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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
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
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Keller Williams Realty