You are here: Home / Archives for Real Estate Blog

Wilmington, NC Not One of the Top 20

June 3, 2011 By Leave a Comment

The national media is playing up the continuing decline of real estate prices in the top 20 markets reported by the Case-Shiller Home Price Index on May 31.  That must mean prices are dropping everywhere, right?  Unfortunately for buyers who wish to continue “holding out” in the greater Wilmington area, that’s not the case.

According to the Core-Logic Home Price Index, which includes New Hanover, Brunswick and Pender Counties, prices in this area have actually increased 3.75% from a year ago. (April 2011 vs. April 2010)

Does that mean local prices are on a strong upward trend?  No.  The number of foreclosures continuing to enter the market are bound to moderate any near-term price increases.  However, it does mean that buyers who believe they understand the greater Wilmington, NC market based on what they’re hearing and seeing in the national media will be disappointed when their “low ball” offers are rejected.

That’s not to say there aren’t some excellent deals here.  There are.  If you’d like to work with a buyers’ broker who understands the local market and can help you identify the best buying opportunities contact us at 910-202-4813 or info@JustForBuyersRealty.com.

Filed Under: Real Estate Blog Tagged With: , ,

Agents for Home Buyers to Avoid

May 20, 2011 By Leave a Comment

I don’t know the agent who posted the following statement on his website.  I suspect he probably does a pretty decent job for his seller clients, but is this the guy you’d want helping you buy your house?

“Would you like to sell your home QUICKLY and maximize your chances of getting the HIGHEST PRICE?? I’m a full-time licensed professional Real Estate Broker who can effectively market and sell your home and/or help you find your next dream home.” - name withheld

This is typically the challenge for home buyers… finding an agent who is NOT trying to get the highest price possible for the sellers.  (HINT: listing agents and on-site agents are contractually obligated to seek the best terms for the seller and/or builder-developer.)  That’s why it’s important to find an exclusive buyers agent.  If you want to pay less rather than more for a house in the greater Wilmington, NC area, call Just For Buyers Realty at 910-202-4813 or email info@JustForBuyersRealty.com.

For more information about exclusive buyer agents: http://www.justforbuyersrealty.com/why-use-an-exclusive-buyers-agent/

Filed Under: Real Estate Blog Tagged With: , , , , ,

The Right Broker

May 7, 2011 By Leave a Comment

We’re in the process of finding a couple more brokers to help handle our growing number of clients.  It’s actually quite daunting because we’re searching for the one or two perfect people who unquestionably have the utmost skill and knowledge.  More important, they must possess what an old boss of mine used to refer to as a “high give-a-s%*t factor.”

It’s critical, because these are the people who will be joining our current brokers to handle YOUR real estate transaction.

The criteria is simple.  All Just For Buyers Realty brokers must:

*LOVE working with buyers.

*work in real estate full-time.  You’re expecting your agent to be at the top of his/her game.  That means s/he must be a full-time player.

*have the highest ethics.

*have the willingness to walk away from deals that would compromise a buyer.

*have formal negotiating training.  Research says you think this is the most important skill a broker can bring to a transaction.  We agree!

*have the courage to stand up for buyers if the going gets tough.

*know, in the long run, the best way to build business is by helping clients get the best price and terms possible.  It’s all about referrals!

If you know someone who meets that description, please send them our way.

If you’d prefer to work with a broker like that on your next real estate purchase, please contact us.  info@JustForBuyersRealty.com or call us at 910-202-4813.

Filed Under: Real Estate Blog Tagged With: , , ,

Greater Wilmington NC Hot Areas

May 2, 2011 By Leave a Comment

Someone recently asked me what I thought were the ”hot” real estate areas in Wilmington.  It depends on how you define “hot” areas? 

Overall, I’d say Wilmington is somewhat unique because our population has been growing at a fast enough clip that it’s actually easier to identify the areas you’d probably want to avoid.
 
Compared to the rest of New Hanover county, I think the area around and to the north/northeast of the airport as well as the east side of downtown (10th – 20th Streets) wouldn’t provide the same opportunities as most other sections of town.  At the risk of sounding like a typical Realtor, there really are few areas of Wilmington with little potential.  That having been said, there are isolated neighborhoods that don’t appear to show much promise, but they are generally small subdivisions and they are scattered throughout the county.
 
If “hot” is defined as a transitional area, I think the most promising area is 7th to 10th Streets in the downtown area.  The closer to Market Street, the better.  There was a lot of action in this area at the height of the market.  It has since cooled, but it offers the most affordable opportunities to be near downtown.
 
If “hot” is defined by the “place everyone wants to live,” that would have to be Wrightsville Beach and the historic district of downtown.
 
If “hot” is where most of the new sales are occurring, we’re talking Leland (across the river from Wilmington in Brunswick County.)  New developments such as Brunswick Forest and Compass Pointe continue to attract mostly older, upper middle class buyers from the Northeast and Mid-Atlantic states at an above average clip.
 
If “hot” is the exclusive neighborhoods, Figure Eight Island, Landfall, Bald Head Island and several pocket neighborhoods near Wrightsville Beach are on that list.
 
I suppose, by definition, a “sleeper” isn’t “hot,” but my favorite area (witnessed by the fact I live there) is the Kure Beach area.  It’s a small residential beach town with lots of charm and rarely visited by the college-age beach-goer.  (You’ll find them at Wrightsville Beach.)

Filed Under: Real Estate Blog Tagged With: , , , , , , , ,

Lots of Buyers Still Calling Listing Agents Directly

April 27, 2011 By Leave a Comment

After all these years in real estate, I’m still shocked at the number of relatively sophisticated people who willingly give up their right to have a professional protect them in a real estate transaction.  It’s even more confounding when you consider this added level of protection is usually free and without it, the buyer usually pays more and takes on additional problems than they would if they had called an exclusive buyers agent.

Time after time, I talk to people who thought nothing of calling the listing agent to get information on the house.  Next thing they know, they’ve bought a property and they did it without anyone advocating for their best interest. 

Sometimes it works out fine.  Most often, if works out OK, meaning they may have save more money or negotiated more repairs or upgrades if they had the help of an expert, but nothing terrible happens because they didn’t.  But, sometimes it’s bad and it didn’t have to be.

I’ve seen people discover all sorts of problems after the fact.  Problems ranging from environmental hazards, substantial water damage, costly financing decisions, unstable developments, to exceptionally high neighborhood fees and under-funded home owners associations that could have been spotted before they became the buyer’s responsibility.

It seems so obvious that the seller’s agent has one duty: to get the property sold at the best terms possible for the seller.  Perhaps that why I’m still so surprised when buyers decide to pass on having their own expert work on their behalf and, instead, deal directly with the listing agent.

Filed Under: Real Estate Blog