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.

Great news for Wilmington, NC real estate market

Congress is extending the $8,000 stimulus package to first time home buyers and buyers who have not purchased a personal residence within the last 3  years.  Also an extra bonus to home buyers is a $6,500 stimulus to homeowners who have owned their home for 5 years and would like to purchase a personal residence.  Both stimulus plans require that the buyer be under contract by April 30. 2010 and close by June 30, 2010.  If you have been thinking about purchasing your first home or a move up home, NOW is the time to do it.

The housing market continues to show signs of improvement day after day. Looking at the very latest local data and trends is key to making a sound buying or selling decision in any particular market. That’s one of the most important services we offer our clients.  We are the local experts, use our knowledge to your advantage.

Wilmington, NC Foreclosures, Short Sales

We can send you detailed information on the latest listings, Wilmington, NC foreclosures, short sales and more. There prices won’t last for long. Many homes sell within 48-72 hours of listing. Be the first to know about them. Call or email kaybaker@seacoastrealty.com today!

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.

Wilmington NC Real Estate Market

Sunny days are definitely in sight for the real estate market in Wilmington, NC as sales contracts written have soared. A big credit to the stimulus package according to Tim Milam, President of Coldwell Banker Sea Coast Realty. “We saw a 35% increase in contracts written in March from February” stated Mr. Milam. In addition there were $36 Million worth of contracts written Monday and Tuesday last week alone. The most volume is being seen in the under $300,000 range, as first time home buyers jump in to take advantage of the $8000 stimulus. Of course, the fact that interest rates are at historic lows and the Spring selling season is here, are also key factors in the Wilmington NC real estate market.

Find out today if you qualify for the $8000 Stimulus, call or email kay@cbbaker.com. Start your online search for homes in Wilmington, NC at www.cbbaker.com. You can search by neighborhood, schools, map, zip, price and more. I can also send you detailed information on foreclosed homes and short sales. Just call me today at 800-497-7325.

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.

Many  consumers are now taking a serious look at the many buying opportunities in the second home real estate market in Wilmington, NC. What better time to purchase a vacation home, retirement home or perhaps a residence that may be appealing to vacationers and possibly create rental income. Second homes or vacation homes can include beach cottages, mountain cabins, or lake homes or condos and downtown or riverfront lofts. Of course, the most popular are beach or seaside cottages. 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