Wilmington NC Real Estate Guide

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

If you find that you are in need of help with your own home financial situation, or you would like to help someone out of their financial situation by purchasing a short sale,  rely on us to help.  Certified Distressed Property Expert can guide you through the selling and the buying process in a far more knowledgeable and timely process than doing it yourself.  Contact us NOW, by signing in below and we will contact you immediately to start the process of selling your home as a short sale or  looking for short sales to purchase. A free list of current short sales and foreclosures will be emailed to you.  Please sign in here.  http://www.cbbaker.com/shortsales.php

Home Ownership Matters

Would you like to lose your Mortgage Interest Deduction when you do your taxes next year? Then act now and call your Congressman or Congresswoman and your Senators. In North Carolina, call Congressman Mike McIntyre- 202-225-2731 | Senator Richard Burr – 202-224-3154 | Senator Kay Hagen – 202-224-6342 as this is on the table now…

Homeownership matters and this is an important ideal that will become less affordable than it currently is.  Get involved and give your opinion to your representatives.  To look for affordable homes, please visit here….

If the low prices and the low interest rates have you wishing you could buy a new home but cannot because of your debt load, there is still time to reorganize your finances to make your wish come true.  Take a realistic look at where you spend your money.  Write everything down and where you spent it.  Is there a $4.00 Latte everyday? Make a budget and try to do away with some of the extras that you buy on a whim.  There are budget tools online, like Suze Ormans expense tracker that will help get you started.   We also have a credit repair company that can help you earn additional points for your credit score, so that you can qualify for lower interest rates.  Before you know it, that new home can be yours.  Be patient and work towards what you really want.  We can help you achieve this.  For all your Wilmington NC real estate needs please visit www.cbbaker.com or www.kaybakerwilmington.com

To view the home pictured please visit www.AskMeAboutWilmington.com

Did you miss the $8,000 Stimulus deadline to purchase a new home?  If you did Coldwell Banker Corporate has announced a Buyer Bonus plan that could help you get a credit on a new home.  

Purchase a participating home between May 1, 2010 and July 31, 2010 and the seller will refund 3% of the accepted offer price up to $8,000 to you as a credit at closing.  Look for the “Buyer Bonus Program” homes online or call us and we can help you with your search for a new home.  You don’t have to be a first time home buyer to enjoy the credit.  Read more here.

Search online at www.cbbaker.com or TEXT 14059 to 44133 to search on your mobile phone.

Wilmington NC Real Estate Homeowners

Starting April 5, 2010 the Government will be paying homeowners in default, to relocate. The new program will demand lenders to honor short sales whereby the homeowner can sell the property for less than the mortgage payoff. The Obama administration is trying a different approach to assist more than 5 Million households who are behind on their mortgages. In turn, the homeowner will receive $1500 for relocation assistance and the lender $1000 for expediting the short sale process.  

This arrangement could prove very beneficial to the homeowner, as they will not suffer further credit damage and they will get reassurance from the lender that they will not be sued for the balance. And, under this arrangement, the number of potential  foreclosed homes on the market should drastically decrease which in turn, should improve the  overall housing market.

Finally, short sales will have their day! If you are facing a foreclosure, and need assistance, we are specialists in the Wilmington NC real estate short sale and foreclosure market. We are there for you every step of the way. Just give us a call or email kaybaker@ec.rr.com.

And, if you are looking to purchase a short sale or foreclosure, we have you covered there, as well.  We have a Certified Distressed Property broker on our team and will help you with your short sale or  purchase a short sale or foreclosure with complete knowledge of the process.  Read more here

Spring is right around the corner in Wilmington NC. What a great time to get a jump start on your spring cleaning.  If you are considering putting your home on the market, this might be the time to hire a cleaning professional.

Some of the things you need to keep in mind are:

1. Make a list of things that you would like to have done to the interior and the exterior of the home. 

2.  Do your homework and ask friends for referrals of cleaning companies.  Check out references before you hand over the keys to you home.

3.  Make sure that the cleaning company handles taxes for their employees, has insurance and is bonded.

4. Get an estimate for services and make sure it is detailed.  Your idea of a cleaning might be different than theirs.

5.  Make sure that the company can schedule days to fit your schedule and whether or not they supply the cleaning equipment and supplies.

6.  A professional cleaning job can make your home shine and show well. 

7.  Call us to help you sell your home!

So, start your real estate search today at www.cbbaker.com.  You can find a new home as well as get seller advice.  You can search by price range, map, schools, neighborhoods and more.

Announcing another Coldwell Banker Sea Coast innovative marketing tool that will show sellers in “real time” for every 7 days worth of exposure how many views their home has received on the Sea Coast Web Site.  Reports can be sent out daily or weekly automatically.   The SC Seller Web Advantage is a unique and great tool that will breakdown the viewing traffic in a variety of ad spots.

1. Listing agents profile page with their properties

2. Viewed as a “Featured Property” (Home page for Sea Coast )
3. How many times the home is clicked on for “more” details.
4.  How many times your home was in a “search” result ( eg neighborhood, price)

The report is visually easy to read with graphs, and text details.    

The other report is a Market Comparative analysis report on your home.  This is just to see what is selling around you, in different price ranges, either by zip code or by map.

A complete breakdown of traffic on your listing from SeaCoastRealty.com for every 7,30, and 240 days.

·         Agent Listings – How many times it shows up under an agents, “My Properties”.

·         Featured Property – How many times it is featured on SeaCoastRealty.com.

·         Property Detail – How many times the property detail page is viewed for that listing.

·         Property Results – How many times your listing was returned in a search result.

The report includes not only a text layout but also a very nice Pie Graph to visually compare traffic information.

If you are thinking about selling your home in Wilmington, NC, why not let the most innovative and aggressive marketing team go to work for you? Call or email Kay Baker at Coldwell Banker Sea Coast Realty now. She knows more about the Wilmington NC real estate market!

Four Mistakes That Can Cost You Thousands

Like all homeowners, you hope your home will sell quickly. Some homes do. In fact, the majority of homes sell during the initial listing period. But–as you know— some do not. In tough markets, as many as a third to a half the listings expire unsold. If this has happened to you and you still want to sell, make a renewed commitment to do what it takes to market your home effectively.

There are four major components of a successful sale.

1. Communication-Teamwork between seller and agent is key to know how to alter the marketing process. Did you receive feedback from the showings that you had? Most important, we want to hear from you.

2. Price-This is the most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or none at all. One secret is to price your home below other expired listings and overpriced listings languishing 60 to 90 to 120 days on the market. Activity without offers often indicates overpricing. Remember, any home will sell for the right price.

3. Condition-When buyers enter your home, we want them to say ” I love this home!”. A home in like-new condition sells fastest and gets the best price because it outshines the competition. For instance, don’t offer a carpet allowance in the place of installing new carpet. While prospective purchasers are trying to imagine new carpeting,they likely will discount it further for the worn carpet underfoot or buy one down the street with new carpet.

4.Marketing-Your secret to success is a carefully crafted marketing plan that exposes your home to the widest pool of possible prospective buyers. In today’s market the most successful marketing campaigns integrate online and offline marketing. Most homebuyers search for homes online, so offline advertising should direct homebuyers to an array of color photos and virtual tours online.

Buyers are out there! Don’t show off your home until marketing plans, terms, price and condition are set. Put your home in buyer ready condition and it won’t go unsold. If you are ready to talk about selling your home in Wilmington, NC, we welcome your call or email. We can assist you every step of the way. For more selling tips log on to my website at www.cbbaker.com.

First impression is everything in today’s real estate world. With the inventory available for buyers to pick and choose, sellers need to be diligent about first impression. Buyers may pass your house for a more updated one. Read the rest of this entry