How is Housing Affordability Determined?

Posted in Buyer Tips, News You Can Use, Team Gale on Sep 01, 2016

The National Association of Realtors defines the housing affordability index as the measure of "whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data." 

Basically, the higher the index the more affordable homes are at the time. "100" seems to be the magic number, alluding that the applicant meets the average income standards and can afford an average priced home.

John Cunius with Alpha Mortgage in Wilmington, NC notes that, "Although there has been a slight drop in affordabilit...

Featured Property in Wilmington

Posted in Featured Homes series, Hot Properties of the Week, Team Gale, Wilmington NC Real Estate on Aug 31, 2016

2617 MARKET STREET, WILMINGTON, NC 28403

2617 Market Street is a commercial property with five apartment units. This property is a great opportunity for an investor, as all five units are presently leased. Many have had tenants for several years.

There are three apartments with one bedroom & one bath; two apartments with two bedrooms & one bath; and one efficiency apartment. Shared balcony and yard access.

Built in the late 1860s, this Market Street multi-family complex offers character and craftsmanship not common in today's construction; including an arched transom entry, hardwood flooring,...

Featured Home in Hood Creek Village

Posted in Featured Homes series, Team Gale on Aug 25, 2016

8940 BLACK CHESTNUT DRIVE, LELAND, NC 28451

Three bedroom,  two bath manufactured home in Leland offers over half an acre of property, with a large picnic pavilion and wrap-around deck. Home features a large living room, eat-in kitchen, and rear den with fireplace. Detached carport and storage shed in yard.

Property is owned by the US Department of HUD. It is being sold in "as is" condition. If you have any questions, please call the co-listing agent, Weldon Harris, at 910-541-1559.

Featured Home in The Moorings

Posted in Featured Homes series, Team Gale on Aug 23, 2016

1581 MOORINGS CIRCLE, OCEAN ISLE BEACH, NC 28469

Two story home with two-car attached garage in Bent Tree Plantation, one of the premiere communities in Ocean Isle Beach. Neighborhood includes boat and RV storage, access to the Intracoastal Waterway, clubhouse and pool.

The home at 1581 Moorings Circle offers three bedrooms, three full baths, and one half bath. Open common area features vaulted ceilings, hardwood flooring, gas log fireplace, built-in shelving, kitchen island, stainless appliances, and chair rail detail in dining room. Separate laundry room. Enclosed porch at rear of home.

Mas...

Our market is very strong again right now and continues to improve...

Posted in Market Reports, News You Can Use, Team Gale on Aug 22, 2016

The Washington Post reports that "Areas hit hardest by the real estate bust are now seeing the highest gains."

Local REALTOR Tom Gale, of Team Gale at Coldwell Banker Sea Coast Advantage, breaks down what this upswing in development and sales means for our area:

"In investment markets like Miami, it’s good to see that the banks are requiring significant downpayments.  When buyers have “skin in the game,” they’re less likely to walk away from their investment.  Combined with the more stringent credit requirements, I feel better about this strong housing market than the last hot market.

Although...

Featured Home in Wallace

Posted in Featured Homes series, Team Gale on Aug 18, 2016

162 MILL BRANCH LANE, WALLACE, NC 28466

You've got to see this house... Over 3400 luxurious square feet not far from one of Duplin County's premiere destinations, River Landing golf course.

162 Mill Branch Lane offers four bedrooms, three full baths, and two half baths across two stories. Master suite is on first floor, three bedrooms upstairs, along with finished upper bonus room. Lots of custom details, including three fireplaces, arched windows, plantation shutters, built-in shelving, and vaulted foyer.

Property is being sold in "as is" condition by the seller. It is priced well below asses...

5 Home "Improvements" That Will Hurt Your Listing

Posted in Home Improvement, News You Can Use, Team Gale on Aug 17, 2016

There are a few DIY "ready to list" tips that you may have seen or heard that can actually work against you with prospective buyers.

The National Association of REALTORS magazine chronicled steps homeowners often take that can ultimately prove detrimental in the selling process. It is possible to overdo it in prepping for photos or a showing, and buyers will notice things that are "too perfect" or that are so starkly new it distracts from the homey-ness of the space.

1.     Do not exceed the recommended wattage on your lamps and lights. You want a well-lit home, but not at the risk of overheat...

Amendment to Zoning in Historic District Proposed

Posted in Market Reports, News You Can Use, Team Gale, Wilmington NC Real Estate on Aug 17, 2016

This month, the Wilmington City Council called upon the community to weigh in on a proposed change to allowable lot size in the historic district. Two council members, Paul Lawler and Kevin O'Grady, "expressed concerns that the amendment could lead to developers tearing down historic homes in the area in favor of more homes on smaller lots."

Two local groups, Historic Wilmington Foundation and Residents of Old Wilmington, who would certainly want to weigh in, were in the dark until recently. Sylvia Kochler, president of Residents of Old Wilmington, notes that "If you're going to have a zoning ...

Featured Home in Beulaville

Posted in Featured Homes series, Team Gale on Aug 16, 2016

755 JACKSON STORE ROAD, BEULAVILLE, NC 28518

Spacious manufactured home with rear decks on almost 2 acres in beautiful Duplin County.

This four bedroom, two bath home would be great for a first time buyer or as a seasonal retreat. It features a semi-open common area, eat-in kitchen, den, and separate laundry area. Master suite includes attached bath with double vanity and soaking tub. Counters and vinyl flooring have been updated in kitchen and bathrooms.

This property is being marketed in "as is" condition.

If you have any questions or would like to schedule a showing, please call the co-li...

Featured Home in Gateway

Posted in Featured Homes series, Jacksonville NC Real Estate, Team Gale on Aug 11, 2016

249 POLLARD DRIVE, JACKSONVILLE, NC 28540

Great home for a first-time buyer or investor in Gateway community. Neighborhood is close to Onslow Memorial park; Walmart Supercenter; Southwest High School. About 30 minutes to Camp Lejuene.

Home offers four bedrooms and two full baths. Living room with wood floors, fireplace, and built-in shelving; eat-in kitchen features vinyl flooring and newer appliances; new carpeting in bedrooms. Master has huge closet and on-suite bath.

Exterior features include a covered entry porch, attached single car garage, room for about 4 cars on the paved driveway, an...