Diane's Wilmington NC Real Estate Thoughts: January 2008

Country music sensation Sugarland has just been added to the list of entertainment for the 2008 North Carolina Azalea Festival this coming April 9 through 13^th right here in and around Wilmington. 

Sugarland will perform on Thursday, April 10, 2008, at 7:30 p.m.  The show will also include an opening set by Little Big Town.  The concert will take place at the Trask Coliseum at UNCW.  Tickets for the show are $50.  Sugarland's latest hit "Stay" is receiving a lot of air time on country music radio.  It should be a great show.

The 61^st Annual North Carolina Azalea Festival is a huge event for Wilmington area residents and visitors alike.  For more information on the Azalea Festival visit their website at http://www.ncazaleafestival.org/

I hope to meet see you at the For more information on Wilmington and homes in New Hanover County, Pender County and Brunswick County, please feel free to visit my website at http://www.thekeytowilmington.com/

Each year I try to add something new to my Business Plan.  This year I incorporated SendOutCards.  These are computer generated cards, but hand selected by you from the online card catalog.  Depending on which package you choose, you can even have your own personal handwriting font.  You can send card campaigns or a single card.  You can upload your contact lists.  It beats running to the store everytime you need a Sympathy card, Birthday Card, etc.  It's great for both business or personal use, and plans are available for both.  You can add photos, gift cards, gifts, etc.  Even with all the technology available to us, I've found that people still like that personal touch of receiving something in the mail.  I can already attribute one listing from using this program.  For more information, visit www.sendoutcards.com/intouchtoday

 If you're planning to purchase a home in a neighborhood with a homeowners association, you will need to do a little research.  It's rare these days to find a newer neighborhood in Wilmington that doesn't have a homeowners association and a set of protective covenants. These covenants are put in place with the goal of protecting property values and maintaining appealing aesthetics in the neighborhood.
 The covenants can range from fairly basic to highly detailed, and fees vary, so if you're looking in a particular neighborhood you need to know what is and is not allowed before you buy! Sellers should have (or be able to obtain) a copy of the most current covenants and any amendments that have been made, or your buyer's agent should provide this information for you.  Most importantly, read it!  If you have want to put up a fence, change the exterior of the house, or put in a pool, it's best to know what you can and can't do BEFORE you're the owner and bound by the neighborhood covenants. 
It's a good idea for the Buyer to talk with the management company about any potential homeowners dues increases, transfer fees, or neighborhood assessments. 
Many newer neighborhoods have lots of amenities to offer residents (pools, tennis courts, clubhouses, walking trails, playgrounds).  It's easy to get excited about the offerings of a neighborhood, but try to remember to ask what's required of the homeowners.  Knowing this information will help buyers decide which community best meets their needs.  To view homes in the Wilmington, NC area, visit www.thekeytowilmington.com

New construction "inventory" homes can be an excellent opportunity for buyers who have located the area they want to purchase a home and are ready to purchase now instead of waiting for a home "to be built". Builders generally are ready to move these homes.  They have carrying costs associated with these homes, and they don't like to see them sit vacant for too long. 
Buyers can benefit from purchasing these homes.  Buyers may ask for discounts, appliances, closing costs, or other concessions. There is a chance the builder may say yes, and the worst they can say is no. Contingencies on the sale of another home generally will not be an option, however.  Many of the homes that are spec homes or inventory homes are out there due to a result of a purchaser defaulting on a contract, possibly due to financing.  
Remember, it's best to have a Buyers Agent representing your best interests on these properties.  On-site  reps or builder reps represent the Seller (the builder), where a Buyers Agent will represent your best interests.  The above is my opinion only, and I suggest every home purchase be researched individually.  For more information on homes for sale in Wilmington, NC, give me a call at 910-617-5244 or visit www.thekeytowilmington.com

The Federal Reserve announced a key interest rate cut on Tuesday, with an emergency intersession rate cut of  .75%.  This cut was made in direct response to recent reports that the country is on the brink of recession and plummeting Dow Jones industrials.  At one point last week the Dow Jones was down 465 points,  has recovered much of those losses, but is expected to remain volatile during the days ahead.  During a video conference, the Federal Reserve indicated that further rate reductions were likely.  They are hopeful that these cuts will help Americans to feel more comfortable and, thereby, start spending their hard earned dollars again.

How will this effect the Wilmington Real Estate Market?  If you have adjustable rate mortgages, the Fed's decision to cut this key interest rate is great news.  For long-term mortgage rates, however, this could signal an end to the lowest 30-year home loan rates borrowers have experienced since 2005.  When the Fed cut rates in 2001 and 2003, home loan rates rose slightly .10-.78%.

Wilmington has many  properties in all price ranges and now is the time to buy. 

For more information on available homes and financing options, please contact me or visit me on the web at  http://www.thekeytowilmington.com/

There are a few good tax breaks available for homeowners seeking shelter from mortgage loan interest, closing costs, property taxes, capital gains, home businesses and moving expenses.  I suggest that you consult your tax advisor for details before filing a return.

Your are allowed to deduct the amount of mortgage interest paid during the previous year on Your primary or secondary home up to $1 million on first mortgages.  Those purchasing vacation homes may be eligible for additional tax breaks.

Finance charges like commitment fees, processing and application fees, points and origination Fees, as well as interim interest are also deductible for the year which they were incurred.  Points on a purchase, equal to one percent of the loan principal are tax deductible over the life on the loan.

Property taxes are fully deductible as is the interest on home equity loans up to $100,000, no matter how the money is used.  Equity loans used for home improvements are subject to larger deductions.

You can bank up to $250,000 in profit if you are the single owner of your primary residence, or $500,000 if you are married, without owing any capital gains taxes, if you've lived in the house for at least 2 of the past 5 years.

To qualify for a deduction for your home office, you must work in a separate defined space in your home devoted exclusively and regularly for the business.

If you changed jobs or started a new job, moving expenses such as travel and transportation costs lodging and storage may be deductible.  Restrictions do apply, so consult your tax advisor for details.

Although these are legitimate deductions, many come with stipulations, so seek the advise of your tax advisor for more details.

For real estate information in Wilmington, NC, visit http://www.thekeytowilmington.com/

Don't worry, if you were impacted by the early hard freeze that hit Wilmington and North Carolina in early April last year, you can still file for a low interest loan.  The loans are available to farm related and non -farm related businesses that suffered losses due to the drastic drop in temperature.  It is estimated that over $100 million in crop losses were incurred throughout North Carolina. 

North Carolina Governor, Mike Easley, requested disaster relief through the United States Department of Agriculture.  He asked that low interest loans be made available to small business owners who suffered economic losses due to the unusual cold snap. 

If your small business was hurt, there is help and you can still file through end of business tomorrow, by calling 1-800-659-2955 or online at www.sba.gov/services/disasterassistance.  At the Small Business Administration website you will find step by step instructions on how to file and whom to contact for assistance in filling out the required paperwork.  There is also contact information provided on how to get counseling, receive assistance and work to be better prepared for a disaster.

For more information about Wilmington and our surrounding counties, please visit http://www.thekeytowilmington.com

Independence Mall in Wilmington will host Treefest, January 25-26, 2008, Wilmington's annual tree give away. This event was organized by a committee of several local and state groups, such as Keep America Beautiful, the North Carolina Forest Service and the New Hanover County Parks Department, TreeFest plans to distribute up to  10,000 seedlings taken from the Division of Forestry's nursery in Goldsboro.

Local residents are invited to attend the festival.  It begins at 10 am in the JCPenney wing of Independence Mall.  Residents can take home up to five trees each.  For residents who are unsure about which trees will do well in their yard, or even how to plant a tree, the festival will have forestry professionals available with instructions on how to plant trees and how to select trees.  The event runs from 10 am - 7 pm on January 25th and 10 am- 6 pm on January 26.  For additional information on the Wilmington area, visit http://www.thekeytowilmington.com/

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Every year Wilmingtonians look forward to the Cucalorus Kids! Film Festival.  2008 will mark the third year of this exciting local event.  The Star News recently announced that Cucalorus Kids! is accepting entries through February 16, 2008, for short films either made by children or for children.  Entries must be 10 minutes in length or less, on a DVD, be of family friendly content and be complete with a title, crew list and contact information.  The winning video will be screened right here in Wilmington at the Third Annual Cucalorus Kids! Film Festival, March 19-22 at Jengo's Playhouse at 815 Princess Street.  The festival is full of other events and other "movie themed" fun.  Two big Wilmington made kids movies "Elmo in Grouchland" and Muppets from space will be screened  and cast and crew from these films will be on hand to talk about how the films were made.  Also, the Cucalorus Kids Filmmakers Daycamp will be back.  It will be filled with tours of EUE/Screen Gems Studios and hands on instruction from local filmmakers.  Registration for the daycamp is limited, so be sure to call Cucalorus today for further details.  For more information on Wilmington and our surrounding areas please visit http:\\www.thekeytowilmington.com.

In the midst of January, Wilmingtonians are already anticipating the arrival of the 61st Annual Azalea Festival in Wilmington, NC.  The pre-festival party kicks off Friday, January 18th, at 7 pm at Wilson's Restaurant.  Tickets are required.  Entertainment provided by Sleeping Booty, Holiday Band, and Daniel Parish.

The 61st Annual North Carolina Azalea Festival will be held April 9-13, 2008 in the greater Wilmington area.  The Festival is a celebration of Wilmington's artwork, history, gardens, and culture during five days of entertainment including a parade, street fair, circus, concerts, pageantry, Azalea Belles, and all that is Southern.   

Since its beginning in 1948, the Festival has blossomed into an extended weekend celebration that attracts more than 300,000 people into the City of Wilmington.  The Festival is a non-profit civic organization and this year is sponsored in substantial part by its five (5) major sponsors:  GE-Wilmington, Progress Energy, Wachovia Bank, Image Products, and Savage Tan .

For more than 50 years, the folks of Wilmington and Southeastern North Carolina have been throwing the best party in the South and you're invited! There's something for everyone with Wilmington's rich array of artwork, gardens, history and culture.  For information on this other activities in the Wilmington area, visit www.thekeytowilmington.com