Sellers have had much less luck, but things are starting to look up. In fact, many states are reporting that they’re seeing a rise in buyer activity, more balanced communities and an increase in home values. All of these factors lead to one thing: a shift toward a seller’s market.

It may seem hard to believe that the market is actually shifting in this direction, especially since many communities are still trying to recover from the economic downturn. The real estate market varies from region to region, but real estate agents report that there are several legitimate reasons for why we’re starting to see a move in the other direction.

Homebuyer Activity

The prime reason for this is an increase in homebuyer activity. There have been great reasons to buy after all, as first-time homebuyers have made out on big tax credits and low down payments that have made it more affordable to own than rent.

Homes are Selling

Other homeowners have chosen to make a trade by taking a cut on their existing home but gaining on the other end by purchasing a high-priced property. Furthermore, realtors are reporting that home tours are filling up quicker, more offers are being put on homes and homes are selling faster. As we continue to see more buyer activity, the market is making slow but steady growth.

The Selling of Foreclosed Homes

Foreclosed homes are another reason why, ironically, some neighborhoods are starting to rebuild themselves. Over the past few years, investors have come into neighborhoods and bought foreclosures in large quantities at low prices, hurting the overall value of the neighborhood. Yet, now that these homes are being fixed up and sold at a higher cost, the sales are bringing up the value of neighborhoods. This will eventually give sellers an incentive to raise their prices, setting the stage for firm pricing.

For sellers, this information comes as a ray of hope in a once-grim market. For prospective buyers however, it reminds them that the housing market won’t always be in their favor and to take advantage of low interest rates and homebuyer programs today – and so they should act fast.

Many people have still been hesitant to buy, waiting for the next wave of historic lows, but many believe that we’ve already reached this point. As the power shifts into the seller’s hands, home values will increase, interest rates will climb back up and homebuyer incentive programs will be less plentiful. Now is the time to buy.

Today, there are still record-low interest rates, lower home prices and several programs to help homebuyers purchase their new home. Nevertheless, a seller’s market is what the majority of us have been waiting for, and any hope that the market is swinging in this new direction is hope for all.

Lower Prices

We have all heard lately how awful the housing crisis has become over the past several years. Foreclosures abound, people cannot get their money back on houses they bought during the housing bubble, and people are underwater with their mortgages. However, what this means for potential homebuyers is that houses are selling cheaply.

You may be able to find a new house selling for thousands cheaper than it was during the housing bubble. Added to that, mortgage rates are at historic lows. Well qualified home buyers can therefore buy houses for excellent prices at excellent rates.

Less Competition

Consider also what the low prices mean. If there was a great deal of competition for the houses, basic economics tells you that prices would rise again. Instead, prices are remaining rather low. People are still feeling gun-shy following the bubble burst, meaning that if you do go forward with an offer, you are less likely be in competition for the home and more likely to get the price you are looking for.

Better than Renting

There is still more. With the number of people who went through foreclosures, and the number of people who have taken an income cut due to the economy, the demand for rental properties is skyrocketing. For those interested in buying an additional house, this means the market for renters is very good. For those interested in buying a first time house, it means that rental prices are going up with demand, and it is quickly becoming non-economical to continue renting.

However, from another perspective, it also means that purchasing a house to use as a rental property is also a great investment – you get to purchase a home while its cheaper, earn a constant income from it, and still have a home to sell (at a higher value) at a later time.

Interest Rates Are Likely to Soon Increase

Also consider the fact that, when the housing bubble burst, Washington vowed to people to fix the housing crisis. The way banks were managing loans were no longer acceptable. As more regulations begin to come into play, chances are banks are going to become very iffy about who they give loans to, and at what rates, very soon. Easy loan qualifications are going to become a thing of the past, and those that do qualify may very well no longer qualify for as large of a loan as they once did, as banks are held more accountable. It’s best to get on the housing market right now, before tighter regulations mean much higher interest rates for future buyers of new homes.

Houses are At Their Cheapest

Most market analysts believe that in the worst of the housing crisis is behind us. The market is not likely to recover overnight, but the prices have probably hit as low, or nearly as low, as they are going to go. For potential homebuyers gambling and waiting to see if prices are going to continue to drop before making a move, now is the time to act.

This home is a 2300+ sq ft home with 3br/3ba, and bonus room over the garage, and a separate office off the dining room.

Located in Nautical Greens, this community is inside Masonboro Country Club and offers some of the best golfing in the area.

Click on the images to see them full size:

See the full listing for 510 Top Flite Ln here.

In general, new homes require less maintenance, are built safer and have more preferable layouts and amenities like full-sized closets and soak-in tubs.

And while years ago new homes were more expensive than existing ones, today’s market has changed this facet, making a large majority of new homes more affordable than existing ones.

One of the reasons for the drop in price of new homes is because of the way that new neighborhoods are structured. Generally speaking, new homes are built in newly established neighborhoods because that’s where the land is located.

When the economy was still steady, new homes were being built larger, with four bedrooms, several bathrooms and full basements. Yet today’s new homes are being built smaller, with open layouts and energy efficient designs. This keeps the cost of the home down and makes the home more affordable to maintain.

Furthermore, new homes built in new neighborhoods are cheaper because there are no surrounding homes to compete with. And since these new structures are already built, you can take advantage of open floor plans and smart upgrades that you don’t have to select yourself. If you have children or grandchildren, you can also enjoy newly built amenities such as park districts, libraries and schools in your area.

Finally, there is the most obvious benefit to new homes: they’re in good condition. Compared to an older home that could have a laundry list of repairs and maintenance, new homes are move-in ready. They usually come with a one- or two-year warranty from the builder that can help if any problems were to arise. Not only are there fewer issues on the front end, but also you won’t need to worry about encountering unexpected costs in the near future because of the furnace, water heater or air conditioner.

There are a few factors to keep in mind if you are thinking about buying a new home, particularly those in new neighborhoods. Although there may be new facilities, the neighborhood may be miles away from a large supermarket or shopping center. Many new neighborhoods are also geared toward families, so if you’re an older couple, you may not find the newly built, two-story homes to be practical. If you’re someone that enjoys the look of established neighborhoods that are full of character and fully matured trees, you won’t get this in a new neighborhood either.

Nevertheless, many homebuyers find just what they’re looking for with a new home in a new neighborhood. With careful consideration, you may find that a new home, already built, is the perfect way to start your future.

One of the biggest questions that home buyers are faced with in Wilmington NC, is whether to buy a new or existing home. Some people feel that existing homes are best because they’re bursting with character and often situated in well-established areas. Yet in today’s market where homebuyers have the upper hand, you may be joining the millions of Americans who have decided that new homes carry the most benefits.

To begin with, there is the obvious advantage that the home is new. You don’t have to clean up the previous homeowners’ mess, and you don’t have to replace anything right off the bat. Your walls will be clean white, your carpeting new and all major appliances and cabinetry in perfect condition.

Your home will be move-in ready, an advantage to those who are working on a short timeline. Instead of spending days or weeks cleaning, you can move your furniture in and begin enjoying your new home immediately. 

Not only will your new home be in great condition, but also it will be current. It will be built to today’s safety codes, which is of the utmost importance if you have a family. For example, railings are built to code and fire alarms are installed in each room.

Also, your home will be most efficient thanks to central air conditioning, new windows and insulation. You can expect your utility bills to be lower and your home to have an energy-efficient dishwasher, stove and microwave. 

If you’re someone who likes to have a clean slate, you’ll have a special appreciation for a new home. Unlike a resale home where several families have brought their own influence, you can start with a clean and neutral palette.

To make new homes appeal to today’s homebuyers, they include modern appliances, neutral countertops and cabinets, white walls and light-colored carpet. This makes it easy to start fresh in each room of the home without having to go over someone else’s preference in décor. 

Finally, since many new homes are built in new neighborhoods, you’ll have the benefit of new facilities to use.

New schools, park districts, libraries and shopping centers are just a few of the structures that will come up in your area for you and your family to enjoy. Since many new neighborhoods draw in young families, you can expect that schools and park districts will be a priority and receive adequate programs and funding. While it may take time for the trees to grow and the neighborhood to establish itself, you can’t overlook the benefit to having a brand new home that only needs one thing: to be lived in.

You’ve probably seen new neighborhoods in Wilmington and around your area that are beautiful, promising and filled with brand-new homes. However, many of the new homes in Wilmington NC remain empty because of the toll the economy has taken on the real estate market. While it may be near impossible to sell a home right now, those that are looking to buy are in the best position possible. Instead of buying an existing home however, you’ll find the biggest perks with newly built homes.

Rent Cost More Than Buying:

You probably already know that by purchasing any home in general, you can take advantage of historic low interest rates, government-funded programs for new homebuyers and tax advantages. More surprisingly is that for the first time in a long time, it’s actually cheaper to pay a mortgage than to rent. With so many foreclosures and short sales on the market, more people have had to rent and re-establish their credit, causing rental prices to soar.

When buying a new home in Wilmington, NC, there is a sense of urgency to get the house sold because there is no family currently occupying it. You may qualify for no closing costs, discounts off the purchase price of the home, upgraded features and extended home warranties to make the purchase more attractive. Since there are less people looking to buy right now, you also have less competition from other homebuyers. Your interest in a newly built home will be very welcomed by the builder and its affiliated realtor, and they will be very interested in completing the sale.

Buyer Advantages:

Fortunately, this is one situation where there are more advantages for you than the realtor or builder. Thanks to newly renovated programs, it’s becoming easier to acquire a mortgage because of lower down payments and fixed interest rates of 4 percent or less. There are also more financing options available, helping first-time homebuyers to purchase their new home. Where it was once standard that you had to put down 20 percent of the purchase price, now there are loan programs that allow homeowners to put down no money, like we do here at Secof Construction, LLC. because we pay all closing costs up to $5k.

Of course, the cost of homes has decreased as well. New homes in Wilmington, NC. are especially cost-effective because they are built with open layouts, include energy efficient appliances, windows and insulation and require no repair work. Best of all, when you buy a new home in today’s market, you’re most likely buying in a new neighborhood that will continue to grow and expand. You’ll have new facilities built around you and be able to watch the neighborhood evolve into something spectacular. Eventually, the market will go back up and your home will be worth much more than you paid for it. Invest in your future today with a brand new home that you can enjoy for years to come.

This WECT news clip talks about our involvement and what SAG is all about. Let us know if you would like to be a part of this great opportunity to give something back.

Being confident in the overall design of the home will make it easier for architects and builders to make your dream a reality. Contact local builders that build homes with similar sizes and features to what you want. If possible, get an itemized list of how much you will be charged for materials.

To get an idea of what other homes in the area cost, count the square footage and determine the price of the home and land. Subtract the cost of the land from this number and divide it by the square footage. For example, if the home is $230,000, the land is $30,000 and the square footage is 2,000, you would subtract 30,000 from 230,000 and divide this number by 2,000, which would leave you with $100 a square foot. You can expect to pay about $100 per square foot for your home as well.

Remember that many factors will affect the cost of your home such as the current market conditions, site preparation, overruns of particular projects and the shape and size of the home. To keep things most economical, have your home at an even square footage that is in the shape of a rectangle or box. Adding in energy efficient windows, heating and cooling equipment and insulation are also smart moves that will save you money in the long run.

So what happens if you come over budget? There are certain areas where you can save. Don’t cut corners on lingering materials that will save you money such as high performance windows and doors. Also don’t try to heavily used items such as countertops, appliances and fixtures. Where you can save is on landscaping, patios, slabs and stonework. Basements can wait to be finished, after all, they are the cheapest square footage you can build. Lighting fixtures can be purchased inexpensively and updated later and cabinets can be purchased in semi-custom form.

Since materials have been fairly steady with the economy being down, now is a great time to build your own home. While there are a lot of details to work out, you can already start planning your budget just by speaking with a builder and reviewing other homes in the area with the similar features, size and layout.

In fact, you may even want to choose your lot before you start planning the shape and size of your home, as the lot will affect these factors. Some builders have even found that the lot they chose incurred additional costs such as long driveways and a more expensive foundation and retaining wall.

If you want to keep your new home on a budget, opt for a suitable and versatile lot early on.

Just like anything else, it’s best to know what you’re looking for before you start your search. Otherwise, you could end up choosing a lot that looks pretty, but isn’t exactly build quality.

Ask yourself whether or not you want a property in a suburb or rural area, with nearby parks, schools and commercial outlets. The property should be evaluate for such factors as the setback line, rain water collecting, zoning, deed restrictions and civil ordinances that could limit the size of the home.

Also consider how much – or little – privacy you want. If you build in an area that has trees, the trees may give you added privacy and shade with no additional cost to you.

You’ll also want to visit the lot at various times of the day to see how the sun hits the home. This could make your home comfortable or not depending on how the sun will hit the structure. Take note of the breezes and whether or not they’d keep the home cool, what types of trees and natural shade are on the property and if the lot will need to be cleared from underbrush. Although you may have to remove some of this vegetation, you can repurpose it for mulch and fertilizer.

The slope of the land is also very important, as this will determine the overall design of the home. While a hilly lot may look beautiful, it will mean a more expensive structure for you. A topographical survey will help in determining the structure of the lot and what can be built on it.

After all, it’s not just the home to consider, but also where your driveway and garage will be, how you will access the road and how easy you will be able to run electricity, telephone, internet and cable. Don’t think that you have to go through this process alone either. Work with an expert to get the answers you need before buying your new lot.