Category Archives: Local

What Buyers and Sellers Have in Common

Emotional Stake

Both buyers and sellers have an emotional stake in their property. Sellers are having a hard time parting themselves from the memories their home holds, while buyers can get attached to a property quickly. Just one aspect of a home, such as a wrap-around porch or picket fence can immediately make a buyer want to purchase a home.

Best Value

Both buyers and sellers want to get the most value for their money. Buyers want to get a house for as little money as possible, while sellers want to get the most money they can for a property. Both are relying heavily on their real estate brokers to help them get the best value.

Closing Costs

In negotiations, neither side wants to pay closing costs. However, a home-seller can use this to their advantage by not lowering the price of a home, but offering to pay the closing costs. This way the buyer will think they won the battle, but in reality both sides are winning.

By having a better understanding of both sides of the home buying/selling process, it will help you be a more knowledgeable participant. So, whether you are looking for Wilmington, NC new homes or looking to sell your Wilmington, NC home, you know what to expect.

Looking for a real estate agent to help you through the process? Contact Alpha Mortgage today for a referral to a great local Realtor®!

Nonstop flights to Chicago added from Wilmington International Airport

American Eagle airlines will fly two daily roundtrip flights between Wilmington and Chicago O’Hare, American Airlines said Monday.

The service by the American Airlines regional affiliate begins July 2 and will be operated with 44-seat Embraer jets.

One flight will depart from Wilmington to O’Hare (ORD) at 6 a.m. and arrive in Chicago at 7:20 a.m. The other will leave ILM at 5:15 p.m and arrive at ORD at 6:40 p.m.

Flights from O’Hare to ILM will leave Chicago at 1:35 p.m.and 8:25 p.m. and arrive in Wilmington at 4:45 p.m. and 11:35 p.m., respectively.

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Area might see some snow this weekend

Could the coast see snow before the first day of winter?

The National Weather Service in Wilmington says a few snow flakes are possible Saturday night or Sunday morning.

Temperatures in the low 30s are expected Saturday night, and the combination of a low pressure system makes ideal conditions for snow or an icy mixture, the weather service said.

But while Saturday night might be cold enough to support an icy mixture or snow, the somewhat warm ground likely would prevent any accumulation, according to the weather service.

The remainder of the weekend also will be chilly, with highs in the mid-40s on Sunday and a 50 percent chance of rain. Temperatures are expected to dip into the upper 20s that night, but no wet weather is expected.

Latest Moorings Column From Lumina News

Moorings 08-23-10Hello and welcome to this week’s edition of Moorings. Last Tuesday, the government held a “Future of Housing Finance” conference to discuss changes needed in this area. Most participants agreed that government assistance for housing must be reduced but not eliminated. Bill Gross, from PIMCO and one of the panelists, called for a massive refinancing of certain mortgages backed by Fannie/Freddie/FHA, believing such a move would lift home prices 5% to 10% and provide a $50 Billion stimulus to the economy. I will be watching this situation closely for further developments.Home sales and the job market – two key aspects to our continued recovery – are also areas we need to see change in an improving direction. Last week, the NAHB Housing Market Index came in a bit worse than expectations and showed housing to be at a 17-month low. It can be argued that the tax credits actually hurt the housing market by not adding any sales, just pushing them up. This has now resulted in a void or softer period in the market, potentially wasting billions of dollars. Housing Starts and Building Permits were also reported lower than expected last week. Clearly, demand for housing has slowed over the past few months, due to the expiration of the Home Buyer Tax Credit and persistently high unemployment.Speaking of unemployment, awful is the only way to describe last week’s Initial Jobless Claims report. According to the report, 500,000 people filed to receive unemployment benefits for the first time, which was well higher than the lofty 475,000 expected and the highest reading since November 2009. In addition, between Continuing Claims and people receiving Emergency Unemployment Compensation or EUC, the combined total of people receiving unemployment benefits now equals 9.25 Million people.The bottom line is this: The labor market is the foundation of our economy. Job growth and confidence is the best and most sustainable way for our economy to recover. The present anti-business regulatory environment is pushing Initial Claims, a leading indicator on the health of the labor market, in the wrong direction.But home loan rates, meanwhile, continue to remain at historic low levels. Though keep in mind, inflation is the arch enemy of Bonds and home loan rates, which means it can cause both to worsen. Both the Producer Price Index (which measures inflation at the wholesale level) and the Consumer Price Index were recently reported hotter than expected. If rates do start to rise, they will likely do so quickly. With that in mind, it’s only a matter of time before it happens and rates do rise, so if you haven’t already at least discussed the possibility of refinancing your home, do so now. Call a reputable mortgage banker and see just what options you have. It’s amazing how many people haven’t taken advantage of this opportunity to date, with equity and/or lower monthly payments sitting on the table for so many people.  Until next week Be Blessed and Numbers 6:24-26 be on you.

Leatherback Sea Turtles Born in Holden Beach

Last week, 53 newly-hatched leatherback turtles made their way from their nest on Holden Beach to the sea.

The nest is Holden Beach, NC’s first known leatherback turtle nest. Loggerhead turtles often nest on Brunswick County’s beaches, but Leatherback turtle nests are much less common.

Volunteers with Holden Beach Turtle Watch dug a trench from the nest to the ocean and protected the Leatherback hatchlings from the crowd that had gathered to observe. Their work was illuminated by red lights, so as not to disorient the baby turtles.

Volunteers named the first turtle hatched, Shannon. When she made her way to the end of the trench, onlookers sang “Happy Birthday” and cheered.

Holden Beach Turtle Watch volunteers estimate the leatherback turtle that made the nest probably weighed about 900 pounds and was more than six feet long. Leatherback turtles are the largest of all living sea turtles. The mother sea turtle probably laid the eggs 60 to 70 days before they hatched. After laying the eggs, she covered her nest with sand to disguise it from predators, and returned to the sea.

Stacey Manning captured images of the event for The Brunswick Beacon. To see her photos, please visit The Brunswick Beacon.

New US Home Sales Rise 6.2 Percent

Sales of new homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.

The Commerce Department says sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000.

Home shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to existing homeowners. Nevertheless, sales were up 5.1 percent from a year ago, the first yearly increase since November 2005.

The median sales price of $212,200 was off 0.5 percent from $213,200 a year earlier, but up 0.7 percent from September’s level of $210,700. Typical Story Inserts (as found in CNBC/Components/Data-Market folder):

Fed Officials More Confident Recession is Ending

With the economy on the mend, Federal Reserve policymakers last month felt comfortable slowing the pace of one of its economic revival programs and not changing any others, according to documents released Wednesday.

Minutes of the central bank’s closed door deliberations, held Aug. 11-12, also showed Fed Chairman Ben Bernanke and his colleagues striking a much more hopeful note about the economy’s prospects compared with an assessment made in late June. Many Fed officials saw “smaller downside risks,” the documents stated.

Fed officials expected the pace of the recovery to “pick up” in 2010, but there was a range of views — and considerable uncertainty — about the likely strength of the upturn because of concerns about how consumers will behave.

After being pounded by the recession, consumer spending finally appeared to be leveling out, the housing market was firming and manufacturing was stabilizing, the Fed said. Plus, the outlook for other countries’ economies improved, auguring well for the sale of U.S. exports. Continue reading

This Week’s Moorings Column From Michael Lopez

Hello and welcome to this week’s Moorings Column, your source for all things in the mortgage and housing industry.  To refinance or not to refinance, that is our question for this week.  Well to start off with let’s look at some numbers. 

Now for sake of example let’s say you currently have a home loan of 6.25% with a balance of $417,000 and your home is worth around $700,000.  Assuming you have a credit score of 740+, provable assets and acceptable income, you could expect to do a rate-term refinance (meaning your not taking equity out, only reducing your rate) and get your interest rate down to about 5.25% with 0 points and 0 origination fee.  Closing costs will run about $2150. Continue reading

Fundraising efforts by NHRMC kicked off with Edwin McCain

The Pediatric Intensive Care Unit at New Hanover Regional Medical Center is getting support from an internationally known rock star.

Edwin McCain stopped by the Betty H. Cameron Women’s and Children’s Hospital Saturday. He signed autographs and performed a private concert for the children. His appearance kicked off a fundraising effort for the Pediatric Intensive Care Unit. The goal is to raise enough money to buy a mobile pediatric intensive care unit to transport children to Chapel Hill.

McCain gave the hospital a check for five thousand dollars. It is a cause near and dear to his heart. “Well as a father it means a lot because I understand while walking through the NICU and pediatric wing what that means,” he said. “As the son of a pediatrician I understand what care for this region means especially a mobile ICU.” Continue reading