Wilmington NC Real Estate

Wilmington Real Estate Market Reported Hottest in the Nation

Wilmington’s Real Estate market has always been impressive in comparison to other U.S. cities, but now it has a new title to declare within the Real Estate Industry.  According to ATTOM Data Solutions, the nations premier Real Estate database, awarded the port city as having the most “new comers” to the area in the third quarter of this year, giving rise to the hottest Real Estate market in the county to be exact! This may not come to a surprise to local residents, what with the beautiful climate, abundance of pristine beaches, water activities, and historic downtown. It seems that everyone is trying to claim their own slice of paradise. There truly is no better time to make the move you have been dreaming of and Sold Buy the Sea Realty is here to ensure a smooth and effortless transition! Sold Buy the Sea Realty has contributed greatly to making Wilmington the hottest market in the nation. Whether you are a local seeking a change of neighborhood, or looking to relocate altogether, Sold Buy the Sea Realty and our professional team of Realtors are more than happy to assist anyone interested. It seems opportunity is knocking for home buyers, re-locaters, and Real Estate professionals!

 

Brenda

I recently had the pleasure of working with Graham King. His attention to detail and meticulous help through out the entire process of my home purchase was stellar. Graham is truly the quintessential professional with a moral compass of steel. I would highly recommend his services!

New Agent – Kelly Stegall

We are pleased to announce our newest agent, Kelly Stegall!

Matt & Colleen

Sam Camblin was incredible!  He was very knowledgeable, responsive and helped my family and I find a perfect house for us!  He took his time and made sure that we didn’t feel rushed into buying a property that didn’t fit what we were looking for.  I will recommend him to anyone for their real estate needs!

Dune Tops Coastal Cottages – Wilmington NC

Dune Tops is one of Wilmington‘s newest communities just steps away from Beau Rivage Golf and Resort!

Coastal Craftsmen style homes FEATURING expansive open concept with high ceilings, wood floors throughout, granite counters, stainless steel appliances, custom solid wood cabinets, 1st-floor master bedroom, and spectacular tile shower. Screened porch to let the coastal breezes in, privacy fencing across the back, entire yard is sodded, craftsman trim, metal roof and shake accents to finish the look!

This 9-home quaint coastal cottage neighborhood is located only 5 miles from Downtown Wilmington, Island Beaches, restaurants, shipping, medical, and seconds away from the 1st tee, swimming pool and tennis courts all offered to Dune Tops residents at a discounted rate with initiation fees waived!

No detail is overlooked! Act now and choose everything inside and out! These are introductory prices during the presell stages of the first few homes. Upgraded packages available which includes gourmet kitchen with gas stove, hood vent, built in microwave, tile backsplash, hardwood in master bedroom, wainscoting in dining area, upgraded moldings and trim throughout, recessed lighting in dining room, arched door casing in living room, acrylic sunroom instead of screened porch, and fully fenced backyard. Price will increase as construction gets underway!

Contact Dawn Berard or Graham King today for more details!

 

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Rent Prices Continue to Rise

The Port City’s rent prices are continuing to increase and caused Wilmington to jump its national ranking based on the year-over-year rental price growth. Based on a report prepared by Apartment List, Wilmington is currently ranked #40 for year-over-year rent growth of 3.4 percent. This increase in rent prices outpaced the national average, which was 1.5 percent and also higher than traditionally high-rent markets like San Francisco and New York.

The increasing cost to rent leads to concerns that many local residents wont be able to afford to live in the region. The biggest issue that we are facing is a lack of affordable housing in our area, causing residents to pay more than 30 percent of their gross incoming on housing, creating a cost-burden. The city of Wilmington and New Hanover County officials are taking action to address this issue and to try to identity ways to encourage more affordable housing.

With rent prices increasing, the debate on whether to BUY or RENT is revisited. Contact one of our Real Estate Professionals today to go over what the best decision is for YOU! (910) 367-2965

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New Agent – Ashley Ferri

Sold Buy the Sea Realty is pleased to announce our newest agent, Ashley Ferri!

(252) 229-6029
Ashley@SoldBuySea.com

 

WELCOME, Ashley! We are excited to have you on our team!

Rise of the Pub Sheds

Backyard sheds are common among most homeowners with large backyards, most of which are used for storage, but there is a growing trend of pub-sheds!

Whats a pub-shed? Glad you asked…

Pub-sheds are sheds that are redesigned into your own miniature bar in your backyard! What better way to calm your nerves after a long day’s work than a cold, refreshing beverage just steps away from your own home!

 

Even if your budget does not allow for your Million Dollar backyard paradise, pub shed projects can be done inexpensively! Just requires some handyman skills and creativity!

Looking for more insight or a vendor to help with your projects? Call us today! (910) 367-2965

Start your home project today!

 

Mortgage Rates Are On The Rise!

Since 2011 and the financial crisis, mortgage rates have jumped to their highest level, averaging 4.61% for a 30-year fixed-rate mortgage from 4.55% last week, according to data released last Thursday by mortgage-finance giant Freddie Mac. Interest rates in late 2012 bottomed out at 3.31% and have been as low as 3.99% as recently as January.  This spike this year has been quicker than many economists predicted as a surging economy, the prospect of wage gains and a steep rise in prices for commodities such as lumber and gas.

The concern among economist is that higher rates will prompt homeowners to keep their low-rate mortgages rather than trade up for better properties. As rates approach 5%, the risk of the phenomenon known as rate lock grows, economists said. Even a small increase of one percentage point can cause a reduction in home sales of 7% to 8%, according to Lawrence Yun, chief economist at the National Association of Realtors. The recent increases in home prices and mortgage rates could especially hurt first-time and moderate-income borrowers.

To put into perspective, what might seem like a small increase in mortgages rates can have significant effects on your monthly payments. A 4% rate on a $250,000 loan translates to a monthly payment of $1,194, according to LendingTree Inc. At 5%, this monthly payment would go up to $1,342, excluding taxes and insurance.

Mortgage purchase applications fell 2% in the week ended May 11, the fourth straight weekly decrease, according to the Mortgage Bankers Association. While in a typical market buyers can simply choose to buy a smaller, less expensive home, that is a challenge in today’s market because inventories are near all-time lows. With the lack of affordable homes on the market, this gives buyers less wiggle room. Mortgage refinancing activity has also slowed dramatically. The pool of homeowners who would qualify for and benefit from a refi has shrunk by roughly 46% so far this year, according to mortgage-data and technology firm Black Knight Inc.

All of this could prompt lenders to ease credit standards to try to increase the volume of loans to new borrowers. Standards are still currently high, but lenders should be cautious about easing them so late in the cycle, especially since that could spur more demand in a market already suffering from tight supply, stated by Sam Khater, chief economist at Freddie Mac. “If we get additional loosening of underwriting its just going to gin up price pressures, and this is where we have to be careful,” he said.

Looking for more details or have questions?
Call us at 910-367-2965 or see below!
Sellers Guide
Buyers Guide
Financial Calculators
What is my home worth?

 

Kusisto, Laura, and Christina Rexrode. “The Era of Low Mortgage Rates Is Over>.”Realtor.com®, Realtor.com, 18 May 2018, www.realtor.com/news/real-estate-news/era-low-mortgage-rates/.

Million Dollar Homes in Wilmington NC

If you had $1,000,000, what would you do with it? Would you buy a house? If so, where would you buy?

Depending on where you are looking, one million dollars could buy you the dream home you have always wanted or a small 1 bedroom home. Areas like San Francisco or Boston have extremely expensive Real Estate Markets, where this amount of money would just get you started, but for other locations, you could own the mansion you’ve dreamed about. The Wilmington Real Estate Market has been strong for many years, however homes for a million dollars and up are still exclusive and luxurious. So you might ask yourself, what affects the value of a home? Why can I purchase a mansion for 1 million dollars in Wilmington, NC, but only get a small 1 bedroom home in San Francisco? Let’s break down the main factors that affect a home’s value.

  1. Location: One of the most influential factors in value. Most of the time, homes that are in popular/dense cities, waterfront/beachfront, or located in historical areas, will generally have a higher asking price.
  2. Land: When you buy a home, you are not only buying the home but also the land it sits on. A general rule of thumb is that the property itself usually makes up about a fourth of the total value of a particular home. In essence, if you buy a home for $1,000,000, then the value of the land should be around $250,000.
  3. Size: There is a definite relation between the size of a home and the value. Typically you will see two different sizes, the living area and the total area. The living area is considering the interior of the home that is heated. The total area is the total square footage of the home, which includes a garage or porch or portion of the property that isn’t considering living area.
  4. Age: This factor can affect the value both directly and indirectly. An older home doesn’t necessarily mean that the home isn’t worth as much. Many homes are actually purchased specifically because of their age.
  5. Home features: Believe it or not, but the layout and design of a home’s kitchen plays a key role in the desirability of a home. In most million-dollar properties, you will see high-end appliances with custom cabinetry and granite counters. However, other features like a large master suite with a custom bathroom create attraction.

This is only a shortened list of the factors that affect home value, but if you would like to know more about valuation or Wilmington’s Real Estate Market, give us a call today at (910) 367-2965!

 

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