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

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!

Your home will sell. There’s no question about that. However, if you put your home on the market without preparing it for sale, you may have a long wait for an offer.

And, the exterior of a home and the grounds surrounding it create strong first impressions on a home buyer-as well as family, friends and neighbors. If a property shows shoddy upkeep, faded paint and unattractive landscaping, prospects viewing it from the curb may assume more shabbiness inside.

If you are thinking about selling your home and want to boost its appeal to drive-by buyers, follow these suggestions here- then sit back and watch your home sell for top dollar!

1. Pretend you are shopping and drive slowly by. Then, get out of the car and walk toward your property critically as a buyer would, jotting down what you notice. Also, see how your home looks after dark. Many home buyers use weekday evenings to drive by homes and weekend days to visit them.

2.The Big Picture.. Try to find a memorable word or phrase that best describes your home. Is it inviting, cozy, elegant, well maintained or interesting? Or is it run-down, messy, ordinary, dirty or scary looking?

3.Punch up your home’s style by ensuring its attractive architectural features get noticed. Use slightly contrasting paint color that coordinates with the color of the home to emphasize special features such as columns, trim, porches, shutters, doors and so on.

4.Landscaping not only attracts the attention of buyers, it can increase the value of your home. Remember, plantings on the property should decorate rather than dominate the home. Remove old shrubs and trees that have over grown their location, no longer look healthy or block views of doors, windows or walkways. Simplify beds so they look net and easy to maintain.

5. Add extra pizzazz and interest to just two or three areas outside by using a decorative planter or potted flowers, seasonal banner, window boxes, front porch swing, garden bench or bird bath.

6. Make sure your outdoor  hardware reflects up to date styles. Mailboxes, house numbers, screens, light fixtures, railings, door handles and kick-plates can adorn a home or detract from it.

7. The most important impression you want your home to convey is that it is clean and well maintained. First, minimize or do away with clutter-lawn ornaments, grills, furniture, yard tools or toys. If your home’s exterior paint is faded or peeling, invest in a fresh paint job in a neutral color scheme. Buy or rent a pressure washer and use it to give your deck and driveway a nice fresh look. And, don’t forget to clean the windows!

We specialize in selling homes in or near Wilmington, NC and would be happy to take a look at your home and provide suggestions about how you can enhance its curb appeal and sell your home for top dollar! Just check out this home in Gorman Plantation, that we recently sold in one day!

There’s no obligation, just call or email today.

Selling your home

Selling your home could be one of the most important decisions you will make in your lifetime. And if you are like most sellers, your ultimate goal is to sell your home for the most money in the shortest possible amount of time. Read the rest of this entry