5 Spring Landscaping Tips For Homeowners

A lot of people don't realize it, but the early spring months in Wilmington, NC are some of the nicest times of the year. Late February and into March are great, since they precede the rainy and pollen-stricken period of mid-late April and offers cooler, less humid days that are perfect for working outdoors.

If you're a Wilmington homeowner, you might want to take advantage of these beautiful days by getting a head start on your spring landscaping. There aren't many days left in this mild month, so get started by following these tips:

1. Out with the old
Take an afternoon (or a whole day, if you have a big yard) to clean out dead foliage, cut back withered plants and remove any fallen tree branches or other yard debris.

2. Weed patrol
Remove weeds from flower beds, veggie gardens or other landscaped areas and be sure to check your yard for signs of new weeds popping up. You can visit your local home improvement store to get weed killer, but be careful - some of the chemicals in herbicides can damage your lawn or other plants. Just make sure you read the labels and instructions before using.

3. Time to fertilize
Depending on the type of fertilizer you use, you can fertilize early to ensure thriving plants throughout the upcoming season. Again, just be sure to read the instructions carefully before applying. If you have a well-decomposed compost heap, go ahead and start mixing the dead organic matter in with the soil in your flower beds or veggie gardens.

4. Run a check-up on your irrigation system
Make sure all of your sprinklers are in working order. Even if you don't have underground system, you can still take some time to make sure your outdoor faucets, hoses and above-ground sprinklers aren't cracked or damaged from exposure to the elements.

5. In with the new
Time to start adding in some new material: grass seed, seasonal flowers, mulch. Thinking of growing some fruits or veggies? Depending on what you buy, you could use this time to plant seeds or harden off your seedlings and get them ready to plant in the ground.

Happy Landscaping!

Open House in Wilmington, NC: 1526 Misty Oak Lane, 28411 Open House in Wilmington, NC: 1526 Misty Oak Lane, 28411

Will you be searching for your next home this spring? If so, be sure to stop by 1526 Misty Oak Lane in Wilmington, NC.

When: Saturday March 3, 2012 from 1-4 pm
Where: 1526 Misty Oak Lane, Wilmington 28411
Asking Price: $226,700

An all-brick gem in Daniels Trace, this 3 BR, 2 BA home features several custom upgrades, including a kitchen tile backsplash and bamboo hardwood floors.

Let's take a look at what some sample mortgage payments would be for a home at that price:

30 Year Fixed Rate Mortgage
Purchase price: $226,700
Down payment of 20%: $45,340
Loan amount: $181,360
Estimated 30 year mortgage rate: 4.000%
Sample P & I payment: $865.80

15 Year Mortgage
Purchase price: $226,700
Down payment of 20%: $45,340
Loan amount: $181,360
Estimated 15 year mortgage rate: 3.250%
Sample P & I payment: $1,274.32

Please be aware that the numbers used above are for illustrative purposes only. Please contact a mortgage professional for a quote on today's mortgage rates and to see what you would be prequalified to borrow.

7 Ways to Redecorate Your Dining Room

Big thanks to Amanda with Erie Construction for this great guest post decorating your dining room. Whether you're buying a new home or would like to give a new look to your current home you're sure to find some helpful ideas!

If your dining room is looking dated, consider these easy tips to give it a fresh look. These budget-friendly changes will have your dining room looking brand new in no time!

1. A dining room is the place to enjoy a relaxing meal free of distraction. Clearing out clutter in the room can help you feel more at ease in this space. A table, chairs, and a buffet are the only pieces that you need in the room. Keep horizontal surfaces mostly clear, with the exception of a few decorative items.
2. Color sets the tone for the whole room. If you're looking for a change, a new coat of paint could be just the thing your dining room needs. To make a large, open dining room feel cozier, use a deep shade of a warm color. For example, gold, red and subtle shades of orange are warm and welcoming. On the flip side, if you are working with a smaller space, light colors will make the room seem larger than it is. Try a chic shade of light gray, cool blue or crisp white.
3. This is a great tip for those working within a small budget. Instead of buying a new dining room set, refresh the dining room by reupholstering your chairs. Find a chic new fabric to match your style to replace your dated upholstery. You can cut down on costs by reupholstering the chairs yourself. Simply pop out the cushions, remove the old fabric. Recover the padding with cotton batting and your new fabric. Secure your fabric using a heavy duty staple gun.
4. Lighting is an important element in any room, and the dining room is no exception. If your lighting needs an update, consider the following. For a quick, inexpensive facelift, spray paint your chandelier to change the finish. You can also remove or change the shades for a different look. Candles in the dining room are traditional and set an intimate tone for any dinner. Instead of conventional candlesticks, opt for something more modern. Arrange pillar candles on a long tray with glass stones for a different look.
5. Another way to open up a small dining room or enhance a dull dining room is to add mirrors!  Dining rooms are great places to incorporate mirrors, especially if you use the room for entertaining. Mirrors pick up and the sparkle of crystal and emphasize the glow of candlelight creating an extra special dining experience for your guests.
6. Create depth in your dining room by adding different textures. A good place to start is with your window treatments. Pick a lux, weighty fabric for instant drama, or opt for beautiful sheer fabric that lets the sun shine in. Consider selecting a coordinating fabric to use as a table runner for more texture to the table. A runner is great, especially if you have a beautiful table that you don't want to cover up with a table cloth. Another way to add different texture and freshen up the room is with a vase of fresh cut flowers. They're beautiful and inexpensive!
7. Lastly, add a personal touch to your dining room. Frame a favorite piece of art or a family portrait and hang it on the wall. You don't need to save your best dining accessories for the holidays. Display your heirloom candlesticks or serving trays proudly, year round!

Follow these simple, money saving tips to get the dining room you've always wanted.

This post was written by Erie Construction. Follow Erie Construction on Twitter.

Searching for North Carolina Mountain Properties

Like many Wilmington transplants, we moved the mountains to the coast in search of warmer weather and more sunshine. In our case, we relocated from Vermont down to Wilmington seven years ago. While we do not miss the ridiculously cold winters we do miss the mountains and all of the recreational outlets they offer. Last year we headed to Boone for our kids' birthdays to spend some time in Tweetsie. We decided that when the kids are a bit older, we'll be making multiple trips to the mountains of Western North Carolina. Who knows, we may even end buying a vacation home once the kids are off to school (it's going to be awhile).

Below is a list of resources that you can use to find information on vacation rentals and real estate in the Ashville and Boone areas:

Asheville Area Cabin Rentals:
Carolina Mornings
Asheville Cabins of Willow Woods
Asheville Swiss Chalets

Boone Area Cabin Rentals:
Jenkins Rentals - Blowing Rock
Foscoe Rentals
Highland Hills Motel and Cabins

Asheville Real Estate Search:
Search the local MLS

Boone Real Estate Search:
Search the local MLS

Home Financing Information:
Asheville Mortgage Loan Information
Boone NC Mortgage Loan Information

Crappy Sales Pitches and Outright Lies

The following is a guest blog post from Mark Wade, a real estate professional from the Philadelphia area. We appreciate his contribution and his "tell it like it is" approach.

Snarky, yes- But I truly am not a bitter Philadelphia Real Estate agent. Most would agree that I am kinda’ happy go lucky. Except when another agent pees on my leg and tries to tell me it is raining outside. Then I get kinda’ angry. I am not a fan of someone lying, or trying to twist the truth to my clients. And I have listened to my share of crappy real estate sale pitches over the past 23 years, but here are some of the more memorable:

1) “The cabinetry is A Wenge Dutch Maple laminate with a caramelized soapstone countertop”
To Which I respond: PUKE. Could you be more pretentious? Nobody gives a crap for all your
namedropping. The kitchen is small, not real attractive (some would say ugly)…no matter how much fabulousness you try to heap on it.

2) “We are 60% sold”
To which I respond …perhaps you have trouble telling the truth- I know you are lying, and you should know that I am going to tell my customers. I am not on “your” side. I work for my clients.

3) “The Developer said we will not negotiate on the prices”
Tell me if that is the case in 6 months when your bank is putting pressure on you to hold an auction. Actually, in some rare cases, this is true. More often than not, it is BS. I recently got
this song and dance from a high rise in 19103. The one that isn’t selling.

4) “I have a buyer for your condo!!”
I hate it when Realtors send these fake postcards to potential  sellers….trying to induce them to sell/list with whoever is sending the mailer. More often than not, this just a sales pitch.

5) “This condo includes parking”
No it doesn’t. You have induced your seller to buy one year of rental parking down the street, but you want to advertise that your condo has parking- hoping it will draw more attention. That is like lying to your therapist, or saying on eharmony that you are 29 when you are 48.
Do you think the world is full of idiots?- I mean, what is the point of lying here?

Looking for the straight scoop? Let me by your agent and I will sing like a canary! :-)

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach Realtors

What Are Homes Selling For In Wilmington, NC?

Back in October, we took a look at whether or not homes in Wilmington were selling. According to the statistics we found, things looked pretty good for Wilmington home sellers, with 227 homes sold in a 3 month period. Today, we're going to take a look at just what Wilmington homes are selling for.

According to data collected from trulia.com, the average listing price for homes in Wilmington was $369,604 for the week ending January 4, 2012. This represents a 1.4% decrease from the previous week.

The median sales price for homes in Wilmington is currently $165,000, which has dropped 7.3% from the same time last year.

In the past three months, 178 homes have sold - 208 if you include areas within a 10 mile radius of Wilmington.

To recap, it looks like the local market may still be slowing some, but it remains active. The key to sales appears to be smart home pricing. With a large inventory of homes on the market, setting a competitive price tag can be a great way to sell your home quickly!

For more information on Wilmington area housing market statistics, visit: http://www.trulia.com/real_estate/Wilmington-North_Carolina/

Annual Insurance Checkup

After all the aspects of your real estate closing take place, and you’re settled into your dream home, don’t forget to keep tabs on your homeowner’s insurance policy. Just like medical insurance, policies and coverage can change. That’s why it is a good idea to perform an annual insurance checkup to ensure that your home and its contents are adequately covered.

 

As you review your policy, there are four essential components to consider. Make sure you are familiar with each of these:

 

-Your home itself-its structure and any vulnerabilities

-Your belongings-that is, the overall contents of your home

-Your liability to others in regard to your property

-What could you afford to pay for living expenses if you were forced out of your home?

 

As the years go by, it is a good idea to confirm that your coverage is realistic in terms of replacement and repair costs for both the house and its contents. To provide accurate evidence, you will need to have proof of what is really there. A detailed home inventory, complete with a written list, photos or video, and receipts is something every homeowner should take the time to make. Think of it as an X-ray for your home, showing what’s beneath the surface. If you have made upgrades, such as new appliances, fixtures, flooring or countertops, document them! Keep the finished list in a fireproof box or safety deposit box.

 

Another consideration is inflation. Will your policy be enough 10 years down the road, when it would cost more to replace your home? Also note any conditions that may have changed, such as marriage, divorce, or family size.

 

As you review your homeowner’s policy, check for any changes that have occurred in the claim process. If you don’t know already, find out how the claim process works. Some questions to mull over are:

 

-In case of severe destruction, does your policy cover everything that suffered damage or just the items you will be replacing?

-What is the typical waiting period for reimbursement?

-How is the question of current price versus the original price difference handled for the replacement of belongings?

-Will you receive a lump sum or timed, smaller payments?

 

Although these are all questions you may have addressed when you initiated the policy, it is a good idea to revisit them after several years of home ownership. After you have resided in the home for a while, you may have become aware of some of its vulnerabilities, such as potential moisture or pest issues. Find out what is and is not covered as you refamiliarize yourself with the policy. Also, look for any loopholes that you may have not picked up on before, back when you were a young, excited, wide-eyed homebuyer! Be aware that if your insurance company makes any changes to your coverage, whatsoever, it will not go into effect until your policy is due for renewal.

 

As a further step in the checkup process, try to visualize possible scenarios and then check and see if they would be covered. Note that some issues can get a bit foggy, such as water damage. For example, the circumstances of how the damage occurred will determine how it is handled. Situations such as damage from burst pipes, backed up sewers, roof leaks, or flood damage may be excluded. This is why an annual homeowner’s insurance policy checkup is so important. Make no assumptions, read your policy, understand it, and seek clarification when necessary.

Other related posts and resources:
Buying a home with Seller Paid Closing Costs

Home Financing Information

Home Improvement Loan Options

Wilmington NC Refinance Rates Today

Below is a snapshot of today's North Carolina mortgage rates pulled from BurlingtonMortgage.biz. Please note that interest rates are subject to change without notice and mortgage companies are asked to quote based upon a certain set of criteria. See BurlingtonMortgage.biz for up-to-date interest rate and fee information and quoting details.

30 year fixed rate mortgages (0 pts)
QuickenLoans - 4.250% Note Rate, $2057 Fees in APR, 4.337% APR
Amerisave - 4.000% Note Rate, $1995 Fees in APR, 4.083% APR
AimLoan.com - 3.625% Note Rate, $1995 Fees in APR, 3.707% APR
Gateway Bank Mortgage - 3.875% Note Rate, $250 Fees in APR, 3.885% APR

15 year fixed rate mortgages (0 pts)
QuickenLoans - 3.625% Note Rate, $1807 Fees in APR, 3.758% APR
Amerisave - 3.000% Note Rate, $1995 Fees in APR, 3.144% APR
AimLoan.com - 3.000% Note Rate, $1995 Fees in APR, 3.144% APR
Gateway Bank Mortgage - 3.125% Note Rate, $875 Fees in APR, 3.188% APR

5/1 ARM (0 pts)
QuickenLoans - 3.500% Note Rate, $2557 Fees in APR, 3.604% APR
AimLoan.com - 2.500% Note Rate, $1995 Fees in APR, 2.576% APR
Gateway Bank Mortgage - 2.750% Note Rate, $875 Fees in APR, 2.784% APR

Other related posts:
Recent Wilmington Housing Statistics
Recent Rate Survey pulled from Bankrate.com

Most Popular Neighborhoods In Wilmington, NC

If you're searching for your next home in Wilmington, you'll soon find that the popular “Port City” has no shortage of housing communities. From new townhouse developments to luxurious gated communities and everything in between, Wilmington and the surrounding area offers a wide range of neighborhoods. But which ones are the most popular? Which are up-and-coming? And what are typical prices associated with homes in these developments?

Let's take a look, shall we?

According to data we found on trulia.com, the two most popular neighborhoods right now are the Landfall community and Mayfaire. At the time of this writing, average listing prices were $973,819 for Landfall and $382,213 for Mayfaire.

Both communities offer exceptional homes and fabulous amenities - not to mention a prime location for shopping, dining and entertainment. The high demand for homes in these communities contribute to their higher-than-average price.

We realize not every home buyer can afford to spend that much on a home, so below we've listed some other popular community choices that represent a range of prices:

Maccumber Terrace
Avg. listing price: $250,410 (week ending Jan. 4)
Median sales price: $210,000 (Oct. 2011 - Dec. 2011)

Pine Valley Estates
Avg. listing price: $185,971 (week ending Jan. 4)
Median sales price: $144,500 (Oct. 2011 - Dec. 2011)

Carriage Hills
Avg. listing price: $176,650 (week ending Jan. 4)
Median sales price: $152,750 (Oct. 2011 - Dec. 2011)

Please note, these prices reflect time-sensitive statistical data that may not be accurate after a certain date. For up to date pricing talk to a knowledgeable real estate agent.

Buying A Home Using Seller-Paid Closing Costs

We live in a world where a lot of people struggle to put money down for a major purchase. Buying a home is no different, as many people, especially first-time home buyers, don't have the cash available for a down payment, let alone closing costs. Fortunately, it has become more common for sellers to cover all or partial closing costs. Although it can vary greatly depending on the current market and location, many sellers are willing to utilize closing costs as a negotiating point. However, before you go requesting that a seller cover these costs, there are a few things to be aware of.

First of all, it's important to know what closing costs are. Closing costs are any expenses related to the finalization of the purchase of a home. Some typical closing costs include inspections, real estate agent/broker commission and fees, certain taxes and title fees, recording and government filing fees, mortgage origination fees, and more. Your real estate agent, lawyer or mortgage consultant should go over these with you and answer any questions you have about them.

It's also important to know the terms of your mortgage when it comes to closing costs. Some mortgage programs don't allow sellers to pay these costs. Some only allow sellers to contribute a portion. Depending on the type of mortgage program, a seller may only be allowed to pay up to a certain percentage of the home sale price (usually between 3 and 6 percent). This could be more than enough to cover the closing costs; however, closing costs can vary greatly. Talk to your mortgage consultant to find out what kind of mortgage is best for your situation.

Now let's say you get approved for a mortgage that will allow the seller to pay closing costs. And let's say they have their home listed at $200,000. If the closing costs came to 6%, that makes $12,000 in closing costs. During the negotiating process, the seller may decide to pay the closing costs but increase the price of the house to cover the amount they're losing. So, instead of the price being $200,000, the price would actually be $212,000. Of course negotiations and offers can go back and forth until either both parties agree on something or one party decides not to do business with the other. Let's say you make an offer of $197,000 and request they pay all closing costs. If the closing costs are still 6%, that comes to $11,820, which will make your loan amount $208,820 if the seller lumps it in with the mortgage.

When this happens, the amount the seller paid for closing costs is added into the loan amount. As a buyer, you may be thinking, "That's not a good deal since I still pay for the closing costs." That is partially true. You do still pay the closing costs. The deal is that you do not have to pay them up front. The seller has done that for you. This is beneficial to buyers who have a great enough income to cover a slightly higher monthly payment, but not enough cash on hand to cover these up front costs. This is common with first-time home buyers.

At some point you may encounter a seller who is just ready to sell and won't mind covering the closing costs. If there's anything pressing them to sell (moving soon, home's been on the market a long time) you may have a good chance of asking them to cover closing costs without having to "pay it back" in your mortgage.

Remember to weigh the pros and cons and consider any alternatives before asking a seller to cover closing costs. Remember, buying a home and negotiating can take a lot of time. Also, make sure you talk things over with your real estate agent and mortgage provider. They can offer you helpful advice and help you determine the best course of action.

Open Houses in Wilmington, NC

Is your new year's resolution to find your dream home in Wilmington, NC? Take a look at some upcoming open houses we found:

When: January 21, 12pm-3pm
Where: 539 Chattooga Place, Wilmington NC 28412
Asking Price: $173,000

This well-kept 3 bedroom, 2 bath home is located in the Beau Rivage golf and country club community and is just minutes to the beach. Access to tennis courts, community swimming pool and golf are available for a membership fee.

....

When: January 28, 1pm-4pm
Where: 377 Castle Bay Drive, Hampstead NC 28443
Asking Price: $161,200

This beautiful end-unit townhome is located in the Castle Bay golf community and offers several charming features. Enjoy morning coffee on your private screened-in porch or unwind after a hard day at work in your luxurious garden-style tub.

For more information on these listings and other upcoming open houses, visit this link: http://www.thewilmingtonmls.com/openhouses.php

...

Now, let's take a look at what an example payment might be for these homes using a conventional 30 year fixed rate mortgage:

539 Chattooga Place
Purchase price: $173,000
Down payment (20%): $34,600
Loan amount: $138,400
Estimated 30 year mortgage rate: 4.000%
Sample P & I payment: $660.71

377 Castle Bay Drive
Purchase price: $161,200
Down payment (20%): $32,240
Loan amount: $128,960
Estimated 30 year mortgage rate: 4.000%
Sample P & I payment: $615.65

Please note, these figures are for illustrative purposes only. For the most up-to-date information on these listings, talk to a mortgage industry professional in your area. Visit ForTheBestRate.com to compare mortgage rates from multiple lenders.

Hammocks South Grand Opening Weekend Showcases Some Fabulous New Homes

Are you thinking of relocating to the Wilmington, NC area? If so, you may want to check out this amazing getaway we stumbled across!

Compass Pointe, a premier resort-style community, will be hosting a 4 day, 3 night getaway package for interested buyers.

The Hammocks South Grand Opening Weekend will be held February 17th - February 20th at the beautiful Riverfront Hilton in historic Wilmington. Guests will learn about the lifestyle and many amenities of this fantastic resort-style community. Plus, they'll get to meet the developers at a private cocktail reception on Sunday the 18th, from 7-9 pm. If that weren't enough, guests will also be the first to see the model releases of two new floor plans - The Annabelle and Ocracoke.

To RSVP, simply complete the online form at compasspointenc.com or call 888-717-6468. Be sure to ask about special pricing!

To help figure out what you could afford to spend on a new home in Wilmington check out current NC mortgage rates.

Whitney Pines Real Estate Development - Wilmington NC

Every month or two we try to take a dive into exploring some of the home communities in the Greater Wilmington real estate market. Today, we wanted to take highlight Whitney Pines. This development may be a great option for first time home buyers as listing prices (as of this post) are in the $125,000- $160,000 price range. Whitney Pines is located close to Ogden on the north end of the city and has quick access to Route 40, Gordon Road, and Market Street making accessing restaurants and shopping just a short drive away. According to Kay Baker's web site, homes in Whitney Pines are typically 2, 3 or 4 bedrooms and many come with attached garages and fenced in backyards. After looking at some of the current listings, it appears that most of the homes were built around 2001-2003.

If you are looking for a property on the north end of town, close to UNCW, Corning, and GE, Whitney Pines might be worth checking out. Plus, this area may be eligible for 100% USDA mortgage financing.



Other related posts and resources:
Deer Crossing Development Wilmington NC
Dogwood Lakes - Wilmington NC
FHA Mortgage Programs for First Time Home Buyers
Carolina Place Real Estate - Wilmington

NC Mortgage Rates Today - Snapshot from Bankrate.com

Last week 30 year mortgage rates tied their all-time low according to Freddie Mac's weekly market report. Below is a snapshot of current NC mortgage rates and closing costs from Bankrate.com. Please note that mortgage rates are subject to change without notice.  Contact the various lenders and brokers directly for information on their rates and services.


30 year fixed home loan rates:
Market Consulting Mtge 3.755% APR, 3.750 Rate, $95 Fees in APR
Aurora Bank                    3.779% APR, 3.750 Rate, $582 Fees in APR
Total Mortgage                3.794% APR, 3.750 Rate, $895 Fees in APR

20 year fixed home loan rates:

AimLoan                         3.568% APR, 3.500 Rate, $995 Fees in APR
Market Consulting Mtge 3.750% APR, 3.750 Rate, $0 Fees in APR
Patriot Financial               3.751% APR, 3.750 Rate, $10 Fees in APR

15 year fixed home loan rates:

AimLoan                         3.087% APR, 3.000 Rate, $995 Fees in APR
Aurora Bank                    3.179% APR, 3.125 Rate, $582 Fees in APR
Myers Park                      3.203% APR, 3.125 Rate, $895 Fees in APR

Some more recent rate updates and resources:
Wilmington Mortgage Rate Update - 12/21/2011
Wilmington Mortgage Rate Update - 11/9/2011
Wilmington NC Mortgage Programs from American Bank

Wilmington NC Open House - 4316 Tollington Drive, 28412

The holidays are usually a slower time for open houses and real estate deals, but there can still be some great homes on the market. If you're searching for your next home in 2012, why not get a head start by checking out some open houses in early January?

You can find a list of upcoming open houses in the area here: http://www.thewilmingtonmls.com/openhouses.php

Here's an open house we found coming up soon. Mark your calendars!

When: January 7, 2012 from 1-4 pm.
Where: 4316 Tollington Drive, Wilmington, NC 28412
Asking Price: $388,000

This 5 bedroom, 3.5 bath home is located in the Georgetown community in south Wilmington. Here's a look at what some sample mortgage payments might look like for a home at that price:

30 Year Fixed Rate Mortgage
Purchase Price: $388,000
Down payment of 20%: $77,600
Loan amount: $310,400
Estimated 30 year mortgage rate: 4.000%
Sample P & I payment: $1,481.83

15 Year Mortgage
Purchase Price: $388,000
Down payment of 20%: $77,600
Loan amount: $310,400
Estimated 15 year mortgage rate: 3.250%
Sample P & I payment: $2,181.02

Please keep in mind that the numbers used above are for illustrative purposes only. Please contact a mortgage professional in the area for more information or visit ForTheBestRate.com to compare rates from multiple lenders or brokers.

Remember also, that open houses are usually (but not necessarily) hosted by the listing agent. Don't sign into an agreement with this agent unless you are sure you want to work with them.

November 2011 Wilmington NC Housing Statistics

The Wilmington Regional Association of Realtors (WRAR) recently released their home sales statistics for residential real estate in November, 2011. According to their data, 331 units were sold during the month which was down from 358 in October but up 13 from the same period in 2010. The average sales price was $200,575 and the median price was $160,000 (yuck and double yuck for us homeowners). The average days on market also continued to regress with the average being 166 days.  That is up from 121 days in November 2010. There were 549 properties that hit the market during the month.

In summary, buyers are looking good and homeowners are getting kicked in the shins.

Let's hope that things pick up in 2012. They should...Wilmington is too awesome of a place and current mortgage rates are way too low for people not to start jumping on the deals that are out there. Come on first time home buyers, let's get it going!

North Carolina Mortgage Rates Today from Some Local Companies' Sites

Below is a list of home mortgage rates pulled from some local Wilmington area web sites today. Please keep in mind that rates can and do change without notice and the criteria that each company used in their online rate posting may vary. You'll want to check in with the lenders and brokers for personalized quotes.

Gateway Bank Mortgage - 910.452.7283
30 Yr Fixed: 3.875% Rate, 0 Points, 3.904% APR
15 Yr Fixed: 3.250% Rate, 0 Points, 3.301% APR

Abba First Mortgage - 910.332.0650
30 Yr Fixed: 3.750% Rate, .25 Points, 3.796% APR
15 Yr Fixed: 3.250% Rate, -.250 Points, 3.260% APR
(used their $250-$417K price bucket in the sample)

Resource Financial Services - 910.509.0300
30 Yr Fixed: 3.750% Rate, N/A Points, 3.872% APR
15 Yr Fixed: 3.125% Rate, N/A Points, 3.340% APR

To find more information on North Carolina mortgage companies you can check the North Carolina Commissioner of Bank's web site. You can also find information on NC mortgage rates on sites such as ForTheBestRate.com, Bankrate.com, Erate.com, BurlingtonMortgage.biz, and CompareInterestRates.com.

The Knolls at Barrington Place - Leland NC

We just came across a web site for a new development in Leland called The Knolls at Barrington Place. According to the web site, BarringtonPlaceNC.com, the community offers thirty-eight homesites starting at $99,000. The properties are being built by SECOF construction, a homebuilder out of Carolina Beach. A map of the develop shows about 10 of the home sites being sold at the time of this blog post. It appears that there is some common green space and a picnic area. The web site for the Knolls at Barrington Place has a very detailed list of structural, exterior, interior, and energy saving features including plumbling, electrical, and kitchen highlights. You can also find home plans for the various six design options on the site.

To get to the Knolls at Barrington Place from downtown Wilmington, head over the Cape Fear Memorial Bridge on Route 17 South. Take the exit toward Leland. Turn right on Mt Misery Road NE, and then hang a left onto Heirloom Dr. NE.


FHA Mortgages @ AFR

Wilmington NC Open Houses

Attending a few open houses is a great way to start a real estate search. You can get a feel for what the market is like, check out a few neighborhoods, and meet a few real estate agents without committing too much to the process. You'll most likely even get a free cup of coffee or two out of the deal!

You can find a list of upcoming open houses in the area here: http://www.thewilmingtonmls.com/openhouses.php

Open houses are often, but not always, hosted by the listing agent. Sometimes one agent will ask if they can host an open house for another agent as a way to meet new prospective buyers. It's a win for everyone as the house gets displayed to house hunters at the same time.

If you do fall in love with a home during an open house remember that you don't have to use the agent hosting the open house to represent you. Don't sign a buyers agent agreement with him or her unless you do decide to have them represent you.

One Wilmington NC open house coming up on December 4th from 12 - 4 will be held at 6809 Creek Ridge Rd. The asking price for the 4 bedroom, 3.5 bath home is $349,500. Here's a look at what some sample mortgage payments might look like for a home at that price:

30 Year Fixed Rate Mortgage
Purchase Price: $349,500
Down payment of 20%: $69,900
Loan amount: $279,600
Estimated 30 year mortgage rate: 4.000%
Sample P & I payment: $1334.79

15 Year Mortgage
Purchase Price: $349,500
Down payment of 20%: $69,900
Loan amount: $279,600
Estimated 15 year mortgage rate: 3.250%
Sample P & I payment: $1964.61

Please keep in mind that the numbers used above are for illustrative purposes only. Please contact a mortgage professional in the area for more information or visit ForTheBestRate.com to compare rates from multiple lenders or brokers.

The Registry at Vineyard Plantation - New Home Community in the Porters Neck Area

I was browsing through real estate listings and had to check into the new homes available in The Registry at Vineyard Plantation. From the illustrations the homes looked beautiful, and I was surprised to see that they start under (just under at $199,900) $200,000. This new home community from Stevens Fine Homes is located in the Porters Neck of Wilmington within the larger development, Vineyard Plantation.

One draw of this neighborhood is that it is bordered by preserved natural areas. Other things I liked included the attractive craftsman style design, 2 car garages (included with all plans, not an add on), and brushed nickel and chrome finishes on lighting fixtures. (The lighting might not seem like a big deal but I have spent hundreds of dollars in every home I've owned replacing light fixtures, plumbing fixtures, and door knobs that were that shiny "builder gold.")

Learn more at Stevens Fine Homes' website: http://www.stevensfinehomes.com/index/c/the-registry-at-vineyard-plantation/

Useful Planning Sites for Building a New Home

Thinking about building a new home? It can be exciting and also overwhelming to consider building from the ground up rather than buying an existing home. Here are some websites that might help you think through the options and get ideas while planning your dream home!

• HousePlans.com
  Browse through thousands of house plans ranging from executive mansions, cozy cabins, beach cottages, and homes with a small footprint. Whatever size, style, or material you're looking for, you can likely find it here.
• BHG.com - Planning A New Home
  Find inspiration in beautiful pictures, and learn about the latest trends in home building from Better Homes and Gardens magazine.
• City of Wilmington Zoning & Permits
• Wilmington-Cape Fear Home Builders Association
  Learn about area builders and see some of Wilmington's most beautiful properties in the annual Parade of Homes.

Wilmington NC Mortgage Rate Update - Pricing Down

There's great news for anyone considering the purchase or refinance of a Wilmington, NC home - mortgage rates have fallen once again. After a few weeks of slight increases since home loan pricing hit a record low the week of October 6th, 2011, rates have dropped sharply. Demand for US Treasury bonds has increased as investors concerned about the latest news from Greece and Italy surrounding the European debt crisis are looking for secure investments. Because mortgage pricing is tied to these bonds this causes home loan rates to dip.

Here's a look at the Wilmington NC mortgage rates posted by a variety of lenders and brokers on mortgage rate research site BurlingtonMortgage.biz as of 11/8/2011. (Mortgage rates subject to change at any time. Availability of rate/APR will vary based on the specific loan scenario and borrowers' credit profile. Please visit BurlingtonMortgage.biz to view the criteria used in the rate survey.):

30 Year Fixed Mortgage Rates (Zero Points)
Gateway Bank Mortgage: 4.00% Note Rate, 4.036% APR, $875 Fees in APR
AmeriSave: 4.125% Note Rate, 4.209% APR, $1995 Fees in APR

30 Year FHA Loan Rates (Zero Points)
New American Mortgage: 3.875% Note Rate, 3.033% APR, $1395 Fees in APR
First Financial Services, Inc.: 3.750% Note Rate, 3.832% APR, $2000 Fees in APR

15 Year Fixed Mortgage Rates (Zero Points)
Gateway Bank Mortgage: 3.375% Note Rate, 3.461% APR, $1175 Fees in APR
National Mortgage Alliance: 3.250%, 3.374% APR, $1700 Fees in APR

Helpful House Hunting Tools

In the market for a new home? Whether it's your first home purchase or your tenth it's easy to get overwhelmed by the process. There are so many properties available, so many decisions to make, and so many factors to consider. Take a look at these house hunting tools that might make home buying (and financing) a little easier.

• Mortgage Calculators from ForTheBestRate.com
  Use the various calculators to help figure out what price home you can afford based on the monthly payment, what impact paying points would have on your home loan, and how much you might save with the mortgage interest tax deduction.
• GFE Comparison from ComparemyGFE.com
  There is a $49 fee (or $79 for a rush) for this service, but it provides a side-by-side comparison of up to four GFEs (Good Faith Estimates, or mortgage loan quotes) that you may have gotten from different banks and mortgage lenders. Your custom report can help you evaluate the different quotes and see which makes the most sense for you.
• Open House & Home Tour Checklist from HGTV's FrontDoor.com
  The properties you look at tend to run together after a while - use this detailed checklist to keep track of  the details about each home, as well as what you liked and didn't like. Take pictures as well to help you remember the different homes. You can review the checklists and photos when making your short list of homes to revisit for a second look.

Rent or Buy? Thinking through the tough decision.

Record low mortgage rates and falling real estate prices have many renters wondering if it's time to kick the landlord to the curb and purchase a home of their own. A troubled economy and less of a sense of financial security than most of us would like tend to make the rent check a little easier to write each month.

Whether to rent or buy your home is a very personal decision - there's no simply financial calculation that will tell you one is the right choice. You ultimately want to run the numbers and think about how each would impact your daily life, and your long term goals. Here are a few things to consider about buying a home vs renting:

Renting Pros:

• Your commitment is rarely longer than a year, leaving you more flexible to move for a job opportunity, should you meet Mr or Ms Right, or if finances get tight and you need to cut costs by finding a less expensive place or a roommate.
• You aren't responsible for the upkeep of the home, and won't have costly surprises if a major repair is needed.
• You only pay your rent and renters insurance, rather than the taxes, HOA dues, and multiple types of insurance (flood, wind and hail, etc.) that may be required when you own a home (though your landlord may be building these costs into the rent amount.)
• The security deposit required to move into a rental is typically a much lower amount to come up with than the upfront costs needed to buy a home such as the down payment and closing costs.

Buying Pros:

• If you take out a fixed rate mortgage your payment will never go up, while rent is likely to rise at least every few years.
• Your monthly mortgage payment is likely to be less than the rent on a similar property.
• Over time the house will hopefully grow in value, adding to your overall net worth.
• Homeowners often find they feel a real sense of pride in their home, more connected to the community, and a greater sense of stability.

Whether you choose to buy or rent best of luck in finding your own special place to call home.

Are Homes In Wilmington Selling?

When looking into the housing market it's easy to find a lot of doom and gloom, but the reality is that houses are selling in the Wilmington area. According the stats on Trulia.com 227 homes have sold in Wilmington in the past 3 months. Add in Hampstead and the nearby beach towns Carolina, Kure, and Wrightsville and the number grows to 1522.

What do most of these homes have in common? Competitive pricing. Setting the right price is the name of the game these days. With so much inventory on the market the homes that are a bargain but are still attractive, move in ready, and updated are the ones that get attention? Sound like a lot to ask for? If you're a buyer you can get all that right now, and if you're a serious seller you should be prepared to offer it.

Wilmington NC Mortgage Rate Update

Well, it's happened again - mortgage rates have dropped even further since our last pricing update. Can they go lower? No one knows for sure, but the Federal Reserve has said they will do their part to keep rates on long term borrowing (like mortgage loans) low for the near future. Even if you have what was once a rock bottom rate in the high 4% range it might make sense to refinance. You might be able to lower your monthly payment or see considerable savings in the interest you'll pay over the life of your loan. And if you're not yet a homeowner these low rates will help you get a lot more for your money should you decide to purchase a home.

Here is a quick look at 30 year fixed rates posted on 10/12/2011 on mortgage research website ForTheBestRate.com:

Lender	Note Rate	Points	Fees	APR
Aurora Bank	3.875%	2	$757	4.074%
New American Funding	4.000%	2	$0	4.168%
AmeriSave	3.875%	1.599	$1995	4.093%
Quicken Loans	3.990%	2	$1553	4.225%

As you can see rates can vary quite a bit from one bank or mortgage lender to the next. Be sure to shop around and get a few different quotes before deciding on where to obtain your home financing.

Wilmington NC USDA Rural Housing Loans

A couple of years ago it was pretty easy to find a no money down mortgage program from any number of area lenders. Bad credit....OK. Can't verify income...no sweat. Have a debt to income ratio of 150%...just opt for the no ratio option. So, it's not all that surprising that we ended up with a bunch of over extended, under qualified people defaulting on their loans. Sure, a sagging economy, massive unemployment, and a craptastic real estate market did not help the cause either. Today there are only a couple of large scale low and no money down mortgage programs left in the marketplace. FHA loans, which require at least 3.5% down (subject to change) are the most widely used product and have been gobbling up market share from many traditional conforming Fannie Mae and Freddie Mac agency products (which often require at least 5% down). VA loans are a no money down product option for eligible military veterans, active duty personnel, and their families. So where does the rest of the general population turn for a zero down home loan option in the greater Wilmington market? Well, if you don't earn too much money, and live in a rural area in the New Hanover County, you might be able to qualify for a USDA rural housing loan (most areas in Pender and Brunswick Counties were eligible the last time we checked).There are income restrictions as the program is designed to stimulate housing opportunities and home ownership for lower income individuals in rural communities.

Click here to find information on eligible areas around Wilmington.
Check here for information on income limits.

Search for Rental Properties in Wilmington NC

Let's face it, the past few years have not been kind to most real estate markets in the United States. Wilmington was no exception but lately there has been some signs of  the local market beginning to stabilize. Still, many area residents are leery of purchasing property until there is some concrete evidence of the market having bottomed out. Couple these feelings of uncertainty with tighter lending guidelines and the result has been an increasingly more active rental market. If you are an area resident who is interested in renting a home, there are some great resources available online to help you research properties such as:

WilmingtonForRent.com - This is web site for Century 21 Sweyer & Associate's Rental Division. I conducted a generic search for all rental properties on their web site and 139 listings popped up (Suprisingly 109 of them came back as pet friendly).

WilmingtonRent.com - This appears to be a personally owned web site where property owners can pay $45-$199 (depending upon the number of listings) to list their rentals. There were 97 listings in Wilmington when we checked.

WilmRealty.com - This is the web site for Wilmington Realty Property Management. There were 26 listings on their web site.

CraigsList.com - If you've been paying attention over the past 10 years, you've likely heard of Craigslist. Home owners and property management companies can post their properties on Craigslist for free and thus, it's become one of the best places to search for property.

There are plenty of other great outlets to search for homes for rent in Wilmington (ie The Star News, Encore Magazine, etc). If you are considering buying a rental property, you can research investment property loans and check current interest rates at BurlingtonMortgage.biz. There you'll find information on North Carolina mortgage lenders and you can see what types of rental property loan programs are available.

North Carolina Mortgage Rates Still Close to Historic Lows

Mortgage interest rates fell yet again this week according to Freddie Mac's mortgage market survey. The agency's survey showed the national 30 year fixed rate mortgage average flat from the previous week at 4.22% with .7 points. The 15 year fixed rate average fell slightly to 3.39% with 0.6 points which was down 0.05%. The 5/1 treasury indexed ARM rate fell below 3% to 2.96% with .6 points. Some of our staff have been involved in the mortgage industry for over a decade and mortgage rates are as low as we can recall. If you've been waiting on the sidelines for rates to get even lower, you may end up missing the boat. If you are on the fence, we suggest speaking with a licensed North Carolina mortgage professional and get your application in place to lock your rate if and when it becomes available.

Below is a random snapshot or current North Carolina mortgage rates from the mortgage rate research web site, BurlingtonMortgage.biz. Please note that interest rates change frequently. Please contact the various lenders and brokers for the most up-to-date pricing information.

30 Year Mortgage Rates (0 points)
New American Mortgage - 4.250% Note Rate - $1395 fees in APR - 4.309% APR
Gateway Bank Mortgage - 4.125% Note Rate - $1575 fees in APR - 4.191% APR

20 Year Mortgage Rates (0 points)
AimLoan.com - 3.750% Note Rate - $1950 fees in APR - 3.862% APR
Gateway Bank Mortgage - 3.875% Note Rate - $875 fees in APR - 3.925% APR

15 Year Mortgage Rates (0 points)
New American Mortgage - 3.375% Note Rate - $1395 fees in APR - 3.477% APR
AES Lending Direct - 3.250% Note Rate - $850 fees in APR - 3.312% APR

10 Year Mortgage Rates (0 points)
Quicken Loans - 3.375% Note Rate - $2053 fees in APR - 3.593% APR
AES Lending Direct - 3.250% Note Rate - $0 fees in APR - 3.250% APR

7/1 ARM Rates (0 points)
AIMLoan.com - 3.125% Note Rate - $1950 fees in APR - 3.202% APR
New American Mortgage - 3.250% Note Rate - $1395 fees in APR - 3.306% APR

3/1 ARM Rates (0 points)
AES Lending Direct - 3.000% Note Rate - $350 fees in APR - 3.022% APR

Dogwood Lakes Real Estate - Wilmington, NC

Spotlight on Dogwood Lakes in Wilmington, North Carolina

Every month we take a look at a development in the greater Wilmington market. Dogwood Lakes is is located on Highway 17 N right before Lowe's where Highway 17 and Highway 210 meet in Surf City and is only 5-10 minuets from Topsail Beach. Steven Fine Home's is building approximately 130 properties in the development and, according their web site, they have already sold 70 of the lots in the last eleven months. Their site notes that prices start at $199,900 for wooded home sites on a third of an acre. They offer eight different home styles in Dogwood Lakes ranging from the 3 bedroom/2 bath, 1,656 sqft Danforth model ($199,900) up to the 3 bedroom/3 bath. 3,187 sqft Nicklaus. They also list three designs with 4 bedrooms. If you are looking into real estate in the northern end of the Wilmington market, Dogwood Lakes may be worth a look.

Helpful Resources:
You can learn more by visiting the builder's web site.
More on Wilmington NC Homes
Find information on current mortgage rates
Learn about low money down home loan programs in Pender County and the Wilmington area such as North Carolina FHA loans

Different Perspective on Brunswick Forest

Back in 2005, my wife and I relocated to Wilmington from Burlington, VT trading mountains for beaches. Coming from Vermont, I had not had much experience with huge real estate developments other than visiting my grandparents' retirement community down in Palm Harbor, FL every year growing up. When we made our first drive past Brunswick Forest and Waterford, I was not on board. It just reminded me a little too much of the theme song to the TV show Weeds. I thought that there was no way to I could live in a community where some HOA was going to tell me what I could plant in my own backyard. So, we opted for the historic district in downtown Wilmington (which pretty much has an HOA in its own right). Seven years and two kids later, I have a slightly different take on these "resort style" developments. Some of my relatives just bought a place in Brunswick Forest and we headed over there yesterday for a swim. It looked awesome. It's definitely not the YMCA pool (no offense Y) which is where I usually take the kids when we're not up for the trek to the beach or boat. The fitness center was very nice, the exercise room was bright and clean, and from the looks of the bulletin board, there are plenty or events going on  in the community. It reminded me a little bit of Seabrook Island down in South Carolina minus the beach and the mature plantings (some day they'll get there).

Now that my wife and I have two kids, our own business, and time for family, exercise, and relaxation is at a premium, Brunswick Forest is looking pretty good. A forest it is not. But, it is a pretty development with a wide variety of homes, a great golf course, and community spirit. I'd take that now.
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Here are some links to their web site where you can learn a little more about the development:
Neighborhoods
Lifestyle

If you would like to speak with someone about financing homes in Brunswick Forest, you may want to connect with Gateway Bank Mortgage. They are a NC mortgage lender with an office on Eastwood Road in Wilmington. They offer competitive mortgage rates and closing costs whether you are buying a home as your primary residence or a second home. Their number is 877-728-3569. If you would like a second opinion, perhaps give Terry Hoyle a call at New American Mortgage. His office is also in Wilmington - 910-538-3602.

Home Improvement Loan Options in Wilmington, NC

Look to make some changes or fix-up to a property in the Wilmington, NC real estate market? Below are some financing options to explore with your mortgage professional.

A. 203K Loans - This is an FHA loan product that allows consumers the opportunity to finance some of the cost of home repairs in a single, long-term fixed rate or adjustable rate loan. 203k loans are designed to facilitate uncomplicated rehabilitation and improvements to properties for which plans, engineers and architects are not needed. At the time this post was written, costs of repairs were not to exceed $35,000. There are no minimum repair costs. Our suggestion is to search for professionals that have completed a few 203K mortgages as many originators have little first-hand experience with these products.

B. Home Equity Loans and Lines of Credit - It was not that long ago that people could easily borrow 100% of the value of their homes with the help of second mortgage products. Today, many lenders and brokers do not focus on second mortgages as the market is not nearly as lucrative and loan-to-value limits have become increasingly more conservative. Still, there are plenty of banks out there that have home equity loans and lines or credit available, especially for those with strong equity positions. Your best bet may be to call a couple of local banks, lenders, and credit unions in Wilmington and then compare their rates with some large national lenders such as Wells Fargo or SunTrust.

C. Cash-Out Refinancing - While cash-out limits have been lowered in recent years, you can still potentially cash-out up to 85% of the value to your home with FHA financing. Cash out refinance guidelines can vary between lenders and agencies such Fannie Mae, Freddie Mac, and FHA. With mortgage rates as low as they currently are, cash-out refinancing may make a lot of sense for area homeowners.

No matter what route you decide to take, be sure to consult with licensed mortgage professional.

Mortgage Rates Hit New Lows for the Year

Home mortgage rates fell to their lowest levels in 2011 according to Freddie Mac's weekly mortgage rate survey. If you have been watching the news over the past few weeks, you've seen all the turmoil in both the national and international markets. Between the debt ceiling debate, less than expected gains on the employment front, and issues in many European economies, there is not a ton of consumer confidence in the marketplace. As a result, bond prices have moved lower with mortgage rates following suit.

According to Freddie Mac's survey, the 30 year fixed rate average fell substantially from 4.55 to 4.39% with 0.8 points. The 15 year fixed rate average sunk from 3.95% to 3.54% with .7 points and the 5 year ARM average for the week went all the way down to 3.18% with .6 points.

Below is a look at some of the current refinance mortgage rates posted on the mortgage rate research web site BurlingtonMortgage.biz for the State of North Carolina:

30 Year Mortgage Rates (0 points):
Gateway Bank Mortgage - 4.250% Note Rate - $0 Fees in APR - 4.250% APR
Loan Depot - 4.250% Note Rate - $1,950 Fees in APR - 4.333% APR

20 Year Mortgage Rates (0 Points):
Gateway Bank Mortgage - 4.000% Note Rate - $0 Fees in APR - 4.000% APR
National Mortgage Alliance - 4.000% Note Rate - $1,800 Fees in APR - 4.104% APR

15 Year Mortgage Rates (0 Points):
Gateway Bank Mortgage - 3.375% Note Rate - $875 Fees in APR - 3.439% APR
New American Mortgage - 3.500% Note Rate - $400 Fees in APR - 3.529% APR

10 Year Mortgage Rates (0 Points):
Gateway Bank Mortgage - 3.250% Note Rate - $0 Fees in APR - 3.250% APR


7 Year ARM Rates (0 Points):
Gateway Bank Mortgage - 3.250% Note Rate - $875 Fees in APR - 3.285% APR
New American Mortgage - 3.125% Note Rate - $400 Fees in APR - 3.141% APR

5 Year ARM Rates (0 Points):
Gateway Bank Mortgage - 3.000% Note Rate - $875 Fees in APR - 3.034% APR
New American Mortgage - 2.750% Note Rate - $400 Fees in APR - 2.766% APR

3 Year ARM Rates (0 Points):
National Mortgage Alliance - 2.500% Note Rate - $2000 Fees in APR - 2.577% APR
New American Mortgage - 2.750% Note Rate - $400 Fees in APR - 2.766% APR

Mortgage rates are subject to change without notice. Please visit BurlingtonMortgage.biz to review  the criteria used in the survey and for the most recent pricing.

Are You Ready To Buy A Home? Ask yourself these 4 questions to find out.

Low real estate prices and low mortgage rates have many renters wondering if it's time to purchase their first home. The first step should be to take a detailed and realistic look at the finances of owning a home. It's not just a matter of a small down payment and keeping up with the mortgage each month. You've got to account for up front closing costs related to the purchase, as well as the ongoing expenses of homeowners insurance, property taxes, and maintaining the home.

Beyond crunching the numbers, think about whether you are ready to be a homeowner. Depending on how you currently spend your time and money, and the resources you will have available after buying a property it could be a decent lifestyle change. Check out this article written by one of this blog's writers for the Yahoo content network to help mull over the decision: 4 Questions to Ask Yourself Before Buying a Home

The Carolina's Top List of Retiree's Planned Destinations

A survey referenced in the Wall Street Journal article, "He Says Maine. She Says Florida." which discusses how seniors are deciding where to spend their retirement, puts South and North Carolina at the top of the list of states where soon to be retirees plan to move.

In a separate part of the survey respondents were asked how they would choose where to retire with 81% citing cost of living and 60% desiring a "more favorable climate". North and South Carolina certainly stack up well against other parts of the country on both accounts.

The Carolinas' popularity as a retirement destination bodes well for the Wilmington area housing market. And with the baby boomers' tendancy towards fun, active "golden years" it could also be great for our surf shops, golf courses, sports and outdoor stores, and more!

Home prices in Wilmington, NC on the rise

There's been a lot of press recently about home prices rising. Though there's debate over just how good the news is when considering seasonal adjustments, any positive news is great for the weakened housing market. For the Wilmington, NC real estate market, however, the news is even better.

As reported last month by the Wilmington StarNews, Wilmington area prices rose 3.75% when comparing April 2011 to April 2010, excluding distressed properties (such as foreclosed homes.) When the distressed sales were included in the equation there was still a rise of 0.24%. With the number of new foreclosures continuing to drop month after month, we will hopefully see even more improvement.

Rising prices and low mortgage rates may encourage those who have been sitting on the sidelines to get out there and check out some properties. An added benefit for today's home buyers is that they can learn some lessons from the past few years. We should be more likely to see people buying homes they can reasonably afford.

Wilmington Area Rate Update - July 6th, 2011

Wilmington, NC mortagage rates continue to be extremely low. Rates for purchase and refinance loans are at or near the lowest point of 2011 - great news for anyone in the market for a mortgage loan.

Here is a sampling of the rates listed on two mortgage shopping websites, ForTheBestRate.com and BurlingtonMortgage.biz on 7/6/2011.

5/1 ARM rates advertised on ForTheBestRate.com:

Lender	Note Rate	APR	Points/Fees
Horizon Financial	3.250%	3.270%	0/$495
Loan Depot	2.625%	2.778%	1/$1950
Quicken Loans	2.750%	2.958%	1.875/$1553

30 Year Fixed rates advertised on BurlingtonMortgage.biz

Lender	Note Rate	APR	Points/Fees
Gateway Bank Mortgage	4.250%	4.459%	2/$875
Amerisave	4.375%	4.562%	1.17/$1995
AimLoan	4.375%	4.459%	0/$1975

Keep in mind that rates can change at any time and will vary by scenario. Visit the websites listed above for current pricing and to see the criteria that these rates were based on.