Wilmington Real Estate Summary 3-21-14

Average price per square foot for Wilmington NC was $124, an increase of 4.2% compared to the same period last year. The median sales price for homes in Wilmington NC for Dec 14 to Mar 15 was $186,500 based on 498 home sales. Compared to the same period one year ago, the median home sales price decreased 4.1%, or $8,000, and the number of home sales decreased 9.1%. There are currently 1,315 resale and new homes in Wilmington on Trulia, including 38 open houses, as well as 288 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Wilmington NC was $295,115 for the week ending Mar 04, which represents an increase of 0.4%, or $1,224, compared to the prior week. Popular neighborhoods in Wilmington include Landfall and Windemere, with average listing prices of $775,916 and $290,000.

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Kure Beach Real Estate Market Report 3-21-15

Average price per square foot for Kure Beach NC was $212, an increase of 49.3% compared to the same period last year. The median sales price for homes in Kure Beach NC for Dec 14 to Mar 15 was $302,500 based on 18 home sales. Compared to the same period one year ago, the median home sales price increased 8.8%, or $24,500, and the number of home sales increased 80%. There are currently 76 resale and new homes in Kure Beach on Trulia, including 5 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Kure Beach NC was $471,100 for the week ending Mar 04, which represents an increase of 1.8%, or $8,240, compared to the prior week.

Carolina Beach Real Estate Market Update 3-21-15

Average price per square foot for Carolina Beach NC was $172, an increase of 2.4% compared to the same period last year. The median sales price for homes in Carolina Beach NC for Dec 14 to Mar 15 was $239,000 based on 47 home sales. Compared to the same period one year ago, the median home sales price increased 11.2%, or $24,000, and the number of home sales decreased 4.1%. There are currently 212 resale and new homes in Carolina Beach on Trulia, including 19 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Carolina Beach NC was $347,034 for the week ending Mar 04, which represents a decrease of 0%, or $0, compared to the prior week.

Contact Coastwalk Real Estate for more info on Carolina Beach Real estate

910-458-9119

Wilmington NC Real Estate - Buying a Vacation Home

With favorable interest rates still at hand, you may be considering the possibility of a vacation home. A vacation home can be an excellent investment, providing you with a tangible asset you can also enjoy when you want to take a little time off.

Here are some tips to keep in mind before you start your search for the ideal vacation home:

1. How far do you want to travel? A remote cabin in an unspoiled wilderness might be a lifelong fantasy, but how much fun will it be if it takes half your vacation time to get there? Ask yourself how often you might use this vacation home and how much time you’re willing to spend to get there.

2. Have you spent time there before? Don’t buy before you try. Certain locales may sound romantic or exotic, but if your only experience with the place is on the Travel Channel, do yourself a favor and spend some time there first. Choose a living arrangement for your visit which will be most like the sort of home you’re looking to buy (i.e a condo, in a neighborhood, etc.).

3. Understand “the high season.” Almost every vacation destination will have a time of year where crowds flock. Ask yourself if you want to be there during this season or if you’re more interested in the lucrative potential of renting out your property.

4. Build in a renter’s mindset. A significant way to offset expenses and build equity is planning to rent your vacation home out when you’re not around. Talking to local property managers can help you understand the seasons, occupancy rates, and the market for rentals. It will help inform your financial picture.

5. Understand total expenses, not just the mortgage. There will be costs, and you need to see the big picture before you commit. This includes utilities, maintenance, property taxes, and insurance for starters. You want to invest in what you can actually afford.

Proper planning can make owning a vacation home a profitable joy. I’m happy to help you plan for your first vacation home. Let me represent your interests as you search for that perfect “getaway investment”: Coastwalk Real Estate 910-458-9119

Wilmington NC Real Estate - Preparing for your final walk though

When I’m representing buyers in a deal, I always like to be sure a "final walk-through" is included prior to closing. This is especially true in a market where desperate and less-than-reputable sellers may try and walk out with the fixtures. While that may sound a little extreme, the final walk-through can head-off conflict before closing.

The final walk-through allows us to address common issues such as:

·   If the current owner is on schedule to move out

·   That the property is in the same condition it was when shown

·   That any repairs required have been completed

In a best-case scenario, a final walk-through is also a good time to have the sellers explain details about the house that the buyer may need to know, especially tricky pool heaters, access to attics, funny light switches, and sprinkler timers.

The final walk-through also a great time to put together a list of companies who have serviced the house in the past.

I like to schedule final walk-throughs at least 4 - 7 days before closing, as this is often enough time to resolve any outstanding issues before paperwork must be signed. (The walk-through itself may happen within 24 hours of closing.)

I’m dedicated to protecting my clients from the beginning through the end of the home buying experience. If you want to work with someone who pays attention to the details, give me a call today: Coastwalk Real Estate 910-458-9119

Carolina Beach Real Estate Market Update 3-14-15

Average price per square foot for Carolina Beach NC was $172, an increase of 2.4% compared to the same period last year. The median sales price for homes in Carolina Beach NC for Dec 14 to Mar 15 was $239,000 based on 47 home sales. Compared to the same period one year ago, the median home sales price increased 11.2%, or $24,000, and the number of home sales decreased 4.1%. There are currently 200 resale and new homes in Carolina Beach on Trulia, including 18 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Carolina Beach NC was $347,034 for the week ending Mar 04, which represents a decrease of 0%, or $0, compared to the prior week.

Contact Coastwalk Real Estate for more info. Call 910-458-9119

Carolina Beach Real Estate Market Report Winter 2015

Average price per square foot for Carolina Beach NC was $169, an increase of 3.7% compared to the same period last year. The median sales price for homes in Carolina Beach NC for Nov 14 to Feb 15 was $213,500 based on 47 home sales. Compared to the same period one year ago, the median home sales price increased 2.6%, or $5,500, and the number of home sales decreased 11.3%. There are currently 201 resale and new homes in Carolina Beach on Trulia, including 4 open houses, as well as 20 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Carolina Beach NC was $325,423 for the week ending Feb 18, which represents a decrease of 0.8%, or $2,481, compared to the prior week.

Average price per square foot for Carolina Beach NC was $169, an increase of 3.7% compared to the same period last year. The median sales price for homes in Carolina Beach NC for Nov 14 to Feb 15 was $213,500 based on 47 home sales. Compared to the same period one year ago, the median home sales price increased 2.6%, or $5,500, and the number of home sales decreased 11.3%. There are currently 206 resale and new homes in Carolina Beach on Trulia, including 1 open house, as well as 19 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Carolina Beach NC was $325,423 for the week ending Feb 18, which represents a decrease of 0.8%, or $2,481, compared to the prior week.

Functional Obsolescence

Can a perfectly useful home “expire”? The answer is yes. If you’ve never heard of “functional obsolescence,” now’s a good time to familiarize yourself with the term.

Sometimes a perfectly nice home in fine shape simply won’t sell. Fresh paint, fine curb appeal, a solid neighborhood… and no offers. Sellers are baffled and irritated. “But I’ve been living in this home ten years! There’s nothing wrong with it!”

Often the culprit is “functional obsolescence.”

Never heard of it? You’re not alone. Investopedia defines it this way: “A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed. The term is commonly used in real estate, but has a wide application.”

Functional obsolescence can creep up on a home owner, as when a built-in technological feature is no longer useful. Some homes in the 1970s and 80s had old solid-state intercom systems for communicating between rooms. What was cutting edge then is a retro eyesore now. Built-in entertainment center kiosks or furniture are also a good example of this.

Home owners can introduce functional obsolescence with poor renovation choices. Renovations should always be made with an eye on the possibility that a home will be sold down the line, but occasionally an owner will ignore this. Take, for example, the massive kitchen renovation which takes an unreasonable bite out of the living room.

Inconveniences an owner has put up with over the years can be classified as functional obsolescence as well. If you have a second floor without bathrooms or a bedroom which must be accessed by walking through another bedroom? That’s a design flaw that can bite you when it’s time to sell.

Neighborhoods can introduce a degree of functional obsolescence as well. When an smaller, older home on a large lot is dwarfed by modern homes with more space, the home itself may lose appeal or value in buyers’ eyes.

If you’re thinking of selling or buying, you should be familiar with the idea of functional obsolescence. Either you’ll want to eliminate the problem or you’ll need to realize the problem will be an issue for you should you choose to sell one day.

We can help buyers and sellers see homes with an objective perspective. If you’re curious about where your home fits in this market, contact your Coastwalk Real Estate agent today!

Wilmington NC property tax appeal

As we head into the first quarter of 2015, many people are gathering tax prep documents for the dreaded April 15th filing. But what about your property taxes? Do you ever feel you’re paying too much? You might be!

When you receive a Notice of Assessment showing your previous assessed value as well as the new value of your property, it may seem like the valuation is wrong. Did you know you have the right to appeal? The appeal process is available to allow property owners the opportunity to dispute the value. This can lead to lower tax bills.

I have helped many homeowners assess the value of their property by providing them with a Competitive Market Analysis (CMA). My custom CMA includes a fact-based portrait of your property, including information such as number of bedrooms and baths, size of rooms, approximate square footage, age of home, and amenities. I also can target the CMA for areas as narrow as one or two streets surrounding your home or the your subdivision.

The CMA can be a vital tool in the appeal process. You can use the CMA to help dispute the assessor’s valuation, provided the value is beneficial to your goal to lower your tax bill.

If you’d like a free CMA or have any general questions concerning the appeal process, we’d be happy to hear from you. As always, you have my gratitude for your trust and support. Hope we have the opportunity to speak again soon.

Coastwalk Real Estate