Thursday, June 10, 2021 / by Anne Rose
Kirk Pugh, on the State of the Real Estate market:
These video updates are when I normally give you a bunch of numbers and statistics and tell you how the market is, and my best advice to buyers and sellers. I'm not going to talk about numbers today. Market's great. End of story.
My take away from today's market is, whether you are a buyer or a seller, in today's market it is absolutely vital that you have a seasoned professional helping you, either on the sell side or the buy side.
As a seller, you really need to take a careful, hard look at every offer you get on your home. As a buyer, you need to listen to your advisor and let them help you craft an offer that is likely to be accepted in this hyper-competitive market. It is very fast-paced. It is moving at the speed of light.
There are lots of reasons why we are in this situation. Increased prices due to demand, cost of materials, and cost of labor. Lots, and lots, and lots of reasons, and also because th ...
Friday, April 23, 2021 / by Anne Rose
A home buyer has many choices to make when house hunting, from deciding upon a neighborhood, to determining a budget and organizing personal finances for a down payment, closing costs, and various other new home buyer expenses. One of the largest decisions a home buyer makes is selecting the type of mortgage they will use to purchase their home.
Mortgage loans fall into two primary categories: fixed rate and adjustable rate (ARM). There are a few hybrid combinations of both types of mortgages, and some derivatives of each as well. A conversation with a mortgage broker that includes an in-depth review of personal finances will determine which products a home buyer qualifies for, and which makes the most sense for their personal financial situation.
A mortgage is the amount of money borrowed to pay the purchase price of real estate, plus the interest charged on top of the principal by the lender. The interest rate charged by mortgage lender, whether it’s a traditional bank ...
Monday, January 11, 2021 / by Anne Rose
Kirk Pugh, Broker/Realtor with KBT Realty Group - Keller Williams, in Wilmington North Carolina, reflects on 2020, a year which is in now in hindsight.
Eight days into 2021, and Kirk sees that the new year has started with a bang.
2020 was a challenging year for everybody on many different levels, although in real estate not one, Kirk reflects. Instead of talking about numbers, success, and patting the KBT Realty Group team on the back, suffice it to say, Kirk notes, that Wilmington North Carolina has a fast-paced, rapidly growing, dynamic real estate market that is extremely beneficial for sellers right now.
Certainly we can sell a house for top-dollar, in this market, in Wilmington, today, Kirk says. The challenge is, where does that seller go? Are they trading laterally, are they downsizing either from a location standpoint or a pricing standpoint?
For sellers today making a decision about selling, is the value of the sale great enough to buy you out of the pain-in-the- ...
Tuesday, September 15, 2020 / by Anne Rose
What is a Home Appraisal?
A home appraisal is a judgement on the value of a home, conducted by a state-licensed or certified appraiser. An appraisal is the appraiser's professional opinion of a property’s value. The appraiser bases an appraisal on research into recent sales of comparable homes in the area, and on an assessment of the property and improvements. The final appraisal is based entirely upon the appraiser’s educated judgment. This is the value that is submitted to the buyer's lender before final loan approval for a specific property.
A bank or mortgage lender will require an appraisal to help gauge the risk of making a loan at a specific dollar amount. Because the actual property serves as collateral for a loan if the borrower defaults on the loan, the lender must ensure that the actual loan is not larger than the appraised value of the property.
What Happens When the Appraisal Comes in Short?
If the property appraises in line with the proposed purch ...
Friday, August 14, 2020 / by Anne Rose
contributed by Susan Doktor
Protecting what we love comes naturally to us. But in the case of protecting our homes, there’s a little more to it than intuition. Homeowners insurance is a bit of a puzzle, especially for first-time homebuyers. Let’s take a look at some of the things you need to know when considering coverage and budgeting for your policy.
Do You Need Homeowner’s Insurance?
The short answer is absolutely. For one thing, if you’ve taken out a mortgage to purchase your property, your lending institution will insist on it. That’s because, until you pay off your home loan, they are protecting their own investment. Most of the time, your homeowners insurance premium will be included in your monthly mortgage statement. You’ll pay it right along with your principal, interest, and taxes. That’s how mortgage lenders ensure your policy isn’t allowed to lapse.
But even if you don’t owe a cent on your house, you owe it to ...