Wilmington NC Real Estate Guide

Wilmington NC Real Estate

The real estate market in Wilmington is definitely showing signs of improvement in the number of homes sold and the list price for Dec 09 over Dec 08. And, our average sales price has decreased 9.6% over 4th quarter 08, and increased 5.3% over 3rd qtr 09. There was a 12% decrease in median sales price over 4th quarter 08 and.03% decrease over 3rd quarter.

Sales price to list ratio was at 94.3% in the 4th qtr 2009 and the 4th qtr had an increase in number of homes sold by 34.5% from 4th quarter 08. As we know a lot of these sales were primarily driven by the tax credit that was set to expire Nov 30, 2009.

Hopefully last year will be the year that the market has bottomed out and started to stabilize. And, 2010 should be the very best year in a long time, for home buying opportunities. Remember, first time home buyers tax credit has been extended and expanded to include repeat, move up buyers, prices are down 10% from 2008, foreclosures and short sales are excellent buying opportunities,  mortgage rates are at historic lows, and  there is a large inventory of homes for sale to choose from.

So, start your real estate search today at www.cbbaker.com. You can search by price range, map, schools, neighborhoods and more.

The Wilmington NC real estate market made a maj0r accomplishment in September by not only beating August sales, but also sales increased over August 2008 numbers! The Wilmington market has not seen this kind of increase in 3 years, according to WRAR records.

This could indicate a bottom for our market and a major turnaround if these numbers can hold out for a few months or so.

The sales volume was $104.67 Million and September 2008 was $88 Million. $264,340 was the average sales price for September as opposed to $235,528 for August 2008.

Of course, a lot of the increase could be attributed to the $8000 tax credit due to expire in November. If you are thinking of buying a home now and want to take advantage of this once in a lifetime opportunity, please give us a call or email kaybaker@ec.rr.com. We can send you a detailed list of homes for sale in the Wilmington area and even foreclosures and short sale opportunities. You may also log on to my websites at www.cbbaker.com or www.kaybakerwilmington.com to search all Wilmington NC real estate.

Many of you have asked about economic conditions in the Wilmington NC area.

Here are a few as stated in the Star News.

Home sale prices

Average Price of Homes Closed $234,988; $271,800 in 2008

Median Price of Homes Closed $183,233; $204,939 in 2008

Unemployment for August 2009

North Carolina 10.8%; 6.6% in 2008

Wilmingon Metro 9.7%; 6.1% in 2008

New Hanover County 9%; 5.6% in 2008

Brunswick County 10.6%; 6.9% in 2008

Pender County 11.1%; 6.4% in 2008

If you are interested in finding out more details about the Wilmington NC real estate market, such as foreclosures or short sale opportunities, please email kaybaker@ec.rr.com or call 910 232-0363. We can send a detailed list right to your inbox. You may also log on to my website at www.cbbaker.com to search all homes in Wilmington, NC.

Windward Oaks

One of the most popular upscale family neighborhoods in Wilmington, NC is Windward Oaks. Just the charm of the winding streets and southern diverse architecture is enough to get you driving out to see this premier neighborhood nestled off Masonboro Sound Road. It is so close to the waterway that you can hear boats go by on most days. There are marinas close by for boating enthusiasts.

Homes for Sale in Windward Oaks

Presently there are 14 homes for sale in Windward Oaks ranging in price from $450,000-$775,000. In the past year, there have been five homes sold from $436,000 to $635,000.

6808 Hardscrabble Court is an absolutely breathtaking custom built Frank Betz design. The detailed moldings, upgrades and Australian Cypress flooring downstairs are unbelievable. The custom wet bar is handcrafted  with granite and copper. The true  gourmet kitchen has center island bar with granite, 6 burner gas cooktop, with adjacent relaxing sitting/keeping room,  breakfast room and screened porch. The luxurious master suite is on the first floor with walk-in shower and whirlpool. Theater room is on the second floor with 3 additional bedrooms. Complete home office located on the first floor. Covered rear porch overlooks tropical paradise with inground, fiberglass pool, pool house storage and bath, outdoor shower and professionally landscaped grounds. This home truly has it all!

If you are looking to purchase Wilmington, NC real estate, please contact me at kaybaker@ec.rr.com or 910-232-0363. I will be happy to send you a detailed list of homes that suit your needs. We also have foreclosures and short sales that may fit your search criteria. I can send those, as well.  And, please log on to my website at www.cbbaker.com to search all real estate in the area including Wrightsville Beach, Carolina Beach, Topsail Beach 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.

What are you waiting for?

The timing could not be better with interest rates at historic lows and real estate is on sale now with an abundance of inventory. That means you can spend less and get more! Homeownership has never been so affordable. And, the icing on the cake for first time home buyers, the $8000 tax credit! If you have not owned a home in the last 3 years and close on your purchase by December 1, 2009, you can get up to $8000 tax credit on your tax return. What are you waiting for? The time is now….

If you are searching for Wilmington NC real estate, my website is the most comprehensive with search features by neighborhood, map, price, and schools. Search all homes for sale in Wilmington, NC at www.cbbaker.com.

Please contact me today for information on all new listings on the market, including foreclosures and short sales.

This is the type real estate market that two years from now everyone is going to say “I wish I had bought then”. Everything is looking like the time to buy is right now. Interest rates are rarely below 6%. Mortgage money is readily available. New home inventories are being absorbed. First time home buyer tax credit is available. Foreclosure and bank owned properties are being bought at a much higher volume as investors and home buyers are deciding that we are at or near a bottom. And Spring is near, which is typically a point when the market flourishes. Read the rest of this entry

Waiting on the side lines for home prices to fall?

Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.

Current Scenario                                                         Down the Road Scenario

Sales price       $250,000                                             Sales price       $212,500

5% down           $12,500 5% down           $10,625

Loan Amt        $237,500                                             Loan Amt        $201,875

30 yr fixed @ 4.75%                                                       30 yr fixed @ 6%

P & I = $1,238.91                                      P & I = $1,274.04 Read the rest of this entry

1)   Get pre-approved by a reputable lender – Be sure you have a pre-approval letter in hand and present it with your offer to assure your strongest bargaining position. Read the rest of this entry

Waiting on the side lines for home prices to fall?

Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.

Current Scenario                                                         Down the Road Scenario

Sales price       $250,000                                             Sales price       $212,500

5% down           $12,500                                             5% down           $10,625

Loan Amt        $237,500                                             Loan Amt        $201,875

30 yr fixed @ 6%                                                       30 yr fixed @ 8%

P & I = $1,423.93                                      P & I = $1,481.29

Total cost for 30 years                                              Total cost for 30 years

$512,617                                                                     $533,264

If we are going to assume prices fall another 15%, we also have to assume interest rates will be higher. Nobody can predict interest rates and nobody can predict the bottom of this real estate market. What we do know is that rates are favorable and real estate is ON SALE. Waiting could cost you money!

The time is now to buy Wilmington NC real estate. There are many homes for sale in Wilmington that are priced below $100 a ft! Unheard of prices! We can send you a detailed list of those homes. There are also some foreclosures and short sales. Fortunately, we do not have the amount of foreclosures that have been experienced nationwide. We were somewhat protected from the mortgage meltdown. North Carolina mortgage laws are some of the toughest in the Nation.

For a detailed list of  our Best Buy Home List in Wilmington, NC., please contact me at kaybaker@seacoastrealty.com or go to my website and search all homes in Wilmington, NC.

Many thanks to Alan Efting at Bradford Mortgage for these valuable stats. You may contact him at www.alanefting.com.