the process you can decide what is moving with you on the next stage in your life. Be ruthless. Go through everything you own—even those unknown boxes of “stuff” tucked away, enjoying and savoring the trip down memory lane. Determine what moves with you, what gets tossed or sold and what is give-away worthy or can be recycled. Don’t be surprised how long this takes. Remember: The stuff you shed now means an easier and cheaper move later.

Myth: Better to home shop before you sell to ensure you don’t miss your dream home.
Truth: Well ahead of home shopping, determine if your finances will allow you to purchase a new home before you sell your old one. Remember: You’ll have less negotiating power as a homebuyer if your home purchase must be contingent upon your current home’s sale. To avoid having to wait for your home to sell before you buy your next one, research whether you can tap the equity in your home (say through a bridge loan) or borrow against investment or retirement accounts as a temporary loan to purchase your new home.

Myth: Paying all cash is the best strategy for retiree homebuyers.
Truth: Previous homeowners and excellent savers may have the ability to pay cash for their retirement home. It’s comforting to many retirees—especially those on a fixed income—not to have the pressure of making a large mortgage payment every month. Before you make this decision though, sit down with your financial advisor and tax professional to determine whether it might make sense to take a mortgage on your new home. Doing so may free up cash that can be invested for a higher return than the mortgage interest rate. Plus, mortgage holders can take a tax deduction for their annual interest payments. TIP: Discuss the pros and cons of reverse mortgages during the same meeting to determine if this equity-drawdown is something you may eventually need or want to take advantage of

We’re experts in local real estate. Contact us today to help you separate market myths from local reality for your specific situation.

Categories: Buying Retirement Home, Retirement, Selling Home

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.