We have talked about staging the interior of a home so that it looks its very best when a prospective buyer comes to see it, but what about the exterior?  If a home does not look appealing from a “drive-by”, it is unlikely to get as many showings and therefore it may sell for less than it could.  Many people visit homes they find on-line and are making "discovery" visits to those homes to make sure they will be happy with the area. Curb appeal is huge and affects the perception of the home, its owners, and even the community.

The main listing photo and image from the street are going to be of the front of the property.  There are some great things we can do to enhance the home.

1. Clean
   1. Clean the siding and trim of the house of mildew and loose paint.
   2. Power clean sidewalks and driveway
   3. Low pressure clean the roof (of algae and mildew) if needed.  There are services that can do this without damaging the shingles.
2. Paint-as needed.  Peeling paint is considered a hazard by many lender so be sure to address this problem.  If your house was built prior to 1978, you may have some lead based paint and we recommend calling a qualified contractor.  Pay close attention to the door and entrance area including porches and railings. 
3. Replace door hardware and lighting fixtures if needed. Consider a wreath that reflects the style of the house and decor.
4. Replace windows that are fogged and have lost the weatherproof seal.
5. Landscaping:
   1. Pull weeds and freshen up plant beds with mulch.  Remove any dead plants or trees. Trim overgrowth.
   2. Add seasonal flowers in pots and beds when possible.
   3. Add fertilizer to lawns and remove lawn weeds
6. Mailboxes: make sure the box and post are in great shape.
7. Install low voltage outdoor landscape lighting
8. Add a water garden
9. Add trim and shutters
10.  Fix what’s broken:  If there is wood rot, damaged siding, fences, or broken shingles, get them fixed.

Remember, the way your home looks is a statement about how much you took care of it. Buyers are wisely cautious and picky.  You need to show that your home was loved and cared for and you will find a buyer that will love and care for your home as well.

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408      

Getting your home ready for sale requires more than signing a listing agreement with a Realtor.  In order to create maximum appeal and desirability, some well thought our preparations can make a big difference in whether you get top dollar for you home or possibly if you can even sell it at all.

Here is a list of basic suggestions for getting a top return.

1. De-clutter and depersonalize: Rent a storage building if necessary and remove all extra furniture, décor, collections, etc.  Remove anything that could possibly cause a negative opinion of you (like political signs).  Get the collection of family photos, frogs and teacups put away. Clear off countertops and leave most open flat surfaces minimally decorated or empty.  Less is more-the less stuff in your home, the larger and more inviting it will be. Get rid of aged window coverings.  Consult with Strickland’s Window Coverings if you are in our area.
2. Paint:  neutral colors work best.  They don’t restrict the vision of people who will always have their own tastes in mind.  Use flat paint on most walls and satin in the baths and kitchen.  This is one of the best returns on investment.
3. Kitchen:  If needed, update appliances.  Make sure cabinets are in good shape or paint/ replace front if needed.  Replace older drawer pulls, and plumbing and lighting fixtures as needed. Clear the counter tops of small appliances, utensil containers, etc.  A bowl of lemons and a wine rack will stage it just fine.
4. Baths: make sure grout is clean and vanities are in good shape.  Replace faucets and lighting if it is outdated.
5. Closets and cabinets:  clean ‘em out!  Make sure they are neat, tidy, and have plenty of unused space.  Put seasonal items in storage if needed.  If a buyer sees you have a space issue, they will assume it will be a problem for them as well.
6. Kids rooms:  It is a great time to organize the young ones.  They will love it (but will not keep it that way).  Work out a reward system with them to help keep the house and their room clean.
7. CLEAN, CLEAN, CLEAN-there is no bigger turn off than a dirty kitchen or bathroom.  Everything should get a deep cleaning and then maintain it until you sell.
8. Vacant properties do not show as well as staged properties.  Services like Just Perfect Home Staging do wonders for empty homes and can also help you use your own items in creative and effective ways.  This is always worth the modest price.

These days it is a price war and a beauty contest between home sellers.  These tips will help you shine and move to the front of the line so you can sell for the most money in the least amount of time!

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408      

Happy days are here again! Well, happier days are certainly here at least.  The Wilmington NC Real Estate market is vibrant and as active as we have seen in a long time.  We have new charts and numbers for March 2012 to share with you.

March actually slowed a notch over February but the pending home index is actually rising fast.  Pending homes are those in which a seller and buyer have agreed to the sale but have not finalized the closing yet.  

Short term prices slipped slightly but minor changes occur every month.  We have to look at the long term trends to really see where values are and by all accounts, they are stable.  The one thing to keep in mind is that we expect prices to remain low partly due to the continued release of foreclosures in Wilmington NC.  

Prospective purchasers and "fence sitters" are realizing that prices are basically at the bottom and it is time to take advantage of the affordability factor and low interest rates.  The charts below indicate what we expect to happen this time of year:

• More listings coming on the market
• More sales occurring as people like to move in the spring
• Continued 33%-37% of sales are distressed properties
• Reduced DOM (days on market)

Let us know if you have any questions about Wilmington NC Real Estate or need other local information!

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408

Happy Friday the 13th!

We are right in the midst of the famous NC Azalea Festival!  If you would like to see some wonderful sights and experience the fun and excitment--then just get in your car and come on down!  

Here is a list of a few things you can expect this weekend:

• Parade (Saturday Morning only)
• Circus
• Street Fair
• Music
• Art Shows
• Historic Home Tour
• Visiting Ships
• Coin Show
• Boxing
• Garden Club Tours
• Concerts
• Nightlife
• and much more!

Let us know if you have any questions about Wilmington NC Real Estate or need other local information!

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408 begin_of_the_skype_highlighting            (910) 470-4408      end_of_the_skype_highlighting

A great local attorney, Robert Hochuli, shared this information with me and I thought you could benefit from it.  Here are 8 things you can do to protect yourself:

1. Liability Insurance: buy every dollar you can afford, including umbrella policies.  Assume it is not enough and have a back-up plan.
2. Use corporate entities like LLCs as liability firewalls. 
3. Don' assume that a corporate entity on its own is complete protection. Keep business and personal dealings completely separate.
4. Get professional legal and accounting help organize assets and make sure legal formalities are in order.
5. If you have employees, get professional employment manuals, policies, and dispute resolution agreements in place.  You are more likely to be sued by an employee than anyone else.
6. Don't keep too many eggs in one basket.  For example, create separate LLCs for different properties owned.
7. Be nice to everyone as a rule.  Your bedside manner will likely play a role in whether you get sued or not.
8. Do something today.  Trying to hide assets after a legal action is ineffective and may be illegal.

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408

The Wilmington NC real estate market statistics for February 2012 are again extremely positive in nature.  This is the good news people need to see to be convinced that we really are at or very near the bottom cycle of values.  

As a real estate business, we see and feel the increase in activity well before the numbers hit the market.  Many people are on our website to search for homes in Wilmington NC and they are signing up to receive "new listing alerts" so they can be the first to know about new properties as they come in to the market.  Prospective purchasers ramp up communications and information requests.  Buyer agents' schedules are filling up and people are making more discovery visits.  

This is also the time of year where we see more properties come on to the market as sellers and purchasers prepare for the spring/ summer moving season.  If you are thinking of selling, do not wait until everyone else is on the market to join in the fun.  Make the home improvements and start early!

Mortgage interest rates are actually edging up.  It is not expected to be a major increase but for every point the rate increases, that is less home that can be purchased for the same amount of money.

There are still plenty of foreclosures that have not been placed on the market.  It is important to understand that finding the perfect home and having it be a bank owned property may not happen.  To add to that, it may be that due to the condition of a Wilmington NC foreclosure, traditional financing may not be an option.

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408

At first glance, it will appear as though the January market report is the same depressing real estate news that we have been seeing for a few years-lower sales prices, higher days on the market, and more listings coming on the market-right?  Not really...

When looking at this data, we will put more emphasis on how January 2012 compares with January 2011.  Month to month variances can be substantial.  However, longer term trends are what we want to study.  

Here is the chart:

Although December to January variances look substantial, they are not unusual. As holidays wrap up and folks try to get "re-set" for the year, we see the contracts slightly drop and properties that were pulled from the market in November, begin to slip back into the market for sale. 

The good news I see in the numbers is the year stabilization occurring.  We are looking at less than an 8% adjustment in total dollars sold and very little change in average and median sales prices.  That looks very much like the bottom of a wave.  In other words, it appears we can see the bottom. 

With interest rates this low and foreclosures still available, it is a GREAT time to buy.  Check out our Facebook page and see what Warren Buffet says about residential real estate!

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408

More and more people are avoiding foreclosure and reducing the catastrophic effects of foreclosure by executing "Short Sales" on their homes.  There are three basic criteria that must be met in order to qualify for a Short Sale.  

The first criteria is that there must be an acceptable financial hardship. Here is a list of those hardships.

• Loss of employment
• Reduced income
• Business failure
• Damage to property
• Death of a wage earner or spouse
• Severe illness
• Inheritance
• Divorce or separation
• Relocation
• Military Service
• Payment increase or mortgage adjustment
• Insurance or tax increase
• Too much debt
• Incarceration

The second criteria is there must be insolvency.  You must not be able to pay off the debt with assets.  IRA's are generally partially protected to some degree.

The third criteria is that there must be a monthly shortfall.  Even though you may be current on debts, your bills may exceed your income and will likely run your savings dry. 

Feel free to call us with more Wilmington NC Real Estate questions!

When we began to create our website, we envisioned a place where a consumer could find all the information they would need if they were considering buying or selling real estate in the Wilmington NC Real Estate market.  We wanted to provide property searches, valuation tools, guides and helpful links to other service providers that would also be involved when searching for real estate information in the Wilmington NC area.  Thanks to consumer input and suggestions, we realize that we have created a great site but we also realize that it will be constantly evolving.  

Property searches: you can search properties several different ways including by map, zip code, school district, size, price, foreclosures and any other major criteria you would need.  

We also provide Buyer's and Seller's guides and information.  You can monitor sales activity in your own neighborhood with our Market Snapshot.

A website is still no substitute for human interaction.  Please feel free to contact us by phone or email.  We are here to help you!

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408

"Pre-qualification" and "Pre-Approval" are terms that have been used interchangeably for years, albeit incorrectly.   When someone is thinking of shopping for a home, one of the first steps is speaking to a mortgage lender (unless of course, they are paying cash).  The lender will let them know how much they can borrow and what the terms will be.  They will then issue the buyer a pre-qualification letter or pre-approval letter.

A prequalification is made based on statements from a buyer without providing any documentation or doing any or very little actual research.  A pre-approval is issued when the lender has pulled the buyers credit history and confirmed assets, income, employment, ratios, etc.  A pre-qualification letter is essentially worth only the paper it is printed on while a pre-approval letter shows any potential seller that they are dealing with a ready willing and most importantly-ABLE buyer.

There are many choices in lender: banks, mortgage brokers, mortgage bankers, local providers, internet providers and more.  It is of the utmost importance to use a mortgage provider that is proven, accessible, and trustworthy.  Internet lenders lure buyers in with low interest rate ads--which often are not correct or applicable to most buyers.  They often birth nightmarishly slow turn around times and little communication.  Big out of town lenders may be effective but offer little in terms of service and communication. I always recommend a solid local lender that is familiar with the nuances of the particular market. These folks will typically be available to meet you in person, will answer your calls, and actually care about your happiness and satisfaction.

Contact your local Realtor and find out who they recommend before going shopping.  If you interested in Wilmington NC Real Estate, Chris Baynes & Associates can help.  You don't want to watch that great home slip away because someone else was one step ahead of you!

Almost every day, we get the question, "What is the difference in a foreclosure and a short sale?"  Aside from the fact that they are both distressed sales and the banks are involved, that is about all as far as similarities.

A foreclosure is owned by the bank.  They have completed all the legal requirements to regain legal ownership of the property as well as a clear and conveyable title.  Since the bank owns the property outright, they are much easier to purchase and closings can occur relatively fast. 

Short sales are not bank owned properties.  The sellers still own the properties but due to a hardship, they must sell the property and it is no longer worth the amount owed.  The seller typically does not have the ability to bring money to closing to cover the difference.  In this case, the property is advertised for sale at a price that induces an offer.  The offer must be contingent on bank approval.  Once the contract is signed, it is sent to the bank for their approval.  The process of waiting for bank approval is what frustrates most buyers (and sellers).  There is no guarantee that the bank will accept the short sale offer or any offer that is less than what is owed.  Months can pass before the bank responds so if the buyer needs to close on a home within 2-3 months, a short sale may be an exercise in frustration and futility.

In either case, buyers need to understand that the property is typically being sold "as is."  It can be wise to have licensed contractors or inspectors survey the property prior to getting involved.

More and more buyers are finding themselves in multiple offer situations and buyers are losing out.  Why? 

Foreclosures, short sales, and even equity sellers are providing wonderful opportunities for buyers. With pent up demand and high affordability, buyers are really coming out and snatching up good properties.  Investors are also scouring the deals daily. Here is how to avoid multiple-offers and how to deal with them if you find yourself in that situation.

If you find a really good home, be prepared to move immediately.  Funds should be relatively liquid or pre-approvals for loans should be in place.  

Low-ball offers can kill a deal quickly.  If you are not picky about your home, you can risk more.  However, finding the right home for you is not always easy and a low ball offer can cause a seller to refuse to deal with you-even if you up the offer.

If you are notified that there are other offers on the property and you still want to give it a shot, make a clean offer.  Offer no more than you are willing to pay and no less than it is worth to you.  You want to feel good about it if you win the bid and OK if you lose (because it simply was not worth any more than you offered).  It can be heartbreaking to lose the perfect home so be reasonable.  You agent should provide you with market data so you can be assured it is a fair deal.

One of the best ways to be first to a property is to sign up for a listing notification account.  We offer such a service in our Wilmington NC Real Estate area on our Home Search Site: www.HomeSearchWilmington.com

We are still settling in to 2012 with a busy start to the year.  I want to thank you for your calls, emails and interest.  I am sure 2012 will be a famous one indeed as this is THE year to take advantage of home prices and affordability.  

David Flory of Cunningham and Company writes:

• Currently our year end numbers are very close to last year this time – our units are up by 18 and our average sold price is only down by $8,583 or 3.7%

• Our Median sold price increased this month by 10.9% from last month. 

• Market Absorption rate – The number of homes sold in December, 371 divided by the current listing inventory, 3,751 gives us a 10.1 month supply of single family homes. This decreased 2.3 months from last month. We need to keep this inventory under 12 months supply. With rates where they are and plenty of inventory; we can get this number down even more.

• List to Sold price ratio – the average list price of the sold properties is $228,470 and the average sold price is $215,056 for December which gives us a 94.1% list to sold price ratio – an increase from last month.
• Seller Concessions – We had 29.6% of sold properties report a sales concession for December, a decrease of less than 1%. We want this number to go lower.

• Days on Market – The average days on market for the sold properties are now at 152 for December a 13 day decrease from last month. Only 12.9% of the properties were placed under contract in less than 15 days for the month of November.

• Wilmington MLS Quarterly Average Sold Price – I have charted each quarter average sold price and our peak quarter was 2^nd quarter of 2007 with an average sold price of $280,354 and our the last quarter or 2011 was our lowest at an average sold price of $214,224 which gives us about a 23.6% decline in our average sold price spread over almost 5 years.

• Foreclosures as reported by the North Carolina Administrative Office of the Courts, I have added all three counties and worked it as a moving five month average, our peak seems to have been about August of 2010 and we are down about 42% since then. This is looking better.

Once the foreclosures have flushed out, the prices will begin to increase again.  We are already seeing signs of stability-long term signs.

Whether you are looking for a home to live in, or an investment property, I urge you to get your radar turned on and tuned in. If you have not already done so, get on our Instant Property Email Notification program.  You can customize your own search and get updates immediately as properties come on to the market. Click here to begin: www.HomeSearchWilmington.com

Have a great weekend and stay safe!

We can see the evidence of price/ value adjustments that have continued over the year.  Prices were down roughly 7% since last year and units sold was down 4%.  This directly affects total dollar sales volume which is down 13%. 

Once you look at December 2011 vs November 2011, however, we see an increase in price, units sold and total dollar volume.  We also see a decrease in listings and this is critical.  When supply decreases, prices increase.

We will have  more detailed look at 2011 once we have completed analyzing the data. Check out my brief video below:

The first thing you will notice here is a lot of negative signs!  While we want to see positive percentages here, we have to remember that this is partially due to the seasonality of real estate.  Prices are lower and inventory drops this time of year.  Foreclosures and short sales continue to influence the market and banks (and Realtors) are getting better at processing short sales.  (I said better-not great!)

Monthly fluctuations are not what we want to focus on but rather the long term trends.  Interest rates are phenominal and properties are selling.  We will keep you updated on the trends so stay tuned!

I hope you have a Merry Christmas and Happy New Year!  God bless!

Overall we are still bouncing up and down with average sales price up by over 4% from last month but down almost 3% since last year this time.   Units sold are down 8% from September but up 10% from October 2010.  I would like to continue to see a reduction in homes inventory in order to bring supply and demand closer and balance out the market.  We are maintaining a 12.5 month Absorption rate.

Interest rates continue to decline and averaged 3.99% for October.  With excellent affordability and availability of homes, we are looking at an outstanding opportunity for buyers!  Have a great week and give us a call if you have any questions!

Total units sold (and total dollar volume) continues to be up in double digits from the previous month as well as one year ago.  This is important as it shows our region is doing things that many parts of the country are not-and that is selling houses. 

The average sales price vaccilates up and down around each month.  This seems to indicate stability or a "leveling" of values. If prices are indeed bouncing along the bottom, we will only be able to tell when it becomes history.

The Days ON Market (how long it takes a house to go under contract) is up from last year but down slightly from the previous month.

Pending sales are those in which a purchase agreement has been signed by a buyer and seller but it has not closed yet.  The pending sales are up slightly from July and up 11% from one year ago.

For the chart people:  Go to the Wilmington NC Home Sales Market Report for more details.

From July 2011 to August 2011

• Total units sold: +12%
• Average sales price: -3%
• Median sales price: -2%
• Total dollar volume: +9%
• Days on the market: -4%
• New listings: +4%
• Pending Sales: +2%

From August 2010 to August 2011

• Total units sold: +13%
• Average sales price: -0.34%
• Median sales price: -6%
• Total dollar volume: +13%
• Days on the market: +17%
• New listings: -20%
• Pending Sales: +11%

Remember this quote:

My prediction for the next two to three years is that we are going to have a very strong investor market.  We are analyzing sales and we are seeing a big increase in cash buyers and investors.  These folks recognize the opportunities and are getting in on them before it is too late.

We are ramping up our Investor Agents designations (CIAS) and are building a great business model helping folks build generational wealth for them and their families.  More on that to come so stayed tuned!

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408

Wilmington NC Real Estate Sales - Chris Baynes REALTOR Chris Baynes and Associates is one of the areas most successful Realtor Teams.  We specialize in helping buyers and sellers with real estate services in the greater Wilmington NC area including Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne, Hampstead, Leland, Belville, New Hanover County, Brunswick County and Pender County, and all Wilmington NC Real Estate.  (910) 470-4408