Four Ways Home Sellers Can Respond To A Purchase Offer

Wilmington NC real estateWhen a home is for sale, a homebuyer who wants to purchase the property will submit a purchase offer to the seller. The offer is valid for a specified amount of time.

Sellers can do one of four things with the contract:

1. Accept contract as-is.

The seller agrees to the offered price and terms and signs the contract. Next step is for buyer to proceed to get closed/settled on home (arrange inspections, finalize financing, etc.).

2. Counter contract with different price, terms, conditions.

Most often, sellers may take issue with the price and/or terms or conditions offered. To keep the negotiation going, sellers may counter on any part of the contract. Buyers should be prepared to accept the counteroffer or continue negotiating.

3. Reject contract in its entirety.

It’s possible that the purchase offer is too unrealistic (too low of a price offered, unrealistic terms, etc.) and the seller will choose to not counteroffer. Ensure that there is open communication between the real estate professionals representing each side to resurrect negotiations or submit a new, revised purchase offer based on seller feedback.

4. Let the contract expire.

Very rarely would a motivated seller allow a contract to expire. Again, make sure the lines of communication are clear between the real estate professionals involved if this appears likely.

Let us help. kaybakerassociates@ec.rr.com or http://www.cbbaker.com

Do You Know How to Do Your Own Pre-Purchase Inspection? | Wilmington NC real estate

Buying your first – or any – home means taking a cool look at what you’re about to invest in. Here are four major items to check out before you write your check.House with magnifying glass

  • Sills, beams.
      • Possible defect: Rot caused by moisture or boring insects.
      • Check method: Poke wood with knife for spongy spots, especially near the foundation. Request certification of most recent termite inspection.
  • Windows and Doors.
      • Possible defect: Sticking, poor weather stripping.
      • Check method: Try all openings and note kind and condition of weather stripping.
  • Plumbing.
      • Possible defect: Aging, leaking pipes; inadequate water heater or water pressure.
      • Check method: Note kind of pipe (copper is best); compare heater’s capacity with family needs; try faucets while flushing for steady faucet flow.
  • Electricity.
    • Possible defects: Insufficient voltage; too few outlets.
    • Check method: Compare number of amps to appliance requirements; count outlets.

Our professional staff is waiting to help you find the home of your dreams. Call or e-mail us to find out more.

Brilliant Colors at Wrightsville Beach This Weekend | 6th Annual Cape Fear Kite Festival

kite2 copy

Join us for a fabulous display of arty and whimsical kites November 8 & 9 at Shell Island Resort on the beach.  (www.shellisland.com) Do not miss the 6th Annual Cape Fear Kite Festival.  A brilliant show of color in the sky at beautiful Wrightsville Beach NC.  Event runs from 10:00 – 4:00 PM both days. If you see any real estate that you are interested, you can look it up on your phone at mobile.cbbaker.com.  Enjoy!

What are the essential steps every first-time buyer should know?

http://www.WilmingtonNC-realestate.com

KeyIf you think it’s about time you bought a home instead of renting, a little homework before you start looking will increase your odds of finding the best buy for you. First, you must educate yourself about the home buying process. You can take a class or pick up books from your local library. Also be sure to read the real estate sections of your newspaper to familiarize yourself with properties and prices in your area. Consumer magazines that focus on the home can also be a good source of information.

Here are some things you will want to do:

  • Separate needs from wants

      What are your priorities for your next home? How important are public transportation, community facilities, on-street parking, lot size, privacy? How many bedrooms and baths will you need? Will you need a space for a home office? How important are quality neighborhood schools?

  • Investigate neighborhood prices

      What neighborhoods feature homes in your price range? Are there areas you may have overlooked? With the help of a trusted real estate agent, you may discover neighborhoods and home types you may not have considered. We’ll introduce you to a wide range of possibilities and help you find the home that best suits your needs.

  • Determine how much house you can afford

      It’s tough to home shop if you don’t know what you can afford. Together with a reputable lender, we can help you determine how much home you can afford and which loan program will maximize your buying power. Also, by getting pre-approved for a loan before you start looking for your first home, you’ll be a better prospect in the seller’s eyes.

  • Shop for the best loan

      Which type of loan is best for you? Will you be in the house several years and benefit most from a long-term fixed rate, or do you want a lower, short-term rate because you plan to move soon or expect your income to increase rapidly over the next few years? You may want to interview several lenders to learn about the many mortgages available.

  • Check out interest rates

      What are current local mortgage interest rates for 15-year and 30-year fixed rate mortgages, and for 1-, 3- and 5-year adjustable rate mortgages?

  • Dig up your down payment

      Know where your down payment cash will come from. If it’s coming from stocks, go ahead and sell them. If Aunt Mabel is loaning you the money, get it in hand so you are ready to go.

  • Relax and let an experienced real estate agent to help you through the process

    Buying your first home can be an overwhelming experience, but, with the help of a professional real estate agent, you can easily manage the process and confidently close the deal.

Chances are you can answer a couple of these questions on your own, but you may need some assistance with others. If you do, please call or e-mail us. We can make sure you have the preliminary house-hunting information you need.

2013 in review | Wilmington NC Real Estate Blog

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

A New York City subway train holds 1,200 people. This blog was viewed about 4,900 times in 2013. If it were a NYC subway train, it would take about 4 trips to carry that many people.

Click here to see the complete report.

INSPECTING YOUR HOME | How will a home inspection benefit me?

www.WilmingtonNC-realestate.com


The purchase of a home is the single most costly investment most people make, and you want to know what you are getting for your hard earned money. Inspections are a great way for home buyers to assure themselves that the home they are buying is in good condition.

A real estate agent will not determine the condition of the property. It is your responsibility, as a buyer, to ascertain the condition of the property. A licensed, professional inspector is best qualified to make an unbiased and objective evaluation of the functionality of each item or if it is in need of repair. The seller is not required to repair any items, but in the event he/she chooses not to, then the buyer may terminate.

What will the inspection cover?

An inspection will usually cover, at a minimum, those items specifically mentioned on the offer to purchase and contract. However, the inspector will not limit himself to those items.  Read rest of story here….

Kure Beach NC | Sales Up But Inventory Low

Now might be a good time to sell your Kure Beach home.  The  number of sold homes rose from July to August 2013.  The inventory is low, which will help your chances of selling in this market.  To search all Kure Beach Listings, please visit http://cbbaker.com/kureBeach

 
 
 
 
 

 

  Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago
  Aug. 13 Jul. 13 % Change Aug. 13 Aug. 12 % Change Jun. 13 to Aug. 13 Jun. 12 to Aug. 12 % Change
For Sale 87 90 -3.3%  87 99 -12.1%  89 98 -9.2% 
Sold 9 5 80%  9 7 28.6%  9 5 80% 
Pended 3 9 -66.7%  3 10 -70%  6 7 -14.3% 
Date 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13
For Sale 99 97 99 87 0 77 81 82 80 96 96 96 90 90 87
New Listing 7 15 17 6 9 12 7 9 10 27 15 11 10 13 9
Sold 3 6 7 9 6 6 9 2 4 8 8 10 12 5 9
Pended 5 6 10 6 4 10 5 2 9 5 15 6 6 9 3
Months of Inventory (Closed Sales) 33 16.2 14.1 9.7 0 12.8 9 41 20 12 12 9.6 7.5 18 9.7
Months of Inventory (Pended Sales) 19.8 16.2 9.9 14.5 0 7.7 16.2 41 8.9 19.2 6.4 16 15 10 29
Absorption Rate (Closed Sales) % 3 6.2 7.1 10.3 0 7.8 11.1 2.4 5 8.3 8.3 10.4 13.3 5.6 10.3
Absorption Rate (Pended Sales) % 5.1 6.2 10.1 6.9 0 13 6.2 2.4 11.3 5.2 15.6 6.3 6.7 10 3.4
Avg. Active Price 466 474 488 499 0 486 506 520 507 503 505 501 484 490 477
Avg. Sold Price 275 325 212 310 382 400 369 400 281 485 492 349 313 355 291
Avg. Sq. Ft. Price 173 167 186 177 207 195 187 181 172 204 192 195 194 157 187
Sold/List Diff. % 95 100 88 92 97 83 96 95 98 94 97 96 97 97 95
Sold/Orig LP Diff. % 94 98 87 87 96 79 91 92 97 91 95 90 94 91 93
Days on Market 50 119 122 199 216 222 171 104 82 119 170 241 138 102 169
Avg CDOM 156 119 122 199 216 139 191 194 82 126 170 230 138 102 189
Median 283 269 190 235 350 318 285 400 261 344 348 345 333 275 250
Table Information