The First Quarter Wilmington NC Real Estate Zip Code Report 2013

Wilmington NC real estate

The First Quarter Wilmington NC Real Estate Zip Code Report 2013 

By R.J. Alex, 2013 President, Wilmington Regional Association of Realtors®

[Wilmington, NC] When analyzing six major zip codes in our region – 28403, 28405, 28409, 28411, 28412 and 28451 – an average of the zip codes for the first quarter of 2013 shows that:

  • Our average sales price has increased by 7.0% from 1st  Quarter 2012
  • Of the 713 sellers in 1st Quarter – 26.9% paid some sort of concession toward the purchase of the house.
  • Our list to sales price ratio for 1st Quarter is 96.55%, an increase from 95.6% for 1st Quarter 2012.
  • The average list price of the sold properties is $234,489 and is up 6% from 1st Quarter 2012.
  • The average number of days a property remained on the market for 1st Quarter was 126 days, compared to 169 days for 1st Quarter 2012.
  • The median sold price of $176,500 for 1st Quarter has increased 3.8% from 1st Quarter 2012.

The areas of focus in this analysis were:  read rest of story here…

2013 BIZTECH | March 21 | Conference |Wilmington NC real estate

Mark the date to attend the 2013  Biz Tech conference featuring the regions most successful business and technology ventures on March 21, 2013 in the Wilmington Convention Center.  Key note speakers will be:

KEYNOTE LUNCH FEATURING NORTH CAROLINA GOVERNOR PAT MCCRORY  11:30 – 1:30 pm
 
Geothermal HVAC For Homes and Businesses – Room 104
Presenter: James Cornette Owner/CEO, Applied Resource Management, PC
 
10 Provocations on Business & the Environment – Room 105
Presenter: Yalmaz Siddiqui, Senior Director, Office Depot Environmental Strategy 
 
9 Ways to Jumpstart Your Business – Room 106
Presenter: Reggie Shropshire, Owner, ActionCOACH
Should Your Business be in the Cloud? – Room 107
Presenters: Shaun Olsen & Tobin Geatz, CloudWyze
 
Marketing a Business By Design – Room 108
Presenter:  Jeff Morvil, Morvil Advertising +  Design Group
Delivering on the Promise of Greener Purchasing – Room 105
Presenter: Shela Fletcher, Senior Manager, Office Depot Environmental Strategy 
Team Building:  Hiring the Right People to Do the Right Things in Your Business – Room 106
Presenter: Reggie Shropshire, Owner, ActionCOACH
You Are A Publisher — So Start Acting Like One! – Room 108
Presenters: Melissa Pressley, Content Marketing Manager & Rob Kaiser, Publisher, Greater Wilmington Business Journal
 
and many more seminars throughout the day.  To see the full list and register, please visit www.wilmingtonbizexpo.com

“The BIZTECH EXPO featuring products and services from more than 100 companies. The trade show floor includes vendors in Business, Technology, Hospitality and Health & Wellness.”  For the entire schedule and vendors please visit the BiZtech Expo website here.  There will also be give away’s by the sponsor companies.  See here.

While you are visiting please search Wilmington NC real estate on www.cbbaker.com and enjoy information about our great town.  If you would like to search from your phone, just go to mobile.cbbaker.com

 

Brilliant Colors at Wrightsville Beach NC | 4th Annual Cape Fear Kite Festival

Do not miss the 4th Annual Cape Fear Kite Festival this weekend.  A brilliant show of color in the sky at beautiful Wrightsville Beach NC.  The event is held in on the beach at Shell Island Resort. For more information, please visit http://www.capefearkitefestival.com/default.asp
If you see any real estate that you are interested, you can look up on your phone at mobile.cbbaker.com.  Enjoy!

The Wilmington NC Real Estate Market is Up from September 2011

The latest Statistics have been released by the Wilmington NC Realtors Association for September 2012.

September numbers from 2011 are up.  The market is still active and the days on the market have been decreasing.  Dollar amount is also increasing which is a healthy sign.  For a complete look at the statisics please click on the graph.  To view more information and to search Wilmington NC real estate, please visit www.cbbaker.com or on your phone mobile.cbbaker.com.

 

TIMING: Seven Buying and Selling Secrets To Know Before You Relocate | Wimington NC real estatee

The secret to a successful relocation is timing — synchronized buying, moving and selling. Good timing just takes a little advance planning that puts you in control. Here are seven relocation secrets to make your move work smoothly for you.

1. Sell First

Ideally, you should sell your current home first in order to have all your financial resources available to purchase your next home. You want to avoid waiting until the closing on your new home forces you to sell your old home under the gun. Note that in some markets today, houses are moving so quickly that sellers will not even consider taking a contingency clause that postpones their sale until the buyer’s home sells. Setting the right price for your home and having a customized marketing plan are your best bets for bringing about a quick sale.

2. Find Out What You Can Afford

{short description of image}While your house is on the market, look at what’s available to buy within your price range in your destination area. Your perfect house is out there, but take as much time as you can to find it. It’s not just the house you’ll have to live with — you’ll want to find out about the neighborhood, the schools, proximity to shopping, etc. before you commit to your next home.

3. Shop For A Loan Before You Shop For A House

Try to lock in the best rate you can find. Get pre-approved for financing so you have more bargaining power when you bid on a house. With a pre-approved loan, you’ll be able to go to closing on your new house faster.

4. Coordinate Settlements And Moving Dates

Try to move directly from the old home to the new one. Sometimes you can rent back the old property for a few days or weeks if closing on the new one is delayed. Another alternative is an interim move to an apartment for a short time while waiting to close on the new house.

5. Begin Fix-Ups And Pre-Sale Improvements Early

Have any needed work completed before your house goes on the market. Consider having a home inspection early in the fix-up process so you know what’s important to repair or replace before you set the sales price for your house.

6. Work Closely With Your Agent

Make sure every “i” is dotted and every “t” crossed on time for both closings. You may save time and money for the buyer of your old home with lower “re-issue” fees by referring them to the previous providers of inspections, surveys, title insurance, etc. The information is in your settlement papers. And, if it’s a busy season, line up appointments in advance with the people you’ll need to close on your new house.

7. Avoid The Last-Minute Rush

Call us early. We’ll gather information and provide it to you quickly so you can make informed decisions and workable plans.  Search all Wilmington NC real estate on http://www.cbbaker.com

Wilmington NC 3rd Annual World Autism Awareness Weekend | Wrightsville Beach NC

A fantastic weekend is planned.  Wrightsville Beach hosts 3rd Annual World Autism Awareness Weekend April 20-22.   A 5 K and 1 mile fun run on Saturday.  On Friday music, games and more fun on the beach in front of Blockade Runner.  Surfers Healing on Saturday.  Water and Skating activities on Sunday.  Here is the schedule from the ncPressRelease.com

Everyone is invited… Come join in on the fun!

 

Wrightsville Beach, N.C. … Is your loved one on the spectrum? In North Carolina alone, as many as 60,000 families are impacted by autism. April 20-22, Wrightsville Beach invites these families and the public to participate in the 3rd Annual World Autism Awareness Weekend.

Weekend Schedule:

Friday, April 20 – Arrive and connect with old friends and make new ones. Stroll the beach, play games on the oceanfront lawn, enjoy gluten free and special menu options available at the Blockade Runner Beach Resort, host hotel, and register for Saturday’s 5k and fun run/walk events.

Saturday, April 21 – Participate in two major events:

8:30 a.m. the 2nd Annual Coastal N.C. Run/Walk at Mayfaire Town Center includes three events: a 5k race, 1 mile fun-run and kid’s dash. Proceeds support autism services. Sponsored by the Autism Society of North Carolina and GHA Autism Supports.

11a.m. to 4 p.m. Surfers Healing presents Family Day in Wrightsville Beach Park. Experience a day of hands-on kids’ activities, networking and resource sharing. Booths will feature children’s activities like board waxing, face painting, fishing, corn toss and more. A miniature skate park is featured along with sensory and calming toys. Indo Jax Surf Charity and Lighthouse Beer and Wine will sponsor bounce houses, and Wrightsville Beach Ocean Rescue lifeguards will be on hand with water safety equipment and instruction tips. Booths will be hosted by the Autism Society of North Carolina; A.skate.org; Family Support Network; NC Aquarium; N.C. Chapter of Surfers Healing; Ocean Cure; S.H.A.R.E.; TEACCH; Wilmington Children’s Developmental Services Agency; Oasis, Exceptional Friends Network and the American Red Cross. Bilingual information will be available.

Sunday, April 22 – Water and skating activities:

Families may select from games on the oceanfront lawn, offered all day, or water activities at the Blockade Runner beginning at 10 a.m. and continuing until everyone is happy! Kayaks and equipment will be provided by Hook, Line and Paddle for those who wish to paddle scenic Banks Channel. Captain Joe Abbate, the Cape Fear Naturalist, will offer scenic and comfortable water cruises aboard The Shamrock. See Banks Channel, Motts Channel, Money Island and hear stories told by Captain Joe. Sunday morning buffet and a mid-day seaside cookout will be available.
For skating fans, A.skate is sponsoring a clinic at the Double Wide Skate Barn in Hampstead 9 to 11 a.m. The camp is fully booked, but Autism Weekend participants are encouraged to come and cheer these talented skaters!

The goal of World Autism Awareness Weekend at Wrightsville Beach is outreach, inclusion and awareness, and to provide activities and festivities for children on the autism spectrum and supply networking and resource opportunities for their parents and other family members. World Autism Awareness Month (April) was proclaimed by the United Nations General Assembly in 2007.

Contacts:
John Pike, North Carolina Surfers Healing Camp Director
(910) 471-7453   surfershealingnc@yahoo.com www.surfershealing.org

Heather Hargrave, Autism Society of North Carolina
Coastal NC Run/Walk for Autism Coordinator
(800) 442-2762 (ext. 1106) hhargrave@autismsociety-nc.org
www.coastalncrunwalkforautism.org

Host Hotel:
Blockade Runner Beach Resort (Special room rate available. Limited availability. Specify World Autism Awareness Weekend. Special menus available.)
800-541-1161   www.blockade-runner.com

Wilmington NC real estate | 4th Quarter 2011 Zip Code Report | Wilmington Regional Association of Realtors

Local Market Analysis: 4th Quarter 2011 Zip Code Report.

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.

3Q vs. 4Q 2011 Zip Code Comparison Chart - Wilmington NC Real Estate
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.

Schmooze Your Way To A Sale With 12 Incentive Contract Options That Entice Buyers | Wilmington NC real estate


If you’re selling in today’s Wilmington NC real estate  market, you want to make your house outshine the competition. Buyers are most likely to choose your house if it offers something special. Here are 12 ways to make sure you land a “Sale, Sweet Sale.”

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.

{short description of image}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

Avoid Becoming House Poor | Wilmington NC real estate

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Avoid Becoming House Poor

It goes without saying that everyone wants the nicest home they can possible afford. And you can certainly expect plenty of encouragement from your real estate agent and your lender. Each will be able to provide you with plenty of good reasons to buy at the top of your price range. In addition, lenders offer a variety of creative loan products from adjustable rate mortgages to hybrid loans to help you buy the most house you can possibly buy. The philosophy is, you are going to trade up eventually…so why not buy the home you want now? There are savings to consider, of course. For instance, you’d save money by eliminating new finance costs, closing costs, moving costs, Realtor and marketing fees, not to mention lost time at work and the hassle of moving. In addition, the housing market could change in a few years, making the house you would like to have unaffordable. All things considered – it’s better to buy the most home while you can.

Leading financial advisors, however, will argue just the opposite. Financial advisors have 1 simple goal in mind. To help you build wealth. For this reason they think in terms of return on investment (ROI) vs. risk. Homes offer a fair hedge against inflation, but you really can’t expect much more from them as investments. The rise in home values are mostly offset by the continued cost of maintenance, repairs and market fluctuations. All will agree, however, that home ownership offers many more financial benefits than renting. Advisors will insist that you diversify your assets…meaning that you should have a portfolio containing a cash reserve and other investments, in addition to your home. This risk-managed approach allows you to live a little more secure with the knowledge you can handle future events, such as reversals in your finances due to job loss or additions to your family.

While the ideology presented by each side is sound, the solution lies in the expression…”how to have your cake and eat it, too”. Ultimately, you will want to buy the most home possible without becoming so poor that you cannot leave the house (hence the term, house poor). Accomplishing this goal will, of course, depend on several things. One being how much you tell the lender, a second being the type of loan you choose, another being how long you plan to stay in the home, and yet another being what your personal financial goals are.

To begin, don’t tell your lender everything.

Lenders are in the business of loaning money based on certain guidelines and risk assessments. This is to ensure that their loans can be insured and their risks will be reduced. The amount of your loan will be determined by four basic factors – income, assets, debts and the interest rate. Most insurer guidelines state that you cannot spend more than 28% of your income on your mortgage, and your debts cannot exceed 8% of your income.

Income. Lender’s qualify income as gross yearly pay, including overtime, part-time, seasonal pay, commissions, bonuses, and tips. They may also include dividends from investments, business income, a pension or Social Security income, veterans benefits, alimony and child support.

The question is, do you really want to count all this income? Take a moment to think about it. The only income you should really provide is RELIABLE income. For instance, if you included overtime in your gross yearly pay, is overtime really a reliable source of income? Are you willing to commit to working overtime for the next 30 years to hold on to your house? Of course not, so don’t include overtime in your income statement. What about child support? Now, be honest with yourself…have you ever received your check on time? More than likely not, so again, don’t include it.

If your goal is to own your house and still be able to eat, you’ll want to keep some of your financial information to yourself. You’re better off to see what kind of a loan you can qualify for based solely on your annual income, without extra bonuses. As for dividends, you could be reinvesting them to make your stock account grow. Better to not include them as income.

By editing your income statement, you can give yourself bargaining room later, should you decide to buy a home that is a little outside the lender guidelines. In this situation, however, there is another option available to you – choose a more favorable loan.

Use the Lender’s loan products to leverage more house. A 30-year fixed rate mortgage is considered to be the standard of the loan industry. Whether it is the right loan for you depends upon two things. One, how long do you plan to occupy your new home; and two, whether you have chosen a home that is just over your edited income range.

For many first-time home buyers, the average time you’ll spend in your new home is about four years. Repeat buyers usually average around 7 to 12 years of occupancy. The idea here is simple. The shorter the time you occupy your home, the less time you have to reduce your principle. Until you begin reducing your principal, you aren’t really building any equity in the home. Here’s something to remember: Equity equals ownership. If you are planning to stay in your home for only a short period of time, make sure your interest rate is as low as possible. You’ll also want to avoid paying points, and finance as much of the closing costs as possible.

Typically, 30-year loans represent a high risk for lenders. This is why your credit, debt and income picture must be in such good shape to qualify for one. An alternative loan product would be a variable rate mortgage. While this does require a small risk, the interest rates are usually a point or more lower than the traditional 30-year rate. Variable rates do two things. First, they provide you with a lower interest rate, meaning that you pay less towards interest and more towards principle each month that your in your home. Second, they provide lower monthly payments, freeing up some of your cash for use on other things. That being said, you’ll want to strongly consider whether this option is right for you. Many people choose variable rate mortgages if they know they’re only going to be in the home for a short period of time, say 4 to 5 years (or less). You’ll want to decide on your goals before you commit to a loan product, but be sure they are realistic.

The bottom line is, only you can determine what is comfortable for you. It requires you to look at your lifestyle, income, spending habits, and future financial goals, knuckle down and make a decision. That being said, here’s an idea to consider.

Look at the loan amount you qualified for. Now, when looking for homes, try to find homes that range anywhere from 10 to 15 percent less in cost. Chances are, you’ll find a home that suits your needs and tastes, but won’t overextend your finances. Then, you can take the difference you would have spent on a higher house payment and invest it elsewhere. Add to it monthly. The extra $100 or $200 that you would have spent on your house could be contributing to an IRA (which is tax-deductible) or an investment portfolio. And, if you were willing to spend that money on the house to begin with, then would you really miss it?

http://www.cbbaker.com for all your Wilmington NC real estate needs.

New Hanover County’s credit rating restored to Triple A Bond Rating | Wilmington NC real estate

New Hanover County’s credit rating restored to stable status | Cape Fear Watchdog$.

Awesome news about New Hanover County’s credit rating being restored to Triple A by Moody’s Investor Service.  Moody’s had downgraded the rating a couple of months ago.  Talks with New Hanover County and reassessing some information that Moody’s had gathered about the amount of Federal goverment help that the County needed turned the decision around.  To have a Triple a credit rating is the highest a County can have.  Only 5 Counties in North Carolina have attained this rating.  Back to business New Hanover… Fantastic.