Relocating to Wilmington NC

Whether you are relocating to Wilmington NC for work, or simply want to enjoy the exceptional weather, you’re not alone. With a little planning, it’s easy to move to the Atlantic coast with a little planning.

Here are some tips to help you make Wilmington home.

Work With the Best Local Realtors

Buying a home in a different part of the country can be especially difficult when you are working alone. Wilmington real estate is no different.  There is only so much information that you can gather from the big listing sites, and they may not have all the available homes listed.

Local Wilmington NC real estate agents are your perfect go-between when you are trying to relocate to this area. These realtors are local market experts, and they can utilize technology to bring you right into houses that go on the market that day.

Searching for Wilmington Real Estate

Local agents can set you up on a property search that shows all of the homes for sale in Wilmington and provide additional real estate statistics.

Virtual tours make it easy to see the house from wherever you are. And your realtor can get all the paperwork moving along. This way the seller is at ease when they see your commitment and desire to close in a timely manner.

Getting Your Belongings Right into Storage

When selling your current home and buying a new in Wilmington, it can be tough to get the timing perfect. A simultaneous closing can be almost impossible when moving from out of state.

It only takes one small issue to derail your best laid plans. When working with a local Realtor, they can help eliminate issues and reduce potential headaches.

By setting up a storage unit rental, you won’t have to worry about your belongings while you’re in temporary housing.

Many Realtors have inroads with local storage facilities. They may be able to negotiate pricing or the length of commitment you’ll need to make. They may even be able to get you a reduced weekly or prorated rate.

Packing Like a Professional and Minimizing

Since you’ll most likely be living out of boxes for a few months, you’ll need to pack a little differently than you may be used to. You may not know how long it will be before you find and close on a house. For this reason, it’s best to pack everything you won’t need for six months first.

Everything you’ll need, from clothing, toiletries, and daily essentials, gets packed in smaller boxes and loaded on the moving truck first.

When the moving truck arrives at the storage unit, all the stuff you don’t need comes off the truck first and into the unit. What’s left goes to storage or your vehicle to move to the temporary residence.

Aerial view of beautiful downtown Wilmington, NC

Living Out of a Cozy Monthly Rental

Local real estate agents have access to all the rentals in the Wilmington area. If you still haven’t found a place, these Realtors will utilize their connections to help you find a month-to-month rental. Now you’re at least in the area and your belongings are already packed and waiting in storage. That way you can really make use of your time and see as many properties in a day as possible with your realtor.

This little home base can also be a bargaining chip with the seller. Your Realtor will explain that you’re already packed and just waiting for a closing date. This is something many sellers will appreciate when considering your offer.

Getting a Real Feel for the Neighborhoods

When you relocate to Wilmington before buying, you have a chance to get a feel for the location and  the neighborhoods. It is impossible to get that real feel for a neighborhood online. So now you get the chance to explore them yourself. You’ll also have the opportunity to meet locals who can offer their insights.

While settled in your rental, you can see how close your new home will be to many of the local attractions.  Places like the Noni Bacca Winery, Airlie Gardens, and the Wilmington Historic District. This can be turned into fun time for the family, and help alleviate the stress of moving.

Some Reasons to Relocate to Wilmington NC

Once you do find your dream home, you can hit all the sites, visit the stunning beaches, or enjoy a city tour. Walking the neighborhoods will make your buying decision easier and give you peace of mind you made the right choice.

Living in Wilmington, NC offers a lot. Mild winters, stunning summers, and quick access to surrounding states. Moving to this area is going to be one of the best decisions you ever made. And now you can do it with ease!

What People Look for When Buying a Home

Buying a home is a major life decision, and it’s essential to find the right one that meets your needs and preferences. There are many factors to consider when choosing a home, from its location to its size, layout, and amenities. 

In this article, we will explore the key things that people look for when buying a home and offer some tips on how to find the perfect home for you.

Location

One of the most important things that people look for when buying a home is its location. The location can have a significant impact on your quality of life, so it’s essential to choose a home that is situated in a convenient and desirable area. 

Some of the key factors to consider when evaluating a location include its proximity to important places and services, neighborhood safety, and availability of transportation.

When evaluating a location, it’s essential to consider how close it is to places that matter to you, such as your workplace, school, or family members. It’s also essential to consider the availability of essential services like hospitals, grocery stores, and parks. Living close to these places can make your life easier and more convenient.

Safety is a top concern for many homebuyers. It’s important to choose a neighborhood that is safe and has a low crime rate. You can research the crime statistics in the area you are considering by checking local crime reports or speaking with the local police department. 

Transportation is another crucial factor to consider when evaluating a location. Living near public transportation, such as a subway or bus stop, can make it easier to get around without a car. Access to highways and major roads can also make commuting more convenient. It’s also important to consider the walkability of the city you choose, as it can make it easier to run errands or enjoy a stroll around the block.

Home size and layout

The size and layout of a home are also essential factors to consider when buying a home. The number of bedrooms and bathrooms, kitchen size and layout, and living space are all important considerations when evaluating a home’s size and layout.

The number of bedrooms and bathrooms in a home will depend on your household size and needs. It’s important to choose a home that has enough bedrooms and bathrooms to accommodate your family and guests comfortably.

The kitchen is often the heart of the home, and it’s important to choose a kitchen that meets your needs. The size and layout of the kitchen can impact how easy it is to cook and entertain. Consider the number of cabinets and counter space and the layout of the appliances when evaluating a home’s kitchen.

The amount of living space in a home is also an essential consideration. You should look for a home that has enough space for you to relax and enjoy time with your family and friends. Consider the size of the living room, family room, and any additional living spaces that may be important to you.

Beautiful outdoor living space

Outdoor space

Outdoor space is another critical factor to consider when buying a home. A yard or outdoor living space can provide a place to relax and enjoy the outdoors. 

Consider the size and upkeep of the yard, outdoor living spaces like patios or decks, and any views that may be important to you.

The size of the yard and the level of upkeep required are important factors to consider. A large yard may require more maintenance, while a smaller yard may be easier to maintain. It’s also essential to consider the type of landscaping and whether it meets your preferences.

If you enjoy spending time outdoors, it’s important to choose a home that has outdoor living spaces. This can include patios, decks, or even balconies. Consider the size and privacy of the outdoor space, as well as any features like a grill or fire pit.

The view from a home can also be an important consideration. If you enjoy looking out over natural landscapes like mountains or water, look for a home that offers these types of views. Alternatively, if you prefer an urban setting, consider a home with city views.

Home features and amenities

Home features and amenities are also important factors to consider when buying a home. These can include upgrades and renovations, energy efficiency, and storage space.

Many homebuyers look for homes that have been recently upgraded or renovated. This can include things like a new roof, updated appliances, or renovated bathrooms. These updates can improve the home’s value and can save you money on repairs in the long run.

Energy efficiency is becoming increasingly important to homebuyers. Look for homes that have energy-efficient features like insulation, efficient heating and cooling systems, and energy-efficient appliances. These features can save you money on your utility bills and reduce your impact on the environment.

Storage space is another essential consideration when evaluating a home. Look for homes that have ample storage space, including closets, pantries, and garage space. This can help you stay organized and keep your home clutter-free.

Affordability

Finally, affordability is an important consideration when buying a home. This includes the overall cost of the home, financing options, and property taxes and maintenance costs.

The overall cost of the home includes the purchase price as well as any associated costs like closing costs or home inspections. Look for a home that fits within your budget and that you can comfortably afford.

There are many financing options available when buying a home, including conventional mortgages, FHA loans, and VA loans. Speak with a lender to determine which option is right for you.

It’s also important to consider the ongoing costs of homeownership, including property taxes and maintenance costs. These can add up over time and impact your overall affordability.

Summing it up

In conclusion, there are many factors to consider when buying a home, including its location, size and layout, outdoor space, home features and amenities, and affordability. 

It’s important to weigh these factors carefully and find the right home that meets your needs and preferences. Remember to consider all the things to do in the area you are considering when evaluating a location, and work with a reputable real estate agent to find the perfect home for you.

Who Pays Real Estate Fees?

The seller usually pays the commission

A licensed agent is the best way to help you buy or sell your home. These agents are experts in their respective markets and have excellent negotiation skills. They can make selling and buying a home much easier. Real estate agents are paid a commission in exchange for their knowledge. 

How real estate commissions work and who pays them.

  • Although real estate commissions can be negotiable, they are usually between 4% to 6%.
  • The commission is often split by two agents working on a real estate transaction, one for the buyer and the other for the seller.
  • Real estate brokers take a cut of the commission to pay for advertising and office space.

Real estate commissions

Brokers and real estate agents typically do not charge sellers and buyers by the hour. Instead, they take a commission on the sale price.

The contracts between buyers and sellers determine agent commissions. Although the real estate fee is usually split equally between buyers and sellers agents, a contract may stipulate that one agent will receive more commission.

Although the terms broker, real estate agent, or Realtor are often interchangeable, they have different meanings. The National Association of Realtors offers different licensing levels for agents and brokers. However, the fee does not go directly to real estate agents.

How Much Is a Real Estate Commission?

Real estate commissions are always negotiable–otherwise, agents would violate state and federal antitrust laws–so they vary. Although 6% was traditionally considered the standard fee for real estate agents, today’s commissions are typically 4% to 5%. According to RealTrends, the average real estate commission for 2020 was 4.9%.

Remember that the commission is a percentage of the home’s sale price. The exact fee will not be known until the offer has been accepted and the house sold.

Who pays the Real Estate Commission?

This is where things get tricky. The seller usually pays the fee. The seller will usually include the fee in the sale price. So the buyer ends up paying the fee even though it is indirect.

Let’s take, for instance, a buyer and a seller, each with a real estate agent, to make a deal for a home worth $200,000. The real estate commission would be 5%. This would mean that the fee would be $10,000 (or $200,000 x 0.05). The fee is deducted from the purchase price of the property. The seller would get $190,000. However, the buyer would have to pay $200,000 for the home. (This example is simplified because closing costs, as well as other fees, would apply.

Are Real Estate Commissions Worth It?

Real estate fees are often criticized for being too high or not worth the value of the services they provide.

A seller’s agent can make a good amount for very little work, such as taking photos and setting a listing price. On the other hand, selling a home can take weeks, months, or even years, depending on how unique or costly it is.

This can lead to a lot of time spent by the agent marketing the house, holding open homes, making phone calls, and keeping up with other sales and listings in the area. The agent will also be responsible for the ongoing costs of maintaining the house on the market. This includes advertising fees and signage. It is unlikely that many sellers will want to pay an hourly fee for a real agent.

It is the same for buyers. While some buyers will be able to find a house right away, others may take time to look at several homes over weeks or months before settling on one. Again, buyers would feel pressured to decide if they had to pay an agent per hour.

Flat-Fee Real Estate

Some agents charge a flat fee, such as $100 or $500. These agents can be a cost-savings tool for sellers and buyers. However, they may not offer the best representation.

Traditional real estate agents will serve as your partners throughout the home buying and selling process. An agent for sellers will assist you in staging your house, taking professional photographs, listing your property on an MLS, and scheduling open houses. They will also negotiate on your behalf.

Buyer’s agents can also help you identify your must-haves and find the right property. Then, they will take you to showings and negotiate offers.

Although flat-fee brokerages or discount brokerages might be less expensive, you may end up paying more. On the other hand, full-service agents can still work for a flat fee or a lower commission. To ensure that you get the best possible service, you should research what services they offer before deciding.

The bottom line

Agents are the most common way buyers and sellers interact with one another. Agents receive a commission in exchange for their services. Although the seller is typically responsible for the commission, the buyer often pays the bill. However, the cost of the commission is usually included in the home’s listing price. This way, the buyer pays the real estate fees.

Remember that commissions can be negotiated.

 If you are concerned about high commissions, you have two options: a flat-fee broker or discount broker, or a for-sale-by-owner. The top real estate websites may also be a good option. This will allow potential buyers to look for homes without speaking with an agent.

How Do I Build My House More Energy Efficient?

Building an energy-efficient home starts with a commitment to reduced emissions and a desire to create homes that are healthy, safe, and practical for ordinary families. We all recognize the importance of reducing our carbon footprint and while we may not be able to stop burning fossil fuels like oil and coal, we can learn to live better lives by using energy efficient home construction methods and materials. Two paths to meet your energy efficient residential construction goals exist, and both bring about an efficient, durable home that you’ll enjoy for many years to come! First, let’s look at how you can go about meeting your energy efficiency goals without a commitment to reduce fossil fuel emissions. This option may not appeal to you because it doesn’t involve any of the changes described above.

Recommendations for Energy Efficient Home Construction

You can achieve greater energy efficiency through following the recommendations found in “The Energy Star Guide to Net Zero Energy” which is published by the Environmental Protection Agency (EPA). The guide advises builders to implement certain processes, such as the incorporation of energy efficiency improvements into the homes designs and construction techniques, improving air quality throughout the house, including improved insulation, venting and air conditioning, eliminating or reducing the use of unvented and vented spaces, the reduction of waste gases, including the use of low-emitting sources of air conditioning and heating, and more. If you would like to meet your energy efficiency goals, but aren’t quite sure how, then you might want to consider a home construction company that has completed projects with the EPA as an option. These types of companies typically receive credits for the improvements they make to a home, rather than actual building credits.

Solar Energy in Energy Efficient Home Construction

Now let’s take a look at how we can go about meeting our energy efficient home construction goals by adding solar energy incentives to our efforts! Utilizing solar energy incentives can reduce your electricity and gas bill costs by up to 30%! When it comes to solar energy incentives, the benefits are highest for those homeowners who choose to purchase solar cells to use as their primary energy source. For this reason, many people who have access to a lot of sunlight prefer to install active solar heating and cooling systems on their roofs. Unfortunately many homeowners never get around to purchasing a solar power system. There is no reason why this should be the case, especially if you can hire a reputable roofing contractor to install them!

Are Solar Panels a Good Option For You?

With the recent interest in green building, and the need for “going green” in general, many people are wanting to know if solar panels can be used as part of a complete energy efficient home construction project. The simple answer is yes – solar panels are often used in both the construction of a new home, as well as retrofitting of existing homes. There are a few things that must be understood about solar panels before deciding whether they are right for your home. A solar panel’s system is designed to collect solar energy and convert it to electricity using photovoltaic cells (solar cells are chips that use photovoltaic effect to change the amount of light energy received by the semiconductor particles into electricity). If your home uses more electricity than it needs, or if your gated community or residence is located in an area that receives very little sun, you might want to consider purchasing and using a solar power system to offset your energy needs.

Why Are Homeowners Interested in Using Solar Panels?

Many homeowners are also interested in solar panels due to the tax credits available to them for energy-efficient home construction and installation. As more people are able to take advantage of the incentives provided for new construction and retrofitting of existing homes, the cost of these projects is becoming less expensive than ever. Many homeowners may also qualify for federal programs that provide financial assistance for energy-efficient home construction and installation. These programs have helped to make building a new home more affordable for homeowners and could ultimately save you thousands of dollars over the life of the loan.

Conclusion

One of the most important benefits of using renewable energy resources is that they will greatly reduce the impact your household or condominium has on the environment. Building a home that is “green” will help the environment – and this in turn will increase your property value, lower your monthly utility bills, and most importantly, increase your peace of mind. In addition, your home will be contributing towards an overall decrease in greenhouse gas emissions, which will in turn benefit our health and the environment.

What is the Purpose of a Gated Community?

Gated communities are usually those that are surrounded by high walls and gates that serve as its security feature. It is an ideal place to live or work as these places are safe and secure from the intruder’s threats. However, many people are unaware of the main purpose of such places and they find it very difficult to figure out whether they really need to live or work in one. This is why the term “gated community” has been coined so as to provide a general knowledge on what it is all about. In order to fully understand this concept, it is important to know the different types of gated communities. The information below will enlighten you on the topic.

Gated Communities Used For Social Gatherings

One of the most common types of gated community is a club or community that is used for social gatherings. There are usually members who share common interests such as hobbies, sports, education, and so on. They have their own small entrance or gate wherein the members all come in and have their own private meeting rooms where they can hold group parties or activities. The residents are all allowed to enter and leave the gated community according to the rules, which usually include the use of gates to block the entry of unauthorized people.

Gated Communities Serving As Country Clubs

A country club is another common type of gated community. Unlike the above mentioned community, country clubs are exclusively for people who live in or near the country. Some of the homes here are equipped with beautiful country-themed gardens. Aside from having a garden, the homes in this type of community also have many other features such as clubhouses, tennis courts, swimming pools, and so on. The residents of these communities are allowed to enter or exit the property freely according to the rules of the community.

Condos are also one of the most common places to find such communities. These are also known as apartment buildings and the main attraction of this type of community is the numerous amenities that it offers. Residents are given features such as maid services, dog houses, swimming pools, fireplaces, security systems, and other similar features. The residents of this type of community can also take advantage of special discounts that the condo corporation is willing to give out.

Gated Communities Serving As Retirement Communities

However, the most popular purpose of a gated community is to serve as a retirement community. There are many of these communities available today, and one of the most popular ones is called an assisted living community. The residents of these communities are given the opportunity to mingle with other like-minded people in an environment that promotes friendship and camaraderie. This is the main reason why retirement homes are always found in these types of communities. It is a place where residents can live out their years in luxury without having to worry about anything. They can just sit back, relax, and enjoy the great scenery around them.

Conclusion

As you can see, there are many different answers to the question of what is the purpose of a gated community. These communities provide not only for the benefit of its residents but for the community at large as well. Since these are places where the members of the community are allowed to live and relax, they are able to create a sense of belonging and community within their walls. This is why these places are so popular among retirees. If you want to find gated communities in Greenville SC, make sure that you get all of the details from your real estate agent.

What is a Condo Corporation?

What is a Condo Corporation?

A Condo Corporation is a real estate entity formed by a real estate investor called a Condo Manager. The primary purpose of a Condo Corporation is to protect the interest of investors in a particular market by utilizing their purchasing power to exercise control over, and/or manage, the financing involved in the sale of condominiums (concentrated in single family homes). In order to maintain control of this important part of real estate investing and thus prevent investors from being taken advantage of, most Condo Corporations has an appointed Board of Directors who exercise power and authority over the policies and operations of the corporation.

Who Are the Board of Directors?

The officers of a corporation are often the same people that are listed on the Articles of Organization (or Articles of Warranty), which also list the officers of the corporation. There are also a number of standing committees, including the Board of Directors, the Office of Public Trust and the Charitable Trust. This standing committee is responsible for approving or rejecting gifts, reports, and financial statements which are then presented to the general public. They also act as a liaison between the board and the general public.

Why Would I Want To Be Involved With a Condo Corporation?

There are many benefits to be had by becoming involved with a condo corporation. A condo corporation is an excellent way to purchase real estate at a reasonable cost since the corporation is able to purchase real estate for a lower price than a separate sale at market value. Also, since a majority of the funds in a condo corporation are held by the board members, investors are guaranteed regular meetings and regular updates on the status of the company. One drawback is that there usually aren’t any shareholders’ meetings since all of the work is done by the officers of the corporation.

What Are Some Common Problems With Condo Corporations?

One problem is that there can be conflicts of interest among the board of directors. The condo corporation must have a written code of conduct and it is important that the condo corporation have a set term of office, or Board of Director’s Office, which ensures that all meetings are held on time and that they always follow the same agenda. The term of office must also be set and be maintained. A second problem is that the condo corporation must have a board of management which must be completely independent and also have some type of a dispute resolution process such as a volunteer board chairperson who takes on the role of a mediator when there are problems or questions regarding the property.

So Why Are Condo Corporations a Smart Move?

Now, that you know what a condo corporation is you can better understand why buying real estate with a condo corporation can be such a smart move. The first reason is because you do not have to worry about dealing with a number of different individuals or companies which can become confusing over time. The other reason is because everything is done at the same time so it will be easier for you to keep up on the ongoing proceedings. The last reason is because all of the decisions made are made at the same time, so it won’t be hard to see where all the conflicts are coming from and to take care of them right away.

Conclusion

If you are ready to buy some real estate with a condo corporation or you are looking at condos for sale, then you will want to check out some information regarding how to buy a condo with a condo corporation. There are some great real estate investment opportunities available with condos and if you use your head a little you can get an amazing deal on some amazing real estate. You will want to do a little research on your own and find out what the rules are in your area regarding condo corporations. Also, be sure to do your own research on the board of directors of your particular condo corporation. This way if there are any problems which may arise you can take care of them at once without much trouble. As you can see, there are some great benefits to buying real estate with a condo corporation and you should definitely consider this option if you are looking for something new to invest in.

How To Choose The Right REALTOR

How to Choose the Right Realtor for You

Whether you’re buying or selling, choosing the right real estate agent is a central part of the process. What qualities should you look for in a realtor, and how can you be sure they will meet your needs?

Here’s what you should take into consideration while choosing a REALTOR

Full-time versus part-time realtors

Some agents view real estate as a side job, while others work with buyers and sellers full-time. It’s a good idea to do your research and find out whether the realtor you’re considering is employed elsewhere or works solely as an agent.

Part-time agents have completed the same necessary training as full-time agents and can perform well. However, full-time agents may be able to dedicate more time and effort to help their clients without the distraction of outside work. For this reason, it’s generally in your best interest to hire a full-time realtor.

Teams versus independent Realtors

There are pros and cons to working with a realty team instead of an independent agent. With more eyes on your transaction, you could benefit from getting a variety of perspectives and opinions. On the other hand, your transaction may be passed around between team members, some of which have less experience than others.

Realty teams tend to function as a business with a focus on bringing in large volumes of work rather than each individual transaction. If you would prefer a more direct and personal relationship with your realtor, you may want to choose an independent agent rather than a team of several.

Testimonials, reputation, and experience

Your relationship with your realtor could be a long one, so you’ll want to make sure that you can form a successful and trusting working relationship with them. There are a few reliable resources you can use to find indicators that a realtor is trustworthy. If the realtor you’re considering is well-established, you will be able to find testimonials from past clients, current listings, and recently sold homes online.

Previews of the realtor’s work allow you to judge their experience and record of success, and testimonials allow you to determine if the realtor’s values line up with yours. Their personal website is a good place to look for this information, and you’ll also get a taste of their personality and level of professionalism through the aesthetic and content of their site.

Finding a realtor who is genuinely passionate about what they do is extremely important; you’ll feel much more confident in their abilities if you know they’re there not just for the commission, but out of a desire to help and educate you.

Ask around and get recommendations from local buyers and sellers so that you can get detailed accounts of their performance. There’s no need to rush; feel free to interview several different realtors if you are still unsure about who to choose.

Working with friends and family

If you have a friend or family member who is a realtor, you might be inclined to start working with them immediately to avoid the tension that could arise if you hire one of their competitors. Nonetheless, in most cases, it’s best to consider the realtor’s performance apart from your personal relationship with them. Just because a relative has chosen a career of being a real estate agent, doesn’t make them perfect for you.

After all, if you hire someone close to you and they end up doing their job poorly, dealing with the resulting conflict will cause even more tension and awkwardness. Think of choosing a realtor like choosing a surgeon: you always want the best, regardless of their relation to you. Just because they have watched some videos on learning real estate and recently passed the exam doesn’t mean they should be YOUR Realtor.

Now that you’re equipped with these tips on how to choose the right real estate agent for you, you’re ready to start doing your research and find the realtor who meets all the basic requirements. Narrow down the qualities that matter to you the most, then go with your gut – and referrals, of course.

Once you feel confident that you’re in the right hands, you’ll have no problem sitting back and leaving the work to a professional.

Concerning Signals Within California’s Real Estate Market

Signals Indicate Market Slowdown

California’s real estate market has recently started to show signs that not only is it slowing down, but it might actually be heading towards yet another crash. New data is currently showing that overall sales for new and existing homes, as well as condos, are down a whopping 11.8 percent compared to last year’s data. Despite overall sales falling, the median home purchase price has risen to just under $540,000, a 7.3 percent increase from last year.

The sales slump seems to have started in June 2018, hitting a new 4 year low. Data for these figures were collected from around the state, especially within the normally booming real estate markets in Los Angeles, San Diego, Riverside, Ventura, Orange, and San Bernardino counties.

While sales slumped across the market for new and existing homes and condos, it was new home sales that slumped the worst out of the three market segments. New home sales are currently down state-wide by 47 percent compared to last year, which is an extremely concerning stand-alone figure. These figures become even more concerning when you consider the fact that the California real estate market has on many occasions been a predictor for the near-term health of the greater national real estate market.

Why is the Housing Market Slumping

Experts across the California real estate market all seem to agree on the main culprits behind the home sales slump. Lack of affordability and shortages in housing inventory are likely the two main causes. With the median home price in California sitting at an all-time record high, that means there are simply fewer affordable homes on the market than ever before. Prospective buyers are not only finding it to be increasingly difficult to find a home that they can afford, they’re also becoming far more apprehensive taking on the risk associated with mortgaging a home in peak market conditions.

With median home prices peaked, prospective home buyers are also finding it to be increasingly difficult to attain affordable financing. Saving the required down payment for an average California median-priced home of $540,000 is an extremely daunting task, with many potential buyers simply being unable to save that much money. With the down payment obligations unlikely to be realistic for many home buyers, this issue alone automatically disqualifies many potential home buyers, especially younger new home buyers.

California and the National Real Estate Market

Over the last several decades, the health of the real estate market in California has always been a very accurate predictor for the health of the markets throughout the rest of the country. This is due to the fact that California has a massive housing market and one that is amongst the largest nationally. As is usually the case, national markets are again reflecting the state of California, albeit with a slight delay. Nationally, housing prices are rising throughout most states. Similar to the conditions in California, national real estate inventories are shrinking while median house prices are rapidly increasing. If the real estate market does crash in California, then it just might foreshadow a greater real estate market crash nationally.

Renting Can Often Be Cheaper Than Buying

Although renting a home, condo, or apartment in California can be exceptionally expensive, it is still much cheaper than buying a home in many cases. Take San Francisco, for example, which has one of the most expensive housing markets in the country. Renting a home is almost 20 percent cheaper in the city than buying a home, creating a huge disincentive for many new prospective home buyers. In most cases, when median home prices in the US shoot up rapidly, they outpace rising rent prices by a fair margin. This usually creates a window of 2-3 years where renting will suddenly be more attractive than buying, as the rent prices take time to shadow median home prices. When this happens, local markets generally see a large percentage of prospective home buyers pull out of the market and opt to rent instead.

Can California’s Economy Handle a Huge Real Estate Slump?

While another huge real estate market bubble burst could happen in the near term, it’s not likely to cause any serious calamity to California’s relatively healthy economy. California just this year became the world’s 5th largest economy, unbelievably surpassing the United Kingdom. The state has an impressive total GDP of about $2.7 trillion dollars, a figure that is hard to even fathom. Due to the sheer enormity and power of California’s economy, it is widely agreed upon that the state has enough economic cushion to withstand even a severe real estate market collapse. That is not to say that such an event wouldn’t leave a painful market on the economy, however, it definitely would not have enough sway to harm California’s long-term prosperity.

Is it Wise to Sell a Home Today

With the possibility of a real estate bubble bursting in California, it would be wise to sell your home, but only if you plan to rent or reinvest your equity gains into a real estate market outside of the state. Speaking to a local real estate agent can help you to keep an accurate pulse on the market conditions should you consider selling in today’s potentially volatile market.

If you plan to buy a home, most experts are saying that it would be wise to continue saving up a sizable down payment and waiting out a potential fall in median house prices. Most experts do not believe that the median house prices will continue to rise over the long term, as the inventory shortages alone should be enough to pull home values down a bit in the coming years.

Finding The Right Home Inspector

How To Find The Right Home Inspector

As a prospective home buyer, there might be dozens of properties to review before finding the proverbial “dream home” worthy of placing an offer. Once your real estate agent has negotiated the initial offer to buy a home and it is accepted, the real work begins. This is where a home inspection is going to prove to be crucial. The results of a home inspection can determine the final cost of the home. They could be several issues that would generate a charge-back. That is where the person who is offering to sell a home will reduce the asking price to allow the buyer to pay for repairs. That might be a valuable consideration if a roof or furnace needs to be replaced. The home inspection might even create circumstances where the dream home could be considered a nightmare. This is why finding the right inspector for any type of real estate transaction is so crucial. Here are some helpful tips on how to find a qualified home inspector:  

Check Their Qualifications

  When you are looking to buy a home, your inspector can help identify any issues with that property might have that could become a financial burden. This is why it is vital to ask about the inspector’s qualifications. Have they had training in construction and building maintenance? If so, then what kind of training?   Depending on the age of the real estate property, there might be issues with regard to lead-based paint or asbestos that have to be looked into. Has the home inspector been trained with hazardous substance detection? There might even be structural concerns that an inspector should also be able to address. Do they have any engineering training? In other words, they’re not just looking for water damage in the ceiling.

Finding The Right Home Inspector

Ask For Sample Reports

  Each inspector has their own reports. They should make samples available that will allow you to assess all the specific details of what they’ll be looking for at the home. Ideally, this report should go beyond just a checklist. It should offer up details of any areas of concerns. Having a multi-page report with photos included is always preferred.  

Get Their References

  Every home inspector should have references from former clients. You’ll want to call up the clients who have lived in their homes the longest. They will be able to tell you if the details of that inspection were accurate. It might take a few months for any problems to surface in a home. If the inspector caught those problems when they were minor, then they are definitely someone to consider.  

Review Their Certifications

  Becoming a home inspector takes training and certification. Not every home inspector is required to be part of the groups associated with this field. However, it goes to demonstrate their dedication to their craft when they do become members. The American Society of Home Inspectors, and the National Institute of Building Inspectors are all the prominent trade organizations in this field. Being a member of one or all of them is a good sign.  

Ask About Equipment

  A qualified home inspector should be utilizing a lot more than just a flashlight and a level. There are many high-tech devices that can analyze electric circuits, moisture content and carbon monoxide levels. Inspectors can also put digital cameras to work to gain access to crawlspaces and rafters that might not be easy to examine. Your Realtor might have recommendations for a qualified home inspector that you can hire. Don’t hesitate to be present when the inspection is happening. It might take a few hours of waiting in the home but it will be time worth spent when you can get immediate feedback.

A Career In Real Estate

How To Succeed With A Career In Real Estate

Are you looking to start a job in real estate? Many people think that getting a real estate license is all they need. However, there are a lot of things that you need to know. The schools will only teach you about the legalities of practicing.

It is important for newbies and any others interested in real estate to learn the pillars of success in the business. You will be able to gain knowledge and skills in marketing, and management to help you. There is a high attrition rate for new agents, and without proper knowledge, and funding, breaking into the business can be a tough uphill battle.  

  1. Be Goal Oriented

One can only go as far as the goals they set. Beyond that, an individual is lost and without direction. Goals are essential in any business. They act as a road map to lead you to where you ought to be. Determine what your goals are in the career you are pursuing.

You can also find out what drives you to do what you do. The drive should be greater than the need to buy or sell a home. The knowledge will help you remain strong during the tough times. Write down the goals on paper and make regular evaluations. The goals should be specific, measurable, time-bound, attainable, and realistic. Goals will drive you to greater heights and direct you to success and make you the best local Realtor around.

  1. Be Collaborate

You cannot survive like an island in the real estate business. You will need to make healthy and beneficial relationships for the success of your business. Healthy relationships with your clients and partners are the foundation of a thriving business. Identify the vital resources you require when you buy a home or sell one.

Get together a team of people to help you in your journey. You will need other partners such as insurance agents, title agents, mortgage agents, among others. Meet with your partners and interact with them. The interaction helps in establishing relationships for successful collaboration. Treat everyone as a potential client who wants to buy a home.

  1. Be Innovative

Innovation is the aspect that will keep your business at the top and keep it there. There are the market and industry changes that occur every day. You need to become innovative to find solutions to the problems and challenges arising. Another important thing that requires innovation is beating your competitors. You have to make your business gain a competitive advantage over the others.

Change strategies to adapt to the changing environment and the needs of your clients. Do not concentrate on one success and forget that the journey is still on. Find out the latest and current trends in the market, synthesize all the information and create a unique solution for your business.

  1. Be A Better Person

The business can only grow if you as the owner are also growing. You need to seek to become wiser every day in each aspect including business, knowledge, and people skills. Get rid of habits that hold you back from performing optimally like procrastination and fear.

You should also seek to find your drive and motivation in business and capitalize on that. Strive always to provide value to your clients. A business should not only be one transaction, but a relationship that is long term. Working on yourself will make managing your business easier and manageable.

  1. Be A Better Business Manager

Managing your business is the most critical part of starting your own business. Many things require managing such as the employees, the company, the clients, the partners, and your life.

Look for opportunities to increase your management skills. Attend conferences and seminars that involve other business owners and managers. Network with experts in the field from time to time. Most importantly, look for mentors who have made it. Seek the advice of the mentors and learn from them. Management skills will help you deliver quality services to clients and build your business to success.