Wilmington NC Real Estate

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!

 

View All Million Dollar Homes in Wilmington NC

New Agent – Tish Lloyd

Sold Buy the Sea Realty is pleased to announce our newest agent, Tish Lloyd!

910-547-1446
Tish@SoldBuySea.com

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

 

How to Find the Best Real Estate Agent to Sell Your Home

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:

  • Acquire an agent that is familiar with your neighborhood and area. They would already know the housing marketing in that area and be able to familiarize themselves with the current market and inventory available.
  • DO YOUR RESEARCH! Look to see if there are agents that are currently selling or have already sold in your neighborhood. Ask your neighbors for possible recommendations. Go online and read some reviews. A good place to start would be Realtor.com!
  • Be cautious when considering hiring a friend or relative. Just because someone you know has an active real estate license, does not mean they are your best bet. Real estate transactions can be stressful and a huge decision so at the end of the day you want to hire the most qualified candidate to represent you.
  • Make sure your agent you are interviewing has done their research. Do not just hire the agent who suggests the highest listing price. You should always take into account their experience, past sales history and personality. Your agent should be able to back their price suggestions with local data.
  • Locate an agent who knows how to get the job done. There is a large percentage of real estate agents who are only part-time or view real estate as a hobby. And then they are some whose only use of their license is to represent themselves in a transaction and only use it occasionally. While these are options, consider an agent whose loyalty lies in their real estate career and is able to offer you full-service representation.

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!

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Why Hire A Buyers Agent?

So why should you hire a buyer’s agent to represent you? That’s easy! Here are several reasons:

  • ITS FREE
  • Local Knowledge
  • Investment Purposes
  • Has relationships with other Agents
  • Local resources
  • Schedule Showings
  • Emotional Control
  • Experience
  • Negotiations
  • Financial Strategies
  • Communication

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!

Clever Ways to Fool Burglars Into Thinking You’re 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!

  • Light Up a Room (Through an App!)
    • Your parents may still rely on their lighting timers, that turn on at dusk and off at dawn! That old-fashion way still works, but apps are way more fun. They not only turn your lights on and off, but can do so randomly for a more realistic effect, and can be done from almost anywhere in the world! You can replace your current wall switches with these wireless ones and “talk” to your lights from a distance!
  • Fake a TV Binge
    • Nothing says we are home like the colorful glare of a television in the window. There are small FakeTV gadgets that will project light onto a curtain, and that’s exactly what it will portray to all those who pass by! These devices just plug into an adapter and can either work on a timer or with a light sensor. And the best part about it, these devices are very inexpensive.
  • Changes Up Your Shades Remotely
    • Leaving your window shades down when you leave is almost like putting out a “Gone Fishin” sign! Check out wireless options to throw some shades on the go. These systems allow shades to go up and down at your command. However, the pricing ranges from about $300 to $500 a window.
  • Make Some NOISE
    • Burglars can changes plans in a hurry at the first sound of life inside a home. So one option when you are just gone for the day is a noise app, for example, Sleep and Noise Sounds that can play on a homebound phone, tablet, or computer. With noises like vacuuming and a boiling kettle, it can deter a thief who cracks open a window.
  • Make Them Ring And Run
    • Burglars will often ring your doorbell, and if no one answers, then that is their cue that the house is empty and they can proceed. NOT SO FAST! Now you can answer the door with the Ring Video Doorbell. If someone pushes the doorbell, you can talk to them through an app on your phone. Whether it be a nosey neighbor or a stranger danger, you can say, “I’m in the attic” while you really on the beach. They’ll never know. And even if they don’t believe you, they know they are being watched!
  • Try a No-Tech TECHNIQUE
    • Not everything requires a gizmo. Here are ways to up your home security without downloading a single app:
      • Hire a house sitter
      • Ask friends, family, or neighbors to drop in on your property occasionally
      • If there’s snow, have a neighbor walk up and down the path to your door. If it’s hot out, ask them to keep your plants looking fresh with regular waterings. And don’t forget to bring them a nice gift from your getaway!
      • Invite a neighbor or friend to keep a car parked in your driveway
      • Install a fake security camera for as low as $8
      • Get a dog! While you are at work or running errands, nothing deters the bad guys and gals away like a barking, sloberry security guard!

 

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.