Wilmington NC Real Estate Guide

 The 6th Annual Justice 4 ALL day will be this Friday March 1, 2012 from 7 am – to 7pm. 

North Carolina residents may call in with any legal question they may have and they may be offered referral resources.  The NC Bar lawyers will have the phones manned with volunteers.  There are  7 call centers in NC.  These are the numbers to call for your area of the State.

N.C. residents who reside in the viewing area of the stations are encouraged to call the toll-free numbers and view coverage of the event throughout the day. Personal visits are not permitted, and calls to the call center’s normal phone numbers cannot be transferred. Asheville: (800) 289-0013; Charlotte: (866) 616-4255; Greensboro: (877) 391-6179; Greenville: (888) 616-0614; Raleigh: (800) 424-9725; Wilmington: (888) 442-3428; Spanish-Language Call Center: 8:30 a.m.-5:30 p.m., (855) 455-4255.

If you need Real Estate advice, please call us 800-497-7325-3607 or email bakerwayneassociates@ec.rr.com – please visit  www.cbbaker.com

The Market has been hot and the inventory is low.

Right Sales Price For Seller Is Buyer’s Call

Proper pricing is critical to a timely sale in any market. Yet, some home sellers today still want to set their price in relation to what their neighbors have sold for or are asking now, sometimes ignoring current market conditions and the differences between homes. When pricing a home — especially in today’s housing market — we find it’s helpful for sellers to understand what governs a buyer’s decision to purchase.

Here’s a quick look at how buyers view price:

• Monthly payments are usually more important to buyers than the sales price.

• The “out of pocket” cash needed at settlement/closing is a big factor with buyers.

• All buyers want to cash in on a good deal.

• Buyers have often shopped the competition and know how your home compares.

• Buyers recognize value and shy away from overpriced homes.

• Buyers don’t want to pay for your mistakes (paying too much when you purchased, over-improving the home, poor-quality remodeling jobs, etc.).

• Buyers have no interest in how much money you need to realize from the sale to make your next move.

• Buyers who work with a buyer’s agent mean business. They are ready to negotiate and close a deal.

Look at your competition and compare… www.cbbaker.com for all your Wilmington NC real estate needs.

Great news for the Wilmington NC real estate market.  Just released ~

By R.J. Alex, 2013 President, Wilmington Regional Association of Realtors®

When analyzing six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451 – an average of the zip codes for the fourth quarter of 2012 shows that:

• Our list to sales price ratio for 4th Quarter is 96.1%, an increase from 94.1% for 4th Quarter 2011.
• The average number of days a property remained on the market for 4th Quarter was 121 days, compared to 158 days for 4th Quarter 2011.
• The median sold price of $189,000 for 4th Quarter has increased 5.0% from 4th Quarter 2011.
• Our average sales price has decreased by 2.8% from 4th Quarter 2011.
• Of the 847 sellers in 4th Quarter – 30.4% paid some sort of concession toward the purchase of the house.
• The average list price of the sold properties is $233,703 and is down 4.8% from 4th Quarter 2011.

The areas of focus in this analysis were:  

• Selling Price – The price the seller accepts for his or her house.
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List Price – The amount of money a home is listed on the market.
• Median Price – The middle price of all the properties sold in the given time period

28403 Zip Code

• The average selling price, of $193,951 has decreased 9.3% from 4th Quarter 2011 average selling price of $213,785.
• 21% of sellers paid a concession, compared to 25% in 4th Quarter 2011. The best of all zip codes.
• The average list price of $206,816 has decreased 11.0% from 4th Quarter 2011 average list price of $232,379.
• The average number of days a property remained on the market for 4th Quarter was 161 days, compared to 181 days for 4th Quarter 2011.
• The median sold price of $162,500 for 4th Quarter has increased 2.5% from 4th Quarter 2011.
• Sold homes in the 4th Quarter received 93.7% of the asking price, an increase from 92.0% for 4th Quarter 2011.

28405 Zip Code

• The average selling price, of $264,738 has decreased .01% from 4th Quarter 2011 average selling price of $264,936.
• 26% of sellers in 4th Quarter paid a concession, compared to 22% for 4th Quarter 2011.
• The average list price of $284,578 for 4th Quarter has decreased .09% from 4th Quarter 2011 average list price of $287,135.
• The average number of days a property remained on the market for 4th Quarter was 130 days, compared to 182 days for 4th Quarter 2011.
• The median sold price of $150,000 for 4th Quarter has decreased 9.1% from 4th Quarter 2011.
• Sold homes in 4th Quarter received 93.03% of the asking price, an increase from 92.2% for 4th Quarter 2011.

28409 Zip Code

• The average selling price, of $252,711 has decreased 4.0% from 4th Quarter 2011 average selling price of $263,235.
• 35% of sellers in 4th Quarter paid a concession, compared to 33% in 4th Quarter 2011.
• The average list price of $258,589 for 4th Quarter has decreased 8.0% over 4th Quarter 2011 average list price of $281,212.
• The average number of days a property remained on the market for 4th Quarter was 87 days, compared to 142 days for 4th Quarter 2011. The best of all zip codes.
• The median sold price of $227,121 for 4th Quarter has decreased 13.0% from 4th Quarter 2011.
• Sold homes in 4th Quarter received 97.7% of the asking price, an increase from 93.6% from 4th Quarter 2011.

28411 Zip Code

• The average selling price, of $262,073 has increased 3.6% from 4th Quarter 2011 average selling price of $253,001. The best of all zip codes.
• 45% of sellers in 4th Quarter paid a concession, compared to 45% in 4th Quarter 2011.
• The average list price of $273,299 for 4th Quarter has increased 1.6% over 4th Quarter 2011 average list price of $269,054. The best of all zip codes.
• The average number of days a property remained on the market for 4th Quarter was 109 days, compared to 177 days for 4th Quarter 2011.
• The median sold price of $240,500 for 4th Quarter has increased 20.6% from 4th Quarter 2011. The best of all zip codes.
• Sold homes in 4th Quarter received 95.8% of the asking price, an increase from 94.03% for 4th Quarter 2011.

28412 Zip Code

• The average selling price, of $181,470 has increased 2.0% over 4th Quarter 2011 average selling price of $177,917.
• 29% of sellers in 4th Quarter paid a concession, compared to 31% in 4th Quarter 2011.
• The average list price of $188,012 for 4th Quarter has increased 1.2% over 4th Quarter 2011 average list price of $185,863.
• The average number of days a property remained on the market for 4th Quarter was 115 days, compared to 157 days for 4th Quarter 2011.
• The median sold price of $165,000 for 4th Quarter has increased 13.0% from 4th Quarter 2011.
• Sold homes in 4th Quarter received 96.52% of the asking price, an increase from 95.7% for 4th Quarter 2011.

28451 Zip Code

• The average selling price, of $205,675 has decreased 7.6% from 4th Quarter 2011 average selling price of $222,492.
• 23% of sellers in 4th Quarter paid a concession, compared to 33% in 4th Quarter 2011.
• The average list price of $209,787 for 4th Quarter has decreased 8.7% over 4th Quarter 2011 average list price of $229,874.
• The average number of days a property remained on the market for 4th Quarter was 132 days, compared to 115 days for 4th Quarter 2011.
• The median sold price of $195,940 for 4th Quarter has increased .01% from 4th Quarter 2011.  
• Sold homes in 4th Quarter received 98.0% of the asking price, an increase from 96.79% for 4th Quarter 2011. The best of all zip codes.

Summary for Real Estate Consumers
As we continue on our path to recovery, two out of six zip codes reported an increase in the average sales price. We have four zip codes that have the List to Sales Price Ratio above 95% – this is the second quarter that we have had this ratio. A good sign that real estate is recovering is that clients are getting closer to their asking price. All zip codes, except 28451, reported fewer days on the market by an average of 31 days.

For all the Wilmington NC real estate with buyer and seller advice please visit www.cbbaker.com

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Short-Notice Showings In 10 Minutes Or Less

Selling a home while living in it is not easy — if you want it to look its best when potential buyers come around. Still, with a plan in place, you can minimize the panic of short-notice showings. Here’s a checklist to help.

First Things First

• Tone it down! Turn off all electronics to cut down on noise.

• Make it bright! Turn on all lighting to illuminate every room. For daytime showings, open all window coverings.

• Clear the clutter! Stash magazines, newspapers and mail in a basket or box you can easily slip under a bed or tuck quickly in a dresser drawer.

• Stifle the odors! Be sure to remove the source, then open a window or door to let in some fresh air. If needed, place a small bowl of white vinegar or fresh coffee grounds in the area of the unpleasant smell to absorb odors.

• Round up the pets! Keep them safe, get them out of the way and make the buyers comfortable. Secure pets in their crates, outdoors or with you or a neighbor.

• Check floors! Use a hand vacuum or damp cloth to remove debris or spots. (Do a complete sweep-up if you have time.)

• Make it comfortable! Turn down the air conditioner a degree or two to make it cool and inviting inside. Circulate air with fans on low if you don’t have A/C.

Room By Room

• Kitchen: Clean and put away dishes (or hide them in the dishwasher). Wipe counters and fixtures.

• Bathrooms: Wipe counters, fixtures and mirror. Make sure toilets are clean and lids closed. Wipe down tubs and shower walls. Hang fresh towels neatly. Move toiletries under cabinet or into a closet.

• Bedrooms: Make bed (best done first thing every morning, just in case). Put clothes away in drawers, hang them in the closet or hide them in the hamper, washer or dryer.

• Children’s rooms: Gather toys, games and books, and put them back on bookshelves or in baskets and bins.

• Living or family room: Remove clutter; put away books; stash knickknacks and family photos out of sight.

• Entry way: Hang all coats, hats, umbrellas, keys and bags in a closet — not on wall hooks. Hide the shoes. Clear away papers and mail.

These little things will help the house show so much better.  Sometimes it is better to go ahead and show, as to not lose the potential buyer.  When they come back for a 2nd showing you will have more time to make it shine.  For more tips, please visit www.cbbaker.com or call us 910-202-3607

Happy Selling.

For more Wilmington NC real estate Seller and Buyer advice, please visit www.cbbaker.com or on your phone mobile.cbbaker.com

Remember the last time you visited a new home development? How did you feel touring the model? Usually, pleasant memories come to mind about how well the home looked. That’s because it was “showcased” properly.

You can do the same thing when you prepare your own home for sale.

Home showcasing is not about remodeling, fixing up or making your home look sterile. Instead, it focuses on amazingly simple steps to make your home show like a model without spending a lot of money. The secret is setting the stage, which helps potential buyers imagine themselves and their families at home in your “home for sale.”

Strip Down And Build Up

The first step is to clear the set. Take out extraneous furniture, decorations, pictures, etc. Take each room down to its most basic form, opening up the living space as much as possible. Then build it back up to the way you want it to look, as simply as possible, and without clutter.

Make the strip-down process simpler by stowing packed boxes in a staging area like the garage, or by renting a storage space to hold extra furnishings while your home is on the market. In essence, pack up early.

Props

When building the set, try to make each room tell a story. Help potential buyers see themselves in each room. A clever arrangement of props will make it easy for buyers to imagine writing a letter at the desk in the kitchen, clicking on the television and enjoying a bowl of popcorn, turning on the stove and preparing a holiday repast.

Themes for a room can help you narrow down how to display it. You can, of course, stage the room as you use it now, or choose a particular motif, i.e. Southwestern, country style, international. Or you could pick an activity to illustrate on your stage, i.e., relaxed office or library, gourmet cooking, resort or vacation living. What would you like to do in that room? Place the props needed for those activities throughout the room.

Lighting

Lots of lights open up a room and gives it a larger appearance. If you’ve been using 50 watt bulbs, move up to 100 watts. If a large living room has only one lamp, move in another. Open curtains. Add mirrors. When it’s being shown, the home should be bright. Brightness gives a showy feel. And your home is now center stage!

Do Your Homework

Ask what buyers are looking for in your community. What are they saying about the homes they don’t buy? And what is it about the homes that are selling that makes them so popular? By determining your ideal target buyer, you will better understand how to merchandise your home. Our experience in your specific neighborhood can help you answer all these questions and more.

Aroma Therapy

Almost as important as how a home looks is how it smells. Ask a close friend to walk through your home — objectively — and take a whiff here and there. Are there any offensive odors? Is it too perfumy? Too drab? Stale? Musty? Are there pet odors (which should be fixed — not covered up!)? What can you do to impress potential buyers with aroma therapy?

When it comes time to sell your home, you’ll want to work with a real estate professional who knows all aspects of the selling process — including showcasing. Call us today to talk about how we can help you display your home to sell for the best possible price!  Look for ideas on www.cbbaker.com.

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

The 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

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!