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Real Estate Trends: Why it is a Great Idea to Buy a Home in Wilmington NC
One of the most commonly asked questions when it comes to Wilmington real estate is whether it is better to rent or to buy a home. Of course it all depends on your real estate goals and your financial ability, but if you can afford to buy a home you should absolutely do it, and here is why:
• Interest rates are only going to keep rising, Although the Wilmington real estate market is strong, rising interest rates have a major effect on housing and the overall affordability of owning a home. so if you lock down a deal right now you will have done well for yourself.
• Lenders are more cooperative now. After the economy crashed lenders were reluctant, and only those with near perfect credit scores were able to get loans. However, today things are more relaxed, and you can easily get a loan to buy a home in Wilmington.
• Real estate values in Wilmington are on the rise, so this makes it the perfect time to buy a home. Whether you are looking for a primary residence or a second home, you can be sure that you will sell it at and make a neat profit in the future.
• The economy is on the mend. People are now earning more, which means that the real estate market is only going to get better. If you wait too long before you buy a home you will pay more.
• Sellers have become more realistic. In the past you would find sellers asking for large sums for small properties. Today, home prices are more indicative of real value than ego.
• Wilmington is a great city to live in. if you buy right you will enjoy a great neighborhood, great people, good entertainment and lots more.
Tips for snagging a great home in Wilmington NC
Yes, you want to buy a home, but you don’t want to buy just any home. If you want to get one that you will love living in there are certain things that you need to do. The first is to define your real estate goals.
What kind of a home do you want to live in?
How many bedrooms and bathrooms do you want?
How big should your kitchen be?
Deciding on all these things helps you come up with a budget. You should look into your income realistically to determine what you can and cannot afford – too often people take on mortgages only to give them up because they cannot afford them. It is better to buy a smaller home that you can comfortably pay for, than to buy a big one that will stress you financially.
Make sure that you have a great real estate agent on board. Buying a home is a complicated process and although you may be tempted to go it alone and save some money you shouldn’t – even one mistake can end up costing you a lot. Find yourself a real estate agent who is familiar with the area where you plan to buy and who has experience and smarts. Make sure they set you up on a property search that will email you all of the active listings.
Choosing the right agent is important — but generally wont cost you a penny. Real estate agents are paid out of the commission from the seller! This means that you can pick the BEST real estate agent in North Carolina and pay the same amount as using a rookie agent….ZERO.