Wilmington NC Real Estate Blog

The market is still a little sluggish, but summer is here, and buyers are still looking for great deals.  Some 455,000 first-time buyers took advantage of low prices and interest rates to close transactions in the first quarter of the year, latest NAR statistical data show. Anecdotal evidence suggests the first-time buyer tax credit played a role in bringing out buyers, too. Click Here to read more.

Although some areas of the country have seen sales drop more than 50%, Wilmington NC Real Estate has been holding better than most.  The numbers for January 1 through April compared to last year are as follows…

Tags: Wilmington NC Real Estate Statistics

American Recovery and Reinvestment Act of 2009

Homebuyer Tax Credit

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

Let’s break this bill down into the essential points:

1.    REFUNDABLE

·        The Credit is an $8,000 REFUNDABLE Tax Credit (or up to 10% of the purchase price of the home).

     Refundable means that if your total tax liability in the given year is less than   

     $8,000, the IRS will send a refund for the balance.

2.    NOT JUST FOR FIRST TIME HOME BUYERS

·         You are eligible for Credit if you did not own another main home at any time during the three years prior to the date of purchase.

·         So…if the last time you owned a home was 2005, you are eligible for the credit even though it is really not your “first” home.

·         For married joint filers, both must meet the 1^st time homebuyer test to take the credit on a joint return.

3.    IF YOU ARE ON THE LIST BELOW, NO TAX CREDIT

You are NOT eligible to receive the credit if:

·         Your income, as joint filers, exceed Modified Adjusted Gross Income (MAGI) of $170,000 and other taxpayers with MAGI in excess of $95,000.

·         You buy your home from a close relative which includes your spouse, parent, grandparent, child or grandchild.

·         You stop using your home as your main home.

·         You sell your home before the end of three years.

·         You are a nonresident alien.

4.    NOT FOR FLIPPERS

·         If the home is sold prior to three years of ownership, the tax credit must be repaid.

     ·         This provision was designed to prevent flipping homes in order to get the credit.

This credit is just one of the many positive things designed to help us continue to live the American dream, but it’s a modified dream.  We’ve learned that our goals for home ownership have to modified to be smarter and safer, both financially and emotionally.

It’s smarter now than ever to consider investing in Wilmington NC real estate because home prices are at some of their lowest in recent year as are interest rates, and inventory is abundant.  We’ve hopefully realized that investing in real estate is not just about maximizing the amount of profit we can receive from the sale with no regard for common sense.  It’s the balance that counts — less greed with more thought to creating a stable home life within our financial means. 

Tags: first time buyers tax credit, stimulus package, stimulus plan, Wilmington NC Real Estate

In today’s economy and world, positive thinking is more important than ever. Just sit down in front of the t.v. or pick up a newspaper. The average American is bombarded with negative input and constant drama. It’s no wonder the economy is still slow, even at a time when mortgage rates and home prices are basement level low. I am a firm believer that positive thinking brings positive results.

Shut off the television and unplug yourself from the negativity and drama the media world has everyone addicted to just so their ratings stay high. They are in business to make money, and they know people are addicted to drama so they make their money making sure you are glued to the news. Think positive and good things will happen! Here are a few of my favorite positive thinking quotes.

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
Winston Churchill

“The positive thinker sees the invisible, feels the intangible, and achieves the impossible.”

“Once you replace negative thoughts with positive ones, you’ll start having positive results.”

(This is one of my favorites) “For myself I am an optimist – it does not seem to be much use being anything else”

(Another valuable one) “Instead of thinking about what you’re missing, try thinking about what you have that everyone else is missing.”

And finally… “These then are my last words to you. Be not afraid of life. Believe that life is worth living and your belief will help create the fact.”

Spring is just around the corner! Looks like another few days of 70 degrees in the awesome little coastal town of Wilmington. Rates are down and so are prices which is great for the home buyer looking to make a move or just a smart investment. And guess what? People are doing just that. Last month I did a search for Wilmington NC Foreclosures in the MLS and found over 70 homes between 80,000 and 300,000. I did the same search yesterday and found only 16!! There is some buying going on which is great for our economy! Now only if the banks would catch on to smart actions and keep the rates down where they should be we could all benefit.  The Azaleas are about to bloom!

Wilmington NC Real Estate Blog Azaleas

There is a hidden gem off of Highway 17 South that we recently discovered on a road trip.  It is called Lake Waccamaw, and is worth checking out if you like a quaint little lake area that has charm and lots of outdoor activities.

“The cool, tea-colored waters at first appear similar to other lakes in the area, but Lake Waccamaw is one of the most unique bodies of water in the world. You will find here species of animals found nowhere else on the planet, rare plants and endangered animals.

At Lake Waccamaw, you can view one of the greatest geological mysteries of the eastern United States—the phenomenon of Carolina bays. Limestone bluffs along the north shore neutralize Lake Waccamaw’s water, making the lake different from any other Carolina Bay. Nearby, you can catch a glimpse of a botanical wonder—the Green Swamp.” (NC Parks)

If you are looking for property there, check out Lake Waccamaw Real Estate. The lake is only 1 hour away from Wilmington and a quick 1 hour trip to Myrtle Beach.

Buyers, buyers, buyers!! Now is the time! Despite all of the doomsday publications and drama the news stations want to feed you, now is the time to buy! Wilmington was recently named the number 6 Real Estate market in the country at the close of 2008. We continue to be a good choice for purchasing a home and an even better place to live!

Now is the time to buy! There are deals everywhere, and opportunites that plenty of people are jumping on. Within the past 30 days I’ve actually been in 2 competing offer situations on Wilmington NC foreclosures. Both times the properties ended up going for full asking price or close to it. Why? Because they were good deals. Web traffic is up from this time last year, buyers are out there making good investments and if you were waiting on a good time to buy, now is the time!

Welcome to our new blog! We at Coastal Carolina Properties feel it is crucial to keep you updated with all of the latest Wilmington NC Real Estate happenings. All of us here are working hard and diligently to stay on top of the the market in the current economy.  We want to help you make the best possible decisions during your real estate transactions! Please keep checking back regularly on different subjects, such as Wilmington NC Foreclosures, changing Mortgage rates and anything else that is related to Real Estate!