Follow Patrick Linkedin Facebook
Email Patrick Email
Residential Real Estate
Jun 1, 2014

Buying And Selling A Home In A Rising Real Estate Market

Sponsored Content provided by Patrick Stoy - Mortgage Consultant/Owner, Market Consulting Mortgage

It’s no secret that until recently the real estate market has been bleak. There are a number of factors that contributed to the real estate decline, including: much stricter lending regulations that made qualifying for a mortgage very difficult, high levels of unemployment, and a struggling and unstable economy. Home and property values plummeted causing a chain reaction of problems. Many Wilmington homeowners found themselves underwater, owing more for their homes than the sinking appraised values. More and more, older and sometimes grown children, who were unable to afford housing remained at home. And families and couples who would typically be in the market for a home, simply couldn’t afford one and were forced to rent.

However, there seems to be some good news and long-awaited optimism. As the economy continues to stabilize and unemployment rates decrease, the tide of the housing market seems to be shifting in a positive direction. In fact, this summer is showing some signs of being a seller’s market, perhaps the result of pent-up demand accumulated over the past few years.

Many houses coming on the market are not staying on the market as long as they have in recent years. Sellers are frequently receiving multiple offers and buyers are even sometimes paying more than the list price to secure the home they want. With the steady appreciation of real estate, people are beginning to believe in the value of their homes and once again perceive homeownership as a good investment strategy.

Another piece of good news is that, at least for now, mortgage rates are still pretty low. We’re actually in sort of a “sweet spot” where buyers and sellers can both experience a win-win. So, given this promising trend, if you’ve wanted to or had good reason to buy or sell a home, but have been putting it off due to all of the obstacles mentioned previously, it may be time to make your move.

For growing families who need more space, it’s a good time to look for a bigger home. For empty nesters whose kids have flown the coop, it’s a great time to consider selling a large family home and simplifying your life with the purchase of a smaller home. For homeowners who have been underwater, it’s a good time to check with a real estate agent and find out if the value of your home has increased significantly. If it has, you may be able to get out of that property and make a change without a loss, or even make a profit. 

If you are thinking about buying or selling a home – or both – here are some things to consider:

For Sellers

  • Sellers should start by consulting a real estate agent and do your due diligence to determine your home’s current value and a reasonable asking price.
  • If you put your house up for sale, be prepared for it to sell quickly. You don’t want to have to scramble to find another place to live if your house sells before you expected. That kind of pressure often leads to settling for a home that you don’t really want, or paying more than you wanted.

For Buyers
  • Meet with a mortgage professional and get prequalified for lending so you know what you can afford. Limit your search to the homes within your established budget.
  • Know what you are willing to pay and go in with an informed price strategy. You probably don’t want to low ball in this market because it’s likely that multiple offers will be coming on the house you want.
  • Understand whether you have to sell your current home before you can afford to buy another one. If you do have to sell first, you can put a contingency in the buying contract that stipulates that you will only close on the purchase after you have sold your home.
  • Remember that if you offer more than the appraised value of the home, you will have to cover the overage out of your pocket; it will not be accounted for as part of the loan.

As improvements in the housing market open doors of opportunity, the smartest way to ensure that you make the most of your opportunity is to be informed and prepared. If you need help looking at your finances, deciding what you can afford through prequalification, and leveraging this favorable market to your advantage, I’d be happy to help.

Patrick Stoy has 15 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or 910-509-7105.

Other Posts from Patrick Stoy

Mcm 14jan insight
Ico insights

INSIGHTS

SPONSORS' CONTENT
Cfss headshots parker robert webversion 21422121214

23 Reasons to Go Solar in 2023

Robert Parker - Cape Fear Solar Systems
Dallasromanowski headshotcopy

Is This Plan Right for You?

Dallas Romanowski - Cornerstone Business Advisors
Mcwhorter 0005

Intentional -- Planning Your Remarkable Year

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship

Trending News

Affordable Housing Investors Buy Lakeside Villas In $29M Deal

Staff Reports - Jan 26, 2023

Work Continues On Covey, Envisioned As Midtown’s Neighborhood Nest

Miriah Hamrick - Jan 25, 2023

The Half Takes A Bite Out Of New Markets With Second Location

Miriah Hamrick - Jan 25, 2023

City To Begin Due Diligence On Potential Thermo Fisher Building Purchase

Johanna F. Still - Jan 25, 2023

Novant NHRMC Unveils Its Neurosciences Institute

Staff Reports - Jan 25, 2023

In The Current Issue

Chill Couple Grows Ice Cream Stores

Boombalatti’s Homemade Ice Cream became a local favorite when it first opened in The Forum on Military Cutoff Road in 1999. When Wes and Kri...


New App Hooks Seafood Connections

Landon Hill is the founder and owner of the mobile app that seeks to promote local fishers and make it easier for buyers to find fresh seafo...


Preserving Wealth, For Family And History

Plans for major improvements fell by the wayside, delayed by life and the home’s overwhelming degree of deterioration, which placed the prop...

Book On Business

The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2022 Power Breakfast: Wilmington's Most Intriguing People - Spence Broadhurst & Hannah Gage
2022 Power Breakfast: Wilmington's Most Intriguing People - George Taylor
2022 Power Breakfast: Wilmington's Most Intriguing People - Mike Ford
2022 Power Breakfast: Wilmington's Most Intriguing People - Meaghan Dennison
2022 Power Breakfast: Wilmington's Most Intriguing People - Rhonda Bellamy