General Market Observations:
One of the questions I hear most is “What if I owe more on my home than it is worth?” Here is my answer: If you enjoy living in your home and are able to make your payments, then the answer is “nothing.” Over time the market will rebound, and between now and then you should enjoy your home and this beautiful area where we live!
However for homeowners who need to sell, and who owe more on their home than it is worth, a short sale can be an excellent solution. In the past, it was rare for a bank or lender to accept a short sale. Today, due to overwhelming market changes, banks have become more negotiable when it comes to these transactions.
But to be technical, here's a more official definition: A homeowner is 'short' when the amount owed on his/her property is higher than current market value. A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall – In other words: "You have more monthly expenses than monthly income." A lender will want to see that you cannot afford, or soon will not be able to afford, your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. As a licensed Broker, I have been specially trained to save homeowners from foreclosure, and avoid "7 years of bad luck." If you know anyone in this situation, please have them contact me for help: 910-352-0998.
Shifting gears… no matter what the situation is, if you are selling your home studies show nearly 90% of BUYERS perform a portion of their home search on-line. For that reason if you are selling make sure your home is advertised extensively on-line. Make sure your home is seen on the most popular websites including REALTOR.com, Google, YAHOO, AOL, Zillow and more!
Also be sure to have a property specific website and a virtual tour set-up – JUST FOR YOUR HOME. This can be one of the best marketing tools!
Carolina Beach, NC:
In Carolina Beach, there have been 15 single family homes to have SOLD through March 2011. The high price is over $500,000 and the average price per square foot is $171.
With regards to condos, there have been 28 condos sales this year in Carolina Beach. The high price is $427,000 on Carolina Beach Ave North. There have been 14 home sites that have SOLD (this number is up considerably from last year)
A sign of good activity…here are currently 45 homes / condos that are PENDING or under DUE DILIGENCE, and 11 home sites that are PENDING.
Kure Beach, NC:
In Kure Beach, eight single family homes have SOLD as of 3/30/11, with a high price of $935,000. The average price per square foot is $192.
In Kure Beach this year there have been three condos to sell (all in Ocean Dunes) and five home sites. Two of these in Live Oak Village, and three in Seawatch.
For Kure Beach, the activity is increasing as well. There are currently 23 homes / condos that are PENDING or are under DUE DILIGENCE, and 2 home sites.
Your Real Estate Market Report is provided by Justin Donaton of Coastwalk Real Estate. Data is courtesy of the Wilmington Association of REALTORS MLS. Justin does not just "list" properties, he sells them! To get your home SOLD for the highest possible price, call Justin at 910-352-0998. Justin has been the #1 Agent on Pleasure Island since 2006. He has the highest dollar volume of sales, and has had the most number of closings. His business is built on hard work and high-impact marketing. Please visit www.CoastwalkRealEstate.com for more info.