Wilmington, NC: Why Buying Property There is a Good Idea
If you have ever traveled to the Greater Wilmington Area – you have a good idea of why the real estate market has been on fire for the last couple of years.
If you are looking to invest in real estate in North Caroline there is no better place to buy a home than in Wilmington. It is a port city that has beach access, with plenty of luxury and waterfront homes. It acts as the state’s main hub for receiving goods through the ocean and has a solid economy.
There are several reasons why Wilmington, NC real estate is a great idea. The first is the median list price – it is $355,000. Imagine paying that for a home that gives you access to great beaches. If you compare it to other beach locations around the country you will find that you are getting an excellent deal – median home prices in these places are much higher.
The other reason why you should consider buying a home in Wilmington is the real estate market itself – it is thriving right now. Right now it is a buyer’s market – there are more homes available for sale than there are buyers, so sellers often sell at reduced rates so that they can get buyers fast.
This is not expected to last though – as more and more people realize the value of buying Wilmington, NC real estate it is expected not to remain a buyer’s market for long. This is the time to make your move if you don’t want to spend too much money to acquire a property. The other reason is appreciation – home values have appreciated by about 3% in the last year alone. If you buy a home today and sell it some years down the line you can expect to fetch a very healthy profit for it.
Here is what https://www.fortunebuilders.com/wilmington-real-estate-and-market-trends/ has to say on the issue:
“Information provided by Zillow suggests that homes in the Wilmington real estate market have appreciated by as much as 2.8 percent in the last year. Wilmington’s appreciation rate was, however, less than half that of the national average last quarter. Experts expect the coming year to continue a trend of positive price growth, albeit a slightly tempered one. In the next 12 months, experts expect homes in the Wilmington real estate market to appreciate a modest 2.1 percent.”
Many people are buying homes to rent in Wilmington because it has a strong renters market. Although there are many lenders there are few homes for sale, which means that rental values are excellent. If you do no plan on moving to Wilmington you will not have a problem finding someone to rent to, and they will pay you a healthy amount every month, which will help you recoup your investment.
There are about 300 homes in the city that have been foreclosed on, and each of these should be seen as a potential investment. There are also many homes that are the risk of foreclosure with owners not being able to afford monthly payments, and they are eager to find buyers who can get them out of trouble. It is also important to mention that houses that are in foreclosure come with an 11% discount attached, which amounts to about $17,000, a very good for any savvy investor.
The city itself has had an increased number of new businesses – in fact it has been ranked as the second best city to start a business in the United States. There are 15 businesses for every 100 people. This means that it has a growing population thus the abundance of renters. Job growth is also expected, which means that property values will continue to rise. The city also sees lots of tourists every year.
How to go about buying Wilmington, NC real estate
The best way to go about buying a home in Wilmington, NC is to work with a real estate agent within the city – here are some tips for finding the right real estate agent for you. Let him know the kind of property that you are interested in – you can get anything from luxury homes to waterfront homes. Let him know where you would like it to be located – there are excellent properties in areas like Carolina Beach, Hampstead, Kure Beach, Leland, Rocky Point and Wrightsville Beach.
Getting a Great Deal on a Home in Wilmington
One strategy for getting a great deal on a home in Wilmington is to buy a home that is in foreclosure. Foreclosures are a little hard to find in the Wilmington area but if you can stumble across a homeowner who is struggling to pay his mortgage – he will be willing to sell at a reduced rate.
Tips on Buying a Foreclosure
Because distressed homes have not been lived in for a while it is important to make sure that you inspect every inch of the home. If there is some damage you can repair the property and have the cost deducted from the final price, but if the damage is extensive it is best to find a different property.
You should be especially careful if you are buying a waterfront property – because they are near the water they tend to suffer more damage from the elements. Make sure that you call in a professional inspector to look at all areas of the property before you commit to it. You should be especially careful with the basement as it is the one that is most likely to suffer water damage.
Choosing the Right REALTOR
Choose a realtor who is willing and able to walk you through the whole process of buying your Wilmington home. Buying a home is a complicated process and there is a lot of paperwork to be filled, so a helpful real estate agent is a real boost.
It is important to have a good down payment set aside; lenders are usually more willing to lend when someone has a sizeable down payment. You should also clean up your credit report and make sure that you have a good credit score. Avoid taking on additional credit, such as new credit cards, as it makes it harder to get a mortgage.
Don’t just assume that you a good credit rating because you haven’t borrowed recently – print out a copy of your credit report and make sure that there are no mistakes that can cause lenders to turn you away. If you have a substantial amount of money you should looking into buying more than one home in Wilmington – projections show that renting is going to be very lucrative.