Today’s real estate market is not the question mark it has been for some time. National trends and statistics support a lot of what is showing up in our own local real estate market — steady improvements and signs of positive activity are taking hold. In 2013, if you’re a homeowner looking to make a move, a renter looking to settle down, an investor looking for opportunities or a homeowner looking to stay put and remodel, here’s how to take advantage of today’s Wilmington NC real estate market — no matter what your situation.
Yes, foreclosures, short sales, underwater mortgages and other painful problems are real and prevalent in some areas. Despite these problems, homes in good condition and in good locations sell quickly when priced right. Great deals for buyers — both in distressed and traditional home sales — and low interest rates have converged to make the cost of buying much more affordable than just a few years ago! Investors benefit too by focusing on distress sales as well as bargain-priced traditional properties to hold as rentals or rehab and sell.
In 2013 some great opportunities exist, but only if you get into the real estate market now. If you don’t make a move soon, you’ll miss out. In this Special Report we’ve examined 2013 from great expectations to six great opportunities. Be sure to contact us as soon as you’re ready to buy or sell a home.
Underbuilding = More Buyer Demand For Sellers
Due to the slow-moving economy and slower-than-normal real estate market, builders have been slow to build new homes. Even though new home starts are recovering, in 2013 there will still be more new-home buyers looking than homes available for sale. The continued lack of competition from newly built homes will help you when you sell a home this year. If your home is in a good location and in move-in condition, it will sell quickly and for a price better than you might have gotten last year. Don’t expect a return to boom times, but prices are slowly, gradually moving up in most areas of the country.
Investing = Increased Profits
Investing in a rental home, condo or multi-family property can be profitable with the continued rising demand for rentals and increasing rents. Beware, though, that many would-be renters will be weighing carefully the cost of renting versus buying, and those able to purchase will leave the rental market. More renter turnover could be a bigger issue for landlords this year than last.
Interest = Historically Low Rates
With continuing low interest rates, if you have a good credit record and steady employment, it’s definitely a positive time to purchase a home. Low interest rates allow you to buy more home than you could otherwise. Low rates also work to your advantage keeping payments low.
Refinancing = Save Money Now And Later
With lower interest rates, refinancing is an option for homeowners who have good credit, a stable employment situation and whose home is not underwater — owing more than it is worth. The savings realized in refinancing can be significant for those who can take advantage of these low interest rates before they go higher.
Buying = Better Than Renting
In many major metropolitan areas, it makes more financial sense to buy a home rather than rent. With increasing demand for rentals and subsequent rising rents, buying — including down payment, closing costs, property taxes, utilities, maintenance costs and tax advantages — is often a better financial move, allowing home buyers to break even, possibly in as few as two to five years. If you’re looking to settle somewhere for at least that long, 2013 is the time to look into buying a home.
Green = Products That Save
Environmentally friendly products, finishes, appliances and systems are readily available for new homes, remodels and updating. As demand for these resource-saving products continues to increase, prices are likely to decrease, allowing you to choose and install eco-friendly products to save energy and money.
Some expectations never change. Sellers expect a great selling price and a quick sale. As in the past, though, sellers need to realize that serious, traditional home buyers are looking for properties in move-in condition. Many buyers are turned off by unfinished home projects and outdated fixtures. Sellers in 2013 need to make their home spic-and-span before listing in order to get a quick sale at the right price. We can advise you on how to stage your home for a fast sale when you price it right.
Buyers in the market today are looking for the best value. They remember the not-too-distant volatility of home prices and want the most home for the lowest payment. They know the market like a GPS and are quick to assess every home — before they even step into it. Today’s buyers are smart and savvy, especially when buyers work with a real estate professional — like us.
Investors, being home buyers, are smart and savvy too. They’re decisive and often able to purchase a home with all-cash, making their transaction quick to close. Investors rely on their ability to spot “diamonds in the rough” and snap up great deals lightning-fast. If you can’t get your home into move-in condition for the next buyer, an investor will — and your final sales price to the investor will reflect the profit the investor is looking to realize upon resale or rental of your property. We can help you find suitable income properties to fit your investment strategy or help you prep your home for quick sale to interested investors. For more advice and to search all Wilmington NC real estate please visit www.cbbaker.com or on your phone mobile.cbbaker.com
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