Network Wilmington Real Estate News

Want to move to the beautiful east coast? 

We don’t blame you! After all, we chose this life as well. 

We’ve been here awhile, so take it from us. Carolina Beach is an AMAZING place to live. Here’s why: 

1. The beach, of course!

Why else would you move to the coast? 

If you feel your best when your toes are in the sand and you’re listening to the sound of the waves, Carolina Beach is meant for you. 

When you live so close to the ocean, a luxurious afternoon at the beach can be your Saturday routine (rather than a vacation every year or two). Even in winter months, you’ll get the occasional 70-degree day to take in the warm rays and salty air. 

And for those water-lovers out there, Carolina Beach offers a wide variety of water activities. Whether you are into boating, fishing, kayaking, paddle boarding, or jet skiing, there are countless rental and docking options across Pleasure Island (which also includes the neighboring Kure Beach). 

If that’s not enough, Carolina Beach is home to Freeman Park, one of the ONLY places where you’re allowed to drive out onto the beach, set up camp, and enjoy an open fire.

2. There's a TON to do.

Although we know this will NEVER happen…if you get tired of the beach, there’s a lot more to do in this one-of-a-kind beach town. 

Festivals & Events

Whether you want to spend your weekend perusing a local market, eating delicious food, listening to live music, or flying kites on the beach, the town seems to have festivals and activities for every interest.

The Boardwalk

Over the years, locals have joined together to bring life to the Carolina Beach boardwalk. And they’ve done a heck of a job! Food and Wine Magazine named Carolina Beach’s boardwalk one of the best in the country.

 With a variety of local restaurants, boutiques, shops, an old-school arcade, and an amusement park, the boardwalk’s attractions are seemingly endless.

Outdoor Activities

If you’re the outdoorsy type, Carolina Beach State Park will be your favorite spot, boasting several forested hiking trails, camping and picnic sites, kayak rentals, and boating opportunities. 

The Nightlife

Carolina Beach is the perfect spot for night owls! From local hangouts to live music and dancing events to camping on the beach, the town offers more nightly options than you’ll know what to do with.

3. Easy Transportation.

Going to the beach? Grabbing a bite? Or picking up a few groceries? 

 At Carolina Beach, making these trips can be as easy as hopping on your bike, climbing into your golf cart, or simply traveling by foot. Everything you need is just a short ride or walk away.

4. Not TOO Touristy.

Although Carolina Beach is a vibrant, attractive beach town, it’s typically not “overwhelmed” with tourists, especially during the chilly months. Plus, many restaurants offer special deals for locals during the off-season.

5. A Strong Community Feel.

Carolina Beach is one of the few coastal towns that still evokes a sense of true community. 

 Depending on your choice of neighborhood, you’ll find yourself regularly running into neighbors and friends at the community pool, clubhouse, boat docks, piers, and tennis courts.

6. Variety of Family-Friendly Activities.

Looking for a home your kids will love? 

 With its boardwalk amusement park and arcade and the variety of outdoor activities at Carolina Beach State Park and on the water, Carolina Beach is overflowing with adventures your family will never forget.

7. High-Ranking Schools.

Your children will not only cherish the fun daily life in Carolina Beach, but they’ll also get a great education. 

 The town falls under the New Hanover County School District (NHCS), ranked the 16th best school district in North Carolina. With a student-to-teacher ratio of 15:1, NHCS offers the support your child needs to thrive.

8. Stunning Holiday Celebrations.

If you ask a Carolina Beach local, they’ll probably tell you how much they adore the holidays. Every year, Pleasure Island locals decorate the entire town in beautiful lights to celebrate the Island of Lights Festival.

 But the fun doesn’t end there! You’ll never do Christmas the same again after you experience the area’s holiday markets and flotilla competitions. Not to mention the holiday events in nearby downtown Wilmington.

9. Near the Wilmington Hub.

As if Carolina Beach doesn’t offer enough attractions and activities all on its own, you’ve also got Wilmington just a little to the north, with its bustling, historic downtown district right along the Cape Fear River.

10. Close to the Airport.

Just a quick 20-minute drive away, it’s easy to travel to and from your future hometown. Whether you need to get a flight out or your family wants to come visit, cross-country travel is simple and convenient.

Ready to start looking for a Carolina Beach home? 

Our agents know the area well and can find you a home in a neighborhood that fits your needs. Give us a call today at 910-395-4100.

RELATED: Tips for Moving to Carolina Beach, NC

Whether you’re buying a home for the first time or looking for a Wilmington upgrade, you’re probably wondering if the housing market will ever be in your favor again.

I mean…the prices are bound to drop eventually…right?

Probably. 

But there are a lot of factors keeping housing costs high for the foreseeable future. 

How did we get here?

To understand today’s housing market, we’ve got to look all the way back to the 2008 Housing Crisis. Causing a dramatic drop in prices (33% to be exact), the housing market crash created an economic recession that’s taken more than a decade to recover from. 

The country’s housing prices began growing steadily in 2012 and should have completely rebounded by the end of 2018. 

But, then…Hurricane Florence hit the North Carolina coast, destroying much of the newly developed housing inventory and setting the state’s housing market back a bit. 

Less than two years later, we found ourselves in a global pandemic, which has had all sorts of impacts on the housing market. From a massive shipping problem and building material shortage to significant shifts in buyer and seller attitudes, the COVID-19 virus only exacerbated the already existing supply issues.

Between Hurricane Florence and the pandemic, it’s no surprise that housing prices have spiked in recent years. 

“There was a slight pause during COVID — maybe a 6-month pause or so — but after mid-year of 2020, prices just took off,” said Kevin McKoy, Carolina Beach Network Real Estate Agent. “Prices might have nearly doubled since 5 years ago. Five years ago, you could have maybe got a starter house in Wilmington for $100-and-something, and now, it’s $300.”

And the scary increase in prices has sent buyers and sellers reeling in different ways. 

While homebuyers are unable to secure homes within their budget range, sellers are reluctant to put their homes on the market because it's become more and more difficult to find a new home. 

“For 4 years now, I’ve been saying when these condos sell for these prices, it’s going to create an influx of sellers,” McKoy said. “You’d have thought that the increase in prices would have created some sellers, but it hasn’t.”

Hence, the sort of housing stalemate we’re finding ourselves in.

How does Wilmington’s Growth Contribute? 

If you’ve ever spoken with someone who’s lived in Wilmington for a while, you probably know that the town has experienced booming growth over the last few decades. 

And that growth is continuing to this day.

Every year, United Van Lines conducts a study of Americans’ moving patterns. In 2021, North Carolina ranked as the 13th most moved-to state. And Wilmington was the third most popular moving destination among all U.S. cities (after earning the #1 spot in 2020). 

With the already-sparse inventory of homes, the housing market is struggling to keep up with the growing Wilmington population. So, although it’s not the sole driving force behind the hike in prices, the growth of the Cape Fear Region is definitely a big contributor to the strain. 

When will Wilmington Area Housing Prices Drop? 

Home prices will drop when (or if) one of two things happens. Either the demand has to decrease or the supply needs a big boost. 

Even amid the pandemic, Wilmington’s population (and thus, the demand for housing) continued to grow. But after peaking at 2.37% in 2016, the area’s rate of growth has hit a plateau of just over 1% in recent years.

Even if the population and demand decrease gradually, you’ll hardly notice a change in price. The descent will just be too slow. 

Several factors could boost the housing supply, though: 

1. More new home construction — if and when construction companies can get the materials they need
2. Expansion into surrounding areas with lower demand — such as Leland and Hampstead
3. Changes in buyer and seller attitudes — sellers need to feel comfortable with the risk of putting their homes homes on the market & buyers need to be willing to take on the risk larger mortgages (although, this is the kind of riskiness that contributed to the 2008 Housing Crisis)
4. Responses to affordability challenges — if the country’s housing prices become too unaffordable, the government may provide some sort of assistance

Hoping to buy a home in 2022? 

Whether you’re looking for a home in Wilmington, Wrightsville Beach, Carolina Beach, or Kure Beach, our realtors will help you determine what you can afford and find you a home that you’ll fall in love with! Give us a call at 910-395-4100.

As we begin 2022, there’s a lot happening in the Wilmington area housing marketing. 

From the pandemic influences to general market growth to the increase in Wilmington’s population, there are a wide variety of factors impacting prices, supply, and demand. 

Is now a good time to buy or sell your home? 

It all depends whether 2021’s market trends will continue into the new year. 

Our 2022 Housing Market Predictions

Because we can’t yet put COVID-19 in our rearview mirrors, the pandemic’s housing trends will likely continue. Our realtors suspect home prices will remain high for the foreseeable future — at least into the first part of 2022. 

Here’s what we expect to happen: 

• Prices, appreciation, sales, & mortgage rates will most likely increase by several percentage points.
• Inventory of new and existing homes will probably continue to be pretty tight, perhaps increasing slightly in some areas.
• Demand for new and existing homes will almost certainly remain strong, as about 45 million millennials approach the key home-buying age (U.S. Census Bureau).

In addition to financial, supply, and demand factors, the housing market has changed in some other significant ways. 

As you may have experienced firsthand, many workplaces were forced to rely on remote work possibilities as COVID-19 hit the streets. For many companies, the newfound workplace flexibility is here to stay.

How does this affect the housing market? 

Well, if people don’t have to “physically” go into work, there’s no real reason for them to live close to their “physical” workplace. This opens up the door for them to move…honestly… wherever they want!

We may see fewer people wanting to live in big metropolitan areas and more people moving to areas with a smaller population density. We may see people choosing more affordable living options or even moving to those places they’ve always wanted to visit. 

“There’s a lot of people moving here because they realized they could work from anywhere,” said Kevin McKoy, Carolina Beach Network Real Estate Agent. “So, they might have gotten out of Raleigh or Charlotte or a bigger city to come near the beach — Wilmington, the beaches — and live here. And when you can sell for a Raleigh price, for instance, it’s quite a deal.”

Wilmington area housing prices aren’t as high as the near million dollar prices of big cities like Raleigh and Charlotte, McKoy said. In these larger North Carolina metropolitan areas, buyers are spending anywhere from $800 thousand to $1 million on modest homes

This is a major reason McKoy doesn’t expect Wilmington area housing prices to decrease anytime soon.

In addition to the new housing possibilities of remote work, COVID has afflicted the labor market with its own supply and demand challenges. Namely, increasingly competitive wages may very well give more people the resources they need to afford the steep home prices. 

Additionally, homebuyers are growing a stronger preference for suburban homes and larger, more spacious homes. After all, they need the space to conduct their remote work duties. 

However, with the sparse inventory of homes, McKoy says there’s not much room for buyers to be very picky. McKoy is seeing more and more homebuyers compromise on their home preferences — just so they can get a roof over their heads. If buyers are unwilling to sacrifice a few ideal features, it can take years to find and secure the right house!

How the 2022 Housing Market Affects YOU

What cues should you take from these 2022 housing market trends? It depends on your goals: 

If you’re looking to buy a home…

You need to define your budget carefully. Time and time again, potential homebuyers are bidding on homes that end up selling for hundreds of dollars over the asking price. Between the increased prices and mortgage rates, you need to budget high. 

And nowadays, you’ve got to make decisions quickly. Once a home is listed in the market, it could be snatched up in just 6 hours, McKoy said. There’s no time to stall.

“I’ve got a handful of buyers now — one of them is looking for a condo at the beach, one’s looking for land, one’s looking for a house in Wilmington in the 300 range, and one’s looking for a house in Wilmington in the 850 range,” McKoy said. “There’s hardly an option.”

Regardless, you should NEVER buy a home unless you feel comfortable with your loan and the amount you’ll pay month-to-month. 

Do you remember what caused the 2008 housing crisis? 

Too many people taking on risky loans they couldn’t afford. Fortunately, our realtors look out for YOUR best interest. We’ll help you determine what you can safely afford. Just give us a call at 910-395-4100.

If you’re thinking about selling…

The market is in a great spot for you right now. Assuming it’s in good shape, your home will sell quickly. Plus, with the high demand, you’ll probably be able to charge a hefty price. 

Your main challenge? Finding a new home.

You’ll have the greatest advantage if you don’t necessarily need to move into a new home right away — whether that means staying in your old home until your new home is ready, renting for a short period of time, or even living with family or friends for a few months.

NOTE: If you want to sell your vacation home, you should expect a significantly cooler market than the 2021 uptick. 

If you’re a renter…

As you may already be noticing, monthly rent prices are growing, as well. Rent has been increasing slowly since the 1990s, but it jumped extraordinarily high in 2020 and 2021 (in part, due to the pandemic & partially a response to the high cost of buying).

In fact, rental vacancy rates have dipped as low as 5.7% across the United States, a significant drop from the usual 6.8% to 7% rates. 

If you’re investing…

The booming marketing means you’ll experience exceptional returns. And because monthly rent prices are driving so high, rental property investments can mean even greater yields throughout the year.

Have we answered all your housing market questions?

Whether you’re a renter, investor, buyer, or seller in the Cape Fear Region, our team of real estate experts is here to help you determine your best course of action. To get in touch with one of our realtors, give us a call at 910-395-4100.

Wondering how to pick the right real estate agent? 

When it comes to buying or selling a home, there’s a lot at stake. That’s why you need a quality Realtor with the right kind of expertise and personality to get you the deal you deserve. 

Whether you are selling your home or looking to buy a new property, your real estate agent should have your best interest at heart.  

But how can you tell? 

Let’s dive in!

How to Choose the the Right Realtor

1. Conduct on-the-ground research. If you plan to buy a new home, play detective and drive around the neighborhoods you're most interested in. Take note of houses with “For Sale” signs, and research agents that list those properties. It’s one of the best ways to find out which realtors know the area well. 

2. Google them! Scope out Google and Yelp reviews for honest assessments of the agent’s work, experience, and character. Check out LinkedIn and other professional networking platforms for more information about the Realtor’s personality and professional qualifications. You can also reference your state’s real estate commission to make sure they have a valid real estate license. 

3. Pay close attention to their marketing. From a simple assessment of an agency’s website, brochure, and listing materials, you’ll be able to get a good sense of the company’s character. A good agency/agent should convey passion, transparency, generosity, and a strong work ethic. 

4. Get those referrals. What better way to assess a Realtor’s character than to seek a referral from a trusted friend or family member? More often than not, sellers and buyers who find real estate agents through referrals are far from disappointed. 

5. Interview at least 3 real estate agents. Choosing a Realtor is like picking the perfect candidate for a job. Even if you are buying a new home and don’t have to pay Realtor fees, finding the right agent will still save you money down the road. During your interview, you should keep a few things in mind: 

   • Neighborhood expertise — How well do they know the area?

   • Transparency — Are they honest? Realistic?

   • Core values — What attitude do they bring to their work? What drives them?

   • Track record — What kind of experience do they have? What’s their work history? Have their former clients been pleased with their results?

   • Strategy — How much money will they save you? How are their negotiation skills? Do they seem knowledgeable?

   • Patience — Do they answer your questions completely and patiently? 

6. Pick a Realtor you click with. You are going to spend substantial time with your real estate agent, so you need to actually like them. Finding an agent who is trustworthy and truly understands your goals can be quite the challenge. Steer clear of Realtors who are overly aggressive or vague about their level of experience. Your agent should be relatable, honest, easy to talk to, patient, and have solid negotiation skills. 

7. Find an agent who’ll make YOUR interests their top priority. If you’re buying, be upfront and transparent with your real estate agent about the specific qualities you’re looking for in your new home. If the Realtor continually points you toward homes that just don’t fit your criteria, they’re probably not looking for houses for you. Instead, the agent is suggesting homes that will bring them a greater profit. And never be afraid to switch Realtors if the relationship feels off. Ultimately, finding the right real estate agent will save you money and help you achieve your buying or selling goals in the long run.

8. Take note of how the agent speaks & listens to you. It should be clear that your Realtor is honestly trying to understand and achieve your goals. Your real estate agent should spend more time asking you questions and listening to your answers than telling you what they think you should do (at least in the initial stages of the home buying or selling process).

9. Ultimately, trust your gut! At the end of the day, only you can tell whether a real estate agent is a good fit for you and your goals. If it seems that you and your agent can’t get on the same page, it’s probably time to look elsewhere.

At Network Real Estate, our agents know the Wilmington area like the back of their hands. We have agents specializing in neighborhoods and properties across New Hanover, Brunswick, and Pender counties. 

We don’t rest until our clients have sold their home for the best possible price or have moved safely into the home of their dreams. And once you’re in your new home, we want to make sure you have all the resources you need to succeed as a Wilmington area homeowner. 

Looking to buy or sell a home in Wilmington, Wrightsville Beach, Carolina Beach, or Kure Beach? 

We are here to help! Give us a call at 910-395-4100.

Hosting family or friends this holiday season? 

Looking to start 2022 with a fresh, clean living space?

We have some handy clutter-busting tricks up our sleeves that will help you transform your disorganized space back into the home you originally fell in love with. 

Let’s get started!

1. Keep flat surfaces clear. This step is CRUCIAL to maintaining an organized home! Countertops, tables, and nightstands seem to be the biggest clutter magnets in our houses. To fix this, avoid storing small items — keys, wallet, mail, papers, and books — on these surfaces, and store larger objects in cabinets, closest, and bins as much as possible. 
2. Take advantage of hidden storage spaces. When it comes to storage in a small living space, you’ve got to think creatively. You can probably fit more under your bed — and the guest bed — than you think. Closet and pantry doors are also the perfect place for over-the-door organizers. 
3. Be honest about what you actually NEED to keep. If you haven’t used an item in the last year or it doesn’t hold any special meaning, get rid of it. Whether it’s a piece of clothing, game, or kitchen appliance, there’s no reason to keep items that don’t give you joy. To avoid hoarding, grant yourself only 1 large bin for keepsakes.
4. Get a second (objective) opinion. Recruit a family member or friend who will give you honest advice and help you decide what’s worth holding on to.
5. Implement smart storage. From drawers and hooks to baskets and bins, there are countless storage pieces you can use to clear up your living space. Think vertically with wall shelving and clean up your pantry and fridge with clear, airtight food storage containers. 
6. Give every item a “home.” Once you do this, you (and your family) will be more likely to put things back where they belong.
7. Label storage container. It’s challenging to remember where everything belongs. Labels make it easier (especially for young children). 
8. Designate a specific space for clutter. A certain amount of clutter is hard to avoid. But instead of leaving items on the table or countertop, choose a closet, shelf, or drawer that will provide a temporary home for any miscellaneous items.
9. Create a catch-all clutter station near the door. You’ll need a place for your keys, wallet, coat, shoes, hat, umbrella, and...of course...the mail. 
10. Capture before and after photos. Not only will you wonder at the amazing decluttering work you’ve done, but you will have a way to remember what the space should look like when it feels cluttered again. Just try to replicate the photo.
11. Pick furniture that conceals the clutter. Think smart AND stylish with 2-in-1 furniture pieces, such as sofas and ottomans with blanket or board game storage and bed frames with drawers.
12. Don’t forget to consider room flow. As you rearrange the furniture and storage pieces in your home, try to keep a distance of 3 feet between each furniture item.
13. Look at the space through the eyes of your guests. After you’ve been living in the clutter for too long, your eyes may glaze over parts of the mess. If you were seeing your home for the first time, where would you want to sit or stand? What spaces might make you feel claustrophobic or cramped?
14. Set small goals for yourself. Create mini goals that are specific and attainable. It’s the best way to set yourself up for success. Whether your goal is to clear out 1 room or 1 drawer in 1 week, breaking up your decluttering work into smaller tasks — and rewarding yourself — will help you avoid burnout and procrastination.
15. Create a “donate” pile. What better way to celebrate the holidays than to donate your unwanted clothing and items to the people who need it. Whether you give to Goodwill or charities like a women’s or homeless shelter, there are numerous ways to give to your local neighbors in the Wilmington, Wrightsville Beach, Carolina Beach, and Kure Beach communities. 
16. Build a better organization plan. To keep clutter from building up again and again, try buying only the essential food and supplies you need for each week. 
17. Develop a 1-in-1-out rule. To prevent clutter build-up, simply keep fewer items in your home. Any time you purchase a new item, find an object of similar size to toss or donate.

If you follow these 17 home decluttering tips, your house will be ready for holiday celebrations and the New Year in no time!

Looking to rent your home out as a vacation rental? 

Whether your home is in Wilmington, Wrightsville Beach, Carolina Beach, or Kure Beach, we can help you! Give us a call at 910-395-4100.

Buying a new home can be complicated and overwhelming, especially for those who haven’t gone through the process before. We get a lot of repeat questions about the home-buying process, so we’d like to help by answering some of them here:

• Should I buy a new home or continue renting? Right now, interest rates are exceptionally low, which can actually make it cheaper to buy than rent. When making this decision, consider how long you’ll be living in the location and whether you are ready for additional maintenance and payment responsibilities.
• Do I need to go to the bank before looking at homes? Yes! Speaking with your banker sets you up for home-buying success, helping you:
  • Get pre-approval for a loan (this shows the seller you have the financial means to purchase a home)
  • Determine how much you can afford 
  • Plan your budget and narrow your search
  • Decide the best financing plan for you and your situation
  • Understand what costs are involved (sale price, down payment, prepaid items, escrows, lending fees, etc.)
• What credit score do I need? The higher your credit score, the better your lending terms will be. We recommend a credit score of at least 620, but this really depends on your lender. Be sure to check with your loan officer. 
• How much do I need for a down payment? Most lenders require a downpayment between 3 and 5% of the purchase price, but some lenders may require less.
• How much should I offer for a house? At the end of the day, this depends on your judgement and budget. Your realtor’s advice is your best asset here. 
• What is an earnest money deposit? Commonly called a good faith deposit, this is a deposit you give to the seller’s real estate company to show that you are serious about purchasing a specific property. The larger the deposit, the more likely the seller will be to accept your purchase offer.
• What is a due diligence fee? This negotiated fee essentially compensates the seller for removing their home from the market while you have inspections done. Buyers typically pay anywhere between $500 and $2000, but the sum can vary based on a number of market conditions.
• Should I buy a new home before selling my current home? There isn’t an absolute answer here. Although it can reduce your stress to have your new home in line before you sell your current home, that’s not always an option. You may be able to negotiate a “rent-back” through which your buyer will let you stay in the home a certain number of days after closing if you pay their mortgage during that time.
• How long does it take to buy a new home? The home-buying process can typically take between 30 and 45 days, but the length of time can vary.
• How do I find a rent-to-own property? These properties are rare (and risky). Most rent-to-own buyers have low credit scores, creating a high risk for the sellers. Therefore, rent-to-own homes typically come with high interest rates and downpayments.
• What is a short sale? It's a sale in which the sale proceeds are less than the seller's debt on the property and the seller can't afford to pay off the debt. It's best to avoid short sales, as they can be time-consuming, complicated, and result in foreclosure.

• How long does my offer last? Your purchase offer can have a “life” anywhere between 12 hours to 3 or 4 days. If a home is newly listed or in high demand, the “life” will be shorter. To learn the life of your offer, check with your realtor.
• What happens after I make an offer? Once you’ve made an offer, the seller may accept, reject, counter, or neglect to respond to your offer. Although offers are rarely rejected, you can come back with another offer if your first is rejected.
• What inspections do I need to have done? Minimally, you need to make your offer contingent upon a home inspection. But you should consider additional inspections, such as pest inspections, foundation inspections, and mold inspections.
• What do I do after my purchase offer is accepted? Once a seller accepts your offer, the next steps are to complete the inspection(s), the formal mortgage application, and any other required paperwork (title, abstract, survey, etc.).
• Are final walk-throughs necessary? Although they’re not required, they’re absolutely necessary. In the weeks that pass by during the purchase process, you never know what could have happened to your new home. It’s best to avoid surprises.
• When is the closing date? The closing date — the day the transaction is completed and you become the legal owner of the home — is often merely a target decided by the buyer and seller. Even after you set this date, your realtor may work with your lender and title agency to adjust the timeline to allow sufficient time to execute the deal. 
• Do I really need a realtor to buy a home? Realtors are strongly suggested. They can help with every part of the home-buying process, explain all your options, and represent you throughout the sale.

Looking for a new home in the Wilmington area? Whether you want to settle in Wilmington, Wrightsville Beach, Carolina Beach, or Kure Beach, we’ll give you your best chance at getting a quality home for a good price! Check out the homes for sale in the area, or give our agents a call at 910-395-4100.

Whether you hope to sell your property, refinance it, or build equity, it can be important for you to know your property’s value. But that’s easier said than done. The real estate market can be challenging to navigate. 

Difference Between Cost, Price, and Value

No, they’re not all the same thing. Cost describes the actual spending on both materials and labor to build a property, and price is simply the amount of money someone pays for the property. Cost and price certainly impact value, but they do not determine it. There are a number of other market factors that contribute to the value of a property. 

How is Property Value Determined?

Most of the time, real estate agents and professional appraisers calculate property value by analyzing the recent sale values of comparable properties, or comps. This isn’t as simple as just comparing the sale values of all the properties surrounding your property. To use the comp evaluation approach correctly, there are a few specific steps you need to take: 

• Get accurate information. You can get property data from a variety of sources, but some sources are more accurate than others.
• Register of Deeds (Recorder’s Office) — Your county Register of Deeds can share information about the property’s current owner and purchase date. They can also tell you about liens against the property. However, the Register of Deeds cannot accurately supply the price paid by the current owner.
• Tax Assessor — Tax Assessors determine a property value for the yearly tax bill. However, this value is rarely a true representation of property value because of tax exemptions and incentives. 
• Multiple Listing Service (MLS) — The MLS is the most comprehensive and accurate source of property information. MLS users can find the property’s final sales price, original listing price, information about any seller concessions, and details about square footage, bedrooms, bathrooms, and more. Unfortunately, only licensed real estate professionals can use the service.
• Choose at least 3 valid comps. Each comp must have been sold in the last 6 months and be located within 2 miles of your property. Your comps and your property should also share similar neighborhoods, demographics, property type, size, condition, construction, upgrades, and number of levels, bathrooms, and bedrooms.
• Adjust for differences. After you’ve chosen at least 3 valid comps, make adjustments based on the differences between your property and the comps. For example, add value to a comp if it has more bedrooms than your property and subtract value if its features are outdated.
• Compare & determine value range. You can be confident that your property’s value lies somewhere between the values of your lowest and highest comps.

Property Valuation Resources

Whether you try to do the calculations yourself or ask your real estate agent for help, there are a variety of resources you can use for property valuation.

• Online valuation tools. Organizations like Zillow and Redfin have tools that can provide property value estimates. However, these rough estimates don’t take into consideration special factors, like renovations, repairs, and other unique features.
• Your local real estate agent. Real estate agents can complete a Comparative Market Analysis (CMA). This analysis dives far deeper into the property features overlooked by online valuations. Network Real Estate agents can research your property and give you a free CMA. Then, they can help you sell your home competitively.
• Professional appraiser. Appraisers provide impartial, thoroughly researched property value estimates for a few hundred dollars. This should not be confused with a home inspection, during which an inspector determines if your property is structurally sound enough to sell.
• Evaluate your own comps. Although you may want to try calculating your property’s value on your own, this is easier said than done. You may struggle to find accurate information. After all, only licensed real estate agents can access the MLS. However, you can do your own analysis based on structural components, neighborhood, location, listing price, actual price, and other feature information you can find online.  

Looking to sell your property in Wilmington, Carolina Beach, or Kure Beach? Talk to your Network Real Estate agent. We know better than anyone what sells a home. Your Realtor can recommend improvements, a home stager, or even just provide some simple tips to ensure your Wilmington area home is sold for top dollar.

Although coastal rentals can offer you a great return on investment, they come with the potential for hurricane damage. If you own a rental in a coastal area prone to big storm events, you need to be prepared to handle post-hurricane repair and cleanup. 

Repairing and cleaning your home after a hurricane can be risky and dangerous. It takes time, planning, and work to get your property back into shape. We’ve compiled a list of tips to make your hurricane repair process easier:

• Come prepared with the right gear. From contaminated water to splintered wood to unwanted animals and insects, hurricanes can bring a wide variety of hazards into your home. So, before you enter your home after a big storm event, be sure to gather the appropriate clothing and gear: 
• Long pants
• Long-sleeved shirt
• Sturdy shoes or boots (No flip flops or tennis shoes)
• Work gloves
• Eye protection
• Disposable masks (You probably already have plenty of these!)
• Hard hats
• Assess the damage. Evaluate any potential hazards in and around your home, such as downed power lines, unusual noises, and odd smells. In the case of life-threatening hazards, immediately call 911. You can try to contain the hazards if you can do so without endangering yourself.
• Make a cleanup plan. Cleaning and repairing your home after a hurricane is a long process and requires detailed planning. Floodwater will need to be drained, your home will need to be ventilated, hard and soft surfaces will need to be cleaned and dried, contaminated items will need to be tossed, and more.
• Contact your homeowner’s insurance agency. Your insurance company will likely cover your cleanup costs. When you call your insurance providers, they may offer advice for further steps. They’ll likely suggest you contact a restoration company. Be sure to take photos of the damage to your home for insurance claims.
• Do some cleanup. If your insurance company covers the major cleanup efforts, you will be responsible for clearing your home’s access points, walkways, driveways, and streets. You should also place tarps over damaged areas of your roof to prevent further water intrusion into your home.

• Consider electrical hazards. If your home is flooded, address any potential electrical hazards. For your safety, it’s important to have the property’s power turned off before you enter your home. Try to prevent water from reaching electrical outlets and move wires and electrical appliances away from the water. 
• Contact a restoration company. Remember, you don’t have to tackle these cleanup efforts alone. Restoration companies can help you assess hurricane damage, drain water, clean and dehumidify your home, help you with insurance claims, and more.
• Be patient. It can take weeks or months for structural elements of your home to dry thoroughly. Only then can you start replacing drywall, carpets, and other floor coverings.
• Renovate & go shopping! You may have to rebuild parts of your home and/or purchase new furniture, decor, and appliances for your rental. Some restoration companies will also help with the renovation and rebuilding process.

With a strong clean-up plan and help from a restoration company, fixing up your rental property after a hurricane can be easy and stress-free. Have a property you want to rent in Wilmington, Carolina Beach, or Kure Beach this summer? Give our vacation rental agents a call at 910-395-4100.

Coastal towns tend to attract a wide variety of renters, from summer vacationers to families looking to move closer to the beach. In peak tourist season, vacation home investors can earn impressive profits in the short-term renting market. But once winter hits and fewer people rent vacation homes, investors may wonder whether the short-term market is really the best option. 

Both the short-term and long-term rental markets have benefits and drawbacks. Determining the best market for you depends on what you value most. Here are some of the pros and cons of investing in short-term and long-term rentals:

Pros of Long-Term Rentals

• Cash flow is more consistent. Long-term pay rates are typically the same every month, so you can calculate how much money you will make on your rental each year.
• Long-term renters usually cover utilities. In particular extreme weather locations, utility bills can get really high. 
• There are usually fewer management demands. Long-term renters generally bring their own furniture, so you won’t have to worry about furnishing your rental property. You will also be able to avoid certain maintenance responsibilities required in the short-term market, like restocking toilet paper and cleaning. Additionally, you won’t have nearly the amount of advertising requirements as short-term renters.
• Property management is typically cheaper. It is much cheaper to hire a property manager in the long-term rental market because there is less turnover and fewer ongoing maintenance and marketing responsibilities.

Cons of Long-Term Rentals

• You probably can’t visit your vacation home. Most people who purchase and rent out coastal properties do so because they hope to take sporadic vacations to the area.
• Securing good tenants can be challenging. The process of seeking quality long-term tenants is often extensive and draining. And once a renter signs the lease, you’re stuck in a contract, even if the tenant consistently pays late or is reckless with your property.
• You can’t check on your property as much. Certain laws protect long-term renters from spontaneous home inspections, so you will have to give plenty of notice before you come check on your property.
• HOA fees and restrictions are high. If you rent long-term in a neighborhood that typically serves the short-term market, you will encounter far higher homeowners’ administration fees and restrictions because of the higher insurance premiums covering the extra amenities typically offered by short-term rental properties.

Pros of Short-Term Rentals

• Your home is more open for personal use. Because short-term renters typically stay for a short period of time, you and your family can enjoy more vacation time if you block off the desired time on your rental availability calendar.
• There will likely be less wear and tear. Short-term rental homes are typically not occupied year round, so your rental property will likely experience less wear and tear. Plus, your home will be cleaned between each visitor’s stay.
• Rental income will probably be higher. Although your income from the short-term market may not be consistent, your annual earnings should surpass those of the long-term market. 
• You can more easily adjust pricing. If inventory begins filling up quickly, you can more easily raise the pay rate to maximize your profits.

Cons of Short-Term Rentals

• You’ll have to upgrade your home constantly. To continue attracting vacationers, you should frequently upgrade your rental home with quality furniture, appliances, and decor.
• There is a greater need for marketing. If you have a property manager, they may do some marketing for you. But if not, you may have to put extra time and effort into marketing your property.
• The logistics can be overwhelming. From managing and organizing your rental calendar to arranging key exchanges and screening potential guests, there are lots of details you need to keep track of when you rent in the short-term market.
• You can expect off-season vacancies. This just means you’ll have to factor these vacancies into your yearly costs and determine your rates accordingly. 

Whether you invest in the short-term or long-term rental markets, Network Real Estate is here to help. If you have any additional questions or are ready to list your property and start getting bookings, give us a call at 910-395-4100.

When you are a short- or long-term renter, your relationship with your landlord is crucial. If you are renting for the short term, your landlord’s opinion of you could impact whether you are offered future rent agreements elsewhere.

If you plan to rent from your landlord for a longer period of time, a landlord who is impressed with you is more likely to be more understanding with you if an issue ever arises, whether you need to pay your rent a little late or you would like to host a larger party. 

Building a good relationship with your landlord can be challenging, but here are a few things you can do to be a responsible tenant and get on your landlord’s good side:

• Come prepared when you apply for a lease. You will certainly have a better chance of being offered a lease if you come prepared with a Rental Resume containing appropriate personal information, your credit history report, and full letters of reference from your previous landlords.

• Actually read and understand your lease. Before you sign your lease, spend the time to carefully look over your landlord’s terms and conditions. This will help avoid any misunderstandings if an issue arises later.

• Honor the terms of your lease. If you break your landlord’s terms and conditions, they may terminate your lease and may possibly even evict you. 

• Pay your rent on time. No excuses. Your landlord already has plenty to worry about without also having to track you down for the payment you already promised to make. If you miss a rent payment, your landlord may even evict you.

• Be honest and proactive. If you are struggling financially, just explain that respectfully to your landlord plenty of time before your rent is due. Your landlord may appreciate your transparency and may be willing to work with you or let you pay your rent a little late. 

• Respect your landlord’s noise policy. Your landlord may designate a certain time period each night as the property’s quiet hours, so avoid hosting larger gatherings or making loud noises during those hours. Keep in mind, respecting your neighbors’ peace and quiet also makes life easier for your landlord. 

• Maintain a clean rental property. Incorporate regular cleaning into your weekly schedule. If the rental property has carpet, avoid doing things that could stain the carpet and vacuum weekly. 

• Be careful not to damage your rental property. Treat the rental property as if it were your own home. Don’t be reckless or misuse the appliances your landlord has provided. After all, you may be responsible for some of the repair costs. If you want to make any changes to the rental property, like hanging wall art, check with your landlord first.
• Dispose of garbage, debris, and other waste in a timely manner. Out of respect for your landlord and other tenants, don’t let your garbage build excessively. If you have pets, pick up after them. Some landlords may even offer specified dog waste stations.
• Notify your landlord about maintenance needs. Don’t try to make the repairs yourself, as you may cause even more damage. Instead, notify your landlord promptly after you notice a problem so the designated maintenance crew can respond to the issue properly.
• Submit requests for your landlord in writing. Whether you are submitting a maintenance request or asking whether you can host a guest, this helps your landlord (and you) remain organized by creating a paper trail of your correspondence.
• If someone isn’t listed on your lease, don’t let them live with you. Your lease is created to protect both you and your landlord. If you plan to host a long-term guest, be transparent with your landlord. 
• Don’t bombard your landlord with complaints. Your comfortability and satisfaction are not your landlord’s sole priority. Try to resolve issues on your own before respectfully approaching your landlord. Try to act with as much patience and kindness as you would hope to receive from your landlord or another tenant if they had an issue with you. 
• Get renter’s insurance. Not only will this help you save money if your belongings are damaged in an accident, but it will mean your landlord won’t be stuck with the bill if you cannot afford to cover the damages.
• Move out promptly and respectfully. When it’s time for you to move out, do so at the time you’ve agreed upon with your landlord. Give your landlord advanced notice that you will be moving out, and leave the property in as good condition as it was when you moved in. This is a good way to ensure your landlord will offer a good reference for your next rental application.

As long as you respect your neighbors, obey the terms of your lease, and communicate honestly and transparently with your landlord, being a good renter should be easy. If you’re thinking of leasing a short-term or long-term rental in Wilmington, Network Real Estate has you covered. From condos in Carolina and Kure Beach to homes in Pine Valley, we have plenty of options for all kinds of renters. Find out more by giving our rental agents a call at 910-395-4100.