Ride your bike to Wrightsville Beach and Mayfaire.

Wonderful Community of Village at Summerset. 

Best location around! Maintenance free living with brick exterior and yard maintenance is included. This beautiful Oleander Cottage was designed & built by Hagood Homes. Home has 10 ft. ceilings , tall windows to allow for lots of bright sunshine. Screened porch off the breakfast nook welcomes those ocean breezes. Hardwood floors are in the living areas, with all three baths and laundry featuring ceramic flooring. Two pantries and built in desk in kitchen. Granite countertops, tiled backsplash and large island make this kitchen a must see. Bonus room with private bath is the 4th bedroom. Relax in the private study and enjoy the quietness of the neighborhood. Built-in book shelves on either side of the gas fireplace. A great place or live or have as a second home.

TEXT 14041 to 44133 for mobile virtual tour.
Please call Debi Byrd for more details at 910-617-0309

Wilmington NC real estate

Please visit www.kaybakerwilmington.com or www.cbbaker.com for Wilmington NC real estate

Last year, realtors sold more than 2,600 homes in New Hanover County, according to recent Wilmington Multiple Listing Service (MLS) data.

About 258 units sold in January in New Hanover, Brunswick and Pender counties, according to the MLS. This is slightly down from January 2011 when 281 units sold.

However, the pending sales index, which charts units that will close in 30 to 60 days has been at an all time high for this time of year. As of February 11, 789 units were on the area’s pending index, while this time last year there were about 600 units pending, according to David Flory, Cunningham & Company Mortgage Bankers mortgage consultant.

The region’s housing inventory is also shrinking — another good sign for contractors and homebuilders.

The MLS data shows about 2,000 homes on the market to sell in January 2012 — that is down 24 percent from this time last year.

Tim Milam, president of Coldwell Banker Sea Coast Advantage, said the 10 offices within his southeastern North Carolina division have placed 120 homes under contract in the last week signaling what he hopes will be a much better year in residential real estate for greater Wilmington.

“The numbers are up,” Milam said. “And that’s definitely a good sign that things are starting to get better.”

Milam said last year, his firm’s southeastern division, which includes the Wilmington, Jacksonville and Shallotte areas secured 277 contracts totaling $57.2 million. However, since the start of 2012, the division has recorded 454 contracts worth $80.6 million.

“We see the market improving because consumer confidence in the economy is increasing,” Milam said. “Our website traffic is also increasing . . . we’re in a good position right now.”

The same can be said of the area’s largest Wilmington-based real estate company.

Jim Wallace, president and CEO of Intracoastal Realty Corporation, said his company’s sales are surging after a year in the doldrums.

Last year, Wallace said Intracoastal Realty Corporation posted $40 million worth of homes under contract in the greater Wilmington area. Year-to-date, the firm has posted $73 million under contract — a $33 million increase since January 1.

“Year-to-date we have seen a dramatic turnaround,” Wallace said. “Many see this as the year things will start turning around.”

Wallace said the improving job market, low interest rates and pre-2003 housing prices are driving people to buy in a market still recovering from the Great Recession.

“People who have a job but were hesitant to buy a home are beginning to buy into the market because they have a more secure outlook on employment,” Wallace said. “That is helping fuel sales in the area.”

Linda Mehner, a realtor with Wilmington-based Just for Buyers Realty said she’s noticed more buyers looking for homes. She said many of her clients are relocating to the area because of job transfers, which has created a busier market over the past several months.

“By the activity we have been having, I anticipate this year will be about 30 percent better than last year,” Mehner said.”

Fantastic news for Wilmington NC real estate.  The buyers are definitely coming out in full force.  The prices are great and the rates even better.  We are taking listings of homes, if you have thought about moving, please give us a call and we can walk you through the process.  Please visit www.cbbaker.com for more information.

Identity thieves make their money by co-opting your name, Social Security number, credit card number, or other piece of your personal information for their own use. Below are just a few of the ways the identity thieves operate, according to the FTC:

• They open a new credit card account, using your name, date of birth, and Social Security number. When they use the credit card and don’t pay the bills, the delinquent account is reported on your credit report.
• They call your credit card issuer and, pretending to be you, change the mailing address on your credit card account. Then, your imposter runs up charges on your account. Because your bills are being sent to the new address, you may not immediately realize there’s a problem.
• They establish cellular phone service in your name.
• They open a bank account in your name and write bad checks on that account.

Fortunately, there are a number of ways you can protect yourself from identity theft, as follows:

• Know who you’re talking to. Before you reveal any personally identifying information, find out how it will be used and whether it will be shared with others.
• Pay attention to your billing cycles. Follow up with creditors if your bills don’t arrive on time. A missing credit-card bill could mean an identity thief has taken over your credit-card account and changed your billing address to cover his tracks.
• Guard your mail from theft. Deposit outgoing mail in post-office collection boxes or at your local post office, not in your own mailbox for your carrier to pick up.
• Put passwords on your credit card, bank and phone accounts. Avoid using easily available information such as your mother’s maiden name, your birth date or your phone number.
• Minimize the identification information and the number of cards you carry to what you’ll actually need. Don’t carry your social security card-memorize the number and store the card in a secure place.
• Do not give out personal information on the phone, through the mail or over the Internet unless you have initiated the contact and know who you’re dealing with.
• Keep items with personal information in a safe place. To thwart an identity thief who may pick through your trash to capture your personal information, tear or shred your charge receipts, copies of credit applications, and other financial statements.

For more tips and information, visit the FTC’s website at www.ftc.gov/idtheft

2012 Festival Feb 2, 3, 4

Thirty two years of awesome Jazz starts tonight.  Welcome to a star filled weekend of incredible Jazz muscians.  The kick off tonight will have Harry Allen, Herman Burney, John Cocuzzi, Adrian Cunningham, Kevin Dorn, Bucky Pizzarelli, Ed Polcer, Bria Skonberg and Dion Tucker. 

Tickets and More information about the weekend are here….

Ashley Garner, the new 2012 WRAR President has just released the 4th quarter Zip Code Stat report for the Wilmington area.  Below is his report:

When analyzing six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451 – we had three zip codes that had an average sold price increase of 1.3% to 10.8% over third quarter 2011. All six zip codes had a slight decrease in the list to sales price ratio for fourth quarter. Sellers in 28451 got about 96.6% of their asking price while those in 28405 only got 91.3% of their asking price.

Only three zip codes had an increase in average list price from 2.1% to 11.7%. Concessions offered to buyers were offered in 22% to 45% of the transactions in fourth quarter 2011. Our median sales price for two zip codes reflects an increase from 2.6% to 10.3%. Our overall average days on the market increased for four zip codes from 140’s to about 187; while 28409 and 28451 had an average decrease of 23 to 34 days.

Analyzing the growth within the six major zip codes in our region, an average of the zip codes shows for the fourth quarter of 2011:

•    Our average sales price has decreased by 4.8% from third quarter 2011.
•    Of the 597 sellers in fourth quarter – 33.0% paid some sort of concession toward the purchase of the house.
•    Our list to sales price ratio for fourth quarter is 94.0%, a decrease from 94.8% for third quarter 2011.
•    The average list price of the sold properties is $245,760 and is down 3.9% from third quarter 2011.
•    The average number of days a property remained on the market for fourth quarter was 158 days compared to 152 days for third quarter 2011.
•    The median sold price of $179,268 for fourth quarter has decreased 2.0% from third quarter 2011.

The areas of focus in this analysis were:  

•    Selling Price – The price the seller accepts for his or her house.
•    Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
•    List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
•    Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
•    List Price – The amount of money a home is listed on the market.
•    Median Price – The middle price of all the properties sold in the given time period.

4th Quarter 2011            28403 Zip Code
•    The average selling price of $211,141 has increased 6.1% from 3rd Quarter 2011 average selling price of $198,995.
•    26% of sellers paid a concession compared to 24% in 3rd quarter 2011.
•    The average list price of $230,836 for 4th Quarter has increased 7.8% over 3rd Quarter 2011 average list price of $214,048.
•    The average number of days a property remained on the market for 4th Quarter was 187 days compared to 185 days for 3rd Quarter 2011.
•    The median sold price of $156,000 for 4th Quarter has increased 2.6% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 91.4% of the asking price, a decrease from 92.9% for 3rd Quarter 2011.

4th Quarter 2011            28405 Zip Code
•    The average selling price of $262,588 has decreased 13.8% from 3rd Quarter 2011 average selling price of $304,544.
•    22% of sellers in 4th Quarter paid a concession compared to 32% for 3rd Quarter 2011.
•    The average list price of $287,370 for 4th Quarter has decreased 11.8% from 3rd Quarter 2011 average list price of $325,852.
•    The average number of days a property remained on the market for 4th Quarter was 182 days compared to 152 days for 3rd Quarter 2011.
•    The median sold price of $165,000 for 4th Quarter has decreased 7.8% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 91.3% of the asking price, a decrease from 93.4% for 3rd Quarter 2011.

4th Quarter 2011            28409 Zip Code
•    The average selling price of $261,680 has decreased 5.8% from 3rd Quarter 2011 average selling price of $277,697.
•    33% of sellers in 4th Quarter paid a concession compared to 38% in 3rd Quarter 2011.
•    The average list price of $279,858 for 4th Quarter has decreased 4.5% over 3rd Quarter 2011 average list price of $293,112.
•    The average number of days a property remained on the market for 4th Quarter was 144 days compared to 167 days for 3rd Quarter 2011.
•    The median sold price of $200,000 for 4th Quarter has decreased 17.1% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 93.5% of the asking price, a decrease from 94.7% from the 3rd Quarter 2011.

4th Quarter 2011            28411 Zip Code
•    The average selling price of $253,001 has decreased 13.6% over 3rd Quarter 2011 average selling price of $292,660.
•    45% of sellers in 4th Quarter paid a concession compared to 38% in 3rd Quarter 2011.
•    The average list price of $269,054 for 4th Quarter has decreased 13.4% over the 3rd Quarter 2011 average list price of $310,724.
•    The average number of days a property remained on the market for 4th Quarter was 177 days compared to 132 days for 3rd Quarter 2011.
•    The median sold price of $199,359 for 4th Quarter has decreased 2.8% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 94.0% of the asking price, an increase from 94.1% for 3rd Quarter 2011.

4th Quarter 2011            28412 Zip Code
•    The average selling price of $178,025 has increased 1.3% over 3rd Quarter 2011 average selling price of $175,809.
•    31% of sellers in 4th Quarter paid a concession compared to 36% in 3rd Quarter 2011. The best of all zip codes.
•    The average list price of $185,954 for 4th Quarter has increased 2.1% over the 3rd Quarter 2011 average list price of $182,143.
•    The average number of days a property remained on the market for 4th Quarter was 158 days compared to 140 days for 3rd Quarter 2011.
•    The median sold price of $146,000 for 4th Quarter has decreased 6.1% from 3rd Quarter 2011.
•    Sold homes in 4th Quarter received 95.7% of the asking price, a decrease from 96.5% for 3rd Quarter 2011.

4th Quarter 2011            28451 Zip Code
•    The average selling price of $225,322 has increased 10.8% from 3rd Quarter 2011 average selling price of $203,449. The best of all zip codes.
•    33% of sellers in 4th Quarter paid a concession compared to 33% in 3rd Quarter 2011.
•    The average list price of $233,091 for 4th Quarter has increased 11.7% over the 3rd Quarter 2011 average list price of $208,709. The best of all zip codes.
•    The average number of days a property remained on the market for 4th Quarter was 114 days compared to 148 days for 3rd Quarter 2011. The best of all zip codes.
•    The median sold price of $196,300 for 4th Quarter has increased 10.3% from 3rd Quarter 2011.
The best of all zip codes.
•    Sold homes in 4th Quarter received 96.6% of the asking price, a decrease from 97.4% for 3rd Quarter 2011. The best of all zip codes.

Our fourth quarter 2011 shows limited growth in average sales price and median sales over last quarter. Several improving factors on a national, as well as local basis, makes now the most opportune time to purchase a home. Here are just a few more reasons why now is the most opportune time to purchase a home.

•    The Blue Chip Consensus forecast has around fifty economists representing organizations such as FedEx, Dupont, Ford Motors, and the U.S. Chamber of Commerce. Interestingly though, this Blue Chip average consensus forecast value generally tends to be more accurate than any individual economist’s forecast over the long run. That is to say, it is better to trust the consensus forecast more so than an individual economist’s forecast. So, what is the Blue Chip consensus saying about the bottoming of home values? In the latest January issue, a solid majority of economists said the Case-Shiller home price index will finally bottom in 2012. With 75.6% saying this index of homes prices will finally bottom out in 2012. Lawrence Yun – NAR Chief Economist

•    Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

•    Freddie Mac released the results of its Primary Mortgage Market Survey® (http://www.freddiemac.com/pmms), showing average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage edged down slightly to 3.88 percent to a new all-time record low marking the seventh consecutive week below 4.00 percent.
All of this makes now the most opportune time to purchase a home. Contact your REALTOR® today!  

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated, for the period Jan. 1, 2005 through December 31, 2011 – data pulled on January 21, 2012. Average sold numbers for specific neighborhoods within each zip code can be higher or lower than these stated averages. It is highly recommend that you consult a REALTOR® to determine how these numbers specifically relate to your neighborhood.

We would be glad to answer any of your questions regarding this report or anything about the Wilmington NC real estate market.  Please visit www.cbbaker.com for all your real estate needs.

Because points, fees and interest rates vary, check with us or your lender for specific information on the type of loan you are considering. The “snapshot” interest rate examples shown here are for illustrative purposes only and may not reflect current rates. For simplicity, all examples here use a $100,000 sales price. Monthly payments are for principal and interest only (taxes, insurance and condo/homeowner fees would increase your payment).

Adjustable-Rate Mortgage.

The interest rate is adjusted up or down periodically based on a financial market index (such as Treasury bills). Monthly payments start lower than for fixed-rate mortgages. The initial rate is set for a specified period — 1, 3, 5, 7, or 10 years — and then rates adjust on a schedule, say, annually. The adjustments generally are limited by annual caps and a life-of-the-loan cap.

Fixed-Rate 30-Year Conventional Mortgage.

A fixed-rate conventional loan is made by a commercial lender for 30 years. Monthly payments (excluding taxes) remain unchanged for the life of the loan. Some lenders allow mortgages with as little as 5% down, but require private mortgage insurance for loans with less than 20% down.

Fixed-Rate 15-Year Conventional Mortgage.

This is similar to the 30-year conventional mortgage, except the loan is repaid in half the time. Interest rates are typically lower than for a 30-year loan, and interest paid over the life of the loan is less, but the monthly payments are usually slightly higher. Government-backed loans — VA and FHA — are also available in 15-year terms.

Two-Step Loan.

This 30-year loan is a cross between the ARM and a conventional loan. The mortgage carries a fixed rate for 5, 7 or 10 years and then adjusts to market interest rates once for the remainder of the loan. The initial rate is generally lower than a fixed-rate conventional mortgage, but the second step of the two-step mortgage is often conditional on the lender’s approval.

Federal Housing Authority (FHA) Loan.

These are government-insured loans so homeowners can make a smaller down payment than on conventional loans. The limits on FHA loans are high enough to handle moderately priced homes in many parts of the country. FHA loans are assumable for future buyers who qualify.

VA Loan.

These are loans for qualified veterans backed by the Department of Veterans Affairs with low or no down payment required. These mortgages are subject to the VA mortgage funding fee, depending on the size of the down payment. VA loans can be combined with second mortgages and are assumable to qualified buyers.

Seller Financing.

Sellers may take back a loan against their equity in the property in the form of a first or second mortgage. One approach to owner financing is to use a balloon mortgage calculated and repaid for 5 or 7 years as a 30-year mortgage, but then the balance of the loan is due in a lump sum.

Assumable Mortgage.

A buyer takes over the existing mortgage — usually FHA, VA or ARM — at its current interest rate, with the concurrence of the lender. An assumption may have a lower rate than those currently available, and taking over the mortgage may save on closing costs. The down payment makes up the difference between the sales price and the balance on the loan.

Wrap-Around Mortgage.

Here a new mortgage incorporates an older, assumable loan to help bridge the gap between the loan balance and home sales price. The interest rate is often below market, but higher than the rate the old mortgage carries. Payments are made to the new lender or the seller, who forwards part of the payment to the first lender. The term of the mortgage is the time remaining on the original loan.

Buy-Down Mortgage Plan.

The seller or a third party provides additional cash to the lender in exchange for a lower interest rate for the buyer. Approaches vary among permanent buy-downs, multi-year and graduated plans.

In addition to these loan scenarios, Wilmington NC has USDA 100% financing loans on certain areas in New Hanover, Pender and Brunswick counties.  For a map of  New Hanover County click here.  The areas outside the orange sections are in the USDA loan eligibility zone.  Let us know what area you would like to search for homes in and we will supply you a list of 100% financing USDA homes.

A Spoonful Of Sugar

1. Offer a warranty.

Purchase a buyer’s home warranty to protect against future problems.

2. Help with closing costs.

Cash-poor buyers concerned more with out-of-pocket costs than monthly payments will especially appreciate this one.

3. Consider financing help.

Provide seller financing or buy down the buyer’s mortgage rate for the first year.

4. Help with utilities.

Pay some or all estimated utilities for 6 or 12 months.

5. Help with fees.

Pay a year’s condominium or homeowners association fees.

6. Pre-pay memberships.

Buy a one-year pool or community golf club membership, cable TV subscription, or other recreational activity.

7. Consider a moving allowance.

Pay the buyer’s documented moving expenses, or provide an allowance toward moving costs.

8. Treat them to window treatments.

Offer redecorating cash for new carpet or drapes.

9. Mow down any objections.

Buy a lawn-maintenance service for a year, or offer a riding mower if the lot is large.

10. Give them a dock on the bay.

If you live in a waterfront community, offer to rent a boat slip for a year.

11. Reimburse buyer the cost of points.

This is often a double benefit for buyers, who save both on the points themselves and on their federal taxes. The IRS now allows buyers to deduct the cost of seller-paid points as a Schedule A mortgage expense.

12. Price your home below comparable properties.

Prove your home’s good value by having an appraisal done and setting the price below the appraised amount.Call on us for more ideas of ways to make your home the sweetest one on the market. We’ll create a customized marketing program to help get your home sold in any market!

We are taking listings now.  If you would like to sell your home, the market is picking up.  We wrote 7 contracts on our team last week.  Please visit our no obligation seller site  http://www.cbbaker.com/selling.php

I came across this great blog, Keeping Current Matters KCM.  Goldman Sachs investment banker, turned author and economic consultant, John R. Talbott has some good advice.  In the past 9 years his advice has been right on.  When home prices started a huge upward trend in 2003 he published a book “The Coming Crash in the Housing Market”, correctly warning us that a real estate bubble was forming.  In his second book “Sell Now! The End of the Housing Bubble” in January 2006 he warned that home prices had hit a peak.

Mr. Talbott has now made another prediction – IT IS THE TIME TO BUY A HOME! 

“

“I have been waiting for more than five years to offer this advice. It is now time in most cities across the country to buy a new home or refinance your existing home with thirty-year fixed rate mortgage debt.”

He goes on to explain that his conclusion is based on four different metrics, all of which favor buying today:

• Home Prices Relative to Peak Prices During the Bubble
• Home Prices Relative to Construction Costs or Replacement Costs
• Home Prices Relative to Incomes and Rents
• Home Prices in Real Terms, Not US Dollar Terms “

Full details here….

Sounds like good advice. Low prices and low interest rates.  Get started looking at Wilmington NC real estate now and let us know how we can help. Enjoy….

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Plantation Pointe Villa in Belvedere Golf Community