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Wilmington NC Real Estate News

Effects of the Rebounding Housing Market

May 31st, 2014

There’s no debating it- the housing market is rebounding. We’re going to take a look at some of the effects of the recovering housing market and why now, not later, is a really great time to buy a home.

Prices Rising

Home prices rose over 10% in the first few months of 2014. These numbers are in comparison to when the housing market were at or near their lowest, so this is expected to level off, but the fact remains that home prices in almost all markets are continuing to increase. Obviously, if you’re buying a house you’ll want to get as low a price as possible on it. Buying now instead of next year, or even next month, could get you a lot more house for your dollar.

Above Water

Because of the rising home prices, many homeowners are just now starting to see equity in their homes, which will give many people who have been afraid of losing money on their homes the impetus to start selling and move themselves. Additional buyers will create more competition and help drive prices up as well.

 Short Supply of Short Sales

With homeowners gaining equity in their homes, fewer and fewer short sales and foreclosures are on the market, which will help stabilize home prices. It will also reduce a homebuyer’s ability to find some truly great deals, once again netting less house for the money. If you’re thinking about finding a short sale or foreclosure, you’d better get moving while there are still plenty of them out there. Check out our page on short sales for more information.

Low Rates

This isn’t an effect of the rebounding housing market, but while we’re talking about reasons to buy a house now, it’s worth mentioning that mortgage rates remain extremely low. In fact, as of this writing, Freddie Mac reported that the average 30 year fixed rate loan has fallen for the fifth straight week and is down to 4.12%. As low as this is, it’s a percentage point higher than it was a year ago. Mortgage rates won’t stay this low forever, so once again, buying now while they are so low will save you a lot of money over the course of the loan.

As you can see, the improving housing market is affecting several factors that make buying a home now a really good idea if you’re planning on buying one anytime in the foreseeable future. If you’ve got any questions about buying a home in Wilmington, Leland or the surrounding areas of southeatern North Carolina, give Nilesh a call at 910-622-0319.

Three Reasons Not to Lend a Short Sale to the Previous Owner

May 2nd, 2014

If you’re buying a short sale as an investment property to rent out, it would seem like a good idea to give the previous owners first dibs, right?  The former owners probably like where they are and wouldn’t mind avoiding the hassle of packing and moving.  Actually, it’s a terrible idea.

Legalities

Oftentimes, renting a short sale to the previous owner is simply not allowed, as stipulated by clauses and disclosures and the like.  Buying a house is complicated enough, and a short sale is even more so, so make sure you understand all the fine print.  More often than not, you’ll find in the fine print that you just can’t do it.

Emotions

It may seem like a great idea to you as the new owner and the previous owner.  You might talk it out and they might see it as you doing them a great favor.  Everyone may be happy at first, but resentment often comes when a person is at the mercy of someone else, especially when it comes to something that comes with all the emotions of something like a house.

Business

If you’re depending on someone to pay rent on a house, would you really trust the person who just sold their home for less than it’s worth because they couldn’t afford it to pay the rent?  Not to disparage people who short sell their homes, it happens for any number of reasons, but the hardships you have to prove in order to qualify for a short sale are not flippant or easy.  So while it might feel like you’d be doing the person a favor, you’re probably going to end up making things harder for yourself.

If you think you’ll have that hard of a time getting a recently-purchases property rented, talk to your short sale agent.  Chances are they know people who can help you with it.  And if you have any other questions about the intricacies of short sales, call Nilesh Jethwa at 910-622-0319.  He is a short sale expert in the Wilmington, NC area and would be glad to help.

Real Estate Jokes

March 31st, 2014

The funniest day of the year has arrived. In honor of April Fool’s Day, here are a few real estate jokes to take your mind off that housing market stress.

Seller to Agent: You’ve done such a great job describing my house in your real estate listing that I’ve decided to keep it!


Agent: Why do you have your front door leading right into the dining room?

Seller: So my relatives won’t have to come all the way inside.


A broker was dismayed when a brand new real estate office, much like his own, opened up next door and erected a huge sign which read BEST AGENTS.

He was horrified when another competitor opened up on his right and announced its arrival with an even larger sign reading LOWEST COMMISIONS.

The broker panicked, until he got an idea. He put up the biggest sign of all over his own office. It read MAIN ENTRANCE.


Home sick is what you feel every month when the mortgage is due.


If you want to know exactly where the property line is, just watch your neighbor cut the grass.


Why didn’t the hipster real estate agent show the oceanside mansion?

It was too current.


How do you save a drowning real estate agent?

Take your foot of his head.

Why Buy a Wilmington, NC Short Sale?

February 28th, 2014

It’s no secret that the Wilmington, NC area, including Wilmington itself, Wrightsville Beach, Carolina Beach and Leland, is one of the best places to live. Wilmington has a population of just under 110,000 people (2012 data), a thriving art scene, an historic downtown and plenty of beaches. It’s one of the most popular tourist destinations in North Carolina with four of the state’s most popular tourist attractions within about half an hour. Wilmington, NC is not just a popular tourist destination though; people move here from all over the country.

One downside to Wilmington’s popularity and the fact that so many people want to live here is that the law of supply and demand keeps the houses more expensive than other areas a little further inland. It’s not as expensive as buying a home in the Hamptons by any means, but the home prices drop a good bit if you head out towards places like Burgaw or Beulaville.

So what if you want to own a home in Wilmington so you can be near the beach, but you don’t want to spend an arm and a leg? Consider a short sale.

To quote myself, a short sale is when a seller attempts to sell their property for an amount that is less than the price they paid for it. Because the other option is a foreclose, which can cost the lending bank $40-50,000, banks see short sales as a way to cut their losses so they are often more inclined to grant a short sale than go through a foreclosure. As a result, a home buyer can save a lot of money by purchasing a short sale.

If you’re one of the many people who wants to own a home in the Wilmington, NC area, but you’re just not sure if you can afford it, give Nilesh Jethwa a call at 910-622-0319. Nilesh is a short sale expert and can help you find and get into the perfect Wilmington, NC short sale home.

Realty World