Jane S, Home Buyer in Wilmington, NC

We'll be retiring to Wilmington in 2-3 years and are debating whether to buy a home now or wait. How much have prices appreciated in the last year?

Asked by Jane S, Wilmington, NC Mon Jan 6, 2014

If we buy now, we'd want to use it as a rental property until we retire.

Help the community by answering this question:

Answers

6
The average price per square foot went from $109 in October 2012, to $130 in December 2013 in Wilmington. During the same time period in the 28409 zip code the average per square foot price went from $116 to $127. Additionally, in the 28412 zip code prices went from $104 to $102. I'd be happy to share some more statistics and some analysis with you. I do agree however, that considering the current interest rates, now is a good time.
If you have some time, check out our website which will give you some basic information about over 240 neighborhoods in Wilmington and many other features!
0 votes Thank Flag Link Tue Jan 7, 2014
Hi Jane,

I am not in the Wilmington area but would have responded as Sasha did. She is absolutely right about the effect of rising interest rates. When you talk to a lender, make sure you tell them this is a 2nd home, not an investment home and that you plan to live there. In 2 years, with increased prices and interest rates, you will be so happy that you bought now.

Best of luck to you.

Vivian, aka CrazyViv
Web Reference: http://crazyvivhomes.com
0 votes Thank Flag Link Mon Jan 6, 2014
Jane-

Hello, more importantly to consider may be which way are interest rates likely to head? Consider the cost of a 30 year $300k mortgage at 5% vs. at 6% is a difference of about $60,000 over the life of the loan or about $200/mo. With interest rates bouncing up off of historic lows you can imagine that while there are no guarantees there seems to be only one way for them to go. Can you afford to take the interest rate risk of waiting another year or two to obtain that mortgage? You can customize a chart of historic mortgage interest rate trends here: http://www.bankrate.com/funnel/graph/

The rental market remains strong in the Wilmington area and if you obtain a mortgage for a second home you could come out ahead by making your purchase now while bargains are still available. Over the past year interest rates have crept up about one percent.

Home price appreciation is a rather subjective topic and difficult to give a short answer but according to our local statistics the average sales price had increased by 5.5% (as of 3rd quarter 2013) since year-end 2012.

If you want to view properties available in Wilmington NC please visit: http://homesbysasha.com
0 votes Thank Flag Link Mon Jan 6, 2014
Hello Jane. I would be happy to be speak with you regarding specific areas & neighborhoods that you might be interested in & the appreciation of those areas. That way you have the most accurate information.

Please contact me at your convenience. I hope that you are having a wonderful evening.

Aimee Freeman
910-317-0828
Keller Williams Realty
AimeeFreeman@kw.com
http://wilmingtonhomes.kwrealty.com/
0 votes Thank Flag Link Mon Jan 6, 2014
BUY NOW for most buyers. We have enjoyed steady rise in prices over the past 12 months, most indicators have us well above 10% with a simultaneous reduction in inventory. Wilmington and area beaches are a destination market, meaning that we gain population while other national markets hold steady or lose population. Destination markets hold value better and respond more quickly to up swings in the economy. Most Realtors still consider ours a buyers market, but we are getting closer to becoming a stable market where neither the buyer or seller has an advantage. Jeff Terry, 910-231-7814, jterry@intracoastalrealty.com
0 votes Thank Flag Link Mon Jan 6, 2014
Great question, our market is up over 10% year over year. Keep in mind that part of that is higher priced listings that sat for a while that are now selling and raising the bar up a bit. What price range will you be shopping and what are your needs? Send that my way and we can break down how the homes in your market are being impacted. Feel free to call and we can talk through the details.

Thanks

Jeff Lesley
910-297-7071
JLesley@Century21Sweyer.com
0 votes Thank Flag Link Mon Jan 6, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer