Merry Christmas from Our House to Yours.

Spend time with family and friends, enjoy them richly.  Along the way find a way to help new friends.  This is the time of year that we must remember that it is the giving that is so rewarding.  Giving of your time, crafts, good deeds and helping others.

I have always thought of Christmas time, when it has come round, as a good time; a kind, forgiving, charitable time; the only time I know of, in the long calendar of the year, when men and women seem by one consent to open their shut-up hearts freely, and to think of people below them as if they really were fellow passengers, and not another race of creatures bound on other journeys. 

~Charles Dickens

Christmas is a necessity.  There has to be at least one day of the year to remind us that we’re here for something else besides ourselves.  ~Eric Sevareid

Never worry about the size of your Christmas tree.  In the eyes of children, they are all 30 feet tall.  ~Larry Wilde

Christmas is the season for kindling the fire of hospitality in the hall, the genial flame of charity in the heart.  ~Washington Irving

Remember
This December,
That love weighs more than gold!
~Josephine Dodge Daskam Bacon

PRICING:

Beat Your Competition To The Contract

To sell your home quickly for top dollar in today’s market, the best move you can make is to price the property at its current market value. When you set the right price on your home, you have an edge on your competition.

Here’s how setting the right price helps you:

You tap the pent-up demand of buyers who have already seen everything on the market and are waiting for new home listings.

You target the right group of prospects — the ones who can afford your home and are looking at similar properties.

Your home will compare favorably with other homes potential buyers see because yours will look better than overpriced homes in your category. To view this beautiful home, please visit www.wilmingtonnc-realestate.com

Perils Of Overpricing

Overpricing your home gives the advantage to your competition — the other homes on the market. The buyers you want to attract won’t see your home because they are only looking at homes listed in their price range.

Prospective buyers who do see your home realize they can get a better deal elsewhere. If it’s your home they want, they may choose to wait until you lower the price. And if you do reduce the price, other potential buyers wonder why the home has been on the market so long.

The right price is determined by the size, condition and location of your home, what comparable homes are selling for at the time you list yours, and the balance of supply and demand in your area.

Strategic Pricing

Setting the best price to list your home is part science, part art. There are several aspects of the home’s value we consider when making pricing recommendations.

1. Comparison. Where does your home fit in the Wilmington NC marketplace? It should be priced to be competitive with comparable homes in the same area.

2. Negotiation. The price should allow some space to make concessions in order to close the deal.

3. Return. The listing price should be set so you net the most money possible from the sale.

4. Target. Ideally, the price is adjusted to the top of a multiple listing category, so the home’s features compare favorably with lower-priced homes in the range. (If it is placed at the bottom of the next higher price grouping, the higher-priced homes will look better and sell more quickly.)

Other Factors

Unfortunately, what you paid for your home is not a factor in determining its market value. Neither is what you would like to get out of the home. Some home improvements you’ve made may add to the market value, however. Having the home in picture-perfect condition from the first day of the listing may also increase the value of your home. But mostly, these will help you sell faster, and that could mean a sale price close to your asking price.

Call us to find out more about how you can price your Wilmington NC real estate to sell it quickly. We’ll be happy to conduct a FREE market analysis to find the best price for listing your home.

To speak gratitude is courteous and pleasant, to enact gratitude is generous and noble, but to live gratitude is to touch Heaven.  ~Johannes A. Gaertner

We would like to wish each and every one of you a Happy Thanksgiving.  No matter where you may be celebrating this day of thanks, may you be filled with gratitude and good feelings.  This time of year is a time to share your talents and good fortunes.  One of the best good fortunes for you to share is your time.  Our great city has plenty of volunteer opportunities to help those that are less fortunate.  The Wrightsville Beach Magazine has a list of organizations that could use your help.  Get involved, meet new people and share your enthusiasm for our hometown.  Enjoy family and friends and reach out to those who might not have the chance to do the same.  

For a list of opportunities please click the cover photo.

For Release November 17, 2011

Merger of Two Top-Selling Coldwell Banker Franchises Creates State’s Third-Largest Residential Real Estate Brokerage Two of the top-selling Coldwell Banker franchises in North Carolina have joined forces, creating the state’s third-largest residential real estate brokerage company. The merger of Coldwell Banker Sea Coast Realty of Wilmington and Coldwell Banker Advantage of Raleigh and Fayetteville creates a regional powerhouse with a sales team of more than 600 agents and 26 sales offices in Raleigh, Wilmington, Fayetteville, Jacksonville and other Eastern North Carolina markets. The two companies combined to generate more than $1.3 billion in sales volume from 6,500 real estate transactions in 2010, which would have ranked the merged company as the state’s third-largest brokerage, according to REAL Trends, a real estate industry trade magazine. Those totals would also have ranked among the top 55 brokerages in the country in sales volume and among the top 75 in transactions, according to the magazine. The two companies are on track to surpass last year’s sales and transactions totals in 2011, having already exceeded $1 billion in sales and 6,000 transactions through October, according to statistics provided by local offices of the Multiple Listing Service (MLS). The merger was announced by Coldwell Banker Real Estate Corporation CEO Jim Gillespie on Thursday, November 17th in separate news conferences in Raleigh and Wilmington. “Today’s merger creates the fifth largest Coldwell Banker affiliated company in North America,” Gillespie said. “Coldwell Banker Advantage and Coldwell Banker Sea Coast Realty have been long-time members of the Coldwell Banker Chairman’s Circle, representing the best-of-the-best of our great brand,” he said. The new company – to be called Coldwell Banker Sea Coast Advantage – will be led by co-CEOs Tim Milam of Sea Coast Realty and Gary Rabon of Advantage. “This is a true merger of equals,” Milam said. “It is not an acquisition. I want to emphasize that in the strongest possible terms. All owners of both companies will remain owners with the new company. Neither company is buying the other. Instead we’re joining forces to compete more effectively in today’s challenging marketplace. “Gary and I have been friends for years,” he added. “Our companies have been built on similar values and culture. We’ve talked about merging for at least the last five years, and finally decided this summer the time was right to get it done.” Rabon added: “This is a merger where both companies are strengthened. It builds our regional footprint and enables us to do an even better job of supporting our team of brokers and agents in the field. It also creates a lot of synergies in terms of marketing, training and technology.” The merger brings together two companies that have dominated their respective markets. SeaCoast Realty is currently the number one brokerage in Wilmington, Brunswick County, Topsail and Jacksonville with over 23 percent of the market. Advantage, meanwhile, ranks number four in Raleigh and number one in Fayetteville, according to MLS statistics. Both have emerged as leaders in North Carolina’s fast-growing military market, with strong positions among military families in Fayetteville and Jacksonville – home of Fort Bragg and Camp LeJeune, respectively. The merged companies will also have an advantage in serving the two-way traffic between the Raleigh/Research Triangle and the Wilmington/Wrightsville Beach markets, Rabon said. “There’s a lot of cross-pollination on I-40 in both directions,” he said. “Triangle families are looking in Wilmington area for second-home opportunities, while a lot of Wilmington area families are looking to move to the Triangle for job opportunities. “The merger gives us an even better connection to this growing segment of the market, one that we are both going to capitalize on.” CONTACT: Tim Milam Coldwell Banker Sea Coast Advantage (910) 202 2501 Gary Rabon Coldwell Banker Sea Coast Advantage (919) 846 3305

Welcome Coldwell Banker Advantage, we look forward to working with you. Kay Baker and Associates – www.cbbaker.com

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IDLE EQUITY:

Put Your Home’s Equity To Work

With Six Savvy Strategies

Do you have idle equity sitting in your home that could be building wealth instead? One of the great aspects of homeownership is that you increase your wealth every month by building equity in your home and reducing your tax bill at the same time.

After you’ve been in your home a few years, you may have some equity that you could put to work for you. Even if the property has appreciated by just a few percentage points per year, significant equity can build up fairly quickly. Just be sure you retain enough equity that you’ll be able to pay a real estate agent’s commission when you sell the home.

Home equity loans are the most common means of tapping a home’s value. In states where home equity loans are not allowed, however, you can still put your home’s value to work by refinancing it for more than you currently owe–a “cash out” refinancing.

The first way most homeowners think of using their equity is to pay off high-interest debt. That’s one popular option, but you could also invest that equity in other ways. Here are six more ways to put your equity to work for you.

1. Trade Up

Using your equity as a down payment for a larger home could make financial sense. If you’re in a $200,000 home now and it appreciates by 5% each year, your gain is $10,000 for the first year. In five years, that home would be worth $255,256. But in a $275,000 home, that same 5% growth would be $13,750 for the first year. After five years, the more-expensive home would be worth $350,977 — nearly $100,000 more than the less-expensive home.

Of course, you may not be able to count on 5% appreciation every year. It could be higher or lower, depending on the state of the economy and market conditions. Not to worry, though. Even 2% appreciation will still add up over time.

Using additional equity to trade up will allow you to put a significant amount of money down on your next home. That could allow you to own a home you never could afford before.

2. Downsize

Another way to use your equity is to scale down. With the recent changes in tax laws, homeowners may sell a home every two years and walk away with tax-free profits up to $250,000 (for singles) and $500,000 (for married couples). By scaling down, you can purchase a smaller, less-expensive primary dwelling, and use the extra cash for investments, debt reduction or even purchasing an investment property.

3. Second Home

The real estate market has been fueled during the past few years by retiring baby boomers purchasing second homes. Maybe now is the time to purchase that home on the beach, at the lake or in the mountains. We can refer you to a knowledgeable agent in a resort area to help you with this move.

If you know you’re retiring to a particular area in the next few years, study that market now. You may want to buy the home now while prices are still affordable. If you do, you could rent the home during the peak vacation season. Many second homeowners discover they can just about cover their annual property expenses by renting out during peak season.

4. Investment Property

While the stock market often bounces up and down, many investors feel comfortable with the security of real estate. Not everyone has extra money to play the stock market profitably, but landlords can enjoy income every month. The secret is selecting the right property and finding expert property management if you don’t want to manage the property yourself. We can help with both these issues.

Some buyers have found it beneficial to purchase a property in the area where their college-age children are going to school. Their child can help manage the units and share the housing with other students to defray costs. The young adults learn responsibility and property management skills, and you have a live-in manager to watch over your investment.

5. Shared Equity

Another way to put your idle equity to work is to lend it to an adult child as a down payment for his or her first home. Some parents maintain a co-ownership interest while the young adult makes the mortgage payments. At the time of the sale, the equity is then split between the two. This is called a shared-equity arrangement.

6. Remodel

If you really like where you’re living, but desire a few more amenities, consider taking cash out for remodeling or adding to your current home. The interest paid on some home equity loans is tax deductible, just as it is with your first trust. Give us a call to find out what financing options suit your situation best.

Call us, we are the experts with expert partners in mortgage and everything real estate related. 800-497-7325-3607 or kaybaker@ec.rr.com . Sign up for our newsletters and our weekly TGIF Scoop on everything Wilmington NC!

Riverfest logo 2011 from www.wilmingtonriverfest.com

The first Riverfest was October 1979.  A group of Wilmingtonian’s who were interested in the arts and wanted to resurrect the feeling of community in Downtown Wilmington brainstormed on how to bring back the alive nature of the downtown riverfront.  The area had become in disrepair and not family friendly.  The beautiful old buildings and the setting on the Cape Fear River deserved something better than the current conditions in the 1970′s.  The group of 40 volunteers put together the first Riverfest  with a budget of $5,500 (all donations).  This would be a free festival and would include trolley rides, 4 concessions and fireworks.  It was a huge success, thereby starting the tradition of holding the Riverfest every year since then on the first week of October.  This years festivities have grown even larger than past celebrations.

According to the Riverfest 2011 Reflections website ”

Over thirty years later Riverfest consists of: Twenty plus committees, over 300 volunteers, a budget of $90,000, over 200 craft vendors, 35 concessions booths, entertainment on various stages, Saturday night fireworks, Run the River 8K, the Great Wine Waiter’s Race, A Children’s Area, and more than 6 sporting events with contests for all ages. The end result is a half mile of free family entertainment, dependant on sponsorships and donations from community businesses and organizations. The economic impact on Riverfest on the surrounding community has been estimated at over three million dollars with attendance in excess of 100,000 per year.

As delightful as the festival outcome is, the end result is awarding of scholarships for marine related studies at Cape Fear Community College. The ultimate goal of Riverfest is to increase the amount of scholarship funds each year to Cape Fear Community College.”

It is wonderful to see such a great event in the fall in Wilmington NC.  The arts, cultural scene, music scene and the picturesque background of the city, is something not all cities can boast about.  Please join us in celebrating this years Riverfest ~ Reflections on the River October 7th – 9th.  For all the highlights and schedules please visit  www.wilmingtonriverfest.com

If you see any historic homes or any neighborhoods  that catch your interest, give us a call and we can show you the homes available in the area.  Feel free to visit http://www.cbbaker.com or text 14059 to 44133 to view listings on your phone.  Above all, welcome to our town and may you feel the Southern Hospitality all weekend.  Enjoy.

Studebaker John

The 16th annual Blues Festival is this weekend.  Everywhere around town, the Blues shall be heard… The kick off party is on the Henrietta III at 7:30pm Friday July 29.  There will be music on the dock by Rick Toby.  Catered heavy appetizer buffet, cash bar and a 2-hour sunset cruise along the historic Cape Fear River.  Tickets are available at Wilmingtontickets. Three different Blues Bands will perform on the cruise.  Post Cruise party at Rusty Nail.   For a full list of events and bands please visit www. capefearblues.org.  The weekend will be fun and eventful. Talent everywhere.

Studebaker John and the Hawks… listen here….

While you are in town, if you see real estate that interests you, let us know.  On your phone text 14059 to 44133 to search Wilmington NC real estate or go to www.cbbaker.com.  Have fun!

We’ve all thought about it while lying on the beach or inhaling the fresh mountain air: “Why don’t we buy a vacation home?” Owning a vacation home can be a good decision if you buy smart.

They provide another investment that includes a mortgage-interest tax deduction.

Whether you rent it out or not, you can deduct the mortgage interest as long as you use the home more than 14 days or more than 10% of the number of days the home is rented annually at a fair rental, whichever is longer.

Qualified second homes include houses, condominiums, cooperatives, mobile homes, house trailers, boats or similar properties that have sleeping, cooking and toilet facilities.

Here’s an interesting twist on the mortgage interest deduction: If you take out a home equity loan on your first home and use the funds to acquire your second home, the interest on the home equity loan is also deductible. That’s three mortgage interest deductions off your tax return!

Consult IRS Publication 936 for a complete discussion of how mortgage interest for a second home is deductible.

You can purchase your future retirement home in Wilmington NC now, at today’s prices.

Though your second home may be a vacation home now, if you buy right you can convert it into your principal residence later.

They can produce their own income.

Renting out a second home occasionally or often can help you pay for the property with OPM (other people’s money). Check with your tax advisor about how much of the upkeep and management expenses are deductible against your income.

Buying Tips From The Experts

Buy something within a reasonable distance.

Be sure you can get to your vacation home in a short amount of time. Before you make a final decision, travel the distance on a typical Friday afternoon to see whether the drive will be too much to deal with after a long work week.

Rent in the area several times before you buy.

If you really like a particular area, check it out during different seasons. This way you get to know the climate, people, pests, traffic patterns and other regional particulars first-hand.

Consult other owners.

Check with owners of nearby properties about public and private facilities, special maintenance required due to location or weather, the social climate, local development plans and prevalence of crime. Learning about the lifestyle of the area may help you narrow down your choices.

Think home first, investment second.

Although you may be able to generate rental income from your vacation home, it may not cover your ownership costs. (If you want to try real estate investments, give us a call to look at properties in the Wilmington NC  local area.)

Consider different styles of properties in a vacation area.

To minimize upkeep and have a more secure environment, a condo may be preferable to a single-family home. If you plan on converting it to a retirement home, consider what type of home you’ll want as a full-time residence.

Here are some of the current Wilmington NC real waterfront/waterview real estate  in our area.

Priced from 100,000 – 200,000  Click here

Priced from 200,000- 400,000  Click here

Priced from 400,00 -600,000  Click here

Priced from 600,000 – Click here

To search all properties please visit www.cbbaker.com

Nobody wants to carry two mortgages on two homes at the same time. Sometimes, however, an overlap between buying a new home and selling the old one occurs. A bridge loan (also, “gap” or “swing” loan) can defeat the blockade, take the pressure off the monthly budget and provide down payment money that will make everything move along more smoothly.

• Know what to expect.

A bridge loan is a short-term loan for which the equity in your old home (and sometimes in your new one) serves as collateral. Various lenders charge different interest rates – often 1 or 2 percentage points above the current prime rate, or a bit higher than the current regular mortgage rate. Depending on lender’s requirements (appraisal, title search, etc.), closing costs can be anywhere from 0.5% to 1.5% of the loan amount.

• Pay off when you sell.

You may pay the loan off when you sell your home, or in monthly or quarterly installments. If your home does not sell within the specified term (often 6 months or a year), the loan is usually renewable.

Bridge loans are only one of the many tricks in our bag to help you smooth your move. If you’re planning to move soon, contact us by e-mail or phone. We’ll be happy to help.