The State of the Wilmington Market

Here’s what you can expect from the Wilmington market in the months to come.

How much would your Wilmington home sell for in today's market? 

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Just like our clocks for daylight saving time, the Wilmington real estate market is expected to spring forward in the coming months. 

Typically in the wintertime, we have a lull where there’s a lack of inventory and a lack of buyers. We expect an influx of sellers and buyers coming onto the market over the next couple of months.

If you’ve been thinking about selling your home, now would be a great time to put it on the market. Interest rates are rising, but they’re still near historic lows, so with time, your purchasing power will be affected. Listing now will help you beat out other competition to the market.

We expect an influx of sellers and buyers coming onto the market over the next couple of months.

If you want to take advantage of the current market, feel free to reach out to us. We can give you an evaluation of what we think your house would sell for in today’s market, as well as some tips about how you can sell your home for top dollar. We look forward to hearing from you!

Monday Market Update 2-5-18

Taking Advantage of Our Seller’s Market

Conditions in our market have aligned to greatly favor sellers, so if you’ve been thinking about listing your home, now might be the time to do it.

How much would your Wilmington home sell for in today's market? 

  Want to buy a Wilmington Home? Search all homes for sale.

If you’ve given any thought to selling your home in the next year, you might want to consider putting your home on the market right now.

According to a recent study by the National Association of Realtors, there are still a lot of buyers in our market, but there aren’t a lot of homes available for purchase. Any time buyers outpace the supply of inventory, it creates a seller’s market.

As a seller, you can accept more favorable terms for your home in a seller’s market.

As a seller, these conditions give you more negotiation power when it comes to what offer you accept on your home and how you dictate the terms of that offer. They can also affect how many repairs you need to make on your home before you put it on the market.

If you have any questions about the current state of our market or you’re thinking of about buying or selling a home, feel free to give me a call or shoot me an email. I’d be happy to help.

Wilmington Real Estate Market Update

Right now, the Wilmington market favors home sellers.

How much would your Wilmington home sell for in today's market? 

  Want to buy a Wilmington Home? Search all homes for sale.

What’s happening in the Wilmington market?

The Wilmington market is firmly in a seller's market in price ranges below $300,000. In that range, inventory is extremely low and demand is high.

There are currently just 1,158 active listings on the market with a median list price of $349,900. In the last six months, we've sold 1,863 homes with an average sales price of $225,000. They also sold in an average of just 36 days.

Our pending ratio, which determines how many properties are under contract versus how many are currently on the market, is running around about 42%, which is a high number. We're definitely in need of more homes to sell.

We're definitely in need of more homes to sell.

If you have any questions or you'd like to know what your home would sell for in this current market, don't hesitate to give us a call or send us an email soon. We'd love to help you get a great deal.

What’s Happening in the Wilmington Area This Summer?

How much would your Wilmington home sell for in today's market? 

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We're here today with a quick market update for the Wilmington area.

The summer market in the Wilmington area has continued to show some solid growth this summer. In the month of June, New Hanover, Pender, and Northern Brunswick counties saw a 15% increase in the number of homes sold. With 934 units sold in June, the Wilmington Regional Association of Realtors statistics showed that last month was the strongest June for the area in more than a decade, when about 1,000 homes sold in June 2005.

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The market in our area continues to be very strong.

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This follows a 21% jump in year over year sales in May since May of 2015. Though our average sale price hasn’t seen much of a change, our median sale price has increased 3.1%, with an 18.7% increase in the number of units sold since June of 2015. Our days on market has decreased by over 13% since last year, sitting at just 103, while the number of new listings has increased 2.9%. Demand is high right now and the market in our area continues to be very strong. 
 
Keep in mind that these numbers are a just an overall snapshot of the Wilmington market. If you’re thinking of selling your home and would like a more specific, accurate idea of what it may sell for, your best bet would be to meet with a real estate agent. 

If you’ve got any questions about what’s going on in the Wilmington real estate market this summer, feel free to shoot me an email at andy@andyrichardsonrealestate.com, or text me at 910-233-5166. I’d be happy to help you.

Are We Approaching a Housing Bubble in Wilmington?

 How much would your Wilmington home sell for in today's market? 

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You may have heard in the news that some people think we’re on the verge of another housing bubble breaking in the near future. I get asked about this all the time here in Wilmington.

To be honest, I really don’t believe so. Housing is always dependent on supply and demand. Whenever demand is high and supply is low, housing prices increase. We’ve seen more than a 5% increase in prices in the last couple years, which is to be expected with demand and inventory where it is at this point.

As prices continue to rise, more families will have more equity in their home, so there will be more inventory on the market as they continue to sell those homes to capitalize on their equity. As long as we have more inventory coming on the market, we’ll be fine. Hopefully demand will stay high, which will level the supply and demand out a bit. Prices will taper off a bit, but I don’t expect a crash or bubble anytime soon.

If you have any questions, please feel free to reach out. Let’s talk soon.

Sell Your Wilmington Home Right Now

 How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

When should you sell your home? Right now! The spring market is off to a great start. Inventory levels are extremely low and buyer demand is skyrocketing.

We’ve known for a long time that the real estate market depends on supply and demand. When you have supply levels that are extremely low and high demand, it’s a great time to sell. 

The seller holds a lot of power in negotiations in this kind of market. You can negotiate repairs, closing costs, and more on your terms.

If you have any questions, give me a call or send me an email. I would be happy to help you!

What Do Current Wilmington Market Conditions Mean for You?

 How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

According to the numbers recently released by the Wilmington Regional Association of Realtors, the Wilmington market saw an increase of 3.9% in 2015. The median sales price was at $204,000 for 2015 as well.

We currently have 3.8 months of inventory, which puts us in a pretty ideal market for sellers. If you are thinking about selling, we recommend getting a market analysis of what's going on in your neighborhood and your price range. This will give you a pretty good idea of how much money you can get for your home.

If you have questions about current market conditions, or if you would like to take advantage of these fantastic conditions, give us a call or shoot us an email at any time. We would love to hear from you!

Why Is Renting a Home Not as Affordable?

 How much would your Wilmington home sell for in today's market? 

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According to a recent report from Trulia, buying a home is still about 35% less expensive than renting one. How is this possible? We are going to explain that to you today.

Here are the facts that come into play. Obviously, you need a 30-year fixed rate mortgage to get the best rate. The rates right now are historically low, making homes more affordable than they have been in quite some time.

Another factor to consider is prices. Home prices are still relatively affordable and reasonable, even with the recent appreciation that has come into play. 

The bottom line is this: owning a home is still less expensive than renting and it makes sense financially to do so. A housing payment is something you will have whether you own your own home or not, and you are going to be paying off a mortgage whether you buy or rent. Why not pay off your own mortgage by purchasing a home, and build up that equity for the future?

If you have any questions for us, or are interested in buying a home, we would love for you to give us a call or send us a quick email. We look forward to hearing from you!

What's Happening with Wilmington Real Estate?

How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

 

This year, 678 homes sold in August, which is an 8 percent increase over August of 2014. The median sales price increased by 3.1 percent to $218,850. On average, a Wilmington home spent 105 days on the market, which is consistent with the days on market we saw in August of 2014.

Additionally, 914 new listings came on the market in August. We currently have 6.8 months of inventory. This places Wilmington in a balanced, or neutral, market. However, you could find yourself in a seller's market in certain price ranges.

If you have any questions about today's video or the market in your particular area, give me a call or send me an email. I would be happy to help you!

Four Mistakes That Affect Your Wilmington Home Sale

How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

Today I'd like to discuss four home selling mistakes that I see a lot of sellers here in Wilmington falling victim to.

The first mistakes I see sellers making is the attempt at selling their own homes. Selling a home is a full-time job that requires skills in marketing, negotiation, and sales. Using a real estate agent can often net you more money, and you don't even have to do the work!

Another mistake I see happening is when people set their home in the wrong price range. Pricing is more of an art than a science, and it's what Realtors are trained to do. We take comparable listings, recent sales, and other market data when we're trying to decide the correct price for a home. A home's price is by far the biggest piece of advertising and marketing.

Using bad photography is another obstacle for sellers. Photography is now more important than ever because people are going online to look at homes. You need your home to stand out from the other hundreds that are viewable on websites, and one way to do this is to take stellar photos of your home that showcase all of its benefits.

The last piece of advice is probably something you haven't been recommended before. I always suggest my sellers get a pre-listing home inspection. This allows you to proactively repair your home, and you can provide this home inspection to your buyer to give them peace of mind. This can allow you to ask for a premium price if your home is in good condition.

If you have any other questions for me as you attempt to sell your Wilmington home, please don't hesitate to contact me!

Everything You Need to Know About Home Sales in Wilmington

How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

Today I'd like to discuss home sales in the Wilmington area. Whether you're planning on buying or selling, this information should be useful to you.

Overall, August home sales rose by 8% since 2014. There were 678 home sales this August, and the median home price was $218,000, which was a 3% increase from last year.

 

The average days on market for homes in Wilmington was 105 days. Inventory is also sitting at 6.8 months, and this is creating a very neutral market. However, in some price ranges we're definitely seeing more of a seller's market taking shape.

If you have any further questions about our real estate market, please don't hesitate to ask. I'm always here to help you!

What's Happening with Real Estate in Wilmington?

How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

Today I'll be providing a brief real estate market update for our local area. I want you to know what type of market you're getting into here in Wilmington. 

In June, the numbers jumped to the highest levels we've seen in nine years. We actually saw a 28% increase in sales over last year.  We sold 802 homes this June, compared to 624 last year. 

Sales have also increased by 22% since just this May! 

The average sale price in June was $258,000 and the median sales price was $210,000.

If you've been looking to buy a home, now is a great time because interest rates are very low. Affordability is high right now, but it will be declining soon with a rise in interest rates looming over the horizon. 

Overall, now is a great time to be buying or selling in Wilmington. Please contact me if you need assistance with any and all things related to real estate.

What Does the Wilmington Real Estate Market Look Like?

How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

If you're looking to buy or sell a home this summer, then you're in luck. I'll be covering what happened from January 2015 until May 2015. 

• Sold properties increased by 11.38%
• There are 3,170 active properties
• The average list price is $402,000
• The average sale price came out to $242,207, which was an increase of 4.78%
• The sweet spot in the market with the most demand is in between the $150K to $250K range
• We also only have 4.91 months of inventory, which is rather low
• The entire city of Wilmington only has 5.4 months of inventory, which is also very low
• Interest rates are also beginning to pick up, so if you've been waiting to buy, then now may be a perfect opportunity

If you have any further questions, please don't hesitate to contact me. I would love to help you find a good home in Wilmington.

How to Take Advantage of the Wilmington Real Estate Market

How much would your Wilmington home sell for in today's market? 

Want to buy a Wilmington Home? Search all homes for sale.

A lot of people have been asking me how the real estate market in Wilmington is doing. Lots of people want to know whether or not we're in a buyer's market or a seller's market, and the truth is that it differs depending on what price point you're looking at. 

In the areas where we're seeing seller's markets forming, we've noticed that properties are selling at or above their listing prices, which is fantastic news if you're looking to sell your home this spring. 

Despite whether you find yourself operating in a buyer's or seller's market, the key to selling your home is to have it accurately priced from the beginning of your sale. Pricing is probably your most important marketing tool, and it's one of the best ways to make a good first impression on a potential buyer. 

I also think it's important to mention that interest rates for mortgage loans are historically low right now, and there are great loan products from Fannie Mae and Freddie Mac that only require a 3% down payment. In most cases, it's cheaper to own your own home than it is to rent a property. If you're thinking of buying a home, then now may be a good time to give me a call to discuss your options.

As always, please don't hesitate to contact me or my team in regards to any questions or concerns you might have. I'm always here to help you!