Selling your home

Selling your home could be one of the most important decisions you will make in your lifetime. And if you are like most sellers, your ultimate goal is to sell your home for the most money in the shortest possible amount of time.

If your home has been on the market and you have not received any offers you’re probably facing the question of what to do.  If your house stays on the market too long without selling it can begin to appear "stale" and can actually damage your future chances of a sale.
How long is too long?  If your home has been on the market for as much as 45 days and you have not received an offer, you need to pay special attention to these tips from a longtime professional Realtor.

•    How is your curb appeal? Is the lawn weedy or the garden bare? Many home buyers will judge the inside of your home by the tidiness of the exterior. Pay special attention to the front door and entrance.•    Sparkle and Shine. Sparkling-clean houses sell faster than those that look too lived-in or show an abundance of the owner’s personality. Home buyers are looking for uncluttered open spaces and clean interior. Put your home in tip top condition.
•    Take a second look at your listing price . Visit open houses in your neighborhood. Are similar homes priced lower? Selling prices may have dropped since your first comparative market analysis. In a hot market, if you haven’t sold your home within one month, chances are good that you’ve overpriced it. If you do lower your asking price, consider a figure slightly below those of other comparable homes if you are interested in a speedy sale.
•    Do whatever it takes to be away from your home during showings and open houses . The presence of sellers makes it difficult for prospective buyers to take their time or talk openly with their partner and agent. Leave some treats out to make potential buyers more comfortable: beverages, nuts, cookies — anything that won’t lose freshness or be too messy.
•    Pay close attention to feedback from showings. The feedback can guide you in making home repairs, toning down your decor, making landscaping improvements and the like.
•    You can offer perks to buyers , such as cash bonus, closing costs or buy down their interest rate to lower monthly payments. You could also consider owner financing.
•    Neutralize your color scheme . Most buyers prefer pale, neutral colors that make it easier to imagine a new home as their own. Houses with white exteriors are the highest sellers; for interiors, try whites, off-whites or pale grays.
•    Expose Hardwoods and buff them until they shine .  It is amazing how many buyers will not even look at a house without hardwoods.
•    If you have dogs, cats , old carpeting, mildew or smoke problems chances are that a potential buyer may offended by the odor. Ventilate the home and invest in an air cleaning and deodorizing product to remove odors. Another option is a cleaning product with living enzymes that consume the odor causing agents and remove the smell permanently.
•    Staging your home is one of the very best ways to sell your home the quickest and for top dollar. Staging sets the scene throughout the home to create immediate buyer interest in the property. The way you live in your home and the way you sell your house are two different things. One idea is to pack up several large pieces of furniture and as much clutter in each room as possible. Don’t just shift to another room or garage, rent storage space and get it out of the house before showing.
•    Pay attention to lighting . Make sure light sources are clean. Cleaning them isn’t enjoyable, but the sparkling lighting will pay off. You may even increase the brightness factor of your rooms by adding brighter bulbs, or by placing accent lamps or cabinet lighting. Be sure and pull back the curtains and lift the blinds. For the best effect, use a balance of natural, overhead, and table or floor lighting.
•    Try readjusting your sights . Determine the lowest price you find acceptable, and consider anything more as icing on the cake. In a longstanding dry market you may even have to sell at a loss, so it’s important to take every offer seriously. You don’t want to alienate a potential buyer who has solid financing because you’ve set your sights unrealistically high.
•    If the market is underwater, consider offering an increased commission or a bonus for your listing agent as extra incentive. If you do sweeten the pot for your agent, amend your listing contract to reflect the change, and be sure it’s added to the Multiple Listing Service (MLS) book — buyer agents will also be inspired.

Kay Baker , a life long Top Realtor in Wilmington, NC brings local knowledge and experience to her valued clients. With her decades of experience in the Wilmington, NC real estate market, she can greatly benefit her buyer clients in choosing the perfect Wilmington NC neighborhood, in the negotiation process, obtain the best financing, obtain a home inspection and negotiate the repairs, and assist with the final closing preparations. Her sellers can also reap the rewards of a successful and aggressive Realtor that is always eager to sell their home at a record pace and for the most money possible. Kay has a long track record of selling homes quickly and exposes her listings on over 100 websites.

Kay has earned numerous awards for her outstanding production over the years including the prestigious Coldwell Banker President’s Elite Club.

Kay Baker may be contacted at  kay at cbbaker.com or www.cbbaker.com .
to give your house extra attention.

Wilmington NC Real Estate Market Conditions

“The answer, my friend, is blowin in the wind. The answer is blowin in the wind” Bob Dylan. Where is the answer? While the Federal Reserve and the Treasury Department think they have the answer. Congress thinks they have the answer and Wall Street has a bailout, now the Auto Industry is looking for help. With so many plans and paths the consumer is confused and has no confidence in our economic system right now. So they sit and wait and hold on to what they have. What is the answer for the consumer?

We continue to be down in sold units but our bright spot is our rolling 12 month average sales price which is now just behind 2007 by $12,674, this represents a minus 4.7%. In units we are showing a 26.7% decline. Most agents will agree that it is a buyer’s market when the listing inventory exceeds 6 months; we are there at 16.4 month supply of homes. We have a few plus factors – Our listing inventory has about peaked out as anticipated and the average list price has remained stable – the last 5 months it has remained in the $420,000’s and November it is just under target at $418,684. The amount of sellers paying concessions is 21.3%, we want this number going down and it went down from last month. Our average days on the market are 116 days which is typical for a buyer’s market it went up by 2 days over last month. Then I look at the factors that are slowing us down. The list to sold ratio is 94.7% we want this number to be going up, and it went down .06% from last month. Our sold units over last year same month is down by 24.9%. One area I continue to look at is the Pending Inventory, and based on the current numbers we will see decreases as we approach the winter.  Our pending inventory numbers have gone from the high 900’s the first week of July into the mid 840’s the first part of August and into the mid 760’s the first week of September and into the high 690’s the first week of October and we are now approaching the low 600’s here in mid November. I would like to tell you that we are reaching bottom, some interesting facts; Average list price had been in the $420,000’s for the last 5 months, sellers paying concessions has stayed the same range for 3 months and the rolling 12 month average sales price is only down 4.7%. Read the rest of this entry

In this real estate market that we have today, we need to constantly remind ourselves of our strong work ethic and conduct.

Best strategy for Realtor success

1. Treat this Job as a real job.

2. Be persistent.

3. Don’t take no for an answer.

4. Stay focuses on our business.

5. Don’t get distracted by others.

6. Stay out of office politics.

7. Learn how to get things done quickly.

8. Be a decision maker.

9. Have the courage to admit your mistakes and move on.

10. Have some fun along the way. Read the rest of this entry

As a long time local Realtor, I have seen many closings get postponed or never closed due to the fault of a lender or an attorney. Many times a purchaser will get to the day of closing and the lender will then start asking for additional documentation. These documents should have been requested 2 to 3 weeks prior to closing. I have often put these buyers in touch with a reputable lender that could get the loan documented and closed in a matter of days. Remember, a good buyer’s agent will put you in contact with lenders that can usually get the job done quickly.

And, the same goes for attorneys. Realtors normally work closely with real estate attorneys on a daily basis. I recently had a situation where the buyer wanted to use a mutual friend for the loan closing. That particular attorney did loan closings among court cases and so on. On the day of the closing, we were advised that the attorney had to go out of town and there was no one at the office to record the documents. That meant that the closing would not take place until Monday….after a long weekend. If only the buyer had chosen a Real Estate Attorney, we would not have had this issue.

Remember, real estate transactions require the work of many people to make the transaction go smoothly. A good Realtor will guide you through the process and many times save the day.

Kay Baker, a life long Top Realtor in Wilmington, NC brings local knowledge and experience to her valued clients. With her decades of experience in the Wilmington, NC real estate market, she can greatly benefit her buyer clients in choosing the perfect Wilmington NC neighborhood, in the negotiation process, obtain the best financing, obtain a home inspection and negotiate the repairs, and assist with the final closing preparations. Her sellers can also reap the rewards of a successful and aggressive Realtor that is always eager to sell their home at a record pace and for the most money possible. Kay has a long track record of selling homes quickly and exposes her listings on over 100 websites.

Kay has earned numerous awards for her outstanding production over the years including the prestigious Coldwell Banker President’s Elite Club.

Kay Baker may be contacted at  kaybaker at seacoastrealty.com or www.cbbaker.com.

1)   Get pre-approved by a reputable lender - Be sure you have a pre-approval letter in hand and present it with your offer to assure your strongest bargaining position.

2)   Sell your present home first - Contingency offers are not at all appealing to most sellers. The seller has to typically wait until your house sells before he gets his money. Therefore, the seller is not willing to negotiate with you. So, either wait for your home to sell or get preapproved for a bridge loan in the event your home does not sell. Chances are pretty good that you may sell your present home before your closing on the new home.
3)    Hire a top notch buyer’s agent - You need a knowledgeable Realtor with local expertise in the market place. You Realtor will work on your behalf and negotiate the best price and terms for you. In addition, your expert Realtor will assist with the home inspection, appraisal, and closing details.
4)    Decide where you want to live - Remember the old saying “location, location, location, well it still remains high on the home buying list. You really need to study the neighborhoods , schools , proximity to work etc before making the final decision on your favorite neighborhood. Again, your buyer’s agent is a valuable asset in gathering information for you.
5)    Search for homes online. There are many websites now that potential home buyers can search all homes on the market by price, neighborhood , schools , zip code, and maps. If you do your own preliminary searching it will save you a lot of time. You can actually ride by the homes that you like and take a look at the neighborhood to see if that is really where you would like to live.
6)    Look at vacant and distressed Properties - Vacant properties often signal a motivated seller. The seller has probably moved out of town and often times is carrying two mortgages. Often properties that are in need of repair are overlooked because most buyers can not appreciate the potential. Maybe all it needs is a little paint and carpet. We call these properties a “diamond in the rough”.
7)   Foreclosures and short sales - Have your buyer’s agent research all the foreclosures and short sales in your price range and location desired. Again, these can sometimes be bargain priced. Typically, they are bank owned and these days banks are pretty motivated to get them off the books.
8)    Do your research -Ask your buyer’s agent for detailed information on the properties that you are interested in. You want to request a history on each property to see how long they have been on the market, price reductions, sold data, tax data, survey, and covenants and restrictions for the neighborhood. And be sure to get sold information for all properties in each neighborhood that you have interest in.
9)    Don’t make your first offer the best one - Leave yourself some negotiating room in the event the seller counters your offer, which is typically what takes place. Determine the maximum amount that you are willing to pay to calculate your first offer. Again, your Realtor can advise you.
10)    Meet the Sellers closing date - Many sellers have various personal reasons for a particular closing date and if you are willing to work with them, you may get a better price.

Kay Baker , a life long Top Realtor in Wilmington, NC brings local knowledge and experience to her valued clients. With her decades of experience in the Wilmington, NC real estate market, she can greatly benefit her buyer clients in choosing the perfect Wilmington NC neighborhood, in the negotiation process, obtain the best financing, obtain a home inspection and negotiate the repairs, and assist with the final closing preparations.

Kay Baker may be contacted at  kaybaker at seacoastrealty.com or www.cbbaker.com.

Loans are Available

Now is the time to buy! There are great loans available as low as 6% and some are 100% financing. First time home buyers can receive $7500 tax credit!

Homes in Wilmington, NC Priced Under $100 Ft.

Take a look at these homes that are priced under $100 per foot. Remember, most homes in the Wilmington area are priced well above that range. I have also attached a list of corporate owned homes that are a great buy. So, no need to sit and wait for a short sale, these homes are available now! Also, if you would like a detailed list of the best buys at the beaches, we will be happy to provide that, as well.  Just feel free to email me at  kaybaker at seacoastrealty.com or call me at 910-202-3607 or 1-800-497-7325 ex. 3607 or my mobile 910-232-0363. We would be happy to represent you as a buyer’s agent and show you any of these fine homes.  And, as always, you can search for all Wilmington NC homes right here on my website.

My TGIF Scoop of weekly events in Wilmington NC

View Listings Homes priced under $100 ft

View Listings Townhomes priced under $100 ft.

View Listings Corporate Owned Properties

View Listings Corporate Owned Properties Brunswick

Great Time To Purchase A Vacation Home

What a great time to buy the vacation home! You have always dreamed of owning your own cabin in the mountains or an oceanfront home or condo. Well now is the time to invest in this once in a lifetime opportunity. According to the National Association of Realtors the housing market may be already starting a rebound as contracts written in August jumped and home sales are up in popular vacation spots such as Florida and Arizona.

Why Buy A Vacation Home Now?

Prices are very attractive right now; you have an opportunity to make a nice profit when the market rebounds and it always does; there is a wide assortment of homes to choose from in many areas; interest rates remain low; your  income generated by your rental can pay your mortgage. You only need to rent it for less than half the year to pay your mortgage in most cases. Enjoy it yourself the balance of the year! The rental market remains strong for vacation rentals, even in this economy due to availability of homes on websites such as VRBO or Homeaway. Vacation homes are typically more affordable to rent than some hotels; vacationers can take a road trip instead of flying to a near by mountain cabin or oceanfront condo; and executives and their guests would much prefer a vacation home over a much less comfortable hotel room.

Wilmington NC Real Estate

In Wilmington NC and its nearby gorgeous beaches you will find wonderful opportunities to purchase an oceanfront home or condo or maybe one just a few steps away. Just check out these fine homes available in Wrightsville Beach, Carolina Beach, Kure Beach, Figure Eight Island, Bald Head Island, NC or even our historic riverfront area. Just contact me at  kaybaker at seacoastrealty.com. I am a lifelong Wilmington NC Realtor and know this area inside and out. If you have any questions, please feel free to ask.

First impression is everything in today’s real estate world. With the inventory available for buyers to pick and choose, sellers need to be diligent about first impression. Buyers may pass your house for a more updated one.

Here are a few tips for under $100….

Exterior Improvements for Your Home

Paint the front door and shutters~ You will be amazed at how much a fresh coat of paint on the entry door and shutters will liven up the curb appeal.

Maintain the front yard~ A poorly maintained yard gives the impression of a home in disrepair. Lawn and shrubs that are neatly groomed with fresh mulch and tidy edgings makes it look well groomed.

Add Details~ New mailbox, stylish house numbers, a new light fixture and potted plants that flank the front door are great ways to add instant appeal.

Power Wash your home and driveway~ A good power washing can leave the paint job looking fresh, and can remove mildew and oil stains.

Interior Improvements for Your Home

Install new hardware~ The popular brushed nickel hardware is the rage today. If you replace your cabinet hardware, it gives them a facelift. It is also a good idea to replace all the hardware, but a little more expensive.

Wash Windows~ Clean windows without screens look the best.

Paint the Walls~ You can dramatically change the look and feel of a room with a fresh neutral color.

Replace the molding~ An older room can easily be updated with new trim painted fresh white.

Install Under Cabinet Light~ A dramatic upgrade for any kitchen.

Replace bathroom sink faucets~ Again, brushed nickel is a popular finish and will give a clen updated feel.

Replace bathroom fixture~ Updated lighting gives the impression that the bathroom has had some updates.

For more details on tips for selling your home in Wilmington, NC, click here. We are local experts with years of knowledge and experience in selling homes in Wilmington NC. To sell your home quickly for top dollar, please call Kay Baker at 910-232-0363 or email  kaybaker at seacoastrealty.com

Waiting on the side lines for home prices to fall?

Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.

Current Scenario                                                         Down the Road Scenario

Sales price       $250,000                                             Sales price       $212,500

5% down           $12,500                                             5% down           $10,625

Loan Amt        $237,500                                             Loan Amt        $201,875

30 yr fixed @ 6%                                                       30 yr fixed @ 8%

P & I = $1,423.93                                      P & I = $1,481.29

Total cost for 30 years                                              Total cost for 30 years

$512,617                                                                     $533,264

If we are going to assume prices fall another 15%, we also have to assume interest rates will be higher. Nobody can predict interest rates and nobody can predict the bottom of this real estate market. What we do know is that rates are favorable and real estate is ON SALE. Waiting could cost you money!

The time is now to buy Wilmington NC real estate. There are many homes for sale in Wilmington that are priced below $100 a ft! Unheard of prices! We can send you a detailed list of those homes. There are also some foreclosures and short sales. Fortunately, we do not have the amount of foreclosures that have been experienced nationwide. We were somewhat protected from the mortgage meltdown. North Carolina mortgage laws are some of the toughest in the Nation.

For a detailed list of  our Best Buy Home List in Wilmington, NC., please contact me at  kaybaker at seacoastrealty.com or go to my website and search all homes in Wilmington, NC.

Many thanks to Alan Efting at Bradford Mortgage for these valuable stats. You may contact him at www.alanefting.com.

Has the Housing Market Bottomed?

National existing home sales increased in September by the largest amount seen in several years. Are we actually seeing signs that the real estate market has bottomed out? Home sales increased but prices are down 9% from a year ago, nationwide. Some analysts are predicting home prices could fall another 10% as the inventory of foreclosures increases. 35 to 40% percent of recent sales are either foreclosures or short sales according to the National Associaton of Realtors. The chief economist for the National Association of Realtors remains positive and says the bottom is near. The rebound in California seems to be taking hold in other areas. And, for the second month in a row, inventories have dropped. Those are really good signs of a rebound.

The Wilmington NC real estate market has remained fairly stable as compared to the housing market nationally.  We have  experienced some foreclosures and short sales, but not nearly the magnitude of other parts of the country.

What a great time to buy! Prices are lower than they have been in years, interest rates are excellent and buyers have a huge inventory of homes to choose from.  Start your home search today at www.cbbaker.com.