Network Wilmington Real Estate News

March 31, 2020

Seller’s Markets vs. Buyer’s Markets

Whether you’re a seller or a buyer, your #1 goal is always to get the most bang for your buck. If you’ve been a homeowner, you’ve probably heard a real estate agent use the terms “seller’s market” and “buyer’s market” once or twice. Understanding what these terms mean is critical to a successful real estate transaction, whether you’re selling your home or buying a new one.

 

We believe that educating our clients is a big part of making sure they have a good experience with us. So in this article, we’ll discuss exactly what buyer’s and seller’s markets are, their advantages and disadvantages, and how to determine what kind of market you’re dealing with at any given time.

 

 

What is a Buyer’s Market?

A buyer’s market occurs where there is more supply than there is demand. In other words, there are more people trying to sell houses than there are people trying to buy houses. This typically results in buyers having a rather large selection of homes to choose from, which gives them the upper hand when it comes to negotiating price. Sellers who are listing their home in a buyer’s market may have to lower their home’s price in order to compete in the market.

 

What is a Seller’s Market?

A seller’s market occurs when there is more demand than supply. So if there are more people trying to buy houses than there are actual houses available, you’re dealing with a seller’s market. This is the scenario where bidding wars are very common, and buyers should be prepared to offer more money or bring cash to the table, in order to get what they want. For sellers, this makes things easy, as they just have to sit back and wait for the best offer to come in.

 

Determining Current Market Conditions in Wilmington, NC

A lot of times, the real estate market in a given area will fluctuate seasonally. Wilmington and the surrounding areas depend heavily on tourism, so where, in other areas, you might see more homes listed during the summer, you’re not as likely to see that here. Summer is the prime rental season in Wilmington, so we tend to see more listings go on the market in the “off-season” than any other time. Likewise, the tourists, traffic, and high temperatures don’t make summers in Wilmington the most desirable time for buyers to look for a home.

 

That’s not to say you can’t buy or sell in Wilmington during the summer, it’s just not as common as it might be in someplace like New England, where home shopping during the summer is much more preferable to home shopping in five feet of snow. Apart from the weather, there are several other indicators one can look at to determine the current real estate conditions in Wilmington:

 

  • Consider the local job market. Lots of jobs and new business opportunities may indicate a seller’s market whereas fewer jobs can often put cities in a buyer’s market.
  • Check how quickly the “inventory” of homes changes. If there are plenty of homes available but they stay on the market for a long time, that’s a sure sign of a buyer’s market. However, a limited inventory of homes that are listed one day and sold the next is a clear indication that you’re in the middle of a seller’s market.
  • Observe price fluctuations. If over a period of a few weeks or months, you notice that the same homes are available and their prices have been slashed, you’re dealing with a buyer’s market. However, if prices keep trending up and up, the sellers have the advantage.
  • Determine the ratio of regular listings compared to foreclosures/short sales. A seller who is listing their mint-condition home for its maximum value may have a hard time competing with the foreclosures and short sales that can be awfully tempting to a buyer on a budget.
  • Check interest rates. If you’re taking out a loan to buy a home (and most people are) you’ll obviously want to obtain the lowest interest rate possible. If rates in Wilmington are low, it’s a good time to buy.

 

Pros and Cons of a Seller’s Market

 

As a seller in a seller’s market, you’re probably going to get the price you want for your home, if not more. The downside of this is that even though it’s unlikely buyers will be too picky or ask for many contingencies, your home needs to be able to attract the interest of buyers right away or it will get lost in the shuffle.

 

As a buyer in a seller’s market, finding the right home could be pretty tough. You may have to go through dozens of listings before you find one that you like and have your offer accepted on. You may find yourself in bidding wars or having to settle in order to purchase a home during this time, and the whole process may take a lot longer than you’d like.

 

Pros and Cons of a Seller’s Market

As a seller in a buyer’s market, your home may sell very quickly or it may not. A lot of this depends on how many foreclosures and short sales there are in your area, as well as direct competition from homes similar to yours. Be ready to price your home competitively and be willing to negotiate if you want a quick sale.

 

As a buyer in a seller’s market, you’re going to have plenty of options to choose from and it’s unlikely you’ll get into a bidding war. In fact, you’ll probably be able to talk a seller down on price, especially if their home has been on the market for a while, and maybe even get your closing date moved up.

 

Buying and Selling Homes in Wilmington

Real estate isn’t always a one-sided thing, and it’s important to note that optimal conditions can exist for both sellers and buyers at the same time. The best way to make sure you’re benefiting from your real estate transaction is to work with one of the experienced Wilmington realtors agents at Network Real Estate. Give us a call at 800-747-1968 to set up an appointment with one of our agents today!

March 10, 2020

How to Determine Your House Budget

It doesn’t matter whether you’re buying a house to live in or buying one with the intent of turning it into a rental property - purchasing a home is a big deal. The process takes a lot of forethought and planning, both on the part of the buyer and other entities like banks, realtors, and lawyers. It’s not something to take lightly, and it’s certainly not something you should just jump into without making some careful considerations.

 

While there are many details to be aware of throughout the home-buying process, the most important by far is your budget. No good can come from going over budget. In fact, overspending is one of the biggest mistakes homeowners make. So instead of jeopardizing your emotional and financial happiness by guessing how much you should spend on a house, it’s best to develop a real estate budget before you even start looking.

 

Budgeting for Homeownership

 

Now that you’ve considered some of the random expenses associated with homeownership, you can really start taking steps toward developing your final home-buying budget:

 

1. Calculate your monthly income

This should include the total monthly earnings for each working/contributing household member, as well as any other additional sources of income you may have, like part-time jobs, social security, retirement income, etc.

 

2. Do the mortgage math

A good rule of them is to make sure that your mortgage payments do not exceed 25% percent of your income. So, once you have your total income, multiply it by .25 and you’ll have a good idea of what your monthly mortgage payment should be after your down payment is put down.

 

3. See how your mortgage fits with your monthly expenses

Make a list of your current expenses, including utilities, groceries, childcare, transportation, etc. Then combine your monthly expenses with your estimated maximum mortgage payment and subtract that number from your total monthly income.

 

4. Make adjustments as necessary

If the calculation above left you with room to spare, then you’re in good shape. However, if this number was bigger than your monthly income and left you in the red, you’ll need to trim the fat, either by reducing your monthly expenses or by decreasing the amount you’d be willing to spend on monthly mortgage payments.

 

5. Factor in your down payment.

Now that you’ve got a handle on your projected monthly expenses, we can discover exactly how much home you can afford. Thankfully, there are plenty of mortgage calculators to help you out. All you have to do is plug in how much money you’ve saved for your down payment along with the maximum value of the homes you might be interested in until the number under “total monthly payment” matches your target monthly mortgage cost.

 

If you’re having trouble getting the numbers to match, you’ll either need to increase your down payment or look at homes that are a little less expensive.

 

 

Things to Consider When Buying a House

Monthly income and expenses are certainly the largest components of developing a budget, but they aren’t the only ones. As you are working on budgeting, don’t forget to think about the following:

 

Job stability. Have you been at your job for a while? Is there any chance you could lose your job or switch jobs anytime soon? These are all things you should mull over before making any major purchase.

 

Your future. Are you planning on having kids soon? If so, are you going to want to save for their college? Or maybe you’re planning a wedding in addition to buying real estate. It’s important when house shopping to remember to look at the big picture, and how your life/finances may change down the road.

 

Utility costs. Your utility bills are bound to change when moving into a new home. You might use more/less water and electricity, or you might have to pay for waste or pest control services that you didn’t before.

 

Appliances. Not all new homes come with all the appliances you want. Others may come with appliances that are old or broken and need replacing. Regardless, you should make sure you have enough money to cover the cost of major appliance replacements.

 

Home repairs. Finding the perfect turn-key home in your budget may be ideal, but it’s not always realistic. Chances are, the home that you settle on will need a repair here or there, or maybe a new coat of paint or new carpet.

 

Closing costs. The money-spending portion of home-buying isn’t over until you’re sitting at the closing table. And, unfortunately, there are a lot of bills that have to be paid to get you there, like appraisal fees, home inspections, credit report fees, and so on. Closing costs can equal up to 5% of the cost of the home, so don’t forget to work them into your plan.

 

HOA fees. Communities with lots of amenities tend to foot the cost by instating homeowner’s association fees. While these usually aren’t a huge concern, it’s definitely something to ask about before you settle on a home.

 

Credit score(s). This is absolutely something that will factor into your ability to get a loan and/or buy a loan, so if your credit score isn’t in good shape, you might want to spend some time working on it before you start house shopping.

 

Furniture needs. A new house doesn’t do you much good without furniture to enjoy. Chances are that, when you move, you’ll need to replace at least a few pieces to fit the new space, so budget accordingly.

 

The best plan for handling the last-minute expenses of home-buying is to multiply your monthly expenses times three and make sure you keep at least this much money in your savings account at all times.

 

The Importance of a Real Estate Agent

The internet is a good place to start looking at homes, but ultimately you’ll want to go visit some in person. For that, you’ll need the help of a realtor. The Wilmington realtors at Network Real Estate can also help you during the budgeting phase of your search to make sure you find a property that meets your needs and your budget.

 

Remember, as a buyer, there’s no risk associated with working with a realtor since the seller is traditionally the one responsible for paying all real estate agent fees. So what are you waiting for? Check out the houses we have for sale in Wilmington and the surrounding areas, or give us a call to speak to one of our realtors at 800-747-1968.

Posted in Buying a Home
Feb. 27, 2020

Best Activities for Renters in Carolina Beach

Carolina Beach is a place where the classic beach town vibe of the past still lives on. It’s a place where southern hospitality is abundant. But most importantly, it’s a place where you can truly kick back and relax while you soak up the sun.

 

If you’re planning on renting a vacation house in Carolina Beach, NC this summer, you’re probably looking for some ideas for what to do while you’re here. The truth is that it’s hard to choose because there are just that many fun things to do! That’s why we’ve created a list designed to help make sure our renters see the best attractions and activities in Carolina Beach.

 

 

Visit The Carolina Beach Boardwalk

There aren’t many boardwalks left on United States beaches, but ours sure is one of the best. The boardwalk at Carolina Beach is packed full of fun, from rides and games to shopping, bars, restaurants, and more. You can even rent a bike or surrey and enjoy people watching as you ride up and down the boardwalk.

 

Take Surfing Lessons

Tony Silvagni Surf School is run by pro surfer and gold medalist Tony Silvagni, and offers surfing lessons for adults and kids. If you’re looking for an activity that’s a little slower-paced, they also offer paddleboard lessons and kayak tours. Plus, if you’re just looking for a boogie board to enjoy at the beach, or need to borrow an umbrella and some chairs for a few hours, Tony Silvagni Surf School has those, too!

 

Head Down to Fort Fisher

The Fort Fisher Historic Site is a great place to stroll around with the whole family. You’ll learn so much about Wilmington’s history, as well as the First and Second Battles of Fort Fisher. Or, if it’s too hot or rainy to be outside, the North Carolina Aquarium at Fort Fisher offers a ton of great exhibits and daily events like animal encounters and feedings.

 

Do Some Fishing

With miles of sand, there are plenty of shore fishing opportunities up and down our coast. The Carolina Beach Fishing Pier also offers the perfect stop to cast your line, plus a bait shop if you need any supplies. Or, you could book a fishing charter with Carolina Explorer and head offshore to see what you can find.

 

Grab Some Donuts

You probably don’t know this, but Carolina Beach is actually sort of famous for its great donuts! Wake N Bake Donuts' specialty is donut flavors and combinations that most people have never even dreamed of and it’s won them the title of Best Donuts in North Carolina. They also have a variety of fritters, croissants, and cinnamon rolls! Carolina Beach is also home to Britt’s Donut Shop. Since 1939, Britt’s has been serving up their classic glazed donuts alongside cold glasses of milk. Their offering is simple, but it’s so delicious that you might just be able to eat a dozen all by yourself.

 

Take a Hike at One of Our Parks

You may not think that our humble little beach town would be home to so much green space, but you’d be wrong! We have several beautiful parks to choose from. Carolina Beach State Park has several hiking trails and gives visitors the unique opportunity to catch a glimpse of the rare Venus flytrap in its natural environment. Freeman Park allows visitors to drive right onto the beach and enjoy some seaside camping. And don’t forget Carolina Beach Lake Park offers trails, kayaking, and a ton of cool events and festivals!

 

Treat Yourself to Fudge

If you’ve got a sweet tooth, you can certainly satisfy it at Carolina Beach. Not only does The Fudgeboat make homemade fudge in a wide variety of flavors, but they also sell handmade chocolates, popcorn, nuts, and more. It’s the perfect place to grab some gifts to give your friends, family, and coworkers!

 

Stop by the Tiki Bar

Just a short drive from the boardwalk, is the Ocean Grill and Tiki Bar. This long-standing Carolina Beach tradition features a full-service indoor/outdoor restaurant along with a charming tiki-hut-style bar at the end of the short pier. It’s a great place for families to grab a bite during the day or for the adults to enjoy a cocktail during happy hour.

 

Check Out One of the Nearby Islands

If you’re feeling like an adventure, you can always rent or charter a boat to one of our local islands. Masonboro Island offers over 5,600 acres of beaches and forests to enjoy and explore. Additionally, Zeke’s Island Reserve is another gorgeous island near Carolina Beach, complete with beautiful flora and fauna and plenty of opportunities for swimming and boating.

 

So you see, there are plenty of reasons to visit Carolina Beach, NC, and even more fun things to do when you get here. Or you could always just grab a chair and a good book and simply enjoy a relaxing day laying on the beach. Of course, your beach vacation will be that much more enjoyable if you’re just a few steps off the sand. Check out our Carolina Beach vacation rentals to find the perfect place to stay for your next vacation, or call us at 800-830-2118 to speak to a vacation rental agent.

Posted in Vacation Rentals
Feb. 24, 2020

Why Wilmington, NC is the Perfect Spring Break Location

It’s nearly here… the time of year that students from all over the country long for - spring break! Providing a much-needed pause from the monotony of lectures, labs, and homework, spring break is the perfect time to get away and have a little fun with friends and classmates.

 

Students search high and low for the best spring break destinations in the United States. The goal is to find someplace with good weather that’s not too hot, but not too cold. It also has to be somewhere with plenty of things to see and do without being too crowded. And finally, it has to be a place that promises a memorable experience that will never be forgotten.

 

 

Reasons to Visit Wilmington, NC for Spring Break

If you’re looking for the best east coast spring break destination, you’re in luck. There’s no doubt about it, spring break in Wilmington, NC has everything you could ever want and more, since:

 

It’s centrally located on the East Coast.

Wilmington is pretty much smack dab in the middle of the eastern seaboard, which means it’s just about as easy for someone in Maine to get here as it is for someone in Florida. And that’s a good thing, especially if you’re trying to plan a spring break trip with friends who go to schools up and down the coast.

 

It’s affordable.

Wilmington’s location also makes getting here pretty cost-efficient. Students in North Carolina and the surrounding states can drive to Wilmington in no time, and students further away always have the option of booking a flight directly into Wilmington International Airport (ILM). Plus, renting a vacation property in Wilmington, NC is also affordable, as are nearly all of the things to see and do in the “Port City.”

 

The weather is perfect.

By the time spring break rolls around, Wilmington is normally experiencing balmy temperatures in the high 60’s. That said, it’s been known to get up to the high 80’s during springtime! Regardless, Wilmington is sure to give vacationers from warmer, southern climates a break from the heat, while offering a sunny paradise for students who live in the colder, northern states.

 

Wilmington, NC beaches are gorgeous.

That’s right; we have multiple beaches in the Wilmington area. On the north end of town, Wrightsville Beach offers shops and restaurants for everyone to enjoy. Further south, Carolina Beach and Kure Beach feature tons of activities, a boardwalk, and miles of pristine, white sand. If you can’t make up your mind about where to go, just visit them all!

 

Indoor and outdoor activities.

Even if the weather is on the cooler side, there are still plenty of things to do in Wilmington besides going to the beach. Wilmington boasts lots of outdoor activities, like swimming, surfing, and hiking, but we have plenty of indoor attractions as well. For example, you could take a riverboat tour on the Cape Fear River or head to the North Carolina Aquarium at Fort Fisher. If that doesn’t strike your fancy, we have several museums to visit, like the Cape Fear Museum or the Museum of the Bizarre.

 

Nothing in Wilmington is too far away.

Regardless of what you decide to do, no two activities in Wilmington are very far apart from each other. Pretty much everything is within a 20-mile radius and just a short drive from the next cool thing to do. Even if you want to go a little further down the coast, all you have to do is drive down to Fort Fisher and catch the ferry to Southport for a fun day trip.

 

It has tons of history.

Wilmington has been around since the early 1700s, so naturally, there are a lot of wonderful historical sites to visit here. You stay in town to check out the Bellamy Mansion and the Burgwin-Wright House & Gardens. Heading across the river allows you to tour the massive Battleship North Carolina. You can even drive down to the historic sites at Brunswick Town and Fort Anderson if you’re looking for a real peek into Wilmington’s history.

 

Downtown Wilmington has everything you could ever want.

The downtown area is soaked in southern charm and packed with things to do and see. There are countless restaurants, clubs, and bars in downtown Wilmington, NC. Plus, during the daytime, you can visit some of the best in local businesses or just stroll around and enjoy the architecture and atmosphere.

 

There’s shopping galore.

Wilmington has an abundance of places to shop, whether you’re looking to visit smaller, mom-and-pop shops or want to hit the mall. Mayfaire and the Independence Mall offer plenty of stores to choose from, and The Cotton Exchange is home to some of the coolest little shops you’ll ever find.

 

We have a deep love of food.

In other words, there are plenty of really amazing restaurants in Wilmington, NC to fit nearly any budget. Whether you want sushi, Thai, Indian, Italian, Mexican, or are just in the mood for a juicy burger or some fresh local seafood, you can find it in Wilmington.

 

It’s a theater/music lover’s dream.

Nicknamed “Hollywood East,” countless shows and movies have been filmed right here on the streets of Wilmington, NC. We also boast several concert venues and theaters where you can catch the latest shows, like Greenfield Lake Amphitheater, Thalian Hall, and the Wilson Center.

 

So there you have it! It’s clear that Wilmington is not only the perfect place for spring breakers, but for anyone looking for a relaxing, fun-filled vacation. Why not check out the Wilmington, NC vacation rentals available at Network Real Estate and come visit us? For information about rentals in Carolina Beach, Wrightsville Beach, Wilmington, and more, give us a call at 910-395-4100.

Posted in Vacation Rentals
Jan. 31, 2019

What Is Real Estate Tax Deduction?

The year after buying your first house is full of surprises. That’s something I’ve learned for myself this past year. There was a ton physical work that I had to do - from moving all my furniture to getting it all set up perfectly in the house.

But none of that physical labor brought anywhere near the level of stress that the “paperwork” that comes with buying a house did. So you can understand why my ears perked up when I heard a friend talking about their deduction. “You mean, I might actually benefit from this sea of papers I’ve been swimming in?

“Tell me more. What is Real Estate Tax Deduction?” I asked.

Put simply, here’s what my friend told me:

  • If you pay taxes on property, you can claim specific deductions on them for things like repairs and homeowners association fees.
  • As of 2018, there’s a $10,000 limit on the amount you can claim.
  • Landlords get the most benefit from these deductions since they’re eligible for more items.
  • Renters cannot claim property tax deductions.
  • “Property” can also include land, vehicles, boats, and vacation homes.

But as you may have expected, there’s a lot more nuance to Real Estate Tax Deduction than that, so let's explore it in greater detail below:

 

 

What is Property Tax Deduction?

To get started, let's get clear on just what exactly Property Tax Deduction actually is. Other than the awesome feeling of having something that's truly yours, it's one of the main benefits of owning a home instead of renting.

Basically, when you own a home, you pay taxes for it every year. These taxes are based on the value of your property, including the land and all the buildings on it. A tax assessor will visit you every 5 years to reevaluate the value of your property.

After you've paid these yearly taxes, you'll actually be able to get some of your money back by "deducting" the cost of eligible items you paid for during that year. I'll go into more detail below about what these deductible items actually are.

 

What is the current Property Tax Deduction limit?

If you're like me, at this point you're probably thinking, "Oh yeah! Property Tax Deductions are awesome - bring on the savings baby!" But let's not get ahead of ourselves.

While we're lucky the ability to deduct taxes even exists in the first place (more on this shortly), like all good things they come with a limit. As of 2018, you can only deduct up to $10k from the combined property, state/local, and sales taxes that you paid during that year.

I say that we should feel lucky for this because there's an ever-growing discussion going on currently about getting rid of Property Tax Deduction. The main reasons people in favor of eliminating it give is that the deductions discriminate against renters, and also encourage people to take on more debt. To be honest, I'm not versed enough in this area to judge those arguments fairly.

 

How do you calculate for your Property Tax Deduction?

As mentioned above, the Property Tax is calculated by using the value of your property. Under the umbrella of "property", they'll include the value of your land and all the buildings you own on it.

Then every 5 years a tax assessor will come to your home and reevaluate your property. I'll go into further detail on this below, but personal property is not just limited to land and your main home.

It can also include things such as your vacation home, vehicles, and boats. The value of all these items will be added up to come up with your final property tax calculation.

 

 

How does Property Tax Deduction work for a Rental property?

Unfortunately, as the actual person renting a property, you won't be eligible for Property Tax Deductions. If you're a landlord though, it's a whole different story.

You'll be able to get deductions every year you pay for expenses including advertising, cleaning & maintenance, commissions to rental agents, homeowner association fees, utilities, travel expenses, and repairs.

So, you can see that landlords actually receive the biggest benefits from Property Tax Deductions of anyone. Having said that, they also have to deal with depreciation.

That's' the decrease in value that happens to your property over time because of the wear and tear that comes from tenants. But what if you only rent the property out some of the time & the rest of the time is for your personal use?

Well, if you only rent it out for 14 days or less, you won't have to pay any taxes on the rental income. This doesn't necessarily mean that you don't get any tax exemptions overall, just that you won't have the plethora of deductible items available to true landlords.

 

Can you pay Property Taxes for multiple years at once?

We've already talked about how you can only claim deductions on taxes you've already paid. But, what if you could pay more taxes in advance in order to claim more deductions this year?

Well, put simply - you can! As long as you have already received your official bill for next year, you can go ahead and pay it. A common reason people do this is that they're preparing for their income going down the next year, often due to retirement.

People also do it if it looks like tax laws are going to change for the worst in the following year. Just keep in mind that you'll want to make sure you're actually eligible for the deduction before you pay in advance.

Another way to get bigger deductions is by checking all your yearly registration paperwork for your vehicles for the term "property tax". If you see it, the registration fee is likely deductible.

Also, if you bought a house during that year, check your closing paperwork to see how much you paid for property taxes. This adds to your deductible amount.

 

What are some tax deductible items that people might not know about?

We've touched on many of these things already, but I was surprised to find how many things you can actually deduct from your property taxes. Landlords have the real advantage here since they can claim deductions for advertising, cleaning & maintenance, commissions to rental agents, homeowner association fees, utilities, travel expenses, and repairs.

But even standard property owners can claim things like land, vehicles, boats, and vacation homes. Some items that aren't deductible include assessments for the building of new streets, sidewalks, and rain gutters around your home; services like water and trash; homeowners association assessments; and taxes paid on rented or commercial property.

If you happened to buy or sell a house this year, you'll only pay taxes (and therefore be able to claim deductions) for the amount of time you owned the home. So, if you sold your house in July, you'd only pay taxes on the house up until that month.

 


I’ve tried my best to explain everything I know about Real Estate Tax Deduction here for you, but I’m still learning. Fortunately, I know some really great realtors who are experts in this kind of thing.

They’re always happy to answer my questions about real estate in great detail, and I know they’d be thrilled to answer any lingering questions you may have as well, so don’t hesitate to reach out to them here!

Posted in Buying a Home
Jan. 23, 2019

How To Rent A House For A Weekend

Every couple of months, I like to shake things up by taking a little weekend trip somewhere within a days driving distance (last time was to Pigeon Forge, TN). Of course, that means I have to find somewhere to stay while I’m there.

In the past, that’s meant booking a hotel for two nights. But for my next trip, since I’ll be going with a few friends, I decided to go all out and rent a house.

That got me thinking - do I even know how to rent a house for a weekend?

So I did some research, and in a nutshell, here’s what I found:

  • Decide if you want to use a local realty company or a general rental website.
  • Check out the location to make sure it's safe and offers plenty of things to do.
  • Read reviews of the property.
  • See what appliances, towels, and sheets the renter provides, so you know what to bring.

But there's a lot more to learn, so let's dig into the details below.

 

What is a Vacation/Short-Term Rental?

Renting a house for a weekend puts it firmly in the category of a "Short-Term" Rental. Alternate names I found for this category were Vacation, Transient, and Resort Dwelling Rental. So what constitutes a short term stay?

Based on my research, it looks like the consensus is that any rental period of less than 31 consecutive days would qualify as short term. There's also something called the 14 Day Rule, that says that the property owners cannot file for rental property tax reductions if they spend 14 or more "personal" days there.

In that case, it would qualify as a personal residence. Because of the rise in popularity of Airbnb and similar sites, vacation rentals are popping up all across the US. This is different than in the past when this type of offering was centered more around vacation towns and big cities.

When it comes to the specific type of lodging you can expect with this kind of rental, there are three main offerings. The first, Entire Home, is pretty self-explanatory. You’ll be renting the full house, and shouldn’t expect the owner to be living there at the time. The next option is called the Accessory Dwelling.

In this case, you’ll be renting a guest house, apartment, garage, or separate cottage. It's possible that the owner will be living in the main house during your stay. The last option is the one Airbnb has made its fortune on - the Single Room.

As you probably expect, this is a situation where you’re renting one room of a home, again with the possibility of the owner residing there during your stay.

Who are the top Vacation/Short-Term Rental players?

As of 2017, there were 125 short term rental websites operating in the US alone. Needless to say, it wouldn’t help you for me to list them all here. So I’ll just talk about the biggest players in the game, and what makes each of them unique.

First is the site most readers are likely to recognize - Airbnb. Like I mentioned above, they differentiated themselves early on by focusing specifically on single room rentals. Having said that, you can find just about any type of rental on their platform. Because of how easy it is for a property owner to set up a listing here, it's currently the fastest growing company in the industry.

Next up is a more traditional, though hugely successful company many will recognize - VRBO. Their focus is more commonly on Entire House rentals, which are listed by the property owners or managers directly.

If you can imagine the review oriented power of TripAdvisor blended with a vacation rental company, then you’ve successfully imagined my final pick - FlipKey. In fact, the company is actually owned by TripAdvisor and it's those user reviews that set it apart.

Like its parent company, renters are allowed to submit their own pictures with their reviews, which can be supremely helpful for potential renters trying to decide between options.

What're the advantages of renting a house from a local realty company?

Having now described all the "big boys" in the rental industry, there's one very important option for renting a house short term that we've haven't mentioned - going local.

I'll admit I'm a bit biased, but after looking into it I truly believe renting from a local realty company is the best choice you can make when it's an available option. Hear me out and I hope to make it clear why. First and foremost, the locals know how to treat you right.

Sure, you might get lucky to find a property owner on one of the bigger sites who's willing to go out of his way to make sure you're highly satisfied. But most local realty companies will pair you up with a realtor when you rent from them.

In other words, you're in the hands of an expert, rather than those of an amateur. This means that you’re not just renting the house, you’re also renting the years of experience this person has had living and working in that specific location.

Think about it, who could possibly know more about what a particular city offers vacationers than a seasoned realtor? That’s why I’ll be booking all my weekend rentals with local realty companies in the future.

 

What should you check for before renting the house for the weekend?

I can't imagine a worse scenario when renting a house for the weekend than getting there and finding that it's a disaster zone. So, I dug around and found some great things for you to check for before you make the decision to book a specific rental.

First, as they say, location is everything. In this case, that refers to two separate concerns - safety and things to do. You'll want to check out the area your rental is located in and make sure that it's not notorious for crimes.

You should also check to make sure there are things to do in the area, though I'm sure that'd be your reason for going in the first place. If the location checks out, you'll then want to check for reviews of the rental house.

It's not necessarily a bad sign if the place has no reviews since it could be a new listing. But you definitely want to look out for bad reviews, especially if there are multiple pointing out similar issues.

The next thing to check is whether or not the place pet-friendly. This is for two reasons. The first is of course so you know whether you can bring your pet if you were planning on doing so.

The second reason is that if you're someone who's allergic to animals, you may not want to stay in a pet-friendly rental. The last thing to check for, which I hadn't thought much about until looking into it, is what you'll need to bring from home.

By this I mean, what appliances does the rental not have that you may need during your stay? Also, will you need to bring towels or sheets for the bed? The person you're renting from should be able to answer all these questions for you.

How do you list your own house for rent this weekend?

Now that we're both a lot clearer on how to rent a house for a weekend, I've been wondering what I would do if the situation was reversed. What do I need to do in order to list my own house for short term rental?

Well, it turns out that it's a lot easier than I had expected. In fact, there's not much for me to really explain to you, because it's such a simple process. All you have to do is decide which site you want to list your property on, contact one of their realtors, and they'll guide you through what looks to be a pretty easy setup.

Again, I'll recommend going with a local realty company here. That's for the reasons listed above, plus the very important fact that a local company will be able to market your listing in their area unlike a country-wide player would.

What do you need to do to prepare your house for the renters?

But once you've gone through the paperwork to get your rental up and running, how can you make sure you're giving your guests all they need? Well, the first step is to put yourself in their shoes.

If you haven't already, go back and read the section of this article telling potential renters what to check for before renting. Then make sure your house is meeting, if not exceeding, all those checkpoints.

Next, be sure to clean up the house extremely well, along with fixing anything that's broken. You want to go above and beyond in preparing your house because that's the way you'll get positive reviews.

When you've got the reviews, the house practically rents itself. If this is something you're going to do long term, you'll also want to consider using a property management company.

That's because they'll do nearly all the work for you - including the cleaning between renters!

 


I’ve done my best to teach you what I’ve learned so far about renting a house for a weekend here, but I’m still learning. Thankfully, I’m close with a few great realtors that I trust.

They’re always happy to answer my questions in great detail, and I know they’d feel the same about helping you out. So, if you still have any lingering questions, or you’re interested in renting a house this weekend, reach out to them here!

Posted in Vacation Rentals
Dec. 11, 2018

What To Do On Christmas Day At Home

I’m sitting here with a huge smile on my face, as I just sent out the very last of this years’ Christmas cards...finally. But now that the cards are out and I’ve done all my shopping, I still have one more thing to worry about - what to do on Christmas Day at home?

I’m inviting the whole family over to my house for the first time in my adult life, so I did some research to make sure I get everything perfect. Here are the main points I’ll cover in this post:

  • Traditional Christmas Day Activities & Games
  • Out-Of-The-Box Activities & Games
  • Activities & Games specifically for kids, teens, adults, and the whole family.

Okay, so I know you’re excited to get down to business, so let’s dive in!

 

 

What are some Traditional Christmas Day Activities & Games?

 

When it comes to the holidays, I’ve always been more of a traditionalist. Of course, it’s always fun to color outside the lines. But there’s nothing better in my opinion than the nostalgia that floods me every Christmas when I’m with my family and we’re doing all the same activities we’ve done since before I was born.

The following list includes all the things my family and I do every year, along with other traditional activities & games I found around the web that sounded really fun.

 

1 - Traditional fun for Young Kids and The Whole Family.

 

Sing along with “The Twelve Days Of Christmas”. As a complete introvert, I’ve always had a strong love/hate relationship with this game. If you’ve never played, all you do is sing through the verses of the song, and have a different member of the family sing each day’s gift.

There are sure to be a ton of laughs with this one when Grandpa forgets his line, or Uncle Bill sings hilariously off key.

Decorate gingerbread houses. Even as an adult, this is one of my favorite Christmas activities. I think it’s because I’ve always had an artistic personality, and I love how each house comes out truly unique, based on its maker.

Not to mention, the houses are a blast to destroy and eat after Christmas.

Make a garland out of popcorn. Here’s a fun one to do with the kids, especially if you have any leftover popcorn from any of your Christmas parties. It’s really easy too, just take a thread and use a dull crochet needle (or even a toothpick) to thread it through the popcorn.

Then you and the kids can snack on the garland for the next couple of days.

Paint Christmas ornaments. Here’s another fun one for the creative types out there. You can get as intricate as you want here, but some ideas for things to paint to get you started would be things like snowflakes, Santa, elves, reindeer, presents, and Christmas trees.

You can also just fill clear ornaments with snow-like glitter if you don’t want to deal with the paint.

 

2 - Traditional fun for Teens and Adults.

 

Watch a classic Christmas movie. This is definitely one of my favorite ways to get fully into the holiday spirit on Christmas morning. Every family will have their own go-to movies, but some that I’ve grown up on include:

How The Grinch Stole Christmas, The Christmas Story, The Year Without A Santa Claus, Rudolph The Rednosed Reindeer, and Miracle On 34th Street.

Exchange cookies. Everyone wins with this activity. Just have everyone bake their favorite cookies and place them in a non-see-through container. Then you can use tape to assign a number to each container and let people draw numbers out of a Santa hat to get their cookies.

Of course, most people will be willing to share anyway, so you really can’t lose.

Play trivia. I play trivia down at a local restaurant every Wednesday, so this is right down my alley. This one can be completely free too since you can look up the Christmas related trivia questions online & then just print them out.

I found some good questions for you here.

Play Christmas bingo. Like the last activity, this one is nearly free, since you can print out all the materials online. It’s just like normal bingo, except you’ll get a Christmas related clue instead of someone calling out a number.

If you have a square on your board that matches the clue, you can cross it out, and the rest is just like normal bingo. I found some resources for you here.

 

What about some Out-Of-The-Box Activities & Games for Christmas Day?

 

Now that you’ve seen a bunch of options for the more traditional activities and games you and your family can play this Christmas, it’s time to check out some unique ideas that I found.

Some of these look really fun, and I’m definitely testing them out with my family this year.

 

1 - Out-Of-The-Box fun for Young Kids and The Whole Family.

 

Hunt for Candy Canes. If your kids love hunting for Easter Eggs, they’re going to love hunting for Candy Canes just as much. It’s a simple idea, but I’m extremely surprised to say I’ve never heard of it before.

Needless to say, we’re going hunting this Christmas!

Play Reindeer Toss. This one looks really fun if you’ve ever enjoyed ring toss type games. Just take a cardboard box, flip it over bottom-side up, stick two antler-like sticks into the top of the box, then form rings out of pipe cleaners and see who can get the most of them around the “antlers”.

You can also draw a face on the box so it looks more like a reindeer.

Play "What's In The Stocking". This is like the Christmas version of a game I used to play as a kid on Halloween, where we’d put weird-feeling items like peeled grapes into a box and have people reach in and guess what they were touching.

This time you’ll put the items into a stocking, and you’ll confuse them by using things shaped like common Christmas items. For instance, use an onion to make them think of an ornament, or a carrot to make them think of a candy cane.

 

2 - Out-Of-The-Box fun for Teens and Up.

 

Do a Dirty Santa (White Elephant) gift exchange. This modern-day Christmas tradition is a favorite for many - myself included. Everyone participating will bring a gift (usually below 20$), which will then be numbered and placed into a pile.

Then people will take turns drawing numbers from a hat and opening the corresponding gift. When you draw, unless you’re the very first person, you get a choice of opening the corresponding gift OR stealing a gift from someone that has already been opened (without getting to open the gift with the same number you drew).

Usually, the same gift can only be stolen up to two times.

Play "Name That Christmas Song". Being a lifelong musician, this is one I’m definitely checking out this year. Someone will act as the DJ and will play short (5 second) clips from classic Christmas songs.

Then the person who guesses the correct song the quickest wins that round. A good number of songs to use for per game is 20.

Play Christmas Carol Pictionary. If you’ve played Pictionary, this is a cool little Christmas twist. Each person will draw the name of a Christmas song out of a hat, which they’ll keep secret.

Then they’ll do their best to get their partner (2 per team is best) to guess the song title through drawing alone. They have 30 seconds to get the other person to guess, or they don’t get any points for the round.

 

3 - Out-Of-The-Box fun for Adults.

 

Scratch off lottery tickets. I know this is weird, but it’s actually a tradition my family and I have been participating in for a couple years now. I mean, who doesn’t like the chance to make some money?

Just buy everyone a lottery ticket as a stocking stuffer, and then you can scratch them off together. Trust me, it’s a lot more fun than it may sound.

Play the "How The Grinch Stole Christmas" Drinking Game. This one might just put you out of commission, and should only be attempted by brave adults 21 and up. The rules are simple - you must take a drink every time you hear something in the movie that rhymes with the word “who”.

Here are some more drinking games related to Christmas movies.

Play "Two Truths And A Lie" Christmas Edition. This doesn’t have to be as scandalous as the typical version, but you can certainly make it that way if you want. For this version, you will tell people 3 gifts that you’ve received in the past.

Of course, only two of these will be true, so one will be false. It will be their job to find the lie.

 

And that’s all I’ve got for you, friends.

 

I hope that the wheels in your head are spinning with all these ideas about what to do on Christmas Day at home - I know mine sure are! I was delightfully surprised by how many options there are for Christmas games & activities, many that I’ve never heard of before.

I wish you and your family a very Merry Christmas, and if you’re in the Wilmington, NC area and need somewhere for your out-of-town visitors to stay - I highly recommend the friendly team of agents we have here at Network Realty.

Posted in Local Events
Nov. 30, 2018

How To Add Value To Your Home On A Budget

If you’re thinking of selling your home, you want to make sure you’re getting the best return-on-investment possible. But if you’re money-conscious, or just starting out like me - you need to know how to add value to your home on a budget.

Well, I did some research for us both, and it turns out that there are a whole host of options for making your home irresistible to potential buyers, while still keeping your costs low.

I’ll go into more detail below, but just to give you an overview, the key points are:

  • Focus on what matters most to modern buyers.
  • Make an awesome first impression.
  • DIY as much as much as realistically possible.

Let’s dive right in because I found some hidden gems that’ll serve our purposes greatly that you’ll want to hear.

 

 

What Matters Most To Modern Buyers

 

1 - An Updated Kitchen: According to an HGTV article I was reading, as well as one from Consumer Reports - the number one thing buyers look for in a new home is an updated kitchen. Now, what does that mean for us?

It means we need some affordable options for updating the kitchen’s appliances, countertops, cabinets, faucets, backsplash, and wall color. Before you run off thinking this is too much to worry about, don’t worry, we’re going to prioritize the list so you only have to focus on as many items as your budget can afford.

Luckily, some of the most important things for impressing potential buyers are also the easiest to do yourself. Specifically, I’m talking about the color scheme and the backsplash.

The color scheme. When it comes to painting your kitchen, the best choice is to go with a neutral color scheme. That’s because it’s the most likely to appeal to the largest number of buyers possible. You’ve probably done some painting before in your life, but if you haven’t done it in a while, here’s a great tutorial on painting your kitchen.

Creating your backsplash. Believe it or not, you don’t have to be some crafting genius to make your own awesome backsplash. Here’s an awesome tutorial from This Old House, where General Contractor Tom Silva teaches a total beginner how to do it step-by-step.

When it comes to everything else you could do to update the kitchen, the next most important step is having up-to-date appliances. There’s no need to go crazy here. Essentially, just make sure everything works and is no older than 10 years old max (5 is much better).

 

2 - Open/Flexible Living Space: After updated kitchens, the living space around your house is the next most important area of concern for adding value. There’s been a growing trend towards a more open floor plan in the past 5-10 years, which is especially popular among the millennial generation.

Adding on to that, modern buyers are particularly concerned with flexible living space. Among other things, this allows them to create an office space if they’re working from home (a growing trend).

So, knowing all this, what should we do? Since we’re concerned with budget, my mind instantly goes to a new paint job. Why? Because if all the rooms are generally the same color (again, neutral whites and grays work best) then buyers can easily use any room for any purpose.

I’m sure there are exceptions, but most people wouldn’t want to work from home out of a bright pink former nursery room.

In terms of making your space more open, here’s where you might have to bring out your inner Kool-Aid Man (Oh Yea!) and knock down some walls. This is probably the most difficult task you’ll find in this article, so it’s worth the budget to hire a professional if you don’t feel comfortable.

 

3 - Efficiency/Ease-Of-Use: The last feature that’ll make your house sell like crazy is its efficiency and ease-of-use. When you improve the way your home functions overall, you’re instantly increasing its value in both the short and long term.

Budget wise, the first thing you can do here is to switch out all your lighting for LED lights. They’re more energy efficient so they’ll save buyers money on the power bill. If you can find it in the budget, the next step is high-efficiency windows.

According to EnergyStar.gov, switching out normal double-paned windows for the more efficient versions can save homeowners over $100 a year! If you do go this route, don’t forget to bring it up to any potential buyers so they realize the value.

When it comes to ease of use, the most impactful thing you could do is switching out all carpet for hardwood (or high-quality laminate flooring for us on a budget). Of course, if you really need to save here, this is something you could do yourself.

Here’s the video I used when I helped my parents go through this process in one of their spare rooms recently.

 

How To Make A Great First Impression

 

Context, context, context. As with anything in life, the value of anything is determined by the frame that it’s presented in.

Just like a yummy cheddar cheese filling would make an otherwise delicious blueberry muffin revolting - you could have the most appealing home interior on the planet, and an eyesore exterior would make it unsellable.

Now, I’m not saying that your exterior has to look like the Taj Mahal or anything - only that it can’t distract all the hard work you’ve done to the interior.

 

So, how do we do that?

 

One really cool tip that I found involves taking a black-and-white photo. All you do is go out to the street in front of your house and take a picture, then convert that to grayscale (you can do this on most cell phones these days).

For whatever reason, the lack of color in the photo makes any flaws with your exterior (spots on siding, driveway, windows, etc…) immediately apparent. Just don’t try this tip when you take a selfie - trust me!

Staying with the exterior, one quick thing you can do that’ll have a huge impact is painting your door. You don’t have to go crazy with the colors here, you’ll be amazed at what simply having a fresh coat of paint on the door will do for your curb appeal. One thing that most people overlook is the driveway and sidewalk areas. Having these areas professionally pressure washed can really make a huge impact on the appearance of your home.

 

Moving on to the interior, this may seem obvious, but you’re going to want your house as clean and tidy as humanly possible. Again, it's all about the way you present your home that makes it valuable in the eyes of potential buyers.

So don’t risk losing value in their minds just because you couldn’t clean up the clothes laying on your bedroom floor. Come on, your mother would be ashamed!

 

And that’s all, folks.

 

I hope that you’ve learned as much from this post about increasing your home value on a budget as I did during all my research. As you’ve seen, there are plenty of affordable ways to increase your home value, and you can do most of them yourself!

I wish you the best in selling your home, and if you’ve yet to find a realtor, I highly recommend the friendly team of agents we’ve got here at Network Realty.

Posted in Selling Your Home
Nov. 21, 2018

How To Host Thanksgiving In A Small House

So I just bought my first place and I’m ecstatic - the only problem is, how to host Thanksgiving in a small house?

After doing some searching online, I found some tips that’ll save anyone in this same predicament. Of course, I’ll explain them all thoroughly below, but they boil down to 3 essential points:

  • Plan the day in advance.
  • Get creative with the space you have.
  • Use your guests to your advantage.

Now that you have the big picture, let's dig in (pun intended).

Planning The Day

Create a Timeline.

This is just a general hosting tip, but it's important because it will allow you to make sure your guests won't be bored at any point in their experience.

Cook things in advance.

Adding on to the first point, if you want to keep your guests entertained well, you can't be slaving away in the kitchen for the whole party (unless you involve them in the cooking process of course).

Cocktails by the pitcher.

In order to save space and time, make large batches of cocktails, rather than individual servings.

Make the trash can visible.

If your trashcan is normally under the sink as it is in my case, make sure to pull it out and make it visible so your guests won't leave trash all over your place.

Using Your Space Creatively

Don’t rely on an oven for everything.

This one's simple. You can only cook one thing at a time in an oven, so the more things you make without it, the quicker the preparation process becomes.

Make space for tables.

The main thing you'll need to serve your guests is something to eat on, so move around your furniture to make space for as many tables as necessary.

Multiple eating tables.

In a small space, you've got to drop the idea of everyone eating at one big table. Instead, have them sit at multiple smaller tables in different areas.

Hanging, not table decorations.

You don't need a huge table cornucopia to charm your Thanksgiving guests. Just hang some fall themed wreaths around the house and you'll have more space for food and games.

Buffet style dining.

Another way to save space (and work) is by putting all the food and drinks in one location and then letting the guests serve themselves.

Leveraging Your Guests

Playing favorites.

The fewer people are at your party, the less you have to worry about the lack of space. Yes, that means you now have a perfectly acceptable reason not to invite your annoying Great Aunt Marg.

Tell them what food to bring.

So that you're not overrun by your guest's food selection, ask each person to bring a specific category of food (Jim brings dessert, Mary brings the dressing).

BYOT/C (Bring Your Own Table/Chair).

If you're going to need more table space or chairs, simply ask guests to bring their own. Trust me, they'll prefer that over eating on the floor.

Ask for help.

Finally, don't be afraid to ask your guests to help you in preparation for Thanksgiving. It can even be a fun bonding experience when you're cooking with your loved ones.


I hope these tips were as much of a revelation to you as they were to me, so you can have a comfortable & memorable Thanksgiving with your loved ones this year.

But after all that holiday cheer, don’t kick them out & force them to stay in a cramped hotel room. Check out our cozy rentals here - before they’re all taken!

Posted in Local Events
Nov. 21, 2018

How To Volunteer To Feed The Homeless On Thanksgiving 2018 In Wilmington, NC

Since my family will be out of town this year, leaving me with no set plans, I’ve been sitting here wondering how to volunteer to feed the homeless on Thanksgiving.

After doing some research, I found 3 different places to volunteer in Wilmington, NC.

  • Good Shepherd Center
  • First Fruit Ministries
  • Mother Hubbard's Cupboard

All 3 options look like great choices, but they’re also distinctly different experiences. Let’s dive a little deeper into this so you can pick the opportunity that sounds like the best choice for you.

 

Good Shepherd Center

First up, we have the Good Shepherd Center. According to their website, they started as a small soup kitchen back in 1983 and grew from there - so they've been around for a while.

More impressively, they had over 500 volunteers last year alone, which is mindblowing when you stop to think about it. As for the experience you'll have volunteering there this Thanksgiving, there is one major thing to keep in mind - you must already be a volunteer in their network in order to serve when the day comes.

So if this opportunity sounds appealing to you, I would sign up right now using the link below so you can go ahead and get approval from them.

 

811 Martin Street

Wilmington, NC 28401

(910) 763-4424

info@goodshepherdwilmington.org

 

Sign up here.

 

First Fruit Ministries

Alright, so the next volunteer opportunity to check out is First Fruit Ministries. Whether or not you're a person of strong faith, this nonprofit looks like a great choice.

They've been serving our local community for the last two decades when founder Rick Stoker felt a calling to help homeless runaway children. Since then, among other things, they've gone on to purchase a property providing housing for individuals and families who are going through difficult life transitions.

In terms of the volunteering, their Food Pantry will be open from 11 AM to 2 PM. Check them out below!

 

2750 Vance Street

Wilmington, NC 28412

(910)794-9656 Ext. 102

 

Sign up here.

 

Mother Hubbard’s Cupboard

Next, you've probably heard about Mother Hubbard's Cupboard. If not, they're a little different than our previous opportunities. Instead of providing one hot meal to individuals on Thanksgiving day, they provide a supply of groceries.

This usually amounts to a 3-5 day supply, made up of both shelf-stable foods and frozen groceries. Also, people can come to get these groceries once per month, not just on certain days.

Rather than serving meals, you'll assist the people in gathering their groceries and in checking their information.

 

315 Redcross St.

Wilmington, NC 28401

910-762-2199

volunteer@motherhubbardsnc.org

 

Sign up here.

 

Why Volunteering Is So Important

If you've read this far into the post, it's likely that you already have a desire to volunteer. But I was curious to see if there were any unexpected benefits to volunteering.

Besides the obvious answer that it makes you feel good inside to help others, there were a few interesting things I came up with. The first was making friends, which when I look back I can see has totally been true in my life.

Actually, I met one of my current best friends when I volunteered at a local art camp for kids a few summers ago. The second thing is that volunteering looks great on a resume.

Especially when you're fresh out of college and have little in the way of paid work experience, every little thing counts. Simply showing that you're the type of person who cares about volunteering puts you ahead of more people than you'd expect.


Whether or not your family is in town this year, you can still find an opportunity to give back to your community. It’ll make you feel great for the rest of the holidays, as you’ve fully embraced the spirit of the season.

And if your family is coming to town, give them (and yourself) the gift of space. Check out our rentals before they’re all gone here.

Posted in Local Events