The Henry M Real Estate Podcast

Merry Christmas and Happy New Year

'henrym@remax.net" (Henry McEachern) — Tue, 20 Dec 2016 12:43:00 -0800

On the eve of 2016, I want to wish you a very Merry Christmas and a Happy New Year. I hope to see you again in 2017!

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Today, I wanted to take a moment to wish you a very Merry Christmas and a Happy New Year. It’s hard to believe that 2016 is almost finished. Time is flying by, and 2017 is right around the corner.

Whether you’re a client or a friend, I want to thank you for making 2016 so special. It’s my privilege to help you buy or sell a home and do the same for one of your referrals.

This week, I hope you take the opportunity to spend time with your family and relax. I know I certainly will. I look forward to seeing you in 2017!

Crawl Spaces - the Problem You Didn’t Know You Had

'henrym@remax.net" (Henry McEachern) — Thu, 18 Aug 2016 08:46:00 -0700

It’s important that you know all about your crawl space when you’re getting ready to sell your home. This has been a hot-button issue lately with many transactions we’ve seen so far this year. More and more, home inspectors are finding issues under people’s crawl spaces - the area between the ground and the first floor of the house. If your house doesn’t have a basement, this is likely where the heating and air systems are installed.

Any problems that arise from crawl spaces will be due to two factors: humidity and moisture. The confluence of humid air seeping in under the crawl space vents and mixing with the cold air running through the ductwork creates a sweating effect. This sweating creates moisture that clings to the wood framing. Over time, under the right conditions, wood-destroying fungi, mold, and mildew can eat into the wood and compromise structural integrity.

Take action now and save yourself a future headache.

In our area, this process can be delayed because we have a wintertime season to quell the humidity. Next summer, however, the cycle starts all over again. If you’re already under contract and have negotiated the price of the house, the last thing you need is the home inspector finding a problem you never even knew you had.

If you have a vapor barrier on top of the dirt covering the ground area under your home, that should prevent the ground moisture from evaporating onto your wood joists. Another remedy is sealing the crawlspace vents and installing a dehumidifier.

A lot of home inspectors are also recommending that you hire a crawl space company to specifically examine your crawl space so that they can recommend a solution. Of course, this can cost anywhere from $1,800 to as much as $6,000, depending on the size of the crawlspace, but it will be worth the precaution.

Just because you don’t see it doesn’t mean it can’t affect you. If you’re thinking about selling your house, take action now and save yourself a future headache.

If you have any further questions regarding this topic, please don’t hesitate to give me a call or shoot me an email. I’d be glad to help you.

What the June Wilmington Market Means for You

'henrym@remax.net" (Henry McEachern) — Mon, 1 Aug 2016 11:26:00 -0700

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I wanted to give you a quick update on the state of the Wilmington market, it being the middle of the summer with things heating up.

Spring was a great, busy season and summer has seen no change. Compared to last June, we sold 15% more properties this June. The average sales price rose about 3% in that same period. Median home sale price (half sold above this price, half sold below) rose $6,500 year over year as well.

It's a good indicator of where prices are going and where sellers are really able to increase the sales price of a home.

Days on market is dropping as well, and that's a good thing. Last year the average days a home spent on the market was 104 days, and this year that number sped up to 96 days, or just over three months. That right there tells you that homes are selling very quickly.

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Looking at this year compared to last, it's a great time to sell.

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The caveat to this is that the higher the price point you get into, the higher the average number of days a home spends on the market. Homes priced $300,000 and less are not sitting on the market for long; we're seeing multiple offers, sometimes within a week. Things are really moving in that price range.

Compared to last year when we saw 1,010 listings, this year we saw 1,034. A few more properties have been listed - historically this is a busier time of the year. In short, it's still a great time to be selling a home.

If you've been thinking about buying or selling a home, your time may be running out. Give me a call for a free consultation and let's talk about achieving your goals soon.

How to Spend Wisely in Wilmington

'henrym@remax.net" (Henry McEachern) — Wed, 9 Dec 2015 09:44:00 -0800

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The value of credit goes a long way. By now, most people understand how your spending habits affect your credit and your overall financial standing. This deeply affects people wanting to buy a home!

You should always be careful with your spending habits. Credit report agencies pay close attention to your habits, which affects how lenders analyze these reports.

To approve a loan, a bank will review your payment history in addition to debt and income ratios. Lenders will go way back in your history to approve a loan, including any major or minor spots on your credit report. That’s why you should be extra cautious during the holiday season; it’s easy to get into new debt while shopping.

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YOU SHOULD ALWAYS BE CAREFUL WITH YOUR SPENDING HABITS.

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Mortgage lenders will examine your eligibility based upon 10% new debt, 10% types of credit you have, 35% payment history, 15% length of credit history, and 30% debt-to-income ratio. It’s important to look ahead and stay conscious of your spending, you never know when you will want to invest or buy a home. Set a solid ground for strong credit for the future.

The bottom line: pay close attention to your spending this holiday season and keep a close eye on your payments being on time.

If you’re thinking about buying or selling a home this holiday season, give me a call or email today. I’d be happy to serve your real estate needs in the Wilmington area!

Is It Too Late to Sell Your Wilmington Home?

'henrym@remax.net" (Henry McEachern) — Fri, 30 Oct 2015 09:06:00 -0700

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As we start heading into late fall and early winter, many sellers ask, "Is this a good time to sell? Or should we wait until January?" Actually, now is a great time to sell.

First, there is less competition this time of year. The common idea is that it's better to sell during the spring. While there are many buyers out in the spring, there are also more homes on the market. With less competition, you can usually hold your sales price higher than you could in the spring.

Secondly, prospective buyers in the spring are seriously motivated. They don't have as much time to wait and think about things. These highly-motivated buyers lead to more successful sales in the fall and winter.

Don't believe the people who say that the market stops during colder months. We sell homes all year. If you have any questions, give us a call or send us an email. We would be happy to help you!

How Can You Stage on a Budget?

'henrym@remax.net" (Henry McEachern) — Mon, 31 Aug 2015 12:31:00 -0700

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If you are looking to sell your home, your goal is to get the most money possible in the shortest amount of time. One of the best ways to add value and appeal to your home is through home staging. There are a lot of options for how you want to go about it. You could hire a professional staging company, but that comes with a hefty price tag. Most of the time, a few simple fixes is all it takes to transform a living room.

Today, I want to share a video from HGTV that can help you stage your home when you go to sell. Tiffany Brooks recommends her favorite inexpensive home staging tips for you. We hope these will help you save both time and money when it comes time to sell your home.

A fresh coat of paint is always a good idea. Neutral, warm colors work best for highlighting the natural light in your home. This will make it easier to punch up the room with some colorful accessories and pull everything together.

A common design problem facing many homeowners is that they have no real entry way, as their front door opens up to the living room. To fix this, you can add a table, some lighting, and a rug to "fake a foyer" and make it feel like the living room and entryway are two different spaces.

A patterned rug, some pillows, or bright curtains add a ton of texture and an eclectic layer to the space, which is essential to a well-designed room.

In some cases, a "make-under" is just what you need. In the case of most fireplaces, taking some accessories and clutter away enhances the look and feel of the room greatly.

You could spend well over a few thousand dollars with a staging company, or you could do these fixes yourself for around $500. That's a small investment considering the value that you add to your home by adding those pieces.

If you have any questions for us about staging your home or anything else real estate related, give me a call or send over a quick email. I'm always here to help, and would love to hear from you!

The Most Important Part of Renovating Your Wilmington Home

'henrym@remax.net" (Henry McEachern) — Mon, 10 Aug 2015 13:32:00 -0700

Plan Ahead When Renovating

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Today, I want to share a video from HGTV to discuss how you can plan ahead when it comes to home renovations. Renovating your home can be an exciting process, but it's important that you don't get ahead of yourself. You can't just go willy-nilly into a major project and expect it to go perfectly. Planning properly for these types of projects can assure a smooth project, and one that may even cost less!

HGTV’s Amy Matthews recommends making a very detailed timeline of your project, including potential things that could go awry and making backup plans in order to prevent these things from happening. Putting your plan onto paper is a good way to start this process.

Another major step is choosing a good team of contractors that you can communicate with. If they don't know what you want done, they can't do it.

Just remember, there is no such thing as too much planning! If you plan on renovating your Wilmington home, please contact us. We know great contractors and could also give you advice on what projects will bring you the highest return on your investment.

We look forward to hearing from you!

How we helped Richard transition into his new home by going above and beyond

'henrym@remax.net" (Henry McEachern) — Wed, 5 Aug 2015 09:44:00 -0700

“Oh man, I could talk for hours on this! This guy is fully focused on serving people, and way beyond anything I’ve ever experienced before. I would never think of using any other realtor besides him.”

How we helped Barry purchase a home by listening to his needs

'henrym@remax.net" (Henry McEachern) — Wed, 5 Aug 2015 09:42:00 -0700

“I have to put Henry as the #1 agent I’ve ever worked with. If you’re trying to sell a property, he wants to make sure he’s getting you the best possible value he can. If you’re looking to buy a property, he’s your staunchest ally in helping you negotiate the best deal on your behalf. I can’t say enough good things about him.”

How we helped Lance with his real estate transactions during a difficult time

'henrym@remax.net" (Henry McEachern) — Wed, 5 Aug 2015 09:40:00 -0700

“Henry has helped us in real estate transactions from the sale of my mother’s property after she passed, to a rental property most recently. He’s helped us several times over the past few years, and he’s been absolutely excellent to work with. He’s the first person I think of before I’m going to look at any real estate.”

Update on Interest Rates for Home Buyers in Wilmington

'henrym@remax.net" (Henry McEachern) — Tue, 16 Jun 2015 07:38:00 -0700

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Today I'm with Lourdes Best of Gateway Bank Mortgage and she is here to educate us on what is happening in the mortgage market. She's handled quite a few loans for our clients and she really has a good idea of what is happening with interest rates.

Overall, interest rates are still very low, so now is still a good time to purchase a home. However, documentation for loans has changed a little bit. In today's market, we need more information in order for you to get your loan. We're talking about pay stubs, tax forms, credit history, etc. After the market crashed, most lenders require more information before they approve your loan.

For people borrowing over $417,000 you will need a jumbo loan, and interest rates for these kinds of loans are just about the same as regular loans. Loan requirements for these types of loans are pretty stringent, and they will likely require 20% down.

Another thing to know is that it is much more ideal to be pre-approved, rather than pre-qualified. A pre-approval is more extensive and this is really what lenders and sellers would like to see when you put an offer down on a home. Also, when you're pre-approved for a mortgage loan, you know what kind of properties you can afford and you won't waste any time when you're searching for a good home.

The first thing to do if you're trying to get approved for a loan is to call Gateway Bank Mortgage, and after setting up a consultation they will have a discussion regarding your assets. Depending on your qualifications, they can either set you up for a pre-approval or they can put you on their Authorized Buyer program.

Lastly, any buyers with credit scores above 740 are considered to have extremely good credit and your interest rate should be as low as possible. When you drop below 720 or 700, that is when your interest rate will begin to be negatively affected. The minimum credit score to get a loan is right around 620 for Gateway Bank Mortgage.

If you have any further questions, please don't hesitate to contact me. I'm always happy to help you with real estate in Wilmington!

What Should You Do to Prepare Your Home for the Market?

'henrym@remax.net" (Henry McEachern) — Thu, 11 Jun 2015 14:10:00 -0700

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Today's topic is a crucial one if you plan on listing your home: What you should do if you're ready to sell! Here are a few tips:

Curb appeal: When trying to attract buyers, it all starts with the front yard. Putting down fresh mulch, planting flowers, and trimming bushes and trees are simple (but effective) tasks that will increase the appeal of your home.
Front entryway: Walk through the front door and take a closer look. Imagine that you're in the buyer's shoes and try to find little things you may have never noticed. Check the walls, woodwork, baseboards, and other little areas that may need a good cleaning. You want this area to sparkle!
Kitchen: The drawers and cabinet doors should be clean and looking their best. You don't want them to be full of clutter either, as this may lead a buyer to think there is less available space than there actually is. If your drawers are full of random junk, it's probably best to box it up during showings.
Depersonalize: It's okay to have a few pictures of your family up, but generally, you want your home to be as neutral as possible. Buyers want to visualize their family in the house, not yours.

We hope you found these tips helpful! If you have any questions about getting the best bang for your buck when selling, or if you need real estate assistance of any kind, give us call or shoot us a quick email. We would love to hear from you!

How Important Is Photography When Selling?

'henrym@remax.net" (Henry McEachern) — Wed, 29 Apr 2015 09:20:00 -0700

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Now that the spring selling season has begun, I'm going to be showing you how we market your home for sale. We utilize a proven and repeatable system that ensures you get top dollar for your home in the shortest amount of time possible.

We try to set up a competitive advantage for your home through professional photography, staging, and curb appeal. You need to differentiate yourself from the competition, and we manage to do this for you through our excellent photography. If you look on the MLS, you'll notice some extremely bad photographs. When people look online, your home needs to look immaculate, otherwise they will simply skip over it.

We want to attract buyers to your home, and positioning your home with professional photography is exactly how we do that. If you'd like to speak with us to learn more about our other methods of marketing, please don't hesitate to contact me.

Now is a great time to sell in Wilmington and we'd like to help you find a buyer who is willing to pay top dollar!

Is Now the Time to Buy in Wilmington?

'henrym@remax.net" (Henry McEachern) — Tue, 28 Apr 2015 08:58:00 -0700

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Today I'm going to be speaking about whether right now is a good time to buy a home or not. The truth of the matter is that now is one of the best times to buy a home in recent memory. Historically low interest rates and loose credit requirements are fueling this fire, but nobody is certain when things will shift and prices will go back up.

It is not difficult to get a loan. You just need to provide the lender with a lot of your information such as credit history, tax information, and employment history. Credit qualifications have been lowered for people that are still recovering from the crash in 2008.

The real estate market in Wilmington is also performing well, and we're seeing a lot more houses come onto the market that are updated and upgraded. It's not hard to find a good home, you only need to offer a fair price and show that you're able to afford it.

As for the future, nobody knows when affordability is going to drop, so I urge you take action if you've been thinking about buying a home.

If you're looking to buy or sell in Wilmington, please don't hesitate to contact me. I'd be glad to help you!

Wilmington Real Estate Market Update

'henrym@remax.net" (Henry McEachern) — Mon, 6 Apr 2015 07:37:00 -0700

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A lot of people have been wanting to know whether we're in a buyer's market or a seller's market, and the answer to this question can be determined by how much supply you have in a given market. When there are more homes in a market, the buyers have the advantage, and when there are less homes, sellers have the advantage.

In our area, it depends on the price range you're looking at to determine if you're in a buyer's or seller's market. If your home's value falls under $300K, then you're going to find 5 months of inventory, and that will put you in a seller's market.

Above $300K is a market that's really favoring the buyers because there is a 10-month supply of homes. This means that buyers will have a much stronger negotiating position. This factor, along with low interest rates, will allow a lot of buyers to purchase homes this year. If you have good credit, you shouldn't have too much trouble getting a home loan.

I also want you to know that some zip codes in our area are seeing significant increase in home prices, such as the 28409 area (8% increase in a year). Overall, home prices aren't going through the roof, but this year will be a great one to sell a home. We expect a lot of first-time buyers to come out because homes are so affordable right now.

If you're interested in buying or selling a home in Wilmington, please don't hesitate to contact me!

Financial Benefits of Purchasing a Home

'henrym@remax.net" (Henry McEachern) — Tue, 24 Mar 2015 08:00:00 -0700

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Affordability is at an all-time high right now. Interest rates are low, and loan products from Fannie Mae and Freddie Mac are allowing consumers to buy with only 3% down. Even rates for private mortgage insurance have dropped, making 2015 a fantastic year to invest in a home. It's difficult for me to imagine a better time to purchase, and on top of these financial incentives, I have five more reasons why owning a home is beneficial to you.

Homeownership leverages your money: If you purchase a home, it's likely going to appreciate in price, so you own an investment that you should make a profit on. Other than regular maintenance, there is not a whole lot you have to do to profit off of this investment.
You're paying for housing anyway: You have to pay for housing either way, so why help to pay off someone else's mortgage when you rent a home? When you own a home, your monthly payments go towards an investment that you can gain equity in.
It's a form of forced savings: You're making a monthly payment, a portion of which goes toward your principal balance, and in 15 or 30 years, you will have the savings of your home's value. This is incredibly important if you wish to have financial security in the future.
Major tax benefits: Property taxes are deductible, and mortgage interest is tax-deductible. There are many tax cuts that you receive when you own a home as opposed to when you pay rent on a property. Also, it's becoming more affordable to pay a monthly mortgage than to pay rent each month.
A home protects against inflation: When inflation occurs, your home gains value, so your equity increases and your wealth does too.

If you're renting right now, I suggest you start considering a home purchase. Homes are wonderful investments for the future, and there are actually a lot more benefits to homeownership than I could discuss in the time frame of this video. Please feel free to reach out to me to learn more.

As always, please consider me your #1 resource for real estate in the Wilmington area!