Highlights from the May 2022 Brunswick County local housing and real estate market update:

• Home, Condominium and Town-home inventories are increasing
• Closed home sales and pending home sales have increased from last month
• The average “Days on Market” has remained at only 23 days on market
• Brunswick County, NC home prices also saw a slight increase!

Well there is no doubt that the local real estate market is feeling a change in the wind!

One question remains, is it the roller-coaster of home loan interest rates, lack of home inventories, consumer confidence in the economy or inflation? Or could it be a combination of all of the above!

Lets dive in and see if we can help shed some light into the current real estate market in the Southport, Oak Island, St James Plantation and Bolivia, NC!

While it more than likely not just one thing, but all of the above. With confidence, we can say that last months numbers were definitely affected by rising interest rates! The increase in interest rates caused a lot of home buyers to be priced out of the market due to the still high home prices compiled with the cost of borrowing money, resulting in a monthly mortgage amount higher than some could simply afford. This trend will more than likely continue into the upcoming months.

Remember that our local real estate market here in coastal North Carolina is always going to differ from other real estate markets, this is due to the fact that our local area is a highly sought after retirement and vacation destination. Individually, these two factors could themselves sustain a healthy real estate market, but combined, they equal a perfect storm of never ending demand!

So why are we seeing home prices still increase with inventory rising?

The increase of home prices could be caused by multiple factors, but this is normal! Home price raise and lower in cycles, sometimes these cycles are rapid and other they are slower. Over the past year we saw an unprecedented real estate market, with higher than average demand and prices, even for our coastal area. So it is not surprising that home prices are fluctuating, as this is a normal part of the cycle. Although we are not in the “NAME YOUR PRICE” market we were in last year, it is still a great market for home sellers that want to cash out and receive a huge return on investment.

Unfortunately, if you are still wanting to sell your home for an astronomical amount, the chances of you receiving that pie in sky amount is dwindling rapidly.

But nonetheless, we are still here for you!

Here at Southport Oak Island Realty Group are here for both home buyers and sellers, have experienced Realtors standing ready to help you though this current real estate market and make the best of the times!

Southport Oak Island Realty Group is your trusted Real Estate Company for St James Plantation, Oak Island and Southport, North Carolina!

Contact our team of expert Realtors today!

Cash or Trash in the Attic?

Purchasing a home in North Carolina or anywhere for that matter is exciting, scary, worrisome and so much more all at the same time!

As more and more people begin to migrate to the North Carolina Coast to purchase a vacation home, or next permanent home, we thought it would be a great time to remind everyone about the importance of walking through a property prior to closing on real estate in North Carolina.

Or course we are going to see a property in person before we purchase a property in North Carolina!

This article is solely aimed at the final walk through prior to closing an a home in North Carolina. We discussed in other articles the importance of the initial walk though, inspections, and due diligence. In fact Due Diligence is such an important process of North Carolina real estate purchases, we thought we should put a link to that article again HERE for your review if you missed it!

Once all of the “standard” processes are complete including completing home inspections, due diligence and due diligence requests and / or repairs requests, finalizing your home loan, setting a closing date, lining up the moving trucks and the packing are all complete, DO NOT FORGET TO DO A FINAL WALK THROUGH OF THE HOME YOU ARE BUYING!

We have had countless instances to where after closing the sellers have left A LOT of unexpected items in the home, garage and even the ATTIC! For some reason sellers just think that leaving items in the home for the buyers is okay. Don’t believe it? One way to find out is by not doing a final walk through and see what you end up with….

But on a serious note, this has become a major issue we are having to deal with here in the Southport, Oak Island and St James Plantation, North Carolina area. While this may be due to the fact that we have a lot vacation homes here on the coast of North Carolina, it is still an issue.

While there may be some items left that are of value to the buyers, more than likely you will be making a run or two to the dump!

So how do we avoid the Trash?

There are numerous protections in the North Carolina Real Estate offer to purchase contract that protects buyers from unwanted trash being left in the property after the purchase, but unfortunately enforcing those protections can take time and end up being costly.

It is much more effective to get ahead of the problem before it ever begins!

Most North Carolina real estate agents or Realtors, will advise you to complete the final walk through of a property you are purchasing on the day of closing or the day before closing. This is a great idea and while we do agree, unfortunately this does not leave you with enough time to ensure the sellers clean out unwanted items before you are forced to close on the property at the closing attorney’s office.

So what is the solution?

We here at Southport Oak Island Realty Group recommended doing multiple walk troughs in the days leading up to closing. This will allow you as the buyer to see the progress of the seller moving out, and at the same time give the sellers the hint that you are aware of what is in the house and what is beginning to linger around as more and more items begin to leave.

We cannot stress enough to also look in the attic, sheds, garage, crawl space or any other places that be holding the magic pile of trash you do not want to have to deal with! Trust us, it is well worth the extra effort to catch it in advance rather than deal with it after!

We look forward to working with all of our home buyers and sellers in North Carolina and only want the best for all parties involved in all of our real estate transactions.

Call us today to speak with one of our experienced North Carolina real estate agents today!

Highlights from the April 2022 Brunswick County local housing and real estate market update:

• Home, Condominium and Town-home inventories are still low!
• Closed home sales and pending home sales have decreased from last month
• The average “Days on Market” has also decreased to only 23 days on market
• Brunswick County, NC home prices also saw a slight increase!

Let’s Dive In!

While many people are skeptical about the current real estate market and where it’s heading, we have some insights to share with you.

Brunswick County, NC April 2022 real estate market statistics are in! Spring is here and in the real estate market spring this is known as “Listing Season”. All real estate numbers we measure are beginning to level out! Local home prices are increasing, just not as much as expected. We are still in a sellers’ market, but not in the “name your price” market we had before.

Homes are now staying on the market for a shorter period of time before going under contract and we have less inventory coming on the market. How long this low inventory will last is the big question. In some cases homes are staying on the market for no more than twenty-four hours, and in other cases home last more than 30 to 45 days on the market.

So what is causing this real estate trend in the Southport and Oak Island real estate market?

Indicators that are potentially causing this are the economy, threat of war, interest rates, inflation, fuel prices or a combination! Either way there will always be a need for people to buy and sell real estate regardless of what is going on in the world!

Our recommendation is if you are ready to buy or sell, the time is now!

You can always sell or buy too early but waiting until it’s too late may hurt!

Southport Oak Island Realty Group, your local realtor, is here to help you and guide you through this tough real estate market and make the best of 2022!

Contact us today for all of your real estate needs today!

Why it is so important to choose the right Realtor or Real Estate agent in North Carolina Real Estate transactions.

Choosing the right North Carolina Realtor or North Carolina real estate agent is a very important decision. In some instances, it can either make or break your real estate transaction. Experience, attitude, connections, demeanor, fortitude, complacency, ambition, and motivation all play key roles in your real estate agent’s ability to perform for you and help you achieve your desired outcome.

It can be hard to determine the above when first meeting with or interviewing a real estate agent or Realtor in North Carolina. We here at Southport Oak Island Realty Group, Inc. want you, the consumer, to be aware of how important this decision is! Be open to observing the mindsets of different real estate agents or Realtors and listen closely to how they speak. It may give you the insight you need to help determine their intentions and if they are a good fit for you!

All Realtors or Real Estate Agents in North Carolina are the same, right?

Yes and No!

North Carolina Realtors are members of the Realtor Association and North Carolina real estate agents are not. However, both are licensed North Carolina real estate professionals in the North Carolina Real Estate Commission’s eyes.

Types of Realtors or Real Estate agents in North Carolina

Per the North Carolina Real Estate Commission there are only a few different types of North Carolina real estate agents.

Those different real estate agents include:

• Buying Agents -representing the buyer of a property
• Selling agents or listing agents- representing the sellers of a property
• Dual agents- representing both the buyer and the seller, with permission from all parties involved.

The North Carolina Real Estate Commission has provided a publication called Working with Real Estate Agents in North Carolina to help consumers understand the different types of agency in North Carolina Real Estate. Please click HERE to view this publication and learn more!

The Difference Between Realtors and Real Estate Agents in North Carolina

The Difference between a “Realtor” and a “Real Estate Agent” is minimal in some eyes and makes all the difference in the world to others.

Both Realtors and real estate agents go through the same licensing procedures. Both have to go to school, take the North Carolina state and national real estate exam, complete required annual continuing education and state update classes to keep their real estate license active with the North Carolina Real Estate Commission.

The Real difference begins when you start to dig a little deeper.

Both Realtors and North Carolina real estate agents are legally allowed to help you in any real estate transaction, whether buying or selling a home, land, commercial property, or any other type of real estate transaction in North Carolina.

North Carolina Realtors are members of the local, state, and national Realtor associations. While this may not seem like a big deal, this small group of almost 2 million real estate professionals nationwide has managed to monopolize the real estate market.

Monopolize? Yes, I said it! If you do not join the National Realtor Association on a local level, whether in North Carolina or any other state, you as a real estate professional are unable to access and input real estate listing’s into the Multiple Listing Service (or MLS), which is the real estate hub that feeds all other real estate websites around the country.

How does this affect people on the consumer level?

Well, if you wish to sell your house on the open market and allow people everywhere to view your home easily online through major sites like Zillow, Trulia, etc., you have to employ a member of the Realtor association. Hiring a member of the Realtor association allows you to put your home’s information in the multiple Listing Service (MLS) as well as direct access to the MLS.

On the flip side, if you wish to buy a home listed by a Realtor, you can employ a Realtor or a real estate agent. Unfortunately, the real estate agent will have to request some information through another Realtor association member or the listing agent of the home you wish to buy directly. This is necessary  in order to get the required documentation to submit your offer to purchase. In some cases, this delay of direct access to vital information could result in the buyer missing out on the purchase of their dream home. All due to not getting their offer in on time.

Pros and cons of new Realtor or Real Estate agent versus seasoned real estate agents or Realtors

While experience does matter in real estate, we have found that this industry has a slight twist! Real estate agents and Realtors in North Carolina need to be, by the very structure of pay, entrepreneurs. The majority of North Carolina real estate agents and Realtors work on a commission-based system. This means no sales, no paychecks. This allows for good, great, bad, desperate, and potentially worse agents,  all regardless of time in the industry.

As with any industry, time in does allow you to gain great experience. Newer agents are fresh out of school, know the law and stick to it. Both North Carolina real estate agents and Realtors that have been in the business a while tend to pick up bad habits, get lazy and may begin to push the limits of the law, ethics, and morals, all for money. I want to stress that I am referring to some, not all. Others are sticklers for the law, morals, and ethics. It is a tough subject that many wish not to discuss, but it is the truth.

When interviewing or selecting your next North Carolina real estate agent or Realtor, do not let time in the business or the number of sales under the agent’s belt discourage you from using any North Carolina real estate agent or Realtor. Just make sure you feel confident in the agent you choose, and that that agent does indeed have your best interest at heart!

The bottom line

Hopefully, we have helped and not confused you!!! Choosing a North Carolina real estate agent or Realtor to represent you in your next real estate transaction is a big deal. Real estate in North Carolina, has a lot of obstacles, issues, and angels that need to be carefully thought about, avoided or confronted to make sure that your desired outcome is achieved. Having the right real estate agent with the right set of qualities will make all the difference for you!

Here at Southport Oak Island Realty Group, Inc, we desire to be your one-stop shop for all of your North Carolina real estate needs. Our real estate agents and Realtors are carefully selected to ensure that all North Carolina Real Estate Commission rules, regulations, and guidelines are followed to a “T”. All this while still doing the right thing by the consumers and our clients, striving for the very best desired outcomes for all!

Contact us today and see the difference!

Need to know how to secure a home for yourself in this tough real estate market?

We will try and help you better understand what it takes to “WIN THE BID”!

Below are a few of the undeniable steps to help get you into the house of your dreams!

1. GET A BANK PRE-QUALIFICATION LETTER:

Getting in contact with your local bank or mortgage lender should be your very first step in the home buying process. You need to know how much you will be able to borrow so you can begin your home search. But, more importantly, when you do find your perfect home you will want to submit your pre-qualification letter with your offer to purchase, as an assurance to the seller that you are indeed ready and able to buy the house.

2. BE PREPARED TO SPEND THE MONEY!

In this hot real estate market, there is no time to haggle and be cheap. If you like and want the home you need to be prepared to pay top dollar for the home if you want it. While finding a good deal on a home may be possible, in this market it is highly unlikely! Be prepared to pay the full listing price if not ten to fifteen thousand dollars over the asking price, I know it seems crazy, but that is what it takes to win the bid!

3. PUT A HIGH DUE DILIGENCE AMOUNT IN YOUR OFFER:

In North Carolina Real Estate we have what is called Due Diligence. This is in addition to the standard Earnest Money deposit. This Due Diligence amount is very important when it comes to consideration of your offer to the seller. Due Diligence is essentially a non-refundable deposit to the home seller to take their home off the market. Due Diligence also shows the home seller how serious you are about purchasing the home and not backing out of the purchase. There is no standard amount or any at all required in North Carolina. However, locally we are seeing on average between 1-2% of the total purchase price, if not considerably higher. If you are moving here from another state and want to learn more about due diligence and its role in North Carolina real Estate transactions click HERE.

4. MAKE ONLY MINIMAL REPAIR REQUESTS IF ANY:

During your Due Diligence period in North Carolina the buyer performs inspections and looks further into the overall liability of purchasing the home. These deeper looks can create concerns for the buyer, prompting what is known as a Due Diligence Repair Request. While sellers can request anything they wish, the buyers are not obligated to agree to all or any of these requests.  This leaves the  buyer with the decision to either buy the home as-is or walk away forfeiting their money down (Due Diligence). We suggest refraining from making a Due Diligence request unless ABSOLUTELY necessary. These requests often result in buyers walking away and returning to the house hunt! Thus the reason the sellers want to choose and offer with the highest due diligence amount possible when considering multiple offers on the purchase of their home.

So there you have it.

Please take this information and run with it! We want all parties involved in the home buying process to be happy with their decisions and, more importantly, have home buyers winning the bid and purchasing the home they really want!

At Southport Oak Island Realty Group, our Realtors are here to help you find your perfect home and are experts at negotiating on your behalf to get you the house you want, and not a house that will just do. Call us today we would love to help you for your home search in Southport, Oak Island, St James Plantation, Bolivia, or Boiling Spring Lakes North Carolina.

Contact a Realtor today!

Highlights from the March 2022 Brunswick County local housing and real estate market update:

• Home, Condominium and Town-home inventories increased drastically
• Closed home sales and pending home sales increased from last month
• The average “Days on Market” has increased
• Brunswick County, NC home prices saw a slight decline

Explanation Please!

While many are skeptical about the current real estate market and where it’s heading, we have some insight to share with you.

Brunswick County, NC March 2022 real estate market statistics are in! While they were a little shocking, I admit we have to remember this is common for this time of the year. Spring is here, and in the real estate market spring is known as “Listing Season”. Numbers jump up drastically from the start of the year and then level out as home inventories either increase or decrease according to home buyer demand. After this happens we will know what we are looking at as far as the market goes.

Some will say, well that does not help!

We know. But what the numbers are signaling is that home prices are dropping slightly, for now. Homes are staying on the market for a longer period, and we still have more inventory coming on the market. How long this inventory will last is the big question. In some cases, homes are not staying on the market for more than twenty-four hours, and in others lasting more than 30 days on the market.

So what is causing this big gap of homes and days listed for sale on the real estate market? While there are a couple of theories out there, there are only a few we believe in. The first one is that the current buyers in the Oak Island, NC real estate market are experienced, know what they want, and are willing to pay for it, causing the short time frame on the market. Another theory is homeowners are seeing the sky-high prices that homes are selling for and essentially getting greedy. Pushing the listing prices of homes way above the already high prices, resulting in homes sitting on the market. All indicators are forecasting that we are in for another great year for home sellers and at the same time another tough year for home buyers!

Southport Oak Island Realty Group, your local realtor, is here to help you and guide you through this tough real estate market and make the best of 2022!

Contact us today for all of your real estate needs today!

To Buy or to build?

It is undeniable that home prices are high in the Southport, Oak Island, Boiling Spring Lakes, and St James Plantation, NC areas.

So why consider buying in this crazy market? We will break it down for you!

Since early 2021 we have seen a drastic increase in home prices in the Brunswick County, NC area. While inventories are still low and prices are high, realtors still say it is a good time to buy a home. We have crunched some numbers for you and agree it is still a great time to buy!

If you look at home prices locally as a whole, you will see that in Boiling spring lakes, NC you can get a home already built for around or just under two hundred ($200.00) per square foot. In Southport, the average for a built home is around three hundred and fifty ($350.00) per square foot. Oak Island-built home prices per square are about the same as Southport.

So why would I buy now and not just wait?

We dove in further and found out that on the cost to build a new home in Southport, Oak Island, Boiling Spring Lakes, and St. James Plantation averages between two hundred and fifty ($250) per square foot up to four hundred ($400) per square foot. While this may seem reasonable, that price does not include the property on which the home is built, the property clearing, prep, and utility installations. So, you can see how all this starts to add up to a lot of money, time, and headaches!

To top all that off, contractors locally are struggling to keep up with the high demand, and tell us that if you are looking into building a home, plan on at least 18 months to the move-in date!

So back to the main subject to buy or build?

While some may have the 18 months to wait, be willing to deal with all the leg work associated with finding the perfect lot, interviewing contractors, designing the home with an architect, pricing everything out, and then waiting for the home to be built. Others are ready to move and want a home!

With all that being said it is cheaper at this time, with inflation, lack of building materials, and labor in our local area to buy a home that is built rather than having one built for you. That is of course unless you want the option of designing your next home and are willing to wait.

Whatever your decision is, we here at Southport Oak Island Realty Group are here for YOU! We have experienced agents that live here and are from here, to help guide you through our different communities and locations to help you decide where to buy your next home or lot.

Contact us today!

Highlights from the February 2022 Brunswick County local housing and real estate market update:

• Pending home sales continue to outpace new real estate listings.
• Closed home sales saw a slight drop versus last month.
• Home, Condominium, and Town-home inventories are starting to decline again.
• The average “days on market” before a home goes under contract has begun to decline.
• Home prices in the Brunswick County, NC region have seen a huge increase.

So what now?

Days on market for homes are beginning to decrease from last month, leading many to assume that we are poised for another tough year for home buyers as homes come and go off the market before most have a chance to look at them. Homes may just continue to sell faster than they come onto the market, period.

Looking at Brunswick County real estate month over month, prices have just seen yet another major increase county-wide. While some may panic at first glance, this is a great market for sellers, but not so much for home buyers. Just remember that if you are looking to buy a home in this market PLEASE consult with an experienced agent sooner rather than later.

Being prepared to purchase a home in a market like we now have takes strategy! Being ready to “pounce” and purchase a home may be the only way to get you what you want. Work with your Realtor to get per-qualified, understand the locations you want to own a home in, and understand that you may just have to put up more money than originally thought.

Only time will tell if this year will surpass last year’s real estate sales in Brunswick County North Carolina.

If you are considering buying or selling a home in the Brunswick County, NC area, it is important to stay up-to-date on the latest real estate market trends.

Please contact us today and allow our experienced agents to help you get ready to purchase your next home in this tough market!

Are you ready to take the next step towards making the most of this seller’s market?

We are STILL offering FULL-SERVICE home sale listings for just 4% commission rates.

Contact us today by calling (910) 457-7113