Intracoastal Agent Connie Parker: Why You Should Have a Home Inspection
Nothing feels better than finally getting to lay down in your own bed after a long day! Years ago, this was such an occasion, when I heard a rustling sound from underneath the house. I slowly get up and tip-toe to the areas of the house where the sound might be coming from. My mind is going in a number of directions as to what it could be… a raccoon, a cat, a mouse, heaven forbid; and it sounds like it is trying to get into my house!
Well, after several nights with the same scenario, this night, I definitely heard movement inside a beautiful hand-hewed pine display cabinet that had been built-in to a nook. It had glass front doors and blue velvet, padded-lined drawers. With great hesitation, my curiosity won over reason, and I opened a drawer.
There, nestled in her new home was a possum, with pointed pink-tipped nose and glassy eyes staring back at me. Needless to say, I shut the drawer quickly! Thankfully, my son-in-law was there and relocated the unwanted guest.
After her departure, I discovered an opening in the back of the cabinet that had not been finished during the “renovation,” exposing a hole through the sheetrock. This critter had been very diligent to find this “luxury accommodation.”
Home Inspectors have an important role in locating potential problems with the home you may be purchasing. They inspect the attic, roof, crawl space (if there is one), exterior condition, wiring or window issues, to name some of their major areas of inspection. This is valuable information for the potential buyer who may need to invest more money if these corrections are not made prior to closing. It is also valuable to the seller to have an inspection prior to placing their home on the market. Having this information, and correcting issues up front, will validate the market value in their home and helps to capture early interest that can lead to contract and expedite closing.
It is a small investment for either buyer or seller that offers confidence in your next home investment or sale. For the latest real estate listings available and current market updates, as your realtor, I will work diligently to help you reach your real estate goals.
Here’s a sampling of Independence Day happenings from the river to the sea:
JULY 1: N.C. 4th of JULY FESTIVAL BEACH DAY Youth Activities and Contests from 10AM-2PM, Skate Competition, and Beach Music Band and Shag Contest from 7PM-9PM. Held at Middleton Park Extension at Oak Island (46th Street SE and Beachfront Cabana Area)
JULY 2: N.C. SYMPHONY PRESENTS “STARS & STRIPES”. 7:30PM Guest conductor Sarah Ioannides leads the orchestra in classical and patriotic favorites, from Tchaikovsky and Verdi to John Williams, Leroy Anderson and John Philip Sousa. Admission charge. Kenan Auditorium, UNC-Wilmington; 919-733-2750
JULY 3: PLEASURE ISLAND FIREWORKS DISPLAY. At 9PM, fireworks light the sky over the Carolina Beach Boardwalk. Be sure to bring your blanket, beach chairs and food and prepare yourself for a show like none other.
The riverfront celebration features food and music from 5:00PM.-9:00PM. At 9:05PM, the 15th Annual BATTLESHIP BLAST, among the largest fireworks display in the Carolinas, will illuminate the night sky over the Battleship NC and the Cape Fear River. To commemorate the Battleship’s 50thAnniversary as an attraction, this year’s fireworks will be better than ever with new features! Tour the Battleship early and view the fireworks from Downtown.
JULY 4: THE HENRIETTA III RIVERBOAT offers a 4th of July cruise on Monday July 4th from 6:30PM-9:30PM. Enjoy a buffet dinner and a great view of the Battleship Blast fireworks over the Cape Fear River. Admission charge. Pre-paid reservations required. Boarding begins at 6:00 and the riverboat departs at 6:30 from the riverfront dock located at Water and Dock streets, Downtown Wilmington.
JULY 4: WINNER PARTY BOAT CRUISEBoards at 6:30PM, departs at 7:00PM and returns at 10:45PM. The Royal Winner Princess II departs from Carolina Beach Marina to cruise across the Cape Fear River for a view of Southport’s July 4 fireworks show. The menu features a N.C. barbecue buffet. Admission charge. Pre-paid reservations required. Carolina Beach Marina, Carolina Beach.
The laws of Supply and Demand can be very complex the more you dig into the subject, believe me I know from my college days. However, on the surface the law is very, very simple. If you do not over think it and over complicate it, oversupply of a product and low demand will have tendency to push prices downward. On the other hand, high demand and low supply will have a tendency to push prices upward. That’s it plain and simple! Remember what happened to our values back in 2003-2006 when supply was low and demand was extremely high. Values escalated upward and we all thought they would stay that way forever…..Well now the exact opposite is happening. Low demand and oversupply is creating the opposite effect. Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy
Let’s just look at the median selling prices of three of our local towns comparing the same time periods 2010 to 2011. I think it is common knowledge that we had more supply and less demand in 2011 versus 2010 so let’s see what that did to the values.
Median selling price 1/1/10-6/6/10
Median selling price 1/1/11-6/6/11
City of Wilmington:
Town of Wrightsville Beach:
Town of Carolina Beach:
The numbers tell the story, they do not lie. Oversupply and low demand conditions have the tendency to push prices downward. So if your home is listed and your real estate agent does an updated CMA for you and comes back with the news that you are overpriced and you need to make a price adjustment, don’t shoot the messenger. The real estate agent cannot control the economy but can only advise you as to what the CURRENT market conditions are and to adjust accordingly.
Sunset Park, located in Wilmington, NC off Carolina Beach Road has origins going back almost 100 years. In 1912 the Fidelity Investment and Development Company bought a tract of land outside the Wilmington city limits just south of Greenfield Lake.
A contest was held by the investors for a community name and the winning name was “Sunset Park”. The investors promoted the modern “permanent improvements” which the community would include. Archived newspaper clippings show advertisements of “Parkways, Boulevards, Streets, Sewage, Artesian Water System, Sidewalks, Decorative Entryways, and Grading of Lots.” One of the taglines for the development was “Everybody’s Going South.”
Sunset Park begins west of Carolina Beach Road and parallel streets to that road were named after presidents beginning with Washington Street and proceeding on order to Taylor Street just before Riverside Drive at the bank of the Cape Fear River. At some point before World War II, the streets of Polk, Taylor and Riverside Drive were taken for use by shipbuilding companies. The North Caroline State Port Authority is situated on this property today.
Crossing these presidential streets in Sunset Park’s original layout are Northern, Central and Southern Boulevards which boasts wide medians. A streetcar track from town once ran down Adams Street to Southern Boulevard.
Sunset Park consists of 800%20 homes and is accessible from Carolina Beach Road or Burnett Boulevard (once called Tyler Street) and the cross streets of Shipyard Boulevard, Northern, Central and Southern Boulevards.
Sunset Park boasts a variety of architectural styles including craftsman style, bungalows, cottages and traditional for their time. Some existing homes were Sears Catalog Homes delivered as kits and assembled on site.
Come and see the quaint cottages and charming streets in a community full of history on the Southside of Wilmington. For further information on Sunset Park’s history, go to www.sunsetparknc.com.
We were all told fables as kids to teach us valuable lessons in life. Well, this is a modern day fable for adults. It is the story of two sellers, one named Proactive, the other named WaitNC. Both sellers had purchased their homes several years before, but since that time, the real estate market had collapsed and their once large equity had now disappeared. The market had been declining for the last couple of years and no one was 100% sure when it would end. Proactive met with his real estate agent to get the facts to help him make a better decision as to what to do about selling his home. His agent did a Comparative Market Analysis (CMA) and advised Proactive that $315,000 was the value the comps suggested, however, the agent told Proactive that, in his opinion, we were in a declining market and, if he wanted to be aggressive, to price below the decline. The agent went on to say that pricing below the decline appears to be well below fair market value and a very good deal to potential buyers. Buyers like to think they are getting a good deal. Well, Proactive was not happy at all with the agent’s suggestion; however, he understood the logic. Proactive listed his home at $298,000. In 21 days, Proactive’s home was under contract for $294,000 and closed 30 days later. Proactive moved on with his life.
Proactive’s neighbor, WaitNC had been watching to see how quickly his neighbor’s house would sell. After seeing how quickly the home sold, he called the agent the next day to list his home. Again, the CMA indicated a value of approximately $315,000 for WaitNC’s home. WaitNC stated that he had paid $345,000 for his home and needed to get more money. He just was not willing to give it away. The agent tried to explain that what he had paid had no bearing on TODAY’s value but he could see that WaitNC was not listening. The agent also explained the declining market strategy that Proactive had used. WaitNC was not interested and decided to list at $335,000 and see what happened. He wanted to try it, after all, he could always come down. What WaitNC did not understand was that the real estate market was doing the same thing….coming down.
And so the market did decline over the next year. The value of the two homes fell to $275,000 a year later. Proactive got his home sold quickly before he lost even more value because he took the advice of his real estate agent. He actually sold ahead of a declining market and came out ahead. WaitNC; however, was not so fortunate. He did eventually lower his price but he waited too long and was always behind the market. He lowered to $320,000, then $305,000, then $295,000, then $284,000, then $279,000. Little did WaitNC know, he was doing what so many sellers do in this market….chasing a falling market. After a year on the market, he finally sold his home for $274,000 ($24,000 less than what Proactive sold his home for and moved on with his life). Two weeks later, the agent got a call from Proactive who was ecstatic that he made the decision to price his home the way he did after seeing what WaitNC wound up getting from the sale. He thanked the agent over and over for his advice.
So the question is, after reading this tale, which seller would you want be — Proactive or WaitNC?