If you are in the market for buying or building a new home, you’ve chosen a fabulous place to start your search. No matter if you are embarking on a new journey or looking for a place to spend your golden years, the Cape Fear Coast is a great place to put down roots.
The region’s cities, towns and gorgeous beach communities each offer great options for either buying an existing home or building your dream home at the beach!
In fact, Wilmington area real estate values have done a remarkable job of retaining value in a very down economy. Since 2008 when real estate first started to decline, Wilmington home prices have fallen from a median price of $270,000 to $240,000 as of December 2010, a decrease of just 12 percent. Many cities nationwide, and especially those in touristy areas, have taken a major hit in real estate prices, but the Wilmington market remains resilient.
“The market is doing quite well at this time and we are actually seeing increased showings and contracts,” said Tim Milam, president of Coldwell Banker Sea Coast Realty in Wilmington. “In 2010, we closed over 3,600 transactions which was up from 2009 closings.”
Milam said that in today’s market, it is probably a better value to buy an existing home rather than build anew. “In my opinion, there is a good selection of new homes being built as spec homes by our local builders and in my view, the values are tremendous so my thinking is its best to purchase one of those homes.”
“The fastest paced selling communities are those in the lower price ranges,” Milam said. “One of the reasons for that is of course the most active market for the past couple of years has been the $300,000 and under market which has been about 80 percent of all sales. Some of the fastest selling communities are Dogwood Lakes, Mallory Creek, Bellingham Park, Neighborhoods at Holly Ridge and Palm Grove. All have high quality homes and affordable pricing.”
Of course, the first thing to consider when buying a home is your financial situation. Getting your credit report up-to-date is vital.
Check your report for errors and get any unpaid items taken care of. Good credit is a major factor for your lending agent in determining how much you can borrow. Next is a meeting with a bank or a mortgage broker in order to become prequalified for a loan. This arms you with a statement from the bank saying that it will lend you X amount. You now know the price range in which you can afford to shop.
“The first step would be to contact your local lender. We work very closely with Alpha Mortgage and their service, rates and professionalism is always great,” Milam said. “A consumer will want to make sure they qualify to purchase a home before shopping. This puts the buyer at ease knowing they can purchase a home in a price range they are comfortable in.
“After completing that process, the next step would be to ask your friends and neighbors for a recommendation of a really good REALTOR whom they have worked with. Make sure that REALTOR is going to work hard for you and inform you of all available homes in your price range and area you want to consider. Of course, they would be welcome to view listings online.”
A real estate agent can help you nail down the type of home you’re looking for: the location, the neighborhoods, schools, etc. Most folks feel that the fee you have to pay an agent for representing you is well worth the benefits you receive. These include information, advice, and convenience.
Finally, with the help of your REALTOR, you can now starting searching for your dream home. Be sure to check out the schools, as this is a big driver for most families with regard to the neighborhoods they choose. The region has many great options to choose from, so finding a neighborhood that meets your requirements should not take long!
Welcome to coastal living and enjoy your beach home!
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