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Posts Tagged ‘southport real estate’

House Prices are on the Rise – It’s Time to Buy!

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Home Prices Up 5.67% Across The Country!

Home Prices Up 5.67% Across The Country! [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Across the country, home prices are up by 5.67%.
  • Each state is appreciating at a different rate, however, which is important to realize if you plan on relocating to a different state.
  • Regionally, prices have appreciated year-over-year by as high as 8.15%.

Let the Coastal Realty Connections team help you find your next real estate purchase. Contact us today.  910-279-9398.

Is it time to buy or sell my home?

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New & Existing Home Sales Climb


Some Highlights:

  • Both New Home Sales and Existing Home Sales are up month-over-month and year-over-year.
  • Inventory remains low which continues to drive home prices up as demand continues to exceed the 4.7-month inventory.
  • The median price of new homes is up 12% from March 2015, while the median price of existing homes is up 6.3% from April 2015.

Take advantage of today’s market by contacting us. 910-279-9398.

Low interest rates – Now is a good time to buy

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Mortgage Rates Remain at Historic Lows


The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).

This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post:

“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”

Below is a chart of the weekly average rates in 2016, according to Freddie Mac.

Mortgage Rates Remain at Historic Lows | Simplifying The Market

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Sean Becketti, Chief Economist for Freddie Mac recently explained:

“Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage. Let Coastal Realty Connections put their expertise and excellent customer service to work for you. Contact us today. info@coastalrealtyconnections.com / 910-279-9398.

Could it be a sellers market again?

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Over Half of Americans Planning on Buying in the Next 5 Years

Over Half of Americans Planning on Buying in the Next 5 Years | Simplifying The Market

According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also included other interesting revelations.

Those Looking to Buy

  • 74% of those looking to buy a new home will consult with a real estate agent
  • 59% said they will visit online real estate websites
  • 37% will seek recommendations from friends and family
  • 78% plan to get pre-approved before seriously searching for a home

 Those Who Already Own

  • 75% of current homeowners set a budget before looking for a home, and 16% ended up spending less while 13% went over their budget.
  • 63% of American homeowners spent under six months looking for a new home before they made a purchase.
  • 8% bought their home without participating in an active real estate search – or even any plan to buy at all – because a specific property caught their attention.

The last point is very interesting: Of those who purchased a home, 8% bought “without any plan to buy at all”.  A property caught their attention and they acted on it.

Why Are More People Not Planning Their Next Move?

Why are people that are considering a move not putting their home search to a plan, and instead, buying only when a property catches their attention? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home. The report explains that:

“Homeowners may be underestimating their home equity. In particular, if homeowners believe that large down payments are now required to purchase a home, then widespread, large underestimates of their home equity could be deterring them from applying for mortgages, selling their homes, and buying different homes.”

Bottom Line

Let’s meet up to determine the actual equity you have in your house and to take a look at the opportunities that currently exist in the real estate market. This may be the perfect time to move-up, move-down or buy that vacation home your family has always wanted.

When Empty Nesters Downsize

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Graphic for Empty Nester Blog (2)Life is a journey. Couples buy the big house when they start their families. But when their kids fly the coop, they’re stuck with a too-big house that no longer meets their needs or fits their lifestyle. The thought of starting over can be daunting.

Over the years after helping scores of empty-nesters downsize, we’ve found that folks sometimes lose their way during this phase. Here are our top three tips to help keep everyone on track:

• No one loves your stuff as much as you do.
The first three things we tell empty-nesters to do to get their home ready for market is to de-clutter, de-clutter, de-clutter. It’s amazing how many things one can accumulate over a lifetime. As we age, we also tend to hold onto things as they connect us with our past. We know first-hand. We lost our dad almost 20 years ago, and to this day, our mom still refuses to throw out any of his belongings. Unfortunately, things that we think are important to our children may not be, and things that we think are disposable may have tremendous intrinsic value to our loved ones.

Here’s how you can fight the urge not to purge:

• Hire a professional. If you have found excuses for the last 25 years not to purge, it’s unlikely that you can do this alone.Many of our clients work with professional organizers and/or estate sales companies to help them get through this process. A professional organizer can help you sort through decades of paperwork and belongings in an organized and systematic way. A professional estate sales company can help you sort through which items have value and which do not, and then sell them for you.
• De-clutter on the front end. If you get something new, throw something old out. One in, one out. If you have too much stuff, change the ratio. For example, if you buy a new shirt, get rid of two or three old ones.

The good news is that de-cluttering is a cathartic process. While the journey of de-cluttering can be emotionally difficult, our clients routinely feel free and less burdened when they are done. In fact, the vast majority of our clients tell us that they wish they had done it years earlier.

• Move when you can, not when you have to. Don’t stay too long.
It’s easy to do. You’ve raised your family in a home, and have a lifetime of memories there. It’s a growing trend for empty-nesters to modify their homes — by installing elevators and creating wide spaces to accommodate wheelchairs, for instance — to meet their needs as elderly people. Unfortunately, not every house can be adequately modified. And modifications can’t erase all the unneeded space in the family home.

It happens way too often — elderly homeowners start to lose the ability to maintain the house, whether for financial, physical or other age-related reasons. That’s when bad things start to happen. Some people refuse to leave their multi-level homes, despite the advice from their doctors and often, their spouse and/or grown children. It usually takes a calamitous event — such as a tumble down a staircase, an illness or injury or financial ruin — to force the issue. By then, it’s far more difficult, painful and almost always financially sub-optimal. If your loved ones are raising these issues with you, take them seriously and be honest with yourself. After a certain point, being stubborn is not just about engaging in an existential conversation with your grown children, it can be downright dangerous.

Have the tough conversations while everyone is healthy. No one likes to talk about estate planning. It brings up very tough conversations and intergenerational differences and conflicts. We get it. However, it is infinitely easier to have these conversations when everyone is healthy and the conversations are more “hypothetical.” Once someone is diagnosed with a terrible illness or has their health deteriorate, the last thing anyone wants to do is to talk about estate planning.

Bottom line: Have meaningful conversations with your loved ones while everyone is healthy, and understand who really wants what. It’s much more fun to gift things while you’re alive and healthy, then after you’re gone.