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Posts Tagged ‘home values wilmington’

Buying a home – How Much Do I Need for Down Payment?

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One More Time… You Do Not Need 20% Down To Buy NOW

Teachers-Pet

A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO Scores

The survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in March had a credit score of 753, while FHA mortgages closed with a 685 score. The average across all loans closed in March was 722. The graph below shows how the average FICO Score required has come down over the last 12 months and has stayed around 722 for the last six months.

FICO Score Distribution | Simplifying The Market

Bottom Line info

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options. Contact us today. 910-279-9398.

Homes Priced At More Than $5M

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We think this article written by Cece Nunn of the Starnews Online and posted in WilmingtonBiz is worth sharing.

oceanpointedriveTwo luxury homes with asking prices of more than $5 million in Wilmington were put up for sale in February, an unusual occurrence for the local market, according to a report released this week.

Of the 215 houses priced at more than $1 million in New Hanover and Brunswick counties, the two new listings mean there are only three total with prices that high, and only two homes above that price point have sold in the region in the past decade, the report said. The luxury market real estate report is compiled monthly by Just For Buyers Realty using information from the local Multiple Listing Service.

The two listed in February are at 2336 Ocean Point Drive in Landfall, which is for sale for $5.2 million and listed by Landmark Sotheby’s International Realty; and at 7903 Masonboro Sound Road, listed by Intracoastal Realty for $5.25 million, the report said.

The Ocean Point Drive Mediterranean-revival style home is 7,600 square feet with four bedrooms, seven bathrooms, a saltwater pool, gourmet outdoor kitchen and views of the Intracoastal Waterway and Atlantic Ocean. The 6,470-square-foot Masonboro Sound Road house sits on 8 acres and has 4 bedrooms and five bathrooms. It also has a pier with a boat lift, water views and a putting green, and comes with a separate three-bedroom, two-bath guest cottage.

In New Hanover County, sales of luxury homes continued a mostly upward trend, with five selling last month compared to three in February 2015. Brunswick County’s sales also increased from last February, going from none to one, the report said. In Brunswick, there are 79 homes listed in the local MLS that are priced at more than $1 million, while there are 136 in New Hanover.

The luxury home market is soft compared to overall real estate sales in the region, but “we’ve definitely been seeing increases in the number of homes that are being sold on the high end,” said Kathleen Baylies, broker-in-charge at Just For Buyers Realty, on Friday.

Both New Hanover and Brunswick saw an increase in the number of luxury homes that went under contract in February in a year-over-year comparison – from four to seven in New Hanover and one to two in Brunswick.

In Pender County, the 13,000-square-foot home at 561 Ashton Lake Road in Burgaw came on the market Dec. 17 and is priced at $4.5 million, Baylies said. Located on a 20-acre site, the mansion includes six bedrooms, nine bathrooms, a gym, playroom, sauna, game room, bowling alley and saltwater pool. It also has a 35-acre lake and geothermal heat and air conditioning, according to its listing.

February 2016 luxury home market
New Hanover County
Feb. 2015 / Feb. 2016
Brunswick County
Feb. 2015 / Feb. 2016
Newly listed 20 / 24 7 / 5
Highest new listing $4,195,000 / $5,250,000 $1,689,000 / $1,625,000
Under contract 4 / 7 1 / 2
Closed 3 / 5 0 / 2
Most expensive closed $1,250,000 / $2,712,500 n/a /$1,000,000

When you are ready to invest in a multi-million dollar home it is especially important to have the right Buyer’s Agent. Coastal Realty Connections works hard to help ensure the success of every client. Contact us for information on representation.

 

Wilmington NC Home Sales Jump 13 Percent

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Wilmington NC Home Sales Increase 13%

Wilmington NC home sales finished last year with an increase of nearly 13 percent over 2014, according to statistics released Monday by the Wilmington Regional Association of Realtors.

The number of Wilmington NC home sales increased by 849 in 2015, from 6,555 to 7,404 in a nearly 13 percent jump, as buyers took advantage of historically low interest rates in a market where some price points are in shorter supply. The figure is the highest year-end number for units sold since 2006, WRAR’s Multiple Listing Service statistics show.

“We’re gaining ground,” said Don Harris, the 2016 president of WRAR.

He said he expects the direction to continue this year. “Interest rates are still low,” Harris said, noting a recent quote of 4.125 percent.

The rates for Wilmington NC home sales are forecast to increase a little, possibly by the fourth quarter of this year, he said. (more…)