Laney Real Estate Co. Serving Wilmington NC Real Estate

More Renters Say They Want to Own, Survey Finds

2013-07-26T16:45:00.001-04:00

The majority of renters say home ownership is one of their highest priorities for their future, and more renters are saying they want to buy soon, according to the 2013 National Housing Pulse Survey, conducted by the National Association of REALTORS®. Renters are showing stronger desires for home ownership compared to recent years, according to the survey.

The survey found that 80 percent of the 2,000 Americans surveyed say they believe buying a home is a good financial decision. Sixty-eight percent said now is a good time to buy a home, too.

Their main motivations to home ownership: Building equity, wanting a stable and safe environment, and the freedom to choose where to live, the survey found.

Meanwhile, the main obstacles to home ownership have remained the same over the years: saving for the down payment, closing costs, low wages, and student loan debt.

More Renters Say They Want to Own, Survey Finds

5 Home Inspection Red Flags

2013-07-22T13:16:00.001-04:00

Home inspection is a buyer’s opportunity to see if any problems lurk that may prove expensive to fix later. Home inspections nearly always uncover something in a home to watch for or minor repairs needed. But what repairs should buyers especially be alarmed about that could possibly send them back to the negotiation table? Tom Kraeutler of The Money Pit, a nationally syndicated radio show on home improvement, points out some of the following home inspection red flags:

Termites and pests: The sooner termites are detected, and steps can be taken to get rid of them, the better.
Drainage issues: A home that has poor drainage can have wood rot and wet basements and crawlspaces, which can then lead to major mold growth.

Mold: Pervasive mold growth may indicate an issue with improper ventilation issues and can also cause health issues to those living in the home.

Faulty foundations: A cracked or crumbling foundation could be a very expensive repair.
Wiring issues: Outdated wiring or overloaded circuits can pose a fire hazard.
Source: “8 Home Inspection Red Flags,” AOL Real Estate (July 19, 2013)

5 Home Inspection Red Flags

No Need to Fear Rising Mortgage Rates

2013-07-19T15:53:00.001-04:00

History shows us that we don’t need to fear the recent spikes in mortgage rates because they won’t have an impact on home prices, according to Fannie Mae researchers in a new report.

Fannie Mae evaluated the trajectory of mortgage rates since 1990. Over the years, researchers have found that rising rates don’t hamper home sales and have no impact on home prices.

"History suggests that interest rate increases at the level recently witnessed will not stop the current housing recovery," the report notes.

For example, the study found that from October 1993 to December 1994, mortgage rates rose from 6.8 percent to 9.2 percent. However, home prices leveled off and then only dropped slightly during that time.

From October 1998 to May 2000, mortgage rates soared from 6.7 percent to 8.5 percent and there was no impact found on home prices during that period, according to Fannie Mae.

"What we see through the ups and downs of rate changes is that sellers are reluctant to lower prices," Mark Palim, who led the Fannie Mae study, told CNNMoney.

Source: “Higher mortgage rates won't hurt recovery, Fannie finds,” CNNMoney (July 18, 2013)

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No Need to Fear Rising Mortgage Rates

Pending Sales at Strongest Pace Since 2006

2013-06-27T12:14:00.001-04:00

Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2. Contract activity is at its strongest pace since December 2006, when it reached 112.8. Also, pending sales have been above year-ago levels for the past 25 months.

Lawrence Yun, NAR chief economist, said there may be a fence-jumping effect. “Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” he said. “This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.”

Regionally, the index went unchaged in the Northeast, but is 14.3 percent above a year ago. In the Midwest, it jumped 10.2 percent to 115.5 in May and is 22.2 percent higher than May 2012. Pending home sales in the South rose 2.8 percent and 16 percent in the West.

Source: NAR

The Home Gym: A New Gathering Hub

2013-06-19T11:04:00.001-04:00

The Home Gym: A New Gathering Hub

Help buyers and sellers evaluate their home fitness needs with this guide to workout space design.

Sure, home gyms are great for avoiding driving to a club and paying membership fees. But there’s another motivation behind the transformation of basements, garages, and spare bedrooms into home fitness centers: They’ve become a way to gather family members for healthy activity that everyone can enjoy.

The Home Gym: A New Gathering Hub

Best Time to Sell? More Americans Say 'Yes'

2013-04-26T13:23:00.001-04:00

Seller confidence is surging: The number of home sellers who say now is a good time to sell doubled in the second quarter, according to a new survey of nearly 2,000 owners conducted by real estate brokerage Redfin. In the first quarter of 2013, 22 percent surveyed said it was a good time to sell compared to 45 percent in the second quarter.

Nearly 32 percent of home owners surveyed said they have no concerns about selling right now. Eighty-five percent of sellers say they believe home prices will rise in their area for the next year — up from 81 percent in the first quarter, according to the survey.

Full Article:Best Time to Sell? More Americans Say 'Yes'

Home prices increases in 1Q for most Wilmington areas

2013-04-26T09:03:00.001-04:00

The average selling price for a residence was up in five of the six major zip codes in the Wilmington area during the first quarter of the year, according to a report released this week by the Wilmington Regional Association of Realtors.

The report, which tracks residential sales in the 28403, 28405, 28409, 28411, 28412 and 28451 zip codes in the Wilmington Multiple Listing Service (MLS), showed a 6 percent increase in the average list price for a home.

The average list price for all sold properties throughout the six zip code-area was $234,489 in the quarter, according to the report.

Full Article: Home prices increases in 1Q for most Wilmington areas

4 Reasons Your Listing Might Not Be Selling

2013-03-13T16:02:00.001-04:00

Here are four common reasons listings don’t sell in a timely manner, according to the MSN survey:

Unreasonable price
Bad decor: Loud patterns, bold colors, and dated decor styles
Strange or dated floorplans
Awful photos

Full Story: 4 Reasons Your Listing Might Not Be Selling

88% of U.S. Cities See Housing Price Gains

2013-02-12T14:50:00.001-05:00

As the housing recovery broadened in the fourth quarter of 2012, the National Association of REALTORS® reports that prices for single-family homes rose in nearly 88 percent of U.S. cities.

According to the report, the median sales price rose on an annual basis in 133 of 152 metro areas tracked. In the July-through-September period, by comparison, just 120 areas had registered gains.

Researchers cite low interest rates coupled with an improving job market as the main reasons for the higher home prices. Those two factors combined have fueled demand for a tightening supply of listings.

According to NAR, the national median price for an existing single-family home was $178,900 in the last three months of 2012 — a 10 percent increase from the fourth quarter a year prior and the biggest gain since 2005.

Here's a look at the top-performing metro areas:

Phoenix: Prices soared 34 percent from the fourth quarter of 2011
Detroit: Prices rose 31 percent
San Francisco: Prices rose 28 percent
Cape Coral, Fla.: Prices rose 26 percent

The Kingston, N.Y., area had the biggest decline in the NAR report — down 7.9 percent in the quarter — followed by Kankakee, Ill., with an 7 percent drop.

Source: "Home Prices Increase in Most Metro Areas" Fort Worth Star-Telegram (02/12/13)

The Best Industry to Work in? Real Estate

2013-02-05T16:38:00.001-05:00

The Best Industry to Work in? Real Estate

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 01, 2013

Real estate is the best industry to work in nationwide, according to the 2013 Top National Workplaces rankings by WorkplaceDynamics.

Despite real estate professionals facing a “down market for the past five years, they continue to love their jobs and the companies they work for,” according to a press release announcing the results. “REALTORS® and others working in the real estate industry appreciate that they have a great deal of control over their own destiny, a strong connection to their work, and a sense of personal accomplishment each and every day. All of which led them to highly rank their workplaces.”

The survey was conducted with 30 major newspapers across the country. It polled 1 million employees from 872 companies in generating a list of top workplaces in America. Rankings are based on employee responses to survey questions.

The Best Industry to Work in? Real Estate

What's the Best Season for Home Buying?

2013-01-31T15:24:00.001-05:00

After the holidays, buyers tend to start getting more aggressive with their house hunting. Search activity usually peaks around March or April in most states, according to a new study of home searches from 2007 to 2012 conducted by Trulia.

In September, searches slow down. By December buyer searches ebb to their lowest point of the year.

“Home-search activity swings with the seasons in every state,” says Jed Kolko, chief economist of Trulia. “Buyers and sellers can use these ups and downs to their advantage. Sellers looking for the most buyers should list when real estate search traffic peaks. Buyers, however, should think about searching off-season, when there is less competition from other searchers.”

The study revealed seasonal patterns of search activity state to state. Here are the months when online real estate searches peak in every U.S. state:

January: Hawaii
February: Florida
March: Arizona, California, Delaware, Georgia, Idaho, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Pennsylvania, Virginia, Washington
April: Colorado, Connecticut, District of Columbia, Illinois, Indiana, Kansas, Minnesota, New York, North Dakota, South Dakota, Utah, West Virginia, Wisconsin
May: Real estate activity does not peak in any state
June: Mississippi
July: Alabama, Alaska, Arkansas, Louisiana, Maine, New Hampshire, New Jersey, New Mexico, North Carolina, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Wyoming
August: Montana and Oregon
September-December: Real estate activity does not peak in any state

Source: “Trulia Reveals Best Home-Searching Season,” HousingWire (Jan. 29, 2013)

6 Must-Haves for Women in Home Shopping

2013-01-31T15:21:00.001-05:00

Women are a big part of the housing market and often times the decision-makers when it comes to the design of the home. Consequently, more real estate professionals, designers, and marketers are taking notice of women’s home preferences.

What do women want in a home? Consumer research experts from Coldwell Banker Real Estate, John Burns Real Estate, and others weigh in to women’s home preferences in a recent article at MSN:

Big closets
A great kitchen: That entails “big open kitchens that include space for dining, entertaining, doing homework, using computers, watching TV, and hanging out together,” the article says.
Great location: Women usually care more about location and less about the size, says Mollie Carmichael, consumer research expert at John Burns Real Estate Consulting.
A comfortable place for socializing: It could be a kitchen island or counter, a comfortable den, or a corner with some chairs and sofa in front of a fireplace.
Low maintenance, such as “no-paint exterior siding, no-fuss landscaping, and homes that are new or recently renovated,” according to MSN
A two-car garage

Source: “11 Things Woman Want in a Home,” MSN (January 2013)

Do Real Estate Prices Influence Super Bowl Appearances?

2013-01-31T11:51:00.000-05:00

Super Bowl Appearances vs. Real Estate Prices

Report: The States People Are Most Moving To, From

2013-01-31T11:11:00.001-05:00

Report: The States People Are Most Moving To, From

DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 30, 2013

The place with the highest number of people moving in rather than leaving: Washington, D.C., according to a new report by the moving company United Van Lines.

“Corporations have been steadily expanding in Washington, as more companies -- especially defense contractors, banks, pharmaceuticals and health care providers -- open branch offices to be closer to the federal government, which is the source of much of their revenues,” CNNMoney reports about the study.

Here are the top five areas that had the highest number of people moving in last year, according to United’s study:

Washington, D.C.
Oregon
Nevada
North Carolina
South Carolina

On the other hand, the states that had the highest number of people leaving -- that is, the most moves out -- are:

New Jersey
Illinois
West Virginia
New York
New Mexico

Meanwhile, internationally, Germany was the top spot for Americans to move to abroad, followed by the United Kingdom. Many of the moves from the United States to Germany were U.S. military-related moves, according to United.

Of foreigners migrating to the United States, the most were likely to arrive from the United Kingdom, followed by Germany and Australia.

"[The] international migration study offers a unique perspective into what is happening with overall migration patterns to and from the U.S.," says Rich McClure, CEO of UniGroup Relocation, United's parent company. A majority of United’s international moves are corporate relocations.

Source: “Where Americans Are Moving to - and From,” CNNMoney (Jan. 29, 2013)

6 Reasons Why This Winter Is a Great Time to Sell

2013-01-23T15:05:00.001-05:00

6 Reasons Why This Winter Is a Great Time to Sell

DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 23, 2013

Forget the myth that winter is a bad time to sell real estate. While sales usually inch lower in the cooler months, some real estate pros are saying this winter in particular may be a great time to sell a home.

Here’s why:

1. Mortgage rates are near record-breaking lows.

2. Home prices are starting to rebound in many markets across the country. The National Association of REALTORS® reported that home prices in December were 11.5 percent higher than a year earlier.

3. Homes still remain a good deal: Prices are rising but remain mostly below 2007 highs, and in many areas, the cost of buying is cheaper than renting.

4. Distressed homes that typically sell at big discounts -- up to 20 percent off -- are still widely available. Short sales and foreclosures accounted for 22 percent of all existing home sales in November.

5. Household demographic changes: Many buyers used to want to wait until the end of a school year before moving, but households are changing and moving schedules are less tied to school terms. That’s because households with children are making up a smaller part of the mix nowadays. According to William Frey with the Brookings Institution, 80 percent of all households in the U.S. do not include children. has declined.

6. Household formation is growing. “Many people who ran into tough economic times several years ago are again looking at real estate ownership,” says Wendy Forsythe, executive vice president with Atlantic & Pacific Real Estate. “Enough time has passed so that many of these individuals have re-built credit, built up their savings and now qualify for FHA, VA and conventional financing.”

Source: “Does Real Estate Really Sell in the Winter?” Reuters (Jan. 22, 2013)

6 Reasons Why This Winter Is a Great Time to Sell

U.S. Ranked One of Most Affordable Worldwide Housing Markets

2013-01-22T16:51:00.001-05:00

Detroit topped the list for the most affordable housing market in the world, according to the Demographia International Housing Affordability Survey, which analyzed housing prices in 227 metro markets worldwide.

Detroit has faced economic hardship with a big population loss from 1.8 million to 714,000 in the last 60 years. However, it is faring better: Suburban and exurban areas added 2.2 million, according to the survey.

The U.S. had many of the most affordable markets that topped the housing affordability list. Other affordable markets included Atlanta, Cincinnati, Rochester, and St. Louis.

On the other end of the spectrum, Hong Kong remained the priciest housing market in the world. Other least affordable markets with a population over 1 million included: Vancouver; Sydney; San Jose, Calif.; San Francisco and London. In all, six major markets in the U.S. were rated as “severely unaffordable”: San Jose, San Francisco, San Diego, Los Angeles, and New York.

Overall, “the principal driver of unaffordable housing relative to median incomes is failure to maintain a ‘competitive land supply,’” according to the survey.

Source: “Demographic and Economic Challenges: The 9th Annual Demographia International Housing Affordability Survey,” New Geography (Jan. 21, 2013)

U.S. Ranked One of Most Affordable Worldwide Housing Markets

Mortgage Rates Mostly Hold Steady This Week

2013-01-18T14:37:00.001-05:00

Mortgage Rates Mostly Hold Steady This Week

DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 18, 2013Mortgage rates mostly remain unchanged this week from last week, staying low and keeping home buyer affordability high, Freddie Mac reports in its mortgage market survey.

"Mortgage rates were flat to down a little this week amid reports that inflation remains contained,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 17:

30-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.7 point, dropping from last week’s 3.40 average. A year ago at this time, 30-year rates averaged 3.88 percent. The record low for 30-year rates is 3.31 percent, set on Nov. 21, 2012.
15-year fixed-rate mortgages: averaged 2.66 percent, with an average 0.7 point, holding the same as last week. Last year at this time, 15-year rates averaged 3.17 percent.
5-year adjustable-rate mortgages: averaged 2.67 percent, with an average 0.6 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.82 percent.
1-year ARMs: averaged 2.57 percent, with an average 0.4 point, dropping from last week’s 2.60 percent average. Last year at this time, 1-year ARMs averaged 2.74 percent.

Source: Freddie Mac
Mortgage Rates Mostly Hold Steady This Week

Bernanke: QE Keeping Mortgage Rates Low

2013-01-15T13:28:00.001-05:00

Bernanke: QE Keeping Mortgage Rates Low

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 15, 2013

The Fed’s Quantitative Easing program, dubbed QE, is reducing mortgage rates to a “credibly low” level, Federal Reserve Chairman Ben Bernanke said during a speech at University of Michigan.

The Fed has vowed to buy up mortgage-backed securities at $40 billion per month to keep interest rates low until the job market improves.

"Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative," according to a Federal Open Market Committee report.

With low mortgage rates, home owners and buyers are unlocking big savings in financing a home purchase. For example, Tim Iacano of Iacano Research explained in a recent TIME magazine article how big of difference low rates are making in boosting home buyers’ purchasing power. He notes that a buyer could purchase a house worth $280,000 and have a $1,100 per month mortgage payment if he’s able to get a low mortgage rate of 3.3 percent.

“Even if mortgage rates moved back up to their 20-year average rate of 6.5 percent (what many thought were simply unbelievable rates when they first dropped that low last decade), that same $1,100 mortgage payment would finance a home purchase of just $193,000, not the current $279,000,” Iacano notes. “The difference between these two prices is nearly 50 percent!”

Source: “Bernanke: QE Successfully Brings Down Mortgage Rates,” HousingWire (Jan. 14, 2013) and “Is the Housing Market Just an Illusion Created by the Federal Reserve?” TIME (Dec. 7, 2012)Bernanke: QE Keeping Mortgage Rates Low

6 Traits Buyers Desire in Their Agents

2013-01-14T13:24:00.001-05:00

6 Traits Buyers Desire in Their Agents

DAILY REAL ESTATE NEWS | MONDAY, JANUARY 14, 2013

Home buyers have plenty of information available at their fingertips. They’re educated and savvy when it comes to real estate. So why are they turning to you? Amy Chorew, the vice president of platform development at Better Homes & Gardens Real Estate, identifies six traits that home buyers most desire from their real estate agents in today’s market.

6 Traits Buyers Desire in Their Agents

Source: “What Today’s Homebuyer Wants (and How You Can Give it to Them),” Better Homes and Gardens Real Estate (January 2013)

Mortgage applications rise 11.7% | HousingWire

2013-01-09T10:51:00.001-05:00

Mortgage applications rise 11.7%
The average contract interest rate for the 30-year, FRM with a conforming loan balance increased to 3.61% from 3.52%, while the average 30-year FRM with a jumbo balance edged up to 3.78% from 3.75%.

Mortgage applications rise 11.7% | HousingWire

NHC permitting highlights housing rebound

2013-01-07T16:52:00.001-05:00

New Hanover County’s construction sector finished strong for the year in December, particularly with new single-family housing starts.

The county issued 601 permits for new single-family construction in 2012 – exceeding 2011’s total of 421 permits for new single-family construction and signaling a housing rebound for the county.

According a report recently released on construction permits by the New Hanover County Development Services Department, 47 new single-family permits were issued last month – the same as a year earlier – for a total valuation of $12.7 million.

It was the most new single-family housing permits issued by the county’s development services department for new home construction since December 2006 when 80 permits were vetted. In December 2007, as the region’s housing sector began cooling, New Hanover County issued 17 permits for new single-family construction.

In all, New Hanover County officials issued 1,282 permits in December – also the same total of permits issued in December 2011.

The largest project permitted in December was for Wilmington-based Live Oak Bank’s $8.4 million, 36,000-square-foot headquarters at 1741 Tiburon Drive in Tiburon Parc – a 105-acre mixed-use development between Independence and Shipyard boulevards.

While the number of permits remained unchanged last month from a year earlier, construction spending slightly increased.

More than $27.8 million in construction investment was recorded last month – a more than 4 percent increase from $26.6 million recorded December 2011, according to the county report.

In November, county officials issued 1,484 permits, representing more than $25.9 million in construction investment.

NHC permitting highlights housing rebound

8 Kitchen Trends to Watch in 2013

2013-01-07T12:50:00.001-05:00

8 Kitchen Trends to Watch in 2013

On January 7, 2013, in Home Trends, by Melissa Tracey
Kitchens are a popular spot that home shoppers judge in a home. So what are the trends in the kitchen for 2013? HomeThangs.com, a home improvement superstore, offers up some of the following kitchen design predictions for the New Year:

8 Kitchen Trends to Watch in 2013

Real Estate Searches Up 253%

2013-01-07T12:45:00.001-05:00

Real Estate Searches Up 253%
Learn how today's buyers approach online house hunting, according to a joint study from the National Association of REALTORS® and Google.

he study uncovered these trends in buyers who search for homes online:

In the beginning of their search, buyers rely on search engines, moving toward maps in the middle of the process, and engaging mobile applications most toward the end of their search.
First-time buyers frequently searched terms such as “FHA loan,” “FHA,” “home grants,” “home loan,” and “home buyer assistance.” Last year, more than four out of 10 first-time buyers purchased their homes with a Federal Housing Administration-insured mortgage.
The five states with the highest number of online queries from people presumed to be first-time buyers were Delaware, Louisiana, Mississippi, South Dakota, and Wyoming.
Queries related to retirement homes were highest in Nebraska, North Carolina, Oregon, Virginia, and Washington.
For vacation home searches, the top five states were Florida, Ohio, Oregon, South Carolina, and South Dakota.
Searches on numbers of bedrooms/bathrooms, square footage, garages, HVAC systems, and swimming pools accounted for 70 percent of all searched features on REALTOR.com.
Of those who used a mobile device in their home search, 48 percent did so to get directions to homes for sale, and 45 percent used the device to request more information about home features or real estate services.

Real Estate Searches Up 253%

Source: REALTOR.com

349,000 | 1401 Burnett Road, Wilmington, NC 28409 | Beds: 3 | Baths: 2/0 | LotSize: 0.55

2013-01-04T14:42:00.001-05:00

NEW LISTING
349,000 | 1401 Burnett Road, Wilmington, NC 28409 | Beds: 3 | Baths: 2/0 | LotSize: 0.55:
This Home Sits On A Double Lot And The Possibilities Are Too Many To Name. Plenty of Views of The Icww And The Potential To Build Up For Ocean Views.3 Bedroom 2 Bath Home-Watch The Boats Go By Sitting On Your Covered Front Porch Which Is 7X58-Back Deck With Views 10X36-Excellent Location- Fish, Kayak, Canoe, Or Sun At Your Community Water Access-Come See!!

Poll: Number of Renters Who Want to Own Skyrockets

2013-01-03T11:56:00.001-05:00

The number of renters who plan to become home owners took a big leap in the past year, according to a survey by the PulteGroup of 506 renters. About six in 10 of the renters polled plan to purchase a home in the next two years.

"We're definitely seeing a renewed sense of optimism," says Jacque Petroulakis, a PulteGroup spokeswoman.

In a separate study by Trulia that also showed a big increase in renters who intend to buy, renters cited the top three reasons why they want to purchase a home:

49 percent say they like being able to call themselves home owners.
44 percent say they view home ownership as a good financial investment.
36 percent say they need more space for their family and children.

Source: “Renters Looking to Own Are Ready to Buy, PulteGroup Survey Says,” AOL Real Estate (Jan. 2, 2012)

Poll: Number of Renters Who Want to Own Skyrockets