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.
For more information on Wilmington NC vacation homes, please visit http://www.wilmingtonncrealestateguide.com/

Wilmington NC Real Estate Market Report for October 2008

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

Don't Let a Lender or Attorney Ruin Your Real Estate Closing

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.

Wilmington NC Real Estate

What a great time to buy real estate!
The time is now to make an investment in the Wilmington NC real estate market. You can choose a vacation home by the sea, or maybe your very first home. The timing could not be better.
Interest rates are still very attractive, mortgage money is readily available, the number of homes for sale is at a record high, you have lots to choose from. Most home buyers begin their home search right online. You can search by neighborhoods, schools, zip codes, maps and more. Then you need to get the assistance of a top notch buyer's agent that knows the area inside and out. Local knowledge and experience is a necessity for a real estate expert to assist you in your largest investment in your lifetime.

Kay Baker Wilmington NC Realtor Profile

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@seacoastrealty.com or www.cbbaker.com.