Wilmington NC Real Estate Guide

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