Wilmington NC Real Estate Guide

 11.11.11

Happy Veterans Day.  A huge thank you for all of you that have served or are serving our great Country.  We would not have the rights and privileges that we enjoy today without your selfless service.  According to the Department of Veterans Website the history of Veterans Day started after  World War I – known at the time as “The Great War” – officially ended when the Treaty of Versailles was signed on June 28, 1919, in the Palace of Versailles outside the town of Versailles, France. However, fighting ceased seven months earlier when an armistice, or temporary cessation of hostilities, between the Allied nations and Germany went into effect on the eleventh hour of the eleventh day of the eleventh month. For that reason, November 11, 1918, is generally regarded as the end of “the war to end all wars.”

Veterans Day continues to be observed on November 11, regardless of what day of the week on which it falls. The restoration of the observance of Veterans Day to November 11 not only preserves the historical significance of the date, but helps focus attention on the important purpose of Veterans Day: A celebration to honor America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good.

The survey is in and there are some low cost renovations that you can do to your home that will bring you more money back at the closing table.  Before you start,  go around your house and your yard and take pictures that you think would look good when the house is listed.  Take a good look at these pictures and you can pick out the things that need to be changed.  Like they say: a picture is worth a 1000 words.  You will see things that you walk by everyday and do not even catch your eye…. but they will catch a potential buyers eye.  The results are interesting and can help you prepare your home for sale.  We can help you with each of these steps.

The marketing company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.

1. Cleaning and decluttering.Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
   • $290 Cost
   • $1,990 Return
2. Brightening.Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
   • $375 Cost
   •  $1,550 Return
3. Smart staging.Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.
   • $550 Cost
   • $2,194 Return
4. Landscaping enhancements.Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured.
   • $540 Cost
   • $1,932 return
5. Repairing electrical or plumbing.Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
   • $535 Cost
   • $1,505 Return
6. Replacing or shampooing dirty carpets.Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
   • $647 Cost
   • $1,739 Return

Realtor Magazine : Excerpted from HomeGain’s 2011 Home Sale Maximizer Survey: www.homesalemaximizer.com.

Let us know if you would like help getting your home ready for the market.  That is our expertise and we love “before and after” photos!  www.cbbaker.com for all your Wilmington NC real estate needs.

May and June are usually some of our biggest months when it comes to home sales. Our pending index is climbing; you can see our mountain tops when you look at the sold units, now go and look at the chart you will see the mountain peaks during the summer season.

Economically – Our congress will be working on our current debt ceiling? Do they raise it? Other areas are slow to come around, inflation is trying to work its way back in while employment numbers are looking better each month. Unemployment rose back up to 9.0%. Hopefully we will come out of this economic funk real soon; this current economic crisis has affected so many lives and financial interests of individuals as well as companies.

April just stole all our gains for March with a decrease in sold homes and average sales price.  The average sold price dropped to $206,698 a 14.9% loss over last month. Our sold units hit 383 a large decrease from last month. Sold units are down 33 units from last month and up 52 from April 2009. One point to keep in mind is that last year this time we were still dealing with the First Time Homebuyers Tax Credit. In the month of April we saw an increase of 40 homes in our listing inventory, we have 4,887 homes on the market as of May 1^st. This adjusted our month’s supply with just over 12.7 months a slight increase from last months 11.8. With the low sales in April this affects our month supply. Our average list price has started the year under $350,000 range; we are currently at $349,067. In April sellers paid concessions in about 30.0% of all the month’s transactions about the same as last month. Our average days on the market decreased to 148 days – we are now talking 5 months on the market. The list to sold ratio has increased a little to 93.8% this number needs to continue to get better. The number of homes that sold in 15 days or less continues to remain very low, 8.6% of April sold homes. The 30-year fixed-rate mortgage (FRM) averaged 4.63% with an average 0.7 points for the week ending May 12, 2011. We have seen decreases the last 5 weeks. Call me so I can show you or your clients how they can get the benefit of these rates. Have a great week and let me know what I can do to help you and your clients.

Despite all the media comments about our markets we are still lending money for residential mortgages. If a client has income and credit and some sort of down payment; they can get a mortgage. It goes to the basic three C’s – Capacity, Collateral and Character.

For the complete Inventory update and graphs read more here…

Source – David Flory Cunningham Mortgage

The Wilmington- Cape Fear Homebuilders announced yesterday that the “housing affordability” in the Wilmington NC area remained near the highest level nationwide for the 6 consectutive month.  The Wilmington NC real estate prices have been lowered and the interest rates are favorable.   

This quote is from WWAY 3 from the president of Homebuilders “The possibility of homeownership is more obtainable for buyers in our market now than it has been for years,” said WCFHBA President John Lancaster of Venture Homes of the Carolinas. “More buyers are beginning to enter the market again thanks to renewed confidence as housing prices stabilize while the fed maintains all time low interest rates.”

Syracuse NY held the top spot on most affordable homes, with some smaller housing markets following close by Mansfield, Ohio; Bay City, Mich.; Monroe, Mich.; and Lansing-East Lansing, Mich.  Lancaster says “Our market is greatly influenced by what happens up north, so the numbers out of places like New York, Pennsylvania and Ohio are encouraging,”. 

That is encouraging news when the news lately has not been so positive.

Please take a minute to tour our website and search the Wilmington NC real estate area to find the house, neighborhood and price that you are looking for.  We have an inhouse Lender – Alpha Mortgage and an inhouse Insurance Agency – Real Mark Insurance and would be happy to give you contact information so that you have a “One Stop” Shop to buy real estate.   We make it easy for you.  Coldwell Banker Sea Coast Realty and Kay Baker and Associates.  Search all Wilmington NC real estate on www.cbbaker.com

Pine Valley Estates| Wilmington NC real estate: OPEN HOUSE Sunday 12/6 1-4 pm | http://www.relocationwilmingtonnc.com/ via @addthis

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  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