In today’s housing market, there are clear financial benefits to owning a home: increasing equity, the chance to build your net worth, and appreciating home values, just to name a few. If you’re a renter, it’s never too early to think about how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater financial security and savings.

1. You Won’t Always Have a Monthly Housing Payment

Personal finance advisor Dave Ramsey explains: “Every payment brings you closer to owning the house. When you pay your rent, that money is spent. Gone. Bye. Not returning. But when you pay your mortgage, you work toward full ownership.” As a homeowner, you can eventually eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs begin to work for you as forced savings in the form of equity.

2. Homeownership Is a Tax Break

One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. According to Dave Ramsey, “You do have tax advantages. Many of the costs of owning a home – like property taxes – are tax deductible. And if you’re paying off a mortgage, you’ll get to count your mortgage interest as a deduction when you file your tax return.” Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year.

3. Monthly Housing Costs Are Predictablet

A third benefit is the fact that monthly costs start to become more predictable with homeownership, something that doesn’t happen if you’re renting. Your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a longer period of time. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

So, if you’re ready to be a homeowner, give one of our agents a call today!

Over the past year, our homes have become an integral part of our lives more than ever. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today, 65.8% of Americans are fortunate enough to call their homes their own.

As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it’s a great time to look at the benefits of owning a home. Below are some highlights and quotes on the benefits of homeownership shared by the National Association of Realtors (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you a reason to believe homeownership stretches well beyond your financial investment.

Non-Financial Benefits

Owning a home brings a sense of happiness, satisfaction, and pride.

Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”

Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area and drive value into your neighborhood.

Financial Benefits

Buying a home is also an investment in your financial future.

Net Worth: Homeownership builds your net worth. Today, the median household net worth of all homeowners is $254,900, while the median net worth of renters is only $6,270.

Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is truly the best way to improve your long-term financial position.

Economic Benefits

Homeownership is even a local economic driver.

Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.

Entrepreneurship: Homeownership is also a form of forced savings that can provide entrepreneurial opportunities. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Bottom Line

The benefits of homeownership go well beyond the basics. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact in your community. If owning a home is part of your dream this year, contact a local real estate professional to begin the home buying process today.

According to many experts, the real estate market is expected to continue growing in 2021, and it’s largely driven by the lasting impact the pandemic is having on our lifestyles. As many of us spend extra time at home, we’re reevaluating what “home” means and what we may need in one going forward.

Here are 4 reasons people are reconsidering where they live and why they’re expecting to buy a home this year. 

1. Record-Low Mortgage Interest Rates

In 2020, the average interest rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall further below 3%. According to Freddie Mac, the average 30-year fixed interest rate today is 2.65%. Many wonder how low these rates will go and how long they’ll last. Len Keifer, Deputy Chief Economist for Freddie Mac, advises:

“If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory.”

This sense of urgency is driving many to buy this year.

2. Working from Home

Remote work is a new normal for many businesses, and it’s lasting longer than most expected. Many in the workforce today are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits. David Mele, President at Homes.com, says: 

“The surge in the work-from-home population has rewritten the playbook for many homebuying and rental decisions, from when and where to relocate, to what people are looking for in their next residence.”

The reality is, for some people, working remotely in their current home is challenging, especially when there may be other options available.

3. More Outdoor Space

Another new priority for homeowners is having more usable outdoor space. Being at home is driving those in some areas to seek less densely populated neighborhoods so they have more room to stretch their legs. In addition, those living in apartments and townhomes are often looking for extra square footage, both inside and out.

According to the State of Home Spending report by HomeAdvisor, of the households surveyed, almost half reported spending 27% more on outdoor living over the past year. This is a trend that’s expected to grow in 2021 and beyond.

4. Avoiding Renovations

It’s recently come to light that many homeowners would also rather buy a new home than go through the process of fixing up the one they have. According to the 2020 Profile of Home Buyers and Sellers report from the National Association of Realtors (NAR), 44% of homebuyers purchased a new home to “avoid renovations or problems with the plumbing or electricity.”

Depending on what needs to be addressed, today’s high buyer demand may make it possible to skip some renovations before selling. Many of these homeowners have prioritized buying over renovating for convenience and potential cost savings.

Bottom Line

It’s clear that homeownership needs are changing. As a result, Americans are expected to move in record numbers this year. If you’re trying to decide if now is the right time to buy a home, contact a local real estate professional today to discuss your options.

Thinking about moving to Wilmington, NC? According to the results of a recent study released by United Van Lines Wilmington is the number one city for inbound moves in 2020!! We can't help but think that we were ahead of the curve and agree that Wilmington is a great place to live!

The top ten cities for inbound moves according to the the study, which has been conducted by the moving company since 1977 and tracks the migration patterns in the US are:

1. Wilmington, NC
2. Sarasota-Bradenton, FL
3. Boise, ID
4. Huntsville, AL
5. Fort Myers-Cape Coral, FL
6. Knoxville, TN
7. Melbourne-Titusville-Palm Bay, FL
8. Austin-Sand Marcos, TX
9. Nashville, TN
10. Fort Collins-Loveland, CO

While the 10 ten areas that have seen residents leave are:

1. Nassau-Suffolk, NY
2. Bergen-Passaic, NJ
3. Trenton, NJ
4. New York, NY
5. Newark, NJ
6. Chicago, IL
7. Bremerton, WA
8. Bridgeport, CT
9. Middlesex, NJ
10. Lake, IL

Ready to pack your bags and see what makes Wilmington such a great place to live? Give us a call today!

While 2020 has faced its fair share of ups and downs, we know one thing to be true: the real estate market not only met expert predictions, it surpassed them, breaking records along the way.

With that in mind, there’s one big glaring question right now: will the housing market in 2021 follow the same trajectory or are we facing a possible downturn?

Let’s take a deep dive into what leading real estate experts are projecting for 2021 so you have the knowledge and confidence you need to succeed in the new year.

If you have any questions about buying or selling this year reach out we would love to help!

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.

Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.

According to the latest Home Price Insights from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) reports that inventory has dropped 22% from one year ago.

These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a home and you’re thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.

Bottom Line

If you think you’ve outgrown your current home, reach out to a real estate professional to discuss local market conditions and determine if now is the best time for you to sell. 

Q: What is a Realtor?

A: A REALTOR® is a member of the National Association of REALTORS® who is required to abide by a strict Code of Ethics. The term REALTOR® is a registered trademark of the National Association of REALTORS® and misuse of the term is a trademark violation. To become a REALTOR® a person who holds a real estate license may join their local REALTOR® Association which makes them automatically a member of the State and National Associations.

Q: What does NOT need to be disclosed when selling your home in NC?

If your home has polybutylene pipes.

The square footage of your home (but if you do disclose, you are liable for the accuracy of the square footage). Also, if your home is listed in MLS, the local Multiple Listing Service may require square footage disclosure and then your agent is responsible for accurate measurement.

If your home has hard coat stucco siding.

If your home has asbestos siding, so long as it’s not friable.

If your home has hardboard siding.

If your home has pressure treated lumber.

If you are behind on mortgage payments (so long as no notice of foreclosure has been filed or you are not in a short sale situation).

If anyone with AIDS/HIV is living in the home or has died in the home from the illness. (Do not ever discuss AIDS/HIV, as this is covered under federal handicapped protection.)

If anyone has died in the home, in general, or was killed in the home (but if asked, you cannotlie).

If registered sex offenders live in the neighborhood.

If your home is haunted.

If your home has aluminum wiring.

If your home was partially destroyed by fire or flood, so long as it was repaired and remodeled to code.

If your home has received multiple offers to purchase.

Don’t forget that your agent is prohibited from discussing or providing any information about your neighborhood and area with respect to racial, religious, ethnic, social components.

In general, the overall rules to follow are:

If you disclose something, the information must be accurate or you may be held liable.

If you are specifically asked about something, you cannot give a false answer.

Q: What is a “material fact”?

A: One of the most difficult concepts for many homeowners to grasp is that of “material fact.” In its broadest sense a material fact may be said to be any fact that is important or relevant to the issue at hand. Because this is such a broad definition, the North Carolina Real Estate Commission has provided guidelines regarding what facts the Commission generally will consider to be material in most real estate transactions.

No matter who an agent represents in a transaction, the types of facts described below are material facts and must be disclosed to all parties with whom the agent deals if the agent is aware of such facts or should reasonably be aware of such facts.

Facts about the property itself.

Any significant property defect or abnormality Some examples are: a structural defect, a malfunctioning system, a leaking roof or a drainage or flooding problem.

Facts that relate directly to the property.

These are typically external factors that affect the use, desirability or value of a property. Examples are a pending zoning change, the existence of restrictive covenants, plans to widen an adjacent street, or plans to build a shopping center on an adjacent property.

Facts that relate directly to the ability of a principal to complete the transaction.

Any fact that might adversely affect the ability of a principal party to the transaction (buyer or seller) to consummate the transaction. Examples are the buyer’s inability to qualify for a loan and to close on the home purchase without first selling the currently-owned home, a seller’s inability to convey clear title due to the commencement of a foreclosure proceeding against the seller.

Facts that are known to be of special importance to a party.

There are many facts relating in some way to a property which normally would not inherently be considered “material,” but because they are known to be of special interest or importance to a party, they become a material fact. Example: The fact that a residential property may not be used for a home business due to zoning or restrictive covenants normally would not be a material fact; however, if an agent working with a buyer knows that the buyer wants to operate a home business, then the issue of whether the home can be used as such becomes a material fact.

'It's fun! It's exciting! It's important to take everything with a grain of salt!'

 Oh, let's just admit it, shall we? Browsing for homes online is a window shopper’s Shangri-La. The elegantly decorated rooms, the sculpted gardens, the colorful front doors that just pop with those “come hither” hues.

Browser beware, though: Those listings may be seductive, but they might not be giving you the complete picture.

That perfect split-level ranch? Might be too close to a loud, traffic-choked street. That handsome colonial with the light-filled photos? Might be hiding some super icky plumbing problems. That attractively priced condo? Might not actually be for sale. Imagine your despair when, after driving across town to see your dream home, you realize it was sold. 

So let’s practice some self-care, shall we, and set our expectations appropriately. 

Step one, understand what you’re looking for. 

Step two, with that knowledge in hand, start browsing for homes. As you do, keep in mind exactly what that tool can, and can’t, do. Here’s how.

You Keep Current. Your Property Site Should, Too

First things first: You wouldn’t read last month’s Vanity Fair for the latest cafe society gossip, right? So you shouldn’t browse property sites that show old listings.

BTW, there are other property listing sites as well, including Redfin, which is a brokerage and therefore also relies on relationships with brokers and MLSs for listings.

The Best Properties Aren’t Always the Best Looking

A picture, they say, is worth a thousand words. But what they don’t say is a picture can also hide a thousand cracked floorboards, busted boilers, and leaky pipes. So while it’s natural to focus on photos while browsing, make sure to also consider the property description and other key features.

Each SoldBuySea.com listing, for example, has a “property details” section that may specify important information such as the year the home was built, price per square foot, and how many days the property has been on the market.

Ultimately though, ask your real estate agent to help you interpret what you find. The best agents have hyper-local knowledge of the market and may even know details and histories of some properties. If a listing seems too good to be true, your agent will likely know why.

Treat Your Agent Like Your Bestie

At the end of the day, property sites are like CliffsNotes for a neighborhood: They show you active listings, sold properties, home prices, and sales histories. All that data will give you a working knowledge, but it won’t be exhaustive.

To assess all of this information — and gather facts about any home you’re eyeing, like how far the local elementary school is from the house or where the closest Soul Cycle is — talk to your real estate agent. An agent who can paint a picture of the neighborhood is an asset.

An agent who can go beyond that and deliver the dish on specific properties is a true friend indeed, more likely to guide you away from homes with hidden problems, and more likely to save you the time of visiting a random listing (when you could otherwise be in the park playing with your canine bestie).

Just remember: You’re probably not going to find that “perfect home” while browsing listings on your smartphone. Instead, consider the online shopping experience to be an amuse-bouche to the home-buying entree — a good way for you to get a taste of the different types of homes that are available and a general idea of what else is out there. 

Once you’ve spent that time online, you’ll be ready to share what you've learned with an agent.

Ready to be connected with an Agent? Register on our site here: Sold Buy Sea Sign up and we will contact you and connect you with the right agent for your needs!

Looking for extra storage in your house? The Wilmington, NC area offers some great small housing options with historic homes and seaside cottages.

Sometimes these small houses offer great character, can be light on storage space. But here are 5 great storage solutions you can find by looking no further than your garage! Your garage can be the perfect place for some additional storage when you are tight on space.

Here are 5 great storage solutions for your garage, allowing you to make the most of what can sometimes be underutilized space.

Garage Shelving

Shelving is one of the easiest ways to add storage, and the good news is that you have many options when it comes to shelving systems – most of which are easy to assemble and install. One good tip when it comes to loading up your shelves is to put your heaviest items on the bottom. This helps lower the center of gravity on the shelves. Keeping your heaviest items on the bottom also allows for easier access. Garage shelving systems can be found at most home improvement stores.

Shelving Bins

Plastic storage bins offer a lot of flexibility and can be found in a variety of sizes. Storage bins can help to organize and protect your items as well, making them a smart option. you can find storage bins at a variety of retailers – including most home improvement stores and online

Ceiling Storage

Ceiling storage allows you to make to the most of space that might otherwise go unused. Ceiling storage also allows you to continue to use your garage space for your vehicles in addition to storage. Ceiling storage units are mounted from the ceiling and can be used for a wide variety of items. This solution may take some time and expertise to install, but the additional storage space makes it well worth it.

Peg Boards

Pegboard storage is great for those odds and ends that can end up cluttering your garage space, like bicycles or yard equipment. Once you have installed a peg board on your garage wall, you can install a variety of racks that allow you to hang any number of items. Pegboard storage is great for its versatility.

Wall Mounted Storage Cabinets

Wall mounted storage can help not only with keeping the space organized but also with keeping your garage looking neat and clean. Wall mounted storage also allows for storage of a variety of items, in a variety of sizes. This solution may require professional installation but can be well worth the investment if it helps to provide you with the necessary storage you are looking for.

Finding the right storage solution for your garage will help you keep the space organized and neat, allowing you to make use of the space you have.

There are a lot of steps that happen between submitting a contract and closing day. Of those important steps is a home inspection. Below are some of the answers to the common questions we get from clients when it comes to home inspections 

Q: What is a home inspection?

A: A home inspection is an evaluation of the visible and accessible systems and components of a home (plumbing system, roof, etc.) and is intended to give the client (usually a homebuyer) an understanding of their condition. It is also important to know what a home inspection is not! It is not an appraisal of the property’s value; nor should you expect it to address the cost of repairs. It does not guarantee that the home complies with building codes (which are subject to periodic change) or protect you in the event an item inspected fails in the future. [Note: warranties can be purchased to cover many items.] No home inspection should be considered a “technically exhaustive” evaluation; rather, it is an evaluation of the property on the day it is inspected, taking into consideration normal wear and tear.

Q: Who can perform a home inspection?

A: Only persons licensed by the North Carolina Home Inspector Licensure Board are permitted to perform home inspections for compensation. To qualify for licensure, they must satisfy certain education and experience requirements and pass a state licensing examination. Their inspections must be conducted in accordance with the Board’s Standards of Practice and Code of Ethics.

Q: Why should I get a home inspection?

A: Most homebuyers lack the knowledge, skill and emotional detachment needed to inspect homes themselves. By using the services of a licensed home inspector, homebuyers can gain an understanding of the condition of the property, especially whether any items are so defective as to impair function or warrant further investigation by a specialist.

Q: How do I request a home inspection, and who will pay for it?

A: You can arrange for the home inspection or ask your real estate agent to assist you. Unless you otherwise agree, you will be responsible for payment of the home inspection and any subsequent inspections. If the inspection is to be performed after you have signed the purchase contract, be sure to schedule the inspection as soon as possible to allow adequate time for any repairs to be performed.

Q: Should I be present when the home inspection is performed?

A: Whenever possible, you should be present. The inspector can review with you the results of the inspection and point out any problems found. Usually the inspection of the home can be completed in two to three hours (the time can vary depending upon the size and age of the dwelling). The home inspector must give you a written report of the home inspection within three business days after the inspection is performed (unless otherwise stated in your contract with the home inspector). The home inspection report is your property. The home inspector may only give it to you and may not share it with other persons without your permission.

Q: Are all inspection reports the same?

A: No. While the Home Inspector Licensure Board has established a minimum requirement for report-writing, reports can vary greatly. They can range from a “checklist” of the systems and components to a full narrative including photographs. A home inspector is required to give you a written “Summary” of the inspection identifying any system or component that does not function as intended, or has tangible evidence that warrants further investigation by a specialist. The summary may also describe any system or component that poses a safety concern. The summary does not represent everything you need to know about the home. Carefully read and understand the entire home inspection report.

Q: What should I do if I feel something has been missed on the inspection?

A: Before any repairs are made (except emergency repairs), call the inspector or inspection company to discuss the problem. Many times a “trip charge” can be saved by explaining the problem to the inspector who can answer the question over the telephone. This also gives the inspector a chance to promptly handle any problems that may have been overlooked in the inspection.

Q: If, following the home inspection, the seller repairs an item found in the home inspection, may I have the home inspector perform a “re-inspection?”

A: Yes. Some repairs may not be as straightforward as they might seem. The inspector may be able to help you evaluate the repair, but you should be aware that the re-inspection is not a warranty of the repairs that have been made. Some home inspectors charge a fee for re-inspections.