Wilmington Real Estate

Everything you need to know about Wilmington Real Estate all in one place. We'll be hosting weekly Q&A Live, for buyers and sellers in the Wilmington Real Estate Market. You can also search the Wilmington MLS, every home for sale in the MLS is updated on this website hourly.

Wilmington Real Estate 101:

Let’s talk about the Wilmington real estate market. Do we call it crazy? Competitive? Complicated? People are asking, with the interest rates going up, if it has affected the Wilmington real estate market. I have not seen it affect Wilmington real estate yet.

Interest rates are close to 5.5% now and it is predicted that they may hit over 6% by the end of 2022. In a few cases, It  has impacted first time buyers by decreasing their purchasing power in the Wilmington real estate market.  New construction folks may have been in the building process for a year, but are now priced out of that home because interest rates have risen and the monthly payment is now too high for them. I think that does kind of hit on “complicated.”

What the Wilmington real estate market has going for us is that Wilmington is the fastest growing city in North Carolina right now. North Carolina itself is #2 in the nation for people to relocate. People are coming from all over. We're seeing a lot from NY, NJ, CA - all those high tax states.  People are cashing in on their equity and moving here to work by the beach! 

Wilmington real estate prices have gone up, just like everywhere else. We've gone up 15 % from last year, but we're still priced fairly low, relative to other areas. Homes priced at $400,000 and under are still extremely competitive, and there's not a lot of inventory. 

I have a listing in a very desirable neighborhood priced at $357,500. It’s just over 1500 square feet, new HVAC, updated flooring, new paint. The listing went live yesterday afternoon, and we’ve had 14 showings already.

I have multiple offers already, so we're calling for best offers by tomorrow and shutting it down because the sellers are inundated with showing requests, which can be stressful. There just is not a lot of inventory in that price point, in the Wilmington real estate market, which makes it very competitive. 

However, we are starting to see more inventory come to the Wilmington real estate market. People that have been on the fence about selling, knowing that the interest rates are climbing, are jumping off that fence and getting their house listed. I think it is still a great time to sell. Another thing I've been seeing in the Wilmington real estate market are some houses that may need some work, staying on the market for a more reasonable amount of time, whereas before they would still fly off the market.  If it needs some work or maybe it’s a little overpriced, those homes are starting to sit a little bit. We're not talking about months, but maybe a week. It's not hours anymore, usually.

The Wilmington real estate market is still seeing bidding wars, but it's not that feeling of a frenzy that we were feeling. The sense of urgency to buy is not as strong as it was when the interest rate was considerably lower. It's not 15 offers or 20 offers. It’s not a sight unseen offer in 10 minutes. Most of the houses that I have listed have offers coming in at the asking price, maybe slightly above. I'm not seeing many going way over the list price anymore.  

How is due diligence impacting the Wilmington real estate market? Due diligence, here in NC, is nonrefundable amount of monies that is written to the seller.  The way the contract reads is that it is the buyer's right to terminate, within the due diligence time frame. 6 months ago, I was seeing, even on a $300K house, $20K-$40K in due diligence. Again, it's nonrefundable. It does come off the purchase price, but if a buyer decides to terminate the contract, they do not get that money back. 

What I’m seeing now is more like $5K-$10K in due diligence, depending on the price point of the house.  It’s returning to a more balanced range. The Wilmington real estate market got a bit crazy, especially for first time homebuyers, because you're thinking about how much money you have to put down, plus a due diligence fee that is nonrefundable. If you have a limited amount of cash, and you have to hand that over in due diligence just to get your offer accepted, it can be scary. If you're going above the asking price, then you worry about the appraisal and having to come up with cash for the difference between the offer price and the appraisal value. 

There are definitely a lot of factors to consider when making an offer in the Wilmington real estate market. 

With prices climbing, I've had people ask me, “Is now a good time to buy or sell?” I think the answer depends on an individual basis. I just looked from June of 2021 to June of 2022, and prices in Wilmington’s real estate market have gone up 15%. I hear a lot of people saying, “I'm going to wait and see what interest rates do.”

I don't see the interest rates coming back down. I think that rates will continue to go up, along with sales prices. I don't see prices rising as quickly as they did last year, when they jumped up 24%, but they’re steadily climbing.   

I’ve been traveling the country to meet with the top agents from around the nation, discussing different markets and trends. Everyone’s pretty much saying the same thing - that prices are going to continue to increase, but at a more historical pace. Likely 3% - 5%, maybe a 7% climb and then eventually level back off, but we don't think they’ll go back down anytime soon.

The demand is definitely still here in the Wilmington real estate market, so I think people have to adjust their expectations a bit. Someone asked me recently, “how would you advise a first time home buyer on how to shift their expectations if they're concerned about the interest rate rising?” That's a great question.

First, I would need to know how much cash they have to put down, how much money they have in savings, and what their price point is. If someone is only approved for a $100K loan, the Wilmington real estate market is not for them, especially as a first time buyer.  There's nothing listed in this area for $100K. The average price point is $425K in the Wilmington real estate market for a single family home.

We’ve got one one listed at $350K.  We’ve got one listed at $250K. The one we have listed at $250K needs a lot of work, and I would not recommend that for a first time buyer. With such limited inventory, having a conversation with buyers about adjusting their expectations is important. Whereas before we would say, “If you could get 95% of what you want in the house, that's probably the house for you.”  Now it's more like, “if you can get 80% of what you want in the house you may want to consider putting an offer in, or looking for something that has been on the market for a few more days, instead of competing against that one that has 95% of what you want.” 

In speaking with lenders and other members on the team, as the interest rates go up, looking into ARMs (adjustable rate mortgages) is a good idea for a lot of buyers. Some lenders are even offering a 15 year ARM, which is awesome! It's 1/2 of a percent lower than whatever the interest rates are going forward. 5-8 years is the average amount of time people stay in one home. Over 15 years, I would expect the interest rates to come back down, so an ARM could make a huge difference in payments. Also, lenders still have first time buyer incentive programs out there, so it’s important to see who can offer the best loan product. 

In our local, Wilmington real estate, we are seeing buying incentives. Builders are starting to add incentives for the first time in two years. Lenders are offering Arms now, which we haven't seen in the Wilmington Real Estate Market in years. And there are still some first time buyer incentives. 

That may be a positive sign of some inventory coming up.

Inventory is sneaking back in! I got 4 new listings this week, and 3 of them are now under contract.

That’s not a ton, but it’s more than I’ve had recently. Inventory has gone up in the Wilmington real estate market by 12% in the last year, which isn't a whole lot, but at least we have something to sell now.

If someone were to ask, “What’s one piece of advice you would give to buyers, and one piece of advice you would give to sellers in the Wilmington real estate market?” I would say to both, “Don't wait.”  If you're considering selling, now is the time.  The Wilmington real estate market is still hot, and we're still seeing multiple offers and full price offers. 

On the flip side, the interest rates are going to continue to rise. Don't wait too long to make a purchase because price and rate increases will only make each house more expensive next year, and rent is outrageous in the Wilmington real estate market! Being in a beach town with a university really drives rental rates up, and they’re expected to rise 15%-20% in the next year. Speaking of interest rates, if you're renting you're paying 100% interest. It's going out the window to somebody else and not a penny of it is being invested back into your own finances.

Wilmington’s real estate market still belongs to the sellers, for now. However, I think sellers are now more realistic with the prices, and they are slightly more willing to negotiate some of these repairs.

Sellers are not making demands, “I want this and this and this and this.” We’re moving back into a place where they’re actually negotiating again, and it’s kind of fun!

If you are looking to buy or sell Real Estate in Wilmington area. Give us a call (910)547-8535

Are All Real Estate Agents The Same?

No, not all real estate agents are the same. Experience is key when interviewing a real estate agent. The real estate profession has a high turnover rate, because it's a very hard profession. AARP's February article called it a "Darwinian Profession" - survival of the fittest. Everyone should take time to interview several real estate agents and make sure you're getting one that 1 - Are they a  Full time agent. Yes that's right. Most real estate agents are part time, making it critical to represented by a full time agent 2- how many sales have they had in the past 12 months. Experience is key!!! 3 - how many years they've been in the real estate business 4 - do they have any admin to help you from contract to closing.....

This video has a link to several more interview questions for you to use when interviewing an agent to best represent you, one that will help you reach your real estate goals.

Homes For Sale Wilmington, Jennifer Bullock Team with RE/MAX Executive, is here to prove that not all real estate agents are the same. We offer:

✅ 15+ years of Experience

✅ We help 250 families per year reach their real estate goals

✅ Jennifer Bullock is a native of Wilmington, NC. Born and raised in Wilmington, gives you the "insider look" on what's happening in the growth of Wilmington

✅ Before Real Estate, Jennifer Bullock, was a local high school teacher

✅ 2 full time staff to make sure you are helped 24 hours a day. 

✅ Full Time Marketing Team

What is everyone saying about "Are All Real Estate Agents The Same"? 

Check out these Google Reviews

Reviews on Zillow

Client Party on YouTube

What did the federal government do yesterday? They raised interest rates. Interest

rates are now in the low 5’s. A lot of people ask me is now the right time to buy a home in Wilmington.

My answer to you is yes, it is a good time to buy a home in Wilmington area.

My name is Jennifer Bullock, leader of Jennifer Bullock Team with RE/MAX Executive in Wilmington NC

I have been all over the United States this year meeting with the top 100, top 200 agents, all over

trying to figure out what this crazy market is doing. I was looking at it at a National level and then brought

it back home to look at it at our personal, Local, Regional level, Wilmington NC, Cape Fear, region area. And

what what I have found is they are projecting the prices of homes, still to keep increasing an additional 10%

this year. Not quite as crazy as it did last year but still on the rise. Interest rates. Yes, they are projected to go

up higher later on in the year right now. They're still in the low fives. That is great.

Third reason, rent in the Wilmington area is astronomically expensive. So when you pay rent, you were paying

100% interest, Right? Because none of that money is going into your pocket. All of it is going into somebody else's

pocket. It is a waste of money. So if you want to buy a home in Wilmington, now is a great time. You can still buy a

home and a lot of cases cheaper than you can actually pay your rent. Like I said, our rental market is crazy here.

If you have any questions, just give me a call. I'd certainly love to help you figure out if now is a good time for you

to buy a home in our beautiful Wilmington area. Looking forward to hearing from you

Is Now The Right Time To Buy A Home in Wilmington? YES IT IS!

How do you buy a home? What are the stages of buying a home? And what is the most important thing that I need to know about buying a home in Wilmington? What is the due diligence fee? How does the due diligence fee differ from earnest money?

Hi, my name is Jennifer Bullock with Jennifer Bullock Team at RE/MAX Executive here in Wilmington, NC

I am here to tell you what you need to know on buying a home in Wilmington. Real estate 101 for the Wilmington, NC area.

First thing, the biggest part of our contract that people have a hard time, wrapping their head around, is the due diligence fee. This has been on our contract for several years, however, no one really used it until the market went crazy. So really,  people started using due diligence fee about 2 to 3 years ago. Now, it's on every one of our contracts.

So what is the due diligence fee? And what is Earnest Money? They are similar in that, as long as you buy the home, the due diligence fee and earnest money are applied to the purchase price of the home.  Once you go under contract, you have to write two checks; one for due diligence fee, one for earnest money. As long as you continue with buying your new home, then both of them are applied to the purchase price. For instance,  if you're spending $100,000 and you put $1,000 due diligence and $1,000 dollar earnest money. Then all the day of closing you owe $98.000 Pretty easy math. 

Then the question becomes, what is the difference in due diligence money versus earnest money? The difference is due diligence is a check or wired funds, but it is made out to the seller directly that money is non-refundable. Let me make that clear.  The due diligence is non-refundable. Earnest money is refundable as long as you terminate within the due diligence timeframe. Oh my, that's crazy, right?  Due diligence a timeframe and Due diligence fee.All of this and nobody has a clue what it means.

Due diligence timeframe is the amount of time that you have to do, all of your inspections, your appraisal,

review the paperwork, if your questions on zoning, handle the loan process. Anything that you need to do in order to buy the home is done within the due diligence time frame. It is a timeframe that you set with your agent. The typical due diligence timeframe in the Wilmington market is roughly 20-25 days.

Back to the due diligence fee. It is a check, money order, or wired funds that goes directly to the seller.

Non-refundable. So here are the questions everybody asks me. What if the house doesn't appraise?

Do I get my due diligence money back? The answer is no, you do not. Second question. What happens if something is crazy on the home inspection and it needs a hundred thousand dollars worth of

work and I'm only spending a hundred thousand dollars on it. What if I don't have the money to make the repairs and the seller refuses to do any of the work. Do I get the due diligence fee back?  Answer is no.

Basically, the only way that you would get the due diligence fee back when buying a home in the Wilmington area, is if the seller was in breach of the contract. Now, be clear. I am not an attorney. If you have attorney questions, I can give you a list of attorneys that we use, certainly.

But as far as the due diligence money versus the earnest money, the due diligence money is non-refundable, unless the seller terminates, or if the seller is in breach of the contract. The earnest money is refundable as long as you terminate within the due diligence period. Hopefully that clarifies it. Again, both of them come off the price of the house. You don't lose the money unless you terminate the contract.

The way the contract reads, the “due diligence deposit is the buyer's right to terminate the contract for any reason or no reason” as long as you do so within the due diligence time frame, and it must be in writing.

I have also attached Q & A for Due Diligence Fee I have gotten from the NC Real Estate Commission.

Because it is the number one thing that all buyers and sellers both have questions on.

So I am going to put that below and again, that's from the North Carolina real estate commissions,

with all the common questions and answers on due diligence fee in NC.

If you have any more detailed questions on the due diligence money, or the earnest money, please feel free to call, email, or text me. (910) 512-4080 JenniferBullock@HomesForSaleWilmington.com I'm certainly here and I would gladly help you with any questions you may have about buying or selling a home in Wilmington NC. Look forward to helping you buy a home and our  beautiful area.

Q & A on Due Diligence Fee from the NC Real Estate Commission

What are the Capital Gains Tax in NC?

Had a ton of people call me in the past couple of months, asking me what are the capital gains taxes in NC and do they have to pay them? Now. Let me be clear. I am not a Tax Advisor.

I am not an attorney. I am not a CPA. However, I am a real estate agent.

So if anybody has invested in real estate, in the past year, in our area,

which is Wilmington, North Carolina. Homes, property have gone up on average 29% in the past 12 months.That's absolutely amazing.

It's astonishing that it has gone up that much.

However, if you're thinking about selling your home or property, how is that going to affect you?

What is capital gains in NC? Good question.

It is the profit that you have made on any investment in either a short-term

or long-term period of time, the taxes that you have to pay on that profit is called capital gains tax.

Your short term capital gains tax is if you have owned the property, one year or less. Long-term capital gains tax or two years or less that you’ve owned the property.

Now, how much money do you owe? What does that taxable amount?

That is the say, you paid $150,000 for home and you sold it for $200,000.

So that profit is a $50,000 margin. That is the amount that you'll be taxed on.

How much is that tax? That is a great question. I'm that is based on your filing status.

Meaning, if you're single, divorce,  file jointly, also depends on your income.

By now, I'm probably boring you to death. I'm kind of boring myself to death,

but I just want to kind of go over capital gains with you

and that how that affects the sale of your property. How to avoid it is, well not avoid it necessarily but exceptions. To the rule is what that $50,000 margin that we talked about earlier.

If You do $50,000 kitchen renovation, that is considered a Capital Improvement.

So that would affect how much money you owe because it kind of washes each other out.

It is if you are sewing and you have not lived in the house two consecutive years out of five years

and again where I got this information just basically searching the internet,

but if you want to know how this affects the sell your property or if you can sell,

or if it makes sense to sell. So, please call me.  Am I a Tax Advisor? No.  Am I an attorney?  No.  Yes,

you can buy. Yes, you can sell.

And yes, I'm here to help.

Please. Call me, email me, text me, any of your questions. (910) 512-4080

JenniferBullock@HomesForSaleWilmington.com

I would certainly love to help you figure out the best

way to maximize your personal wealth through homeownership.

I look forward to hearing from you.

Monday Market Update

Homes For Sale Wilmington, and the Jennifer Bullock Team, brokered by REMAX Executive prides themselves on keeping our clients current with the real estate market. The real estate market in constantly changing. It is very important if you are buying a home in Wilmington area, or selling a home in Wilmington area, to know what's happening.

Monday Market Update will be posted every Monday, with different Real Estate Statistics from Wilmington NC and our surrounding areas.

If you are interested in selling your home in Wilmington NC. Now is the time. Prices from 2019 to 2020 (YTD) have increased 4%, the number of days on the market has decreased 13%. So basically you can sell your home faster for more money!!

Homes For Sale Wilmington and Jennifer Bullock Team, brokered by REMAX Executive is here to help you sell your home faster and for more money!!

Call/Text Jennifer Bullock directly. Jennifer's personal cell phone is (910)512-4080

The Perfect  Cheat Sheet for Every Home Buyer!!

Homes For Sale In Wilmington

The Home Buying Process is such an exciting time! It’s not every day you are able to find your new dream home in Wilmington, and get the ball rolling on officially making it yours! The Jennifer Bullock Team knows that while buying a home in Wilmington, is an exhilarating time, it can also seem overwhelming. For many people, this is one of the biggest investments they will ever make, and we want to ensure that you are “in the know” on all aspects of buying a home in Wilmington.

In Real Estate there are many terms that we throw around, that are not typical common knowledge. Throughout the years we have noticed the terms our Clients are questioning… So we created the top 5 most asked about buying a home in Wilmington. This list is the perfect Cheat Sheet for any Home Buyer in Wilmington.

Offer: An offer is when a potential Buyer is interested in a home, and conveys their interest in the property to their Agent. The Agent then contacts the Seller's Agent, with either a verbal or written offer. 

Contract: A Contract is created when both a Buyer and Seller agree to the terms of the property purchase and it has been reduced to writing.

Earnest Money: Typically known as “good faith” money, earnest money is a check written by the Buyer at contract acceptance, and is held in an escrow/trust account until Closing. It is used as a Buyer Credit at Closing.

Due Diligence Money: This is a check written by the Buyer and made directly to the Seller at contract acceptance. This is a common incentive, and is used to make an Offer stronger. It is used as a Buyer Credit at Closing.

Due Diligence Period: A set time in which the Buyer has the right to conduct any and all inspections. We usually refer to this time period as the time for negotiation, however at 5:00 pm on the set Due Diligence Date, everything is locked in and negotiation is over. 

The Jennifer Bullock Team provides our Clients who buying a home in Wilmington, with the cutting edge knowledge to make any Real Estate transaction a successful one!  Want more information regarding buying a home in Wilmington?

Call or text Jennifer Bullock at (910) 512-4080.

Jennifer Bullock Team is looking forward to helping you find a home in Wilmington

#JenniferBullock #HomesForSaleWilmington #BuyingAHome

@JenniferBullock @HomesForSaleWilmington @BuyingAHome

Before you List Your Home To Sale - A Fresh Coat of Paint

The list of what to do before putting your home on the market may seem long and daunting, but one of the cheapest and quickest ways to make an impact starts with a fresh coat of paint. Most experts in the housing market agree this relatively quick and easy task is one of the most effective ways to raise your sale price and sell faster. 

Giving the interior of your home a fresh coat of paint before showing it off to potential buyers can really have an impact on the desirability of the house. Newly painted walls give a fresh appeal, without chips or fading colors on the walls a house looks well-maintained. 

When selecting paint, choosing neutral colors is important, you may like a bright flamingo pink or aqua blue, but remember you want your home to appeal to the widest market of buyers. Picking lighter colors with a wide appeal will help raise your home’s desirability. Check out what’s trending, like light blues for bathrooms and light beige living rooms, to make the best color choices and the biggest impact. A new coat of paint on your home can help you to freshen up and redesign, adding value and appeal to your property. 

It may be simplest to paint the rooms in your house, from ceiling to walls, in the same shade, but with a little extra time and effort there are some tips to making a fresh make even more of an impact. Even just painting the ceiling a few shades lighter than the walls can make the ceilings look higher and the rooms bigger. It doesn’t take much to add some fresh paint and appeal to your home. 

If you chose to have a professional get the job done for you, the cost typically runs around $400 to $800 per room depending on the size. If you tackle the project yourself, you’ll need about two gallons of paint per 800 square foot room. At the cost of $15 to $40 per gallon of paint, it may cost some more of your time but you’ll save on money to spruce up your home with a fresh coat. Working with your budget and schedule, there’s plenty of options to get it all done. 

You may also consider giving the exterior of your home a new coat of paint before putting it on the market. Remember the importance of ‘curb appeal’, when you step across the street and look at your home, does it look faded or old? This may be a sign that a touch-up is needed. Even just painting your front door can make a big impact. The importance of first impressions rings true in real estate, and painting can help you to improve your home’s appeal and meet your real estate goals. 

Whether you decide to tackle the entire house, inside and out, or just touch-up the colors in your bedrooms, painting your home before listing is one of the ways to get the most bang for your buck when investing on improvements. History and experience shows that taking the time to paint can help you sell your home faster and for more. 

Do you need help staging your home to sell quickly? Call or text Jennifer Bullock Team and we'll send over a quick video that discusses the 6 things to get your home ready to sell (910)512-4080

If you'd like our list of contractors, from Painters to electricians, we have a working list ready to share with you. Just let us know and Jennifer Bullock Team will email it over JenniferBullock@HomesForSaleWilmington.com

Buyer Spotlight - Alden Hobbs

To Jennifer Bullock one of the most rewarding parts of working in real estate is using her expertise and knowledge of the Wilmington area to help clients find the perfect home. As she and her team help clients to meet their real estate goals and become a part of her community, many of these people and their stories stick with them. We look forward to sharing some of our favorite client stories with you through this blog.

Alden Hobbs and his parents were one such memorable client of Jennifer Bullock and her team at RE/MAX Executive. Alden was finishing his service in the military and preparing to move back to Wilmington, where he wanted to find a home for him and his girlfriend. Before he came home, his family was already working on how to help their well-deserving son find his new home.

Alden’s mother​ ​and father wanted to help Alden to have a special homecoming by getting a head start on helping him to find the perfect home. They worked with Jennifer for weeks leading up to Alden’s return as she lent her experience and knowledge of the area to help them find several great choices of new homes.

With their hard work, Alden had three great homes to look at upon his homecoming. With the help of his parents and Jennifer Bullock, she soon found the perfect fit for him and his girlfriend to move into. Settling on a beautiful newly constructed home in Leland, Alden now enjoys the best of it all. He’s loving living in a new home in a friendly community, still close to all the education, entertainment, and opportunities of Wilmington.

Starting this new chapter of his life, location was important to Alden. His new home is just over the bridge from downtown Wilmington, close to all of the entertainment in this vibrant community. He and his girlfriend enjoy being just a short drive away from all the great restaurants, nightlife, music, and more that downtown Wilmington has to offer.

Alden also now enjoys being just a short drive away from Cape Fear Community College, which he now attends. Living in his new home in this community is helping Alden to achieve his higher education goals, as he works on transferring to UNCW soon to pursue a Bachelor’s Degree. With her background in Education, Jennifer was able to help Alden and his family find the perfect home in a location that would help him to achieve these goals.

Alden is loving life in his new Wilmington home. He and his girlfriend have found their happily ever after as they’ve settled into life together in this new home and community. If you too are looking for a new home in Wilmington, reach out to Jennifer Bullock and her team to see how they can help you find your very own happily ever after.

Jennifer Bullock (910)512-4080 JenniferBullock@HomesForSaleWilmington.com