Wilmington NC Real Estate Guide

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

Safe At Home For The Summer

The song says that living is easy in the summertime, but don’t let the lazy days of summer lead to accidents. Keeping you and your family safe is just a matter of following simple precautions. Here are some tips for ensuring your family’s good times and good heath:

• Beware of the cutting edge. Lawnmowers and other power tools can cause serious injuries. When you’re mowing your lawn, keep children out of the area, and don’t allow children to ride on a mower.

• Before mowing, take the time to move outdoor furniture, toys, sticks or other obstacles out of the way. Especially if you have children or pets, you don’t want to turn your back on an idling mower to move objects.

• If your older child will be helping you out this summer by mowing the lawn, make sure he or she understands how to safely operate the equipment. Read all instructions and warning information together.

• Always turn a mower off before attempting to unclog debris from the blade.

• Tend to the fire. Grilling food outside is a wonderful way to escape the heat of the kitchen. Keep children away from grills or open fires. You should always have water on hand in case a fire gets out of control.

• Lighter fluid should be off-limits for children.

• Be safe about food handling. Never return cooked meat to a container that has held raw meat. Keep coolers in the shade and add ice to them as needed. Keeping drinks and food in separate coolers will cut down on the number of times the food cooler is opened.

• Watch out for other living things. Insect bites and bee stings can be reduced by dressing children in shoes and clothing that is light in color. Make sure you know what is growing in your yard. Teach children about poisonous plants and berries so they know what plants not to touch, pick or eat.

• Beat the heat. The dog days can be deadly. When the temperature tops 90 degrees, fans alone will not be able to cool a home. If you don’t have air conditioning, get out of the house and head for air-conditioned public places, such as libraries or shopping malls. Taking a bath or shower in tepid water will help you keep your cool. Stay well-hydrated, and make a point to check on elderly friends or neighbors who may be especially susceptible to heat-related illness.

Best wishes for a safe and happy summer!

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

Wrightsville Beach is a hidden gem that we treasure for it’s clear crystal clear waters, quaint atmosphere and wonderful people.  With Banks Channel, ICWW and the Altlantic ocean at our fingertips what is there not to like.  Great restaurants, a couple of shops and fishing piers provide entertainment for all.  We are pleased to  share with you our newest waterfront listing just in case you are interested in Wrightsville Beach.

www.WrightsvilleBeachWaterfront.com

Spectacular dream home on Banks Channel with over 4100 sq. ft. of gorgeous living area. 5 bedrooms and 4.5 baths in a well thought out open, floorplan with ELEVATOR. Incredible views await you from most every room including large decks from the owners suite and main living area. Vintage inspired kitchen w/bead board cabinets, Champaign and cream granite counters, kitchen island with built-in gas, downdraft cook top, and 2 raised breakfast bars. And a breakfast room with uninterrupted views of the channel and your private pier with floating dock and 2 boat lifts. One is a 13000 lb. lift for your fishing machine and the other a 3000 lb. lift for smaller pleasure craft. A recently new bulkhead was installed along the beautiful backyard with sod, knockout roses and other indigenous shrubs and bushes. The large owners suite has beautiful Brazilian Cherry floors and a fireplace that is shared with the spa like master bath offering unsurpassed views from the 2 man whirlpool and separate walk shower.

Over 4100 sq. ft. 5 BR, 4.5 bath dream home on Banks Channel with private pier, floating dock/gazebo and 2 boat lifts. Incredible Views. Prepare to stay awhile, because you have just found your new home.

Enjoy.

January 2011 Wilmington NC MLS Report

Based on the winter weather we have had it is obvious that our real estate market still has the Winter Blues. Our average sales price has dropped 17% from December 2010; that is quite a fall. Most of the transactions that closed in January we put under contract in December. When you break down the sales that took place in January 2011 there is only 1 transaction that closed above $700,000. While in December 2010 there were 14 sold transactions over $700,000 and January 2010 there were 5 sold transactions over $700,000. This greatly affects our monthly average sales price, our current monthly average sold price is $194,425 for the month of January. This is the first time that the monthly average sold price has dipped under $200,000 in a looooong time.

January’s average sales price has managed to show a decrease of 17% from December. Sold units are down 119 units over last month (about 31%) and even with last January. In the month of January we saw a increase of 71 homes in our listing inventory, we have 4,718 homes on the market as of February 1^st. This continues to put us in a strong buyer’s market with a listing inventory of just over a 17.8 month supply. With the low sales in January this affects our month supply with an increase of 5 months from last month with 12.6. Our average list price has started the year under $350,000 range; we are currently at $343,053. In January sellers paid concessions in about 30.6% of all the month’s transactions.  Our average days on the market are at 132 days. The list to sold ratio has improved some to 94.4% this number needs to continue to get better. The number of homes that sold in 15 days or less continues to remain very low, 11.3% of January sold homes. The 30-year fixed-rate mortgage (FRM) averaged 5.05% with an average 0.7 points for the week ending February 10, 2011. We have already hit the historic lows in mortgage rates and they are now on the rebound. Call me so I can show you or your clients how they can get the benefit of these rates. Have a great week and let me know what I can do to help you and your clients.

Despite all the media comments about our markets we are still lending money for residential mortgages. If a client has income and credit and some sort of down payment; they can get a mortgage. It goes to the basic three C’s – Capacity, Collateral and Character.

Listing Inventory

In January we saw a increase in listing inventory of 71 units. We are about 496 units under February 1, 2010 and 687 units under February 1, 2009. We have 4,718 single family homes for sale in our MLS. The average list price of $343,053 is down by $5,950 from last month. Please note the consistent winter dip in listings – see chart below.

Monthly Average Sold Price – this is not a pretty section

Our monthly average sold price is down by 17% from last month and down 9.7% from January 2010. Our average sold price is down by $39,939 from last month. January average sold price ($194,425) shows a decrease of 15.9% from year end 2010.

Monthly Sold Units

We are 2 units shy of matching January 2010 sold homes of 267, while this January we have sold 265 homes. I am sure as January gets closed out we will see the numbers increase over last year’s production. The number of sold homes is up 68 homes from January 2010.

Average Sold Price Year to Date

Year over year our year to date numbers have dipped a little.

2003 year end average sale price $ 186,137

2004 year end average sale price $ 210,048

2005 year end average sale price $ 254,080

2006 year end average sale price $ 264,498

2007 year end average sale price $ 273,408

2008 year end average sale price $256,498

2009 year end average sale price $234,379

2010 year to date average sale price $231,141

While our 2010 year end numbers are lower than year end 2009 they do show promising signs that our sales are on the upswing. Looks like we have a setback with January’s average sold price – $194,425

Rolling 12 months

Our rolling 12 months gives us a better look at our production. It helps to smooth out a month that jumps up and down. When we look at February 1^st, 2010 to January 31^st, 2011 we have 4,526 sold units and when we compare the year prior February 1^st, 2009 to January 31^st, 2010 we have a 87 unit gain (4,439 sold units). When we look at the same rolling 12 months for average sold price we see that we are only down by 2.0%. So the dates of 2/1/2010 to 1/31/2011 we have an average sold price of $229,930 while from 2/1/2009 to 1/31/2010 we had an average sold price $233,436.

Median Sold Price

Our Median sold price decreased this month by 12.5% from last month. Our national numbers lag by one month. Our median sales price continues its jagged path – up then down then up and now down. I am hoping that our January dip in median sold price is a onetime event. I am hoping we can see the national median sales price reverse its downward trend as well as WRAR’s.

Pending

Pending Sales – A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Sales are typically finalized within one to two months from signing. With the new sales contract I am also counting Active Due Diligence and pending contracts. I look at the total pending units on a regular basis and this is how they chart out. Our pending index is dropping to our winter lows. In December we bottomed out about 575 units, we have since rebounded and have over 663 units that are pending – this is a 15% increase since the end of 2010.  With the new contract in place this is a good start to 2011.

Market Absorption rate – The number of homes sold in January, 265 divided by the current listing inventory, 4,718 gives us a 17.8 month supply of single family homes. This increased by 5 months from last month. We need to get this inventory back under 12 months supply. With a large inventory and the low sales in January this affects our market absorption. With rates where they are and plenty of inventory; we can get this number down.

List to Sold price ratio – the average list price of the sold properties is $206,188 and the average sold price is $194,425 for January which gives us a 94.4% list to sold price ratio – a good increase from last month. We have now managed to stay under 95% for over a year and several months. I want to quit counting the number of months and get this trend reversed.

Seller Concessions – We had 30.6% of sold properties report a sales concession for January, a increase of 4.2%. We want this number to go lower.

Days on Market – The average days on market for the sold properties is now at 132 for January. That is about 4.5 months to keep a property on the market. Only 11.3% of the properties were placed under contract in less than 15 days for the month of January.

Carolina & Kure Beach

There are currently 387 single family homes for sale and this represents little change from January 1, 2011 and 8.2% of our total WRAR inventory. The average list price is $390,006 and decrease of about $12,624 from January. In January there were 21 homes sold, divide that by the homes available and you have a 18.4 monthly supply of homes in Carolina and Kure Beach. The average sold price for the month of January was $230,953 and is down $37,893 from last month. When we look at a rolling 12 months for Carolina & Kure Beach we are up by 61 units and our sold prices are down 7.1% from the previous rolling 12 months.

This data was pulled on February 12, 2011, based on information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through January 31, 2011.

The Market

Primary Mortgage Market Survey Press Release

30-Year Fixed-Rate Mortgage Rates Rise to 5.05 Percent Highest Level since April 2010

Freddie Mac released the results of its Primary Mortgage Market Survey®  which shows long- and short-term rates rising this week.

News Facts

30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 4.97 percent.

15-year FRM this week averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week.

“For all of 2010, nonfarm productivity rose 3.6 percent, the most since 2002, while January’s unemployment rate unexpectedly fell from 9.4 percent to 9.0 percent. Moreover, the service industry expanded in January at the fastest pace since August 2005.

“As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010.”

Freddie Mac

Source:  Wilmington MLS and David Flory Cunningham Mortgage

view Wilmington NC real estate on www.cbbaker.com

Foreclosures Wilmington NC

The number of foreclosures listed in the Wilmington MLS are at an all time high of 75. These foreclosed home range in price from $28,000 to $2,163,055 in Porters Neck Plantation and everything in between including homes at Landfall, Northchase, Pine Valley, MacCumber Terrace and even waterfront communities such as Tangle Oaks.

Short Sales Wilmington NC

Short sales are even higher in numbers with a record 152 short sales listed for sale in the Wilmington, NC area. You will find short sales at prestigious Figure Eight Island, Landfall, Wrightsville Beach, NC, Carolina Beach, NC, Historic District, Waterfront communities such as Turtle Hall and Sandfiddler Point, Whitney Pines and Somerset Place. As you know a short sale is when the home is listed for less than the payoff due the lender. They are always subject to lender approval and the process is usually a very lengthy one.

For a complete list of foreclosures and short sales, please call 800-497-7325 Ex. 3607 or email me at kaybaker@ec.rr.com.  You can also search Wilmington NC real estate at www.cbbaker.com by map, neighborhood, price, zip code, schools and more.

Now is the Time to Purchase A Second Home

If you are thinking about purchasing a second home, here are a few good reasons to go ahead and make that purchase. Wilmington, NC real estate prices are very attractive right now and interest rates are at historic levels. In addition, there is an abundance of available beach homes, condos, townhomes or just a nice comfortable brick ranch homes for sale near the beach. Also, don’t forget the foreclosures and short sale opportunities right now.

Uncle Sam also has some tax savings for you on second homes, as well.

Mortgage interest and property taxes on a second home may be tax deductible, just as the interest on your primary home.

Interest on a home equity loan is tax deductible, whether for your second home or not. There are some limitations on the deductibility of all equity loans. Be sure to check with your tax advisor.

You may be able to deduct rental expenses including depreciation if your second home is considered to be a vacation home.   Tax laws are complicated, so be sure to check with your tax advisor.

Convert your second residence to a primary residence for two years for either you , your spouse, or both of you and shield gain from capital gains tax. You can qualify for this break if, during the five year period leading up to the sale date, the property was owned for a total of two years and used by you as a principal residence for a total of two years. What establishes a principal residence is virtually a laundry list of factors. Again, be sure to consult with your tax advisor.

Remember, Wilmington NC homes beach homes are on sale right now. You can choose from a condo on or near the beaches, or maybe a  beach home for the family on Figure Eight Island, NC or Wrightsville Beach, NC. We have it all. Just send me your specific criteria and we can find the best deal for you. Also, search for homes on my website by price range, neighborhood, map, zip code and more at www.cbbaker.com.

Figure Eight Island swing bridge may soon be only swinging once an hour instead of twice. Figure Eight Island is a private oceanfront island only minutes north of Wrightville Beach and Wilmington, NC. It is only accessible by a swingbridge. Figure 8 Island is a popular vacation destination for the elite due to little traffic or tourists. You will find miles of pristine sandy white beaches, a yacht club and marina, tennis courts and a boat ramp. Visitors can enjoy swimming, fishing, skiing, birdwatching or just relaxing on the gorgeous beaches.
The change in the swing bridge schedule would make it the same as the one hour opening for the Wrightsville Beach, Surf City and Sunset Bridge.

There are several custom homes  for sale at Figure Eight Island. They range in price from $1,995,000-$4,475,000. Many of these custom homes are located on the beautiful white beaches of Figure 8 Island. There are also homes on the sound front with private boat docks for easy access to the

intracoastalway or the ocean for deep sea fishing. For complete details on Figure Eight Island real estate, please go to www.cbbaker.com or contact me directly at 910-232-0363. You can also text message 44133 textcode 14041 and you will receive mobile virtual tours to your phone!

Great Time To Purchase A Vacation Home

What a great time to buy the vacation home! You have always dreamed of owning your own cabin in the mountains or an oceanfront home or condo. Well now is the time to invest in this once in a lifetime opportunity. According to the National Association of Realtors the housing market may be already starting a rebound as contracts written in August jumped and home sales are up in popular vacation spots such as Florida and Arizona. Read the rest of this entry

1. Beautiful Beaches and Waterways

Wilmington NC is situated on the southeast coast of NC and is bordered on the east by the Atlantic Ocean and the west by the Cape Fear River. The beauty and charm of Wilmington and the surrounding beaches equal or surpass any on the east coast. The many pristine beaches that we have to enjoy such as Wrightsville Beach, Carolina Beach, Kure Beach, Topsail Beach, Oak Island and Ocean Isle Beach are sure to captivate your heart.

2. Boating

The area’s many miles of coastline, rivers and sounds offer a variety of  watersports, boating activities, and quite a few harbors, marinas, and yacht clubs.

3. Fishing

Being located within minutes of one of the most protected inlets on the east coast, Wilmington offers bountiful fishing opportunities within minutes. Masonboro Inlet is located between the Southern tip of Wrightsville Beach and Masonboro Island. Also, the many creeks and bays located off banks channel and the waterways are a fisherman’s dream. You will see them fishing for drum, trout, and  flounder in the fall of the year.

3. Masonboro Island

Masonboro Island is an 8 mile long uninhabited island on the southern North Carolina coast between Wrightsville Beach and Carolina Beach and is part of the National Estuarine Research Reserve. Masonboro Island, only accessible by boat, is enjoyed by campers, surfers, anglers, and bird-watchers alike. The reserve consists of about 5000 acres, which about 4400 acres are tidal marsh and mud flats. The most northern end at Masonboro Inlet is the most popular area with its sandy beaches and protected waters. Any summer weekend you will see many boaters and campers prepared for a few days on the beach with tents, grills and water toys in tow.

4. Historic Downtown Wilmington NC

Wilmington is blessed with a beautiful and extensive historic district with magnificent and stately oaks, azaleas and oleanders. 230 blocks of downtown are on the The National Register of Historic Districts. The city embraces a lot of history and is fortunate that so much has been preserved.

5. Wilmington NC Real Estate

I cannot speak highly enough about the real estate offered in and around Wilmington NC, from the River to the Sea! Wilmington offers many affordable neighborhoods such as Whitney Pines to move up neighborhoods like Covil Estates with amenities, to luxury gated communities such as Landfall, or golf course neighborhoods like Porters Neck, and waterfront neighborhoods with marinas and boatslips such as Turtle Hall or Shinn Point . The choices are all right here in our great port city of Wilmington NC. Read the rest of this entry