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The Cameron Team

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OPEN HOUSE: 5049 Blue Ray Drive, Leland

by Meghan Riley, The Cameron Team

6049 Blue Ray DriveSunday, February 1
5049 Blue Ray Drive
Leland, NC 28451
1:00 p.m. - 4:00 p.m.

Realtor David Leinwand will be hosting an open house this weekend at our listing located in Grayson Park. Stop by for a tour of the home and have all your questions answered. Also, don’t forget that every weekend is now a Coast In & Win Weekend, so you can enter to win $500 at every Coldwell Banker Sea Coast Advantage open house.

Property Details:

This attractive 3 bedroom, 2 bath 1,600-1,700 sq.ft. home is located in popular Grayson Park. Its split-bedroom floor plan provides extra privacy for the master bedroom and guest bedrooms, but also has a wonderful open living space that makes it a breeze to entertain and spend time with family or friends. The home features an eat-in kitchen, formal dining room, gas log fireplace, and an unfinished room over the garage that is already wired and just in need of finished flooring and walls. The master suite features a garden tub, separate shower, and walk-in closet. At the rear of the home is a screened porch, perfect for enjoying the area's moderate climate, and a fenced yard, which is connected to a sprinkler system along with the front yard. Convenient to Brunswick County beaches, downtown Wilmington, and area shopping and dining, this home is a great find. It even has a 1-year home warranty for added peace of mind. Don't miss this opportunity!

Click here for a map, more details, and pictures!

Don’t Make These 5 Flipping Mistakes

by Meghan Riley, The Cameron Team

Don't Make These 5 Flipping MistakesAre you considering purchasing a Wilmington home to flip? With good planning, there’s money to make off renovating and upgrading homes, but if you’re new to the business, there’s a lot to learn. We’re sure any expert home flipper will tell you they’ve had their own growing pains. We’re not experts in flipping homes, but we can provide some guidance from a Realtor’s point-of-view. Here are 5 flipping mistakes not to make:

1. Using the wrong financing. If you aren’t purchasing with cash or a private investor, you must know not all loans are created equal when it comes to flipping a home. Some major lenders have rules about how long a buyer must hold onto a home before selling and how the sale will be handled by all parties. So, make sure you let the lender know what you plan on doing with the home or you may be in breach when you sell.

2. Buying in a community that isn’t selling. You’ve found a home listed at a price that fits your budget, but not much has sold in the community in the past 6 months. Should you invest? In most cases, it probably isn’t worth it, but you need to take into consideration other similar homes and communities. It may just be that not much has been listed in the community. However, if homes are sitting on the market for months, the demand may just be too low to justify the purchase.

3. Buying too high. You know of a community with homes selling often, so you’re pretty sure that you can find an interested buyer for a renovated home. The catch is you need to find a low priced home, which will be difficult if the community is in high demand. Sellers will be pricing accordingly: higher demand, higher pricing. So, you may not find a home that will work for your budget. If you buy a home priced high and make improvements according to current trends, you risk improving out of the selling range.  That’s why you need to pay very close attention to the cost of labor and materials when choosing a home to make an offer on.

4. Over-improving the home. You’ve purchased a home that fits your budget perfectly. Now, it’s time to choose the exact materials you’ll be using. You go all out on granite countertops, premium faucets, Brazilian hardwood floors, and Italian tiles, because that’s what buyers are dreaming about (after all, that’s what they’re pinning, right?). The problem is you’ve chosen a grade of materials that don’t exist in other homes in the community and buyers are not willing to pay more for them. So, your property sits on the market while homes with laminate countertops and chrome faucets sell quickly.

5. Not improving according to a community’s demand. You got a good deal on a home that needs some updating. You’ve installed brand new kitchen cabinets that are higher than normal to provide extra storage room and removed the old shower in the master suite to replace it with a new one. The problem is that the cabinets are too high for someone in a wheelchair and there are no grab rails in the shower. If you’d done your research on area demographics prior to renovating, you would know that baby boomers are the primary purchasers in this community. Now, you’re extremely limited on who you can market to.

The home you buy can make or break your chances at making money off of a Wilmington flip. Unless you want it to turn into a flop, you should do as much research as possible before purchasing. If you need help determining if a Wilmington property will be a good investment, give us a call! We’d be happy to go over the numbers with you and help you determine which grade of renovations you should be considering.

Meghan Riley

What is Your Regret Price?

by Meghan Riley, The Cameron Team

Have you ever made an offer on a home, was outbid, and was upset when you learned the price it sold for?

“Darn it! I would have paid that!”

Well, that is your regret price a.k.a. the amount you would have paid before you felt regret. The same goes if you hear the price and aren’t upset.

Find Your Regret Price“I would have never paid that!”

There’s a point when a dollar amount no longer fits your level of satisfaction. Above that, you’re thankful your offer wasn’t accepted. Below that, you’re regretful. It’s a fine line and I’m almost hesitant to use the word “satisfaction” as it implies a fulfillment of desires when not much is fulfilled when you lose out on an offer.

In today’s real estate market, where inventory is low and bidding wars exist, it’s important to know your regret price. It will be different for every property that ends up on your Top 3 list, but you need to seriously consider it. Low-balling to see how much money you can save purchasing a home isn’t always the answer, because you could offend the seller to the point of rejection or be outbid. This is where your agent’s expertise comes into play.

Real estate agents aren’t just door openers. They exist to make sure you’re protecting your best interests and making the most informed decisions during negotiations. They use their training, experience, and knowledge to help you analyze the value and potential of the homes you’re interested in, as well as help you over the hurdles that exist before closing (inspections, paperwork, financing, etc.). Their expertise goes beyond showing homes.

Bottom line, you have the final say on offer price, but your agent can tell you what’s reasonable. Regret is all in your mind and only you can decide what determines your regret price…but you must determine it or you’ll be kicking yourself later.

If you have any questions about buying a home in the Wilmington area, give us a call or send us a message through our Contact page. We’re never too busy to help!

Meghan Riley

Wilmington Weekly Update - New UNCW Logo, Ask-A-Lawyer Day, and more!

by Meghan Riley, The Cameron Team

Our weekly round-up of news stories making their way around Wilmington, North Carolina.

Instagram of the Week:

In Case You Missed It

Tidal CreekUNCW is revealing their new athletics logo tonight at the basketball game against Elon. UNCW has been releasing puzzle pieces hinting at the new design. See them at WECT.

A recent report from Coastal Planning & Engineering of North Carolina shows that New Hanover County’s tidal creeks are in good health overall and have improved from past results of human contamination. Health is assessed according to 4 factors. 2 of those factors ranked consistently well. The other 2 had varied results, all of which is explained on Port City Daily.

The water level in Greenfield Lake was lowered this week to allow an independent contractors to inspect a sewer main that runs below. Both the thickness of the pipe and its pilings will be inspected. Results will determine if further work will be required later in the year. Learn more at Port City Daily.

City officials met with county state representatives to discuss their goals for this session. Top priority is the change to the film incentives, which has already led to Sleepy Hollow moving to Georgia if renewed. Other topics included the reinstatement of the historic preservation tax and home owner insurance. Learn more at  Port City Daily.

Coming Up

Attorneys from the Young Lawyers Division of the North Carolina State Bar Association will be providing free legal advice this Saturday, January 31, as part of Ask-a-Lawyer Day. The event will happen at Independence Mall from 11:00 a.m. to 2:00 p.m. and no business commitment is required. Learn more.

Meghan Riley

Should I Lower My Home’s Listing Price?

by Meghan Riley, The Cameron Team

Should I Lower My Home’s Listing Price?Your home has been on the market a few months and now your agent is suggesting lowering the listing price. No one likes the idea of netting less money, so it’s justifiable that you are hesitant to do so. To make a solid decision, you should ask yourself…

Has my agent provided data in support of the numbers?

A listing price should be the fair market value of your home. This is determined by similar homes recently sold in the past 6 months. This information can be found by your agent in the Multiple Listing Service. If other similar homes in your community or area have sold for less than your home is listed for, you should consider lowering the price. When buyers sees a house listed significantly higher than others, they assume that the seller will be unwilling to negotiate.

Has showing feedback revealed the home is priced too high?

We always approach showing feedback on price with a bit of caution. If a couple of agents say a home is overpriced, but their clients might have some interest, that may just be a negotiation tactic. However, if the majority of agents are saying the home is priced too high, it likely is. The agents are viewing homes in a specific price range. If they are seeing other homes in better condition and with superior features, they’ll make sure to note it.

Am I getting showings?

If your home is in an active price range and you aren’t getting showings, revisit your list of recently sold homes. There’s a buyer for every property that’s priced at fair market value. Even if your home isn’t in the best condition, if it’s priced in accordance with comparable homes in a similar location, it will get showings. If you don’t get showings, you won’t get a buyer.

Do I need to sell?

When you listed your home for sale, your agent should have been very transparent on their expectations for listing, including their marketing strategy and price reductions. Local real estate markets are constantly adjusting according to supply and demand. If your home has only been listed a couple of months and a price reduction is in no way an option, you need to ask yourself if you really do need to sell.  If you aren’t going to make the money you need off the sale, then you may find it more favorable to rent out the home until the mortgage is paid down and/or listing prices have risen.

Remember, the longer your home sits on the market, the harder it will be to sell it, because it implies there’s something wrong with the home. So, don’t sit on a price reduction too long. If it doesn’t make financial sense to you and you aren’t getting showings, now may not be the time to sell. If you need to sell, you can always do a small price reduction to see if generates any activity.

If you have any questions about selling your Wilmington area home, give us a call at (910) 202-2546 or send us a message through our Contact page. You’ll always get a straightforward, honest assessment of your home’s market value.

Meghan Riley

Monday Market Update - Wilmington Regional Association of Realtors 2014 Stats

by Melanie Cameron, The Cameron Team

The Cameron Team's Monday Market UpdateHappy Monday!

I hope you had a great weekend.  If you are in the Northeast, our thoughts and prayers are with you as this winter storm bears down on you... be safe!

Wilmington Regional Association of Realtors just published the year end numbers for 2014.  For the entire WRAR area, the average sales price increased by 4.6% when compared to 2013.  In my opinion, this is the slow, steady growth that we need.  The average list price of the properties that sold last year ($273,531) was up 4.8% from 2013.

The median sold price was $217,250, an increase of 8.6% from last year and the list to sale price ratio was at 96.2%, down slightly from 2013 (96.37%).  The average days on the market in 2014 was 119 days... a 3 day decrease from 2013.

Meanwhile, 2015 is off to a fantastic start.  We just received over the weekend, stats for the first 4 weeks of 2015 as compared to 2014 and the numbers are staggering!  4 weeks into 2015, our Coldwell Banker Sea Coast Advantage sales total 404 units with a volume of $78,416,213.  Compared to the same time last year when sales 4 weeks in to the year totaled 300 units at a volume of $55,179,286.  That's a 25% increase in contracts and a 30% increase in volume... in 4 WEEKS.

Needless to say, with inventory, interest rates and these figures... it's a great time to buy or sell.  Give us a call and see how we can help you.

As always, have a great week!

Melanie Cameron

Video: 2015 FHA Mortgage Insurance Rate Changes

by Meghan Riley, The Cameron Team

Effective January 26, 2015, FHA is dramatically lowering the insurance rates on their mortgages. Melanie Cameron of The Cameron Team in Wilmington, NC, shares more on this and how it will affect borrowers.


Melanie Cameron
Broker/REALTOR®
(910) 202-2546

Email Melanie

Video: Tour of Sagewood at Plantation Landing - Wilmington, NC

by Meghan Riley, The Cameron Team


Listing Specialist and Team Leader Melanie Cameron takes you on a tour through Sagewood at Plantation Landing in northern Wilmington, North Carolina. This area of Plantation Landing has custom homes, mainly Craftsman Style, which you can see in the video. Melanie also shows you the community amenities - a club house, fitness center, swimming pool, and tennis courts.

View homes for sale in Plantation Landing.

If you'd like to see these homes in person or have questions about the community, contact Melanie!

Melanie Cameron
Broker/REALTOR®
(910) 202-2546

Email Melanie


Video: Tour of Neighborhoods of Avendale in Rocky Point, NC

by Meghan Riley, The Cameron Team

Buyer's Agent Tammy Suggs takes you on a driving tour of Neighborhoods of Avendale, a community in Rocky Point, North Carolina, just 5 minutes from Hampstead. This is a primarily new home community being filled by Southern Home Builders. Here you can see the styles of homes being built. At the time of recording, there are spec homes, as well as home sites to choose from.

Homes for sale in Avendale.

Interested in seeing the homes available in Avendale or learning more about the home sites and house plans available? Contact Tammy Suggs!

Tammy W. Suggs, ABR®
Broker/REALTOR®
910.612.6630
 
Email Tammy

Video: A Tour of Compass Pointe in Leland, NC

by Meghan Riley, The Cameron Team

Listing Specialist and Team Leader Melanie Cameron takes you on a tour through Compass Pointe, a gated community located in Leland, North Carolina. See examples of the homes you will find in Compass Pointe, as well as the community's amenities - club house, fitness center, swimming pool, and tennis courts.

View homes for sale in Compass Pointe.

Melanie Cameron
Broker/REALTOR®
(910) 202-2546

Email Melanie

Displaying blog entries 1-10 of 900

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The Cameron Team
Coldwell Banker Sea Coast Advantage
1001 Military Cutoff Suite 101
Wilmington NC 28405
Office: 910.202.2546
Toll Free: 800.522.9624
Fax: 910.795.4723