Sold Buy the Sea Realty is pleased to announce our newest agent, Ashley Ferri!
WELCOME, Ashley! We are excited to have you on our team!
Home » Wilmington NC Real Estate
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
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.
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/.
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.
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!
Selling your home is a HUGE financial decision. Once you have decided to sell your home, the next question is how do I find the best real estate agent to handle my transaction. Some sellers that are trying to save a couple extra pennies consider trying to sell their home themselves, also known as FSBO (For Sale by Owner). But in most cases, these individuals end up hiring an agent at the end of the day when they figure out that it’s not as simple as just putting a for sale sign in the front yard!
Acquiring an experienced, local real estate agent carries a lot of weight. They will be able to create and implement a sales and marketing plan, then be able to leverage their skill set to close the deal when the time comes. Most importantly, your agent should have professional integrity to represent their client’s best interest.
So without further ado, here are some tips to use when selecting a real estate agent:
Selling a home is hard work with many hours spent on each and every detail that makeup getting a home on the market at the right price and at the right time to the right buyers. I hope this article helps you in your search for the right Realtor!
So why should you hire a buyer’s agent to represent you? That’s easy! Here are several reasons:
At Sold Buy the Sea Realty, our number one goal is to provide exceptional service to all of our clients. We are here to help guide and advise you during the whole home buying process, whether it’s your first home purchase or your last!
One of the biggest financial moves of your life will be buying a home! There will be times of stress – and that’s where we come in! We want to make this process as easy and nonstressful for you as possible. Call us today to start your home search and let us find you the perfect home!
Whether its the eight hours a day that your working or the eight days in a dreamy resort on a beach, allowing your biggest investment to fend for itself can be stressful! And it is a legit concern; when your home looks empty, break-ins happen.
You could deter burglars by never leaving your house again… OR you could do the next thing and just make it look like someone is there all the time. Here is how!
Freed, Stacey. “6 Near-Genius Ways to Fool Burglars Into Thinking You’re Home.”Houselogic, HouseLogic, 16 Nov. 2017, www.houselogic.com/finances-taxes/home-insurance/burglary-prevention-tips/?pred_search_link_clicked=6%2BNear-Genius%2BWays%2Bto%2BFool%2BBurglars%2BInto%2BThinking%2BYou%27re%2BHome.