5 Home Upgrades That Are Worth the Cost

1. Painting

Painting is an easy way to quickly update the ambiance and style of a room. In the transformation below, adding a light color and changing the trim to white drastically brightens the rooms.Likewise, painting the exterior of a home can improve the facade and curb appeal. The painted brick home pictured below gives off more of a modern feel with the new color.

2. Landscaping

We’ve talked about the benefits of landscaping before, as the investment goes a long way in elevating the look of the home. Below, overgrown landscaping blocks this home’s outer beauty, but the curb appeal is drastically increased with new plants that perfectly frame the home and it’s stunning features. The front of your home is the first thing people see, so any landscaping or exterior improvements will be worthwhile.

3. New Windows

New windows can benefit in two ways: a decor boost and better insulation (which can reduce your energy bills!). If you have a room in your home facing drafts, new panes are well worth the investment. Energy efficient windows can eliminate these drafts and save you money. If you’re investing in new windows, don’t forget that they can boost the style of the home too. We love the chic upgrade to the windows in the transformation below.

4. Kitchen Appliances

To be honest, any kitchen remodeling is a great investment. Homeowners consistently see great returns on improvements to their kitchen, from new cabinets to new appliances. Professionals urge a sense of caution though, don’t splurge on high-end appliances for a smaller property as you may not see the return. Similarly, it can be dangerous to mix high-end features with cost-effective features that do not pair well together (i.e. nice new cabinets will pair better with marble than a laminate!)

5. Adding a Deck or Patio

A well done outdoor space such as a deck or patio can be seen as an outdoor extension of the home and add appeal for potential buyers. If a deck is too costly, a simple patio or pergola can still add to the personality of your backyard or outdoor area.

Ready to Buy? We Offer Special Buyer Services for Tenants!

We can help you find your new home.

Did you know that your property managers are also real estate agents? Dianne, Jill, and Amanda are licensed agents who have several years of experience working with sellers and buyers in the Wilmington area. If you’re ready to transition from renting to owning, our agents can help with a smooth transition. We also guarantee personalized service to our tenants who buy a home with us!

If you have put serious consideration into buying a home, you should speak with a realtor about real estate options! If you have been watching your finances, if you are committed to your neighborhood, and if you are looking for a place to truly call your own, buying a home is a great option.

If you are currently renting but looking to buy a home within the next year, we can assist with this transition!

At Dianne Perry & Company, we have over 30 years of experience as agents in the Wilmington area and can help you find the perfect home. Here’s what you can expect when you work with our agents:

Pre-qualification in 15 minutes.
If you are renting from us and buying with us, we can work with you to help coordinate your dates to help avoid overlapping rent and mortgage payments.
We specialize in first-time home buyers! We will walk you through every step of the home buying process and guarantee personalized service. If you’re a first time home buyer, learn more about the process here.
As an extra incentive, we offer a $500.00 Lowe’s gift card to current tenants who buy with us!

Read more about Dianne, Jill, and Amanda here and give us a call at 910-322-0736 to find out how we can help you! Whether you are considering buying in the future, or ready to be a homeowner now, we can help you take the first steps!

What is a Short Sale?

What is a short sale? A short sale is an alternative to a foreclosure, the legal process where a lender seeks to recover the balance of a loan. In a short sale, the lender and borrower agree on a payoff of less than the balance due on the loan.

Investopedia defines a short sale as: “Any sale of real estate that generates proceeds that are less than the amount owed on the property. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan. It is therefore an alternative to foreclosure.”

While being an alternative to a foreclosure, there are downsides, such as negative consequences to your credit score. Credit Sesame has laid out the details and pros and cons in the infographic below:

(Image via creditsesame.com).

Buying a Home in North Carolina – Breaking it Down

Buying a Home in North Carolina

Breaking It Down

Congratulations on your decision to find a home! We know that the buying process can seem daunting, so we’ve broken down the process of buying a home in North Carolina below!

Commit to your decision to purchase a home and what kind of home you want.
Before meeting with an agent, have a list ready of what kind of property you are looking for and know your budget. How many bedrooms do you want? Are you looking for an open floor plan? Do you have a preferred neighborhood? Having this information prepared will help your agent to find you great home options.

Prequalify.
To purchase a home you will likely need to prequalify for a loan to determine how much you can afford to borrow. Your loan will be based on your income and credit standing. Prequalifying will help you finalize your budget and plan for your home financing.

Search for a home.
Once you have prequalified and signed a real estate disclosure, you will work with your agent to view properties based on your budget and home preferences.

Submit an offer.
When you are ready to make an offer, you will work with your real estate agent to submit an offer to purchase. The offer to purchase is a document that needs to be signed by both the buyer and the seller. The executed copy of this document will note the final purchase price, the due diligence date and closing date. There may be some back and forth revisions of to the offer to purchase, should this occur, your agent will be the one to negotiate on your behalf.

Sign the accepted offer and begin the under contract process.
Once your offer is accepted and the offer to purchase is signed by the buyer and the seller, you will officially be under contract and the offer to purchase will be considered executed. Your closing date is usually 30 to 45 days after your offer is accepted.

Once you are under contract, your due diligence period begins. This the time for the buyer to thoroughly investigate the property, which can include reviewing property documents, procuring insurance and walking the property.

Get an appraisal and inspection of the home.
The lender will order an appraisal once you are under contract. The appraisal is required by the bank and the process entails the appraiser inspecting the property for any improvements or deficiencies that may lower the value of the home. The appraiser also takes the location, square footage, and selling price of similar properties into consideration. The appraisal allows the lender to finalize how much to lend, what type of loan will be provided, the down payment requires, and what the interest rate will be.The buyer can also hire a home inspector to assess the overall condition of the home. Typically, the home inspection focuses on the property systems, such as the plumbing, electrical, and HVAC. The inspector will determine if any repairs need to be made and if there are any health concerns.

Secure the title and title insurance.
Your agent will help you select a closing attorney who will perform a title search and secure the property title. Unless a warranty is offered by the seller, you will likely want to obtain homeowner insurance. Your agent can help you select a company to protect your home.

Meet with the closing attorney & close on your home!
Once the above steps have been completed, you will meet with the closing attorney and complete the final paperwork to transfer the deed for the property. Your agent will be with you at closing to review the documents and ensure that no errors have been made. Once the closing statement and deed are signed, you will receive the keys to your new home! Congratulations, you are officially a homeowner!

Ready to buy a home in the Wilmington, NC area? Find out more about our agents here!

10 Cold Weather Preparedness Tips for Your Home!

While it still feels like summer, the cooler months of fall and winter are almost upon us! These seasons tend to sneak up on us, so we’ve compiled a checklist for cold weather preparedness. By preparing now, you’ll have one less thing to worry about when the seasons change. (Because yard work and shoveling will take enough of your time).

Check your windows!

Close your storm windows and be sure to replace all screen windows.
Check your HVAC Filters. It may be necessary to clean or replace filters prior to the winter months. Just like your car needs regular check ups, regular maintenance on HVAC systems will help ensure that everything is working properly and can even help reduce your energy bill.
Flush your hot water tank to remove any debris and check the functionality of the pressure release valve.
Trim any overgrown branches. Cut back any overgrown bushes or branches, especially where they may interfere with wires, damage the roof of your home, or become a potential hazard to your property.

Trim any branches that may damage your property or wires on your property.

Check your storm drains. The drains should let out far enough away from your home to avoid foundation problems.
Clean your gutters. Build up of debris in gutters can lead to ice dams that can prevent proper drainage.
Examine the windows and door frames in your home for leaks that could lead to heat loss. If you find any leaks, weather-strip or caulk the area.
Be cautious of pipes bursting or freezing! Be mindful of the temperature outside and water pressure in your home. Keep your home well heated and disconnect any garden hoses.
Make sure that all smoke alarms and carbon dioxide alarms are working.
Be sure you have necessary supplies for any snowfall, like shovels, salt, and ice scrapers. Keep emergency phone numbers on hand and saved in your phone in the event of a bigger storm.

Additionally, if your home is in an area that tends to be affected by fall and/or winter storms, it also does not hurt to have a few preparations on hand in case of a power outage or emergency. The Centers for Disease Control has a recommended checklist for cold weather preparedness, which includes batteries, a battery powered radio, flashlights, extra blankets or mylar blankets, drinking water, and canned goods.

Do you have any additional tips on how to get your home ready for fall and winter? Be sure to share them with us below!

How To Boost Your Mood At Home

You unlock your door and take a huge sigh as you enter your home. There are some dishes left in the sink, mail scattered across the countertops and to do lists and post-its swallowing your desk. Instead of being a welcoming oasis after a long day at work, it is just more stress. Does this scene sound familiar? You’re certainly not alone, but there are plenty of good ways (and some scientific ways!) to make your home more relaxing. Below we’re sharing the science of home decor and a few of our personal tips for relaxation at home.

Contain the mess. While we can all agree this is usually easier said than done, keeping a tidy home will help you feel more organized and relaxed. Try making a schedule for cleaning or complete chores as soon as you get home to get them out of the way. If organization is a recurring problem, look to Pinterest or Home Decor sites for home organization ideas.
Add a scent. Adding a scent to your space can reduce stress and even lift your mood. If you’re worried about candles, essential oils and diffusers are a great alternative. Lavender and vanilla are great scents for relaxation, but we recommend searching for a scent that appeals most to you.
Fresh air. When possible, opening the window is a great way to improve the circulation in your home and clean out any unwanted scents. Plus, we can’t think of anything better than sitting by a refreshing breeze.

Do you have any tips for decorating or relaxation? Share them in the comments! We would love to hear them!

3 Things to Consider When Finding Your Dream Home

So you’ve decided to buy your dream home. Congratulations! You’ve been pre-approved, know your budget, and have a list of what you’re looking for. Here are three other tips to help you make the right investment:

1. Do Your Research on The Neighborhood

It is easy to be swayed by a beautiful house with all the right features, but don’t forget to investigate the neighborhood. Are you close enough to everything you need, like grocery stores and pharmacies? Or if you want peace and quiet, are you far enough away from noisy streets? Consider what kind of neighborhood you would like to be in before you begin your search so that you can be sure you love where you live

2. Know the Age of the Property

You’ve found the cutest house of your dreams, straight out of an old Hollywood movie. But, does it need some TLC? Will certain aspects of the house need to be brought up to date? Be aware of the age of a property and any necessary work that may need to be completed. It is also important to consider if modern upgrades will truly be feasible in the home. Determine how much work you are willing to do and what you want to have move in ready.

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3. Consider Size & Space

Be realistic about how much space you want and need. Having enough space is crucial, but having too much space can be overwhelming. If you know that you will have visitors frequently, be sure that the property has enough space so that you don’t feel crowded. If you are trying to downgrade, make sure that you can easily manage maintenance and cleaning of the property. If there is too much space, the upkeep may become difficult or costly. Be realistic about what kind of space you want -inside and outside- and you will be perfectly content in your new home.

Have any tips we missed? Sound off in the comments!

Consider This Before Choosing a Home!

It’s easy to be dazzled by a beautiful home. The granite, the built-ins, the garden tub with steam jets and rainfall shower head that plays jazz while surrounding you with the gentle fragrance of freshly pressed lavender!

Before you race to the seller with a check in hand to make that home yours, be sure to take the following into consideration:

1. Get to know the community! Local and online newspapers are a great way to learn about the area and events that keep the community engaged. Also, drive through the neighborhood at different times of the day to get a feel for the activity ebb and flow.
2. Take note of all of the amenities nearby including shops, parks, bike trails, community pools, etc.
3. Compute the commute. Try a test run of your commute from your future home. You want a clear picture of what the usual drive is like.
4. Account for additional expenses. Check for home owners association dues, supplemental taxes and any other fees associated with your new home.
5. Check out the schools! A great school district may improve the value of your home, even if you don’t have children.
6. Most importantly, find a reliable realtor who can help you find your dream home!

What other things do you think are important to know before choosing a home and making an offer?

Real Estate 2015: Looking Back to See Ahead into 2015’s Market

These statistics below compiled from our local MLS indicate steady improvement in all locations of our thriving Cape Fear area. If you are thinking of selling this year give us call so we can tailor a plan for your real estate. It is still a great year to purchase an investment property – which remains the best return on your investment dollar by most everyone’s standards. Contact us to learn more about investing in our local real estate. We have successfully helped many clients start and increase their portfolios.

By Sherri Pickard, GRI, SFR, CDPE
2015 President, Wilmington Regional Association of Realtors

WILMINGTON, N.C. (January 16, 2015) – When analyzing eleven major zip codes in our region – 28401, 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449, and 28443 – an average of the zip codes shows for the year-end of 2014:

• Our average sales price has increased by 4.6% from year-end 2013.
• Of the 5,000 sellers in 2014 – 34.0% paid some sort of concession toward the purchase of the house.
• Our list to sales price ratio for year-end is 96.20%, a decrease from 96.37% for year-end 2013.
• The average list price of the sold properties is $273,531 and is up 4.8% from year-end 2013.
• The average number of days a property remained on the market for the year was 119 days, compared to 121 days for year-end 2013.
• The median sold price of $217,250 for year-end has increased 8.6% from year-end 2013.

The areas of focus in this analysis were:
• Selling Price – The price the seller accepts for his or her house.
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List Price – The amount of money a home is listed on the market.
• Median Price – The middle price of all the properties sold in the given time period.

28401
• The average selling price of $132,649 has decreased 2.4% from year-end 2013 average selling price of $135,949.
• 27% of sellers paid a concession in 2014 compared to 24% for year-end 2013.
• The average list price of $142,103 has decreased 1.7% from year-end 2013 average list price of $144,594.
• The average number of days a property remained on the market for 2014 was 140 days compared to 138 days for year-end 2013.
• The median sold price of $110,000 for Year-end has increased 11.1% from year-end 2013.
• Sold homes in 2014 received 93.3% of the asking price, a decrease from 94.02% for year-end 2013.

28403
• The average selling price of $212,842 has increased 4.3% from year-end 2013 average selling price of $204,046.
• 28% of sellers paid a concession in 2014 compared to 25% for year-end 2013.
• The average list price of $224,222 has increased 5.2% from year-end 2013 average list price of $213,052.
• The average number of days a property remained on the market for 2014 was 124 days compared to 116 days for year-end 2013.
• The median sold price of $174,500 for Year-end has increased 1.5% from year-end 2013.
• Sold homes in 2014 received 94.9% of the asking price, a decrease from 95.7% for year-end 2013.

28405
• The average selling price of $300,789 has increased 2.5% from year-end 2013 average selling price of $293,443.
• 30% of sellers in 2014 paid a concession compared to 23% for year-end 2013.
• The average list price of $314,652 for 2014 has increased 2.4% from year-end 2013 average list price of $307,332.
• The average number of days a property remained on the market for 2014 was 120 days compared to 141 days for year-end 2013.
• The median sold price of $195,000 for 2014 has increased 5.4% from year-end 2013.
• Sold homes in 2014 received 95.5% of the asking price, an increase from 95.4% for year-end 2013.

28409
• The average selling price of $308,567 has increased 8.6% from year-end 2013 average selling price of $284,192.
• 39% of sellers in 2014 paid a concession compared to 26% for year-end 2013.
• The average list price of $318,635 for 2014 has increased 8.6% over year-end 2013 average list price of $293,510.
• The average number of days a property remained on the market for 2014 was 116 days compared to 102 days for year-end 2013.
• The median sold price of $265,540 for 2014 has increased 12.0% from year-end 2013.
• Sold homes in 2014 received 96.8% of the asking price, it matched 96.8% from year-end 2013.

28411
• The average selling price of $289,741 has increased 4.0% from year-end 2013 average selling price of $278,466.
• 40% of sellers in 2014 paid a concession compared to 33% in year-end 2013.
• The average list price of $303,654 for 2014 has increased 4.9% over year-end 2013 average list price of $289,562.
• The average number of days a property remained on the market for 2014 was 107 days compared to 111 days for year-end 2013.
• The median sold price of $224,950 for 2014 has increased by 4.7% from year-end 2013.
• Sold homes in 2014 received 95.4% of the asking price, a decrease from 96.1% for year-end 2013.

28412
• The average selling price of $196,712 has increased 2.1% over year-end 2013 average selling price of $192,753.
• 41% of sellers in 2014 paid a concession compared to 28% for year-end 2013.
• The average list price of $200,864 for 2014 has increased 2.1% over year-end 2013 average list price of $196,661.
• The average number of days a property remained on the market for 2014 was 95 days compared to 91 days for year-end 2013. The best of all zip codes.
• The median sold price of $174,000 for 2014 has increased 4.6% from year-end 2013.
• Sold homes in 2014 received 97.9% of the asking price, a decrease from 98.0% for year-end 2013.

28451
• The average selling price of $224,523 has increased 9.1% from year-end 2013 average selling price of $205,798.
• 34% of sellers in 2014 paid a concession compared to 26% for year-end 2013.
• The average list price of $226,889 for 2014 has increased 8.6% over year-end 2013 average list price of $208,981.
• The average number of days a property remained on the market for 2014 was 117 days compared to 114 days for year-end 2013.
• The median sold price of $210,000 for 2014 has increased 16.7% from year-end 2013. The best of all zip codes.
• Sold homes in 2014 received 98.9% of the asking price, an increase from 98.4% for year-end 2013. The best of all zip codes.

28480
• The average selling price of $743,370 has increased 2.2% from year-end 2013 average selling price of $727,210.
• 9% of sellers in 2014 paid a concession compared to 8% in year-end 2013. The best of all zip codes.
• The average list price of $810,215 for 2014 has increased 1.4% over year-end 2013 average list price of $799,085.
• The average number of days a property remained on the market for 2014 was 182 days compared to 254 days for year-end 2013.
• The median sold price of $700,000 for 2014 has increased 8.5% from year-end 2013.
• Sold homes in 2014 received 91.7% of the asking price, an increase from 91.0% for year-end 2013.

28428
• The average selling price of $261,366 has increased .3% from year-end 2013 average selling price of $260,637.
• 20% of sellers in 2014 paid a concession compared to 18% for year-end 2013.
• The average list price of $272,238 for 2014 has increased 2.6% over year-end 2013 average list price of $270,732.
• The average number of days a property remained on the market for 2014 was 145 days compared to 180 days for year-end 2013.
• The median sold price of $233,500 for 2014 has decreased 2.7% from year-end 2013.
• Sold homes in 2014 received 96.0% of the asking price, a decrease from 96.2% for year-end 2013.

28449
• The average selling price of $374,272 has increased 1.8% over year-end 2013 average selling price of $367,716.
• 10% of sellers in 2014 paid a concession compared to 8% for year-end 2013.
• The average list price of $390,656 for 2014 has increased 1.9% over year-end 2013 average list price of $383,544.
• The average number of days a property remained on the market for 2014 was 150 days compared to 175 days for year-end 2013.
• The median sold price of $328,250 for 2014 has increased 9.4% from year-end 2013.
• Sold homes in 2014 received 95.8% of the asking price, it matched 95.8% for year-end 2013.

28443
• The average selling price of $259,299 has increased 10.5% over year-end 2013 average selling price of $234,613. The best of all zip codes.
• 41% of sellers in 2014 paid a concession compared to 38% for year-end 2013.
• The average list price of $267,989 for 2014 has increased 11.5% over year-end 2013 average list price of $240,303. The best of all zip codes.
• The average number of days a property remained on the market for 2014 was 132 days compared to 120 days for year-end 2013.
• The median sold price of $240,000 for 2014 has increased 6.7% from year-end 2013.
• Sold homes in 2014 received 96.7% of the asking price, a decrease from 97.6% for year-end 2013.

Ten out of eleven zip codes reported an increase in the average sales price. Eight out of eleven zip codes have the List to Sales price ratio above 95%. Sellers are getting closer to their asking price, which is a good sign that real estate is continuing to improve.

http://www.wrar.com/87-consumers-site-category/buyers-and-sellers-category/487-2014-year-end-local-real-estate-zip-code-report-01-16-15.html#.VMJgWWdAaek.email

Rental Real Estate Still the Best Investment

The Great Recession may have knocked real estate values for a loop but it did not change the basic premise that rental real estate is still the best investment value for most Americans. Values are on the rise again. However, this is a bonus and not the basis for investment.

The real story has remained the same through time. The rent coming in pays the mortgage on the property which, over time, allows the owner to have a debt free property that someone else paid for… it doesn’t get better than this! You put up the initial cash down payment-the rent pays the rest. Yes, there will be maintenance, taxes and insurance. That’s all tax deductible and usually covered by the rent, as well. One day, the property is all yours and producing retirement income. And as the real estate market always does, it has rebounded and doubled in value.

Today’s Millenial generation makes up 40% of our population and 90% of them are renters. This demographic is educated, have very good incomes, great credit scores and want nice rental homes. They are unlikely to cause any damage. It is a great time to buy an investment, put it in the hands of a property management company and collect the mortgage payment as rent!