Here’s what you can expect from the Wilmington market in the months to come.How much would your Wilmington home sell for in today's market?   Want to buy a Wilmington Home? Search all homes for sale.Just like our clocks for daylight saving time, the Wilmington real estate market is expected to spring forward in the coming months. Typically in the wintertime, we have a lull where there’s a lack of inventory and a lack of buyers. We expect an influx of sellers and buyers coming onto the market over the next couple of months.If you’ve been thinking about selling your home, now would be a great time to put it on the market. Interest rates are rising, but they’re still near historic lows, so with time, your purchasing power will be affected. Listing now will help you beat out other competition to the market.We expect an influx of sellers and buyers coming onto the market over the next couple of months. If you want to take advantage of the current market, feel free to reach out to us. We can give you an evaluation of what we think your house would sell for in today’s market, as well as some tips about how you can sell your home for top dollar. We look forward to hearing from you!

Wilmington Real Estate Podcast with Andy Richardson

The State of the Wilmington Market

Monday Market Update 2-5-18

Don’t be fooled by common misconceptions; fall is a better time to sell your home than the spring.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.Many people believe that spring is a better time to put their home on the market. Today, I'm here to tell you why this isn't the case.The main reason to sell now rather than wait until spring is you’ll have more competition in the spring than you would in the fall.It’s true that there are typically more buyers out in the spring, but the thing about fall buyers is that they’re more serious and more motivated to buy your house. No one really wants to buy a house during the holidays, so the ones that are looking at houses now are going to be more motivated going into closing. That can also mean a faster sale and a higher price.Fall buyers are more motivated to buy your house. The other good thing about listing in the fall is that the grass is still pretty green, and we have beautiful autumn colors, so it’s a great time to take pictures of your home to highlight its positive qualities. If you wait until winter, you’ll find that everything is kind of dreary and brown—not a pretty backdrop for any photography. You’d then have to wait further into spring to list your house, when you could be missing a good portion of the spring market.If you’re going to take your pictures now and get your house ready for the market, you’re probably going to experience a better selling situation.If you have any questions about preparing your home for the fall market, feel free to give me a call or shoot me an email. I would be happy to help you!

Take Advantage of Fall Colors When Listing Your Home

There are plenty of financing options available that allow you to put down less than 20% to buy a home.How much would your Wilmington home sell for in today's market?   Want to buy a Wilmington Home? Search all homes for sale.As a buyer, how much down payment money do you really need in our market?The majority of all buyers put down less than 10%. Many still believe they have to put down at least 20% or more, but that’s simply not the case. According to the National Association of Realtors, from October 2016 to November 2017, the average down payment amount for first-time homebuyers was just 6%. Also, 61% of first-time homebuyers put even less than 6% down. The majority of all buyers put down less than 10%. Here in the Wilmington market, we have some really great homes that qualify for 100% financing, USDA financing, and other forms of low or no down payment financing. We also work with some really great lenders in the area who specialize in loan programs that require a low down payment or no down payment at all. If you have any questions about what kind of down payment you can expect to pay in our market or you need help buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

How Much Will You Really Have to Put Down to Buy a Home?

If it’s time for you to sell your home, why wait? There are some great opportunities on our market for sellers right now.How much would your Wilmington home sell for in today's market?   Want to buy a Wilmington Home? Search all homes for sale.If you’ve been thinking of selling in 2018, now may be the best time to get a jump on the competition.People often refer to the spring market as “the selling season,” and while it is true that there are more buyers in the spring market, there is also more competition. According to the laws of supply and demand, getting on the market before other sellers do could help you earn a higher price for your property. In other words, it’s a great time to put your home on the market. If you are thinking of selling and would like a free copy of our report “How to Sell Your Home for 18% More Money,” give me a call and I would be happy to send it out. I would also be happy to drop by and give you a free home evaluation of your property before you list. It’s a great time to put your home on the market. There are a few, inexpensive fixes I can recommend that might help add value to your home before you sell. Additionally, there may be some projects or updates you’re considering that might not be worth it. These are the kinds of things I can guide you through when you contact me.If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 

List Now, Beat the Competition, and Get a Better Deal

Even when you are in a position of power as a seller, it is important to always be respectful of the buyer. After all, a buyer in the hand is worth two in the bush.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.We’ve all heard the saying that a bird in the hand is worth two in the bush. However, this saying is also true when it comes to buyers.In today’s competitive real estate market, there are more buyers than there are homes. As a result, sellers today tend to believe that they are in a position of power. While this is true in terms of negotiation, there are still things to be careful of.For example, you don’t want to scare off any buyers that are interested in a home. In any real estate transaction, a lot of things can go wrong. Whether it is an issue with repairs, interest rates, or the appraisal, there are a lot of variables that go into the process.You should always avoid being disrespectful to interested buyers. Never assume that another buyer will come along. Always treat others the way you want to be treated. While this may be the case, you still want to get your house off the market as soon as possible.Even if another buyer does come along, they will be deterred from your property if they see that a deal has fallen through in the past.It is important, therefore, that you do everything you can to work with an interested buyer when one comes along.  The golden rule applies in real estate as much as it does in life. Always treat others the way you want to be treated. If you have any questions about working with interested buyers or any other real estate topics, feel free to reach out to me. I'd be happy to help.

How the Golden Rule Applies to Real Estate

Conditions in our market have aligned to greatly favor sellers, so if you’ve been thinking about listing your home, now might be the time to do it.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.If you’ve given any thought to selling your home in the next year, you might want to consider putting your home on the market right now. According to a recent study by the National Association of Realtors, there are still a lot of buyers in our market, but there aren’t a lot of homes available for purchase. Any time buyers outpace the supply of inventory, it creates a seller’s market. As a seller, you can accept more favorable terms for your home in a seller’s market. As a seller, these conditions give you more negotiation power when it comes to what offer you accept on your home and how you dictate the terms of that offer. They can also affect how many repairs you need to make on your home before you put it on the market. If you have any questions about the current state of our market or you’re thinking of about buying or selling a home, feel free to give me a call or shoot me an email. I’d be happy to help.

Taking Advantage of Our Seller’s Market

Today I’m here to tell you about why getting pre-approved is so important as well as what lenders will look at when you go to do so.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.In any real estate purchase, pre-approval should be one of the first steps you take. Here in Wilmington, we’re currently experiencing a trend that is common throughout the country—the number of buyers is outweighing the number of available properties. Getting a pre-approval for a mortgage will give you not only a starting point in terms of what to search for, but it will also show the seller that you’re serious. In fact, most sellers won’t even consider an offer without an attached pre-approval letter.Pre-approval will make you and your offer stronger from the very start.So what does a lender look at when you go to get pre-approved? We can break the factors down into Freddie Mac’s four C’s. The first C stands for “capacity,” which denotes a buyer’s ability to pay the monthly mortgage. Pre-approval will make you and your offer stronger from the very start. The next C is your credit score. This number will help indicate to the lender how diligently you’ve paid your debts in the past. Next are capital or cash reserves. A lender will look at sources from which you can draw money, such as savings accounts or investments, to have a better understanding of how stable your finances are. Finally, the last C stands for “collateral.” Collateral depends upon the property you’re purchasing, which will also affect the appraisal.If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why Pre-Approval Is Critical to Any Home Search

Home buying isn’t as scary or expensive as you probably think. Here’s what we mean.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.In a recent Realtor.com survey, 46% of prospective homebuyers didn’t think they would qualify for a mortgage, so they didn’t even bother applying. There are two common myths behind this way of thinking, and we’re going to bust both of them today.1.  You need 20% for a down payment. That’s not true at all. In today’s market, you can get a loan for 5%, 3%, or even 0% down. We can find a program that works for you.2. You need a credit score of 780. This is another complete falsehood. In the same survey mentioned above, 53.2% of homebuyers had a credit score between 600 and 750. That gives you a pretty good idea right there.You don’t need a credit score of 780. Hopefully, this debunks those myths for you if you were under the impression that they were true.If you have any other questions about buying a home or need any other help, feel free to give me a call or send me an email anytime. I look forward to hearing from you.

Busting 2 Home Buying Myths

Is there any way to lower closing costs? There are three different strategies that you can use.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.How can you reduce your closing costs? Unfortunately, closing costs generally are what they are. However, you can shop around with different closing attorneys and lenders to determine what their rates are. Whenever you talk to a lender, I recommend asking for a good faith estimate. That way, you can determine what their fees and rates are. Then, you can compare apples to apples.While you may not be able to reduce the closing costs themselves, we do have three strategies you can use to reduce the amount of money you have to pay out of pocket: 1. Close on the home toward the end of the month. Doing so will reduce the interim interest you would pay on the closing. Let’s say you closed on the 25th of June. You would owe interim interest from the 25th to the 30th of the month. Plus, instead of having to make a July payment, you wouldn’t have to make a payment until August. Basically, closing toward the end of the month reduces the amount you have to pay out of pocket. Your agent can negotiate for the seller to cover a portion of the closing costs. 2. Ask the seller to pay a portion of the closing costs. We can ask the seller to pay a specific amount, like $3,500 or $4,500. The seller’s portion comes out of the proceeds of the sale, which reduces the seller’s net. You need an expert agent to negotiate for you if you want the seller to cover part of the closing costs. 3. Ask the lender to wrap the closing costs into your mortgage. This option could increase the interest rate on your mortgage as well as your mortgage fees, but you would still reduce the amount that you have to pay out of pocket. If you have any questions about these strategies or would like to learn more about buying a home, give me a call or send me an email. I would be happy to help you!

3 Ways to Reduce Your Closing Costs

You've probably heard of closing costs before, but do you know what they actually entail?How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale. When you buy a home, there are some closing costs that you should expect and be prepared to pay. Closing is defined as the time when the title is transferred from the seller to the buyer, and that's the time when these closing costs are paid. It typically runs about 2% to 5% of the purchase price, but it can vary depending on the loan type. Closing costs typically include an application fee with the lender, an appraisal fee, interim interest, home inspections, attorney fees, and title insurance. You might also have to pay a credit certification fee and a flood determination fee to find out whether your home is in a flood zone. Closing costs typically run about 2% to 5% of the purchase price. All these payments are made at closing, but some can be paid in advance like your home inspections and appraisal. If so, you'll get a credit at closing for the amount you paid.  If you have any questions about closing costs, or you're thinking about buying or selling a home here in the Wilmington area, don't hesitate to give me a call or send me an email. I'd be glad to help.

Closing Costs Explained

After you’ve made an offer on the home, the deal isn’t finalized yet. The next big hurdle is getting through the due diligence period.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.If you’re buying or selling a home, there will be a period of time after the offer is accepted but before the deal is finalized called the “due diligence period.”The due diligence period is a length of time in which you can complete your home inspection, home appraisal, and any other surveys or appraisals that are needed before the sale closes. Basically, it’s a time to take a real close look at the home and make sure its condition is up to par. If an inspection report comes back with a lot of surprises and the seller isn’t willing to negotiate repairs, you can back out of the contract at any point for any reason during this time period. After the due diligence period is over, that earnest money isn’t refundable.The due diligence period gives you the ability to back out at any time. In certain cases, you will have to pay a due diligence fee. It’s another non-refundable fee, but it will count toward your deposit if the deal does close so if you’re sure about a home, there is little risk involved. The due diligence period can last anywhere from one to three weeks. If you have any questions about the due diligence period or anything else relating to real estate, give me a call or send me an email. I would love to hear from you.

A Look at the Due Diligence Period

If the appraisal of the home you’re trying to purchase comes in low, you have four options in which to proceed.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.Here in Wilmington, most price ranges in most locations are in a seller’s market. With high demand and low supply, we’re starting to see a lot of multiple offer situations. Sellers are pricing properties aggressively, and buyers have to make high offers to get the home they want. Sometimes appraisers can’t keep up with market conditions like these, leading to issues with low appraisals.What do you do if the appraisal comes in low for a home you’re trying to purchase? You have a few different options.  As a buyer, there are four ways you can handle a low appraisal. The first is to ask the seller to lower the price of the home to the appraised value. Some sellers are willing to do this because they know the buyer won’t pay more than the appraised value. Your second option is to make up the difference between the appraised value and the purchase price. Your lender will only lend a certain percentage based on your loan amount for the actual appraised value or the contract price—whichever is lower. If the contract price of the home is $200,000 and it appraises at $190,000 and you’re doing an 80/20 loan, the lender will only lend 80% of $190,000. Therefore, you’ll have to make up the difference between the 80% of $190,000 and the $200,000 purchase price. The third option is to meet the seller somewhere in the middle, with you going up in price a little bit and them going down in price a little bit. If the low appraisal comes back during the due diligence period—which we highly recommend—your fourth option is to terminate the contract and find another house to buy. Before you make an offer on a property, make sure you’re making a reasonable offer that’s above what others are offering but isn’t also overpaying for the property. If you have any questions about appraisals or are looking to buy or sell a home, feel free to give me a call or send me an email. I’d be happy to help you. 

What Do Buyers Do If the Appraisal Comes in Low?

Right now, the Wilmington market favors home sellers.How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.What’s happening in the Wilmington market?The Wilmington market is firmly in a seller's market in price ranges below $300,000. In that range, inventory is extremely low and demand is high. There are currently just 1,158 active listings on the market with a median list price of $349,900. In the last six months, we've sold 1,863 homes with an average sales price of $225,000. They also sold in an average of just 36 days. Our pending ratio, which determines how many properties are under contract versus how many are currently on the market, is running around about 42%, which is a high number. We're definitely in need of more homes to sell. We're definitely in need of more homes to sell. If you have any questions or you'd like to know what your home would sell for in this current market, don't hesitate to give us a call or send us an email soon. We'd love to help you get a great deal.

Wilmington Real Estate Market Update

If you are a homebuyer, you have probably noticed that the market is very competitive in certain price points. How can you get the home that you want when competing against multiple offers?How much would your Wilmington home sell for in today's market?    Want to buy a Wilmington Home? Search all homes for sale.Certain price points in our area have extremely competitive markets. There are more buyers than there are homes for sale, and demand is simply outpacing supply. Whenever that happens, we start to see multiple offers on homes. If you are a homebuyer competing with other buyers for a property, there are a couple of things you can do to get the home. First, you need to make sure that you work with an agent to represent you throughout the process. Why? There are more than 80 variables in the home buying process and if any one of them is mishandled, it can end up costing you thousands of dollars. You may even lose out on your dream house. So, it’s incredibly important that you have an expert agent representing you. In a multiple offer situation, the key is to make sure that you do not overpay for the home. Make the offer you are comfortable with. Pick a number that won’t make you kick yourself if you lose out on the property and won’t give you buyer’s remorse if you do get the home. Make sure that you do not overpay for the home. It’s also important to submit your best offer right from the start. In multiple offer situations, you will not get a chance to submit a counteroffer. Include the best terms you can because sometimes the seller may be looking for certain terms. Ultimately, a good buyer’s specialist can get you the home you want for the price you are willing to pay and the terms that you desire. If you have any other questions about how to navigate this competitive market, give us a call or send us an email. We would be happy to help you!

Our Top Tips for Navigating Multiple Offer Situations

A Video Blog about the Wilmington Real Estate Market for buyers and sellers By Wilmington's premiere Realtor Andy Richardson.

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Wilmington Real Estate Podcast with Andy Richardson

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