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October
13

Tropical Slowdown: Hurricane Ian affects Brunswick County Real Estate Market

SHALLOTTE, N.C. - Brunswick County Association of Realtors

Brunswick County's residential real estate market felt the impacts of Hurricane Ian during September with fewer new listings and fewer homes sold compared to last year. Prices ticked upward, continuing a recent and familiar pattern.

"September hurricanes often affect our real estate market, and Hurricane Ian was no exception," said Cynthia Walsh, BCAR CEO. "Ian blew through at the end of the month, which is when a large number of closings typically occur. The timing explains why we saw a lower number of homes sold and lower total sales volume last month. While Ian brough a temporary tropical slowdown, and while our market isn't moving at the frantic pace it once was, we continue to see strong demand, and our market remains on track for another strong year."

Brunswick County saw $215,280,000 in total sales volume in September 2022, a 12.9% decrease from last September's $247,120,000. The average sales price increased 7.5%, from $433,541 to $465,983. New listings were down 16.3%, from 559 to 468. The number of units sold in September dropped 18.9% compared to last year, from 570 to 462, and homes spent an average of 30 days on the market. The absorption rate, which is the amount of time it would take to sell all available inventory, remains at two months. Brunswick County's luxury market was strong in September with 28 sales in excess of $1 million, including a sale over $4 million in Ocean Isle Beach.

Year-to-date sales volume through September is $1,956,810,000, down 4.3% from $2,045,109,429 last year. Average sales prices for the year are 13.1% higher than 2021, increasing from $389,433 to $440,574. The number of units sold through September is down 17.7%, from 5,236 to 4,308, and the number of new listings is down 9.9%, from 5,694 to 5,132.

Brunswick County

New Listings

  • September 2022: 468
  • September 2021: 559
  • Increase/Decrease: -16.3%

Units Sold

  • September 2022: 462
  • September 2021: 570
  • Increase/Decrease: -18.9%

Average Sales Price

  • September 2022: $465,983
  • September 2021: $433,541
  • Increase/Decrease: +7.5%

Median Sales Price

  • September 2022: $364,438
  • September 2021: $331,532
  • Increase/Decrease: +9.9%

Total Sales Volume

  • September 2022: $215,280,000
  • September 2021: $247,120,000
  • Increase/Decrease: -12.9%

Bladen County

New Listings

  • September 2022: 16
  • September 2021: 17
  • Increase/Decrease: -5.9%

Units Sold

  • September 2022: 8
  • September 2021: 9
  • Increase/Decrease: -11.1%

Average Sales Price

  • September 2022: $192,488
  • September 2021: $193,967
  • Increase/Decrease: -0.8%

Total Sales Volume

  • September 2022: $1,540,000
  • September 2021: $1,750,000
  • Increase/Decrease: -12%

Columbus County

New Listings

  • September 2022: 30
  • September 2021: 36
  • Increase/Decrease: -16.7%

Units Sold

  • September 2022: 32
  • September 2021: 25
  • Increase/Decrease: +28%

Average Sales Price

  • September 2022: $202,054
  • September 2021: $187,324
  • Increase/Decrease: +7.9%

Total Sales Volume

  • September 2022: $6,470,000
  • September 2021: $4,680,000
  • Increase/Decrease: +38.2%

The Brunswick County Association of REALTORS® (BCAR) is the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. For more information, please visit http://www.bcarnc.com.

September
13

Brunswick County's real estate market demonstrates stability in August

SHALLOTTE, N.C. - Brunswick County Association of Realtors

In August, Brunswick County's residential real estate market saw higher prices, fewer new listings, and fewer homes sold compared to last August.  

"While there is talk nationally of a real estate slowdown, Brunswick County's market continues to demonstrate remarkable stability," said Cynthia Walsh, BCAR CEO. "When looking at these numbers, it's important to remember just how abnormal the past few years have been. While the number of homes sold is down slightly compared to last year, sales have been pretty much steady month over month for the past two years, generally hovering between 500 and 600 sales per month, with our usual seasonal dip in December, January, and February. Overall, our market remains on track to once again do something that was unheard of prior to 2020: surpass $2 billion in total sales before the end of the year."

Brunswick County saw $232,570,000 in total sales volume in August 2022, a 5.7% decrease from last August's $246,620,000. The average sales price increased 9.4%, from $415,883 to $455,130. New listings were down 10.4%, from 682 to 611. The number of units sold in August dropped 13.8% compared to last year, from 593 to 511, and homes spent an average of 26 days on the market. The absorption rate, which is the amount of time it would take to sell all available inventory, remains at two months. Brunswick County's luxury market remained strong in August with 19 sales in excess of $1 million and two sales of $2 million or more.

Year-to-date sales volume through August is $1,741,530,000, down 3.1% from $1,797,989,429 last year. Average sales prices for the year are 14.8% higher than in 2021, increasing from $383,919 to $440,574. The number of units sold through August is down 17.6%, from 4,666 to 3,846, and the number of new listings is down 9.2%, from 5,135 to 4,664.

Brunswick County

  • New Listings
    • August 2022: 611
    • August 2021: 682
    • Increase/Decrease: -10.4%
  • Units Sold
    • August 2022: 511
    • August 2021: 593
    • Increase/Decrease: -13.8%
  • Average Sales Price
    • August 2022: $455,130
    • August 2021: $415,883
    • Increase/Decrease: +9.4%
  • Median Sales Price
    • August 2022: $370,000
    • August 2021: $325,000
    • Increase/Decrease: +13.8%
  • Total Sales Volume
    • August 2022: $232,570,000
    • August 2021: $246,620,000
    • Increase/Decrease: -5.7%

Bladen County

  • New Listings
    • August 2022: 14
    • August 2021: 20
    • Increase/Decrease: -30%
  • Units Sold
    • August 2022: 12
    • August 2021: 13
    • Increase/Decrease: -7.7%
  • Average Sales Price
    • August 2022: $305,300
    • August 2021: $232,469
    • Increase/Decrease: +31.3%
  • Total Sales Volume
    • August 2022: $3,660,000
    • August 2021: $3,020,000
    • Increase/Decrease: +21.2%

Columbus County

  • New Listings
    • August 2022: 45
    • August 2021: 37
    • Increase/Decrease: +21.6%
  • Units Sold
    • August 2022: 32
    • August 2021: 33
    • Increase/Decrease: -3%
  • Average Sales Price
    • August 2022: $242,337
    • August 2021: $246,548
    • Increase/Decrease: -1.7%
  • Total Sales Volume
    • August 2022: $7,750,000
    • August 2021: $8,140,000
    • Increase/Decrease: -4.8%

Robeson County

  • New Listings
    • August 2022: 10
    • August 2021: 13
    • Increase/Decrease: -23.1%
  • Units Sold
    • August 2022: 6
    • August 2021: 7
    • Increase/Decrease: -14.3%
  • Average Sales Price
    • August 2022: $153,083
    • August 2021: $186,214
    • Increase/Decrease: -17.8%
  • Total Sales Volume
    • August 2022: $918,500
    • August 2021: $1,300,000
    • Increase/Decrease: -29.3%

The Brunswick County Association of REALTORS® (BCAR) is the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers, and Affiliate Members. For more information, please visit http://www.bcarnc.com.

February
23

Q. When is the Right Time to Sell Your Home? A. When Somebody Else Wants to Buy It!

Few of us could have imagined the changes 2020 had in store for us this time last year.  Changes to our work lives, schooling, finances and retirement plans, travel plans and commute times, family organization, even cooking, outdoor activities and other hobbies have been transformed. For some of us, there's been a growing mismatch between the home we've loved for years and the way we live now.

Even if you're happy in your current home and it fits you to a tee, you owe it to yourself to consider the market.  Let us help you identify the opportunities that make up the silver lining of a very difficult year. It may be that the perfect buyer for your home is out there right now.  You might maximize the utility of your home by selling it now and moving ahead to your next real estate investment that will better accommodate your needs in the future. 

Q.     What about the upgrades I was planning to make to my outdated kitchen? I want to get top dollar for my home!

A.     Many buyers would prefer to choose their own appliances and finishes.  A good Buyer's Agent will help them connect with qualified professionals to do the work on a convenient schedule after they take possession of the home. Instead of making cosmetic improvements, focus your energy on any functional repairs that may be needed.  The point is to reinforce the idea that your home has been well-maintained.  You can look forward to putting your creative energies into a new home!

Q.     Where will I move ?

A.     Wherever you want!  See something you like? Let us approach the current owner and make inquiries on your behalf.  Your interest might persuade someone else who just happens to be "sitting on the fence" at the moment.  We can also find you a "lot and home package."  Builders often buy vacant land for future spec projects at very low prices. Many of them are more than happy to sell under the condition that you use them to construct the new home.  This can represent a great value for the buyer since they'll already have plans selected that suit the location and meet local building codes.  You'll often have the added advantage of choosing your appliance package, paint colors, hardware and other features without having to pay the higher price of a truly custom home. 

 Q.     Life is so hectic these days.  I don't have time to drive around looking at things or spend hours online.

A.     You don't have to, that's our job!  We can be sure that you're notified as soon as something new comes on the market that meets your specific criteria.  If you need three bedrooms, you will only see homes with three bedrooms, not two, and not four.  You'll be surprised at the way we're able to customize our searches by the school district, distance from the beach, community amenities, and of course the features of the home itself.  We also see a wider range of options coming on the market now.  Some people are letting go of their primary residence to move to their second home full-time.  Some are getting out of their rental investments and some are letting go of investments in land. We will help you explore all the options.

 Q.     How will I manage to afford it?  Times are tough!

A.     You might be surprised.  Talk to your banker or credit union representative.  Rates are still at near all-time lows and getting pre-approved makes any offer you do make all the more attractive.  For some, working from home means being able to save money on their commute to work.  It may also mean you can relocate to a neighborhood with no POA fees, lower taxes, lower insurance rates, or simply a lower price per square foot.  More people are also combining households these days. What was once the 'down-sized' retirement home for someone who has decided to move in with adult children might be the perfect next home for you!

 Q.     We want to wait and sell at the top of the market.  Are we there yet?

A.     You never really know where the top of the market is, until it's already in the past. This is why "market timing" doesn't actually work when it comes to selling real estate. By the time you notice a slight drop in closed prices, everyone else sees it too.  And those closed prices are based on contracts signed 30-60 days or more in the past! There will be a slight increase in inventory at this point because nobody wants to miss the opportunity to realize their home's top value.  That's understandable but increased supply means decreased relative demand.  Prospective buyers will also think they might gain some advantage by waiting a bit longer. They feel no urgency anymore. Additionally, homes don't typically sell the moment they're listed. The idea of market timing is based on automated sell orders you can set for stock market investments. The mechanics of this situation are just not the same. Another, often overlooked, reason for selling before you see the absolute peak is what we like to call "instant equity." When you anticipate the market, your new home's value will be lifted as we crest the peak of top pricing. That value becomes yours as equity, while you continue to pay the low mortgage rates locked in shortly before your closing date.

 Q.     What's the next step? How do I begin the process of listing my home?

A.     You've heard you should never expect something for nothing, but that's not entirely true.  The first thing a good listing agent will do is gather information for a comparative market analysis.  We do that for free, before you sign any sort of contract, so you will know where you stand in a competitive market.  It's also the only way for us to develop an appropriate marketing plan.  We have the tools to present your home to the pool of most likely buyers as soon as it's listed.  Whether that means including it in the Luxury Portfolio program, or digging into our contact lists for the new buyer who has been waiting to leave a long-term rental for a new home that is just the right fit. We're hearing from lots of folks who want to downsize as well as those who want more space, or just more flexible space. And we're always active with relocation clients. Don't forget, we've been turning visitors into locals since 1981!

Drop us an email or give us a call.  We look forward to hearing from you!

 

March
14

Is Your Home Too Big for Your Budget? Downsizing for the Future

Downsizing Your Home

There's nothing more exciting than buying a great home. Not only is it an incredibly satisfying feeling, but there's no small measure of relief when you realize closing is done and there'll be no more surprises to worry about before you walk through the door. 

Every home is a snapshot in time: Your needs change and so does your budget. As time goes by, many people find that their homes become too big for their budget.

"House poor" is the phenomenon of finding your budget is squeezed because housing costs are higher than you anticipated. If you struggle to make house payments outside of a sudden emergency, then you might be house poor.

Experts suggest your housing costs should be about 25 percent or less of your take-home pay. If you have few other debts and obligations, then you might go as high as 30 percent. Here are things to consider when you're making the decision to downsize your life.

Figure Out What Happened

If you're finding yourself challenged by house payments, you might need a long-term or a short-term solution. To begin with, it's vital to figure out exactly what the root cause of the issue is.

  • Examine Your Budget
    When circumstances change, house payments can become a bigger problem than they were before. Start by figuring out what caused the issue. For example, has your income gone down? Are you spending more money on something like heating or maintenance than planned?
  • Forecast the Future
    If the situation is temporary – say, two or three years – you may be able to make a few positive short-term changes. Cutting major luxuries such as vacations can help. If the situation is likely to last a long time or be permanent, a downsizing strategy can help you succeed.
  • Look At Short-Term Options
    If you have the time and energy to commit to making or saving more, you could decide to hold on to a home after all. These days, there are many options for making a bit more without having to launch a whole new career. You could even rent out a room on Airbnb.

Tackling the Problem with Downsizing

If the problem looks intractable, downsizing is a terrific solution. Yes, you may miss your home, but there's always another great one out there. Plus, you're sure to feel relief when your budget is a lot more flexible!

  • Consider Selling the Home
    A local real estate expert can help you sell your home on a timeline that works for you – and get the best deal while you do it. The proceeds from a sale can help you turn around financially by giving you an infusion of cash to pay off debts.
  • Look for Less Expensive Areas
    Any neighborhood is a combination of location, amenities, and people. It's a good idea to list your wants and needs for a new neighborhood, then look at surrounding areas where the cost of rent or a mortgage will tend to be lower. This can cut hundreds out of your monthly expenses.
  • Revise Your Budget
    Most people don't find budgeting very fun, but it's essential if you're downsizing. Get the facts on housing costs, utilities, and property taxes so you can plan your financial future. When you reach the point where you can afford to save a little each month, you're on the right track!

In any housing market, moving quickly will help you take advantage of opportunities. Our REALTORS® will help you save time while finding the perfect buyer for your situation. We can help you buy and sell simultaneously so you can downsize seamlessly. Contact Margaret Rudd & Associates, Inc. today.

November
21

Is Retiring in Place or Relocating to the Carolina Coast Right for Me?

Retire to the Carolina Coast
Do you dream of spending your retirement on sandy shores with mornings at the beach, afternoons of great shopping, and evenings spent around a table with your favorite people? Choosing where to spend your retirement is one of the most important decisions you'll make, whether you choose to stay close to your current location or move to a new community to maximize your enjoyment of retirement. There are many factors to consider when deciding where to live in retirement, and our REALTORS® are here to help find a retirement solution that works for you. 

Retirement Planning 101: How to Choose a Community that Fits Your Retirement Needs

Whether you're looking at Southport homes for sale or homes for sale in Sunset Beach, you'll quickly find that North Carolina communities are a great place to enjoy your retirement. However, it's also important to consider all of the factors that impact your decision on where to retire and reach a decision that works best for your needs. 

  • Do you have an active social life in your current community, and want to make sure that your new home offers ample opportunities to make new friends? If so, be sure to look at social activities, clubs, volunteer organizations, and any other activities you might enjoy.

  • Will your retirement income and savings be enough to cover your financial needs in your retirement destination of choice? Create a clear, detailed retirement budget to help reach an informed decision on your financial needs.

  • Have you dreamed about spending your retirement in a community that maximizes all of the things that you love about your lifestyle? Retirement should be enjoyable, and choosing the right community with activities that you enjoy can help you make the most of your time.

  • Do the perks that drew you to your current home have less value now that you're retired? If you previously payed a premium to live in a great school district for the benefit of your children, for example, then moving to a new location may save you some money once the kids have graduated.

Tips for Finding the Right Community to Retire along the Carolina Coast

Deciding to move during retirement can be a great choice, and coastal North Carolina is a fantastic place to spend your retirement. There are many unique communities along the coast, and finding the right match will help you make the most of your retirement.

  • Ocean Isle homes for sale offer a quiet, small-town lifestyle during the winter months, and plenty of excitement during the summers. Enjoy fishing piers, beaches, festivals, golf, great food, and cultural destinations like the Museum of North Carolina. This is a great place to retire if you lead an active lifestyle. 

  • Looking for a slightly larger community, with a busy year-round lifestyle? Check St. James Plantation homes for sale to explore a vibrant town with world-class golf, an active social schedule, tons of entertainment options, and all of the services you need to make the most of your retirement.
  • Winding River Plantation homes for sale are perfect for anyone who loves the outdoors and wishes to preserve the natural beauty of North Carolina. This environmentally-friendly community features an Audubon-certified golf course, ample outdoor spaces, and a vibrant nature preserve where you can observe local wildlife while helping to preserve local ecosystems.

There are so many great communities to call home during retirement on the North Carolina Coast, and our team is here to help you find the right match for your needs. Contact Margaret Rudd & Associates to buy and sell homes on the North Carolina Coast.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 12/01/2022. The listing information on this page last changed on 12/01/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of NCRMLS (last updated Wed 11/30/2022 11:29:16 PM EST). Real estate listings held by brokerage firms other than Margaret Rudd & Associates, Inc. may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.

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