So now that our home has sold, and closed and we are settled into our rental (ack!), we have begun the search for the perfect homesite.
Before I continue, I do want to clear up one thing – when I say perfect, I mean perfect for US. We are a family of five, two working parents with a teenager at home, an elementary school age child and a preschooler. So we know we want to be in a neighborhood setting, near good schools and with good amenities near by. Probably in that order. What is also important to us is resale value, since we anticipate being in this home for 5 – 7 years (but with my aforementioned addiction, I’m not solely convinced that will be the case). Like most families, we have a strict budget – so the initial price of the homesite is key to us. We have also narrowed down our options on a homeplan so we would like to make sure the home fits in nicely with the others in the neighborhood as well as the particular homesite.
When we put our home on the market we decided we would concentrate on the Hampstead area in Pender County. Hampstead is an up and coming fishing village, waterfront communities are found up and down the Highway 17 corridor. It is well known for its excellent schools and our teenager already has a vested interest in the area. It’s located about 10 minutes from the outskirts of Wilmington and another 10 or 15 minutes from Topsail Beach. During the infamous “height of the market” many neighborhoods were established, and a slew of investors came in and paid top dollar for land. Currently, there are 450 +/- homesites in the Hampstead zip code listed for sale in the Multiple Listing Service (MLS). (I should note that there are about 263 homes on the market as well.) In the last twelve months, 52 homesites were sold in the zip code, which leads us to a NINE year absorption rate. In other words, based on historical data, it will take NINE years to sell all the homesites that are currently listed in MLS.
So with 450 homesites to weed through, it’s safe to say we are a bit overwhelmed. We started with a developer owned homesite in a fairly new neighborhood. It’s a waterfront community and promises a clubhouse, pool, tennis courts and walking trails. The amenities are not yet complete. Many of the initial homesites offered sold upwards of $200,000. Currently 4 of the listed homesites are bank owned, and one a potential short sale. Another three homesites are being resold by the original purchaser. In the last year, nine homesites were sold, two of which were owned by the bank. Of the original three homes built in the neighborhood, one was being leased and the other two were in a short sale situation. My research told me that according to comps, homesites were selling at 58% of asking price. My experience told me that with the abundance of homesites, the appearance of short sales and foreclosed lots, any appraiser would have the right to call the neighborhood a “declining market”. I knew that if I wanted our future home to appraise, I had to offer plenty of wiggle room.
I offered 52% of asking price on a lot that my husband and I deemed desirable. It definitely wasn’t the best lot in the neighborhood, but I felt it held potential. Our offer was countered back without much given from asking price so we decided to explore other options.
I’m thankful for the experience because it gives me great insight as to what the common buyer is going through right now. With so many options open to us, it becomes tough to make a decision. Addresses and features have become blurry in our mind and if I wasn’t so motivated to get out of the rental, we would definitely be frozen.
We decided to make a list of all the homesites within our budget that are within our criteria and rate them according to detailed criteria that is important to us:
Price
Location
Special Features
HOA
size of lot
resale value
fit
orientation of the lot
We will both rate each of the criteria on a scale from 1-10 (10 being best), add the ratings and begin making offers based on their final rating. We will also be putting a expiration notice on each of the offers so that this process doesn’t drag out too long.
Stay with us as we work through this search, and feel free to comment if you have any insight that might help us!
Allow me to introduce myself. “Hello, my name is Andrea and I’m an addict.”
Addicted to new homes, that is. Over a decade ago I began my career in selling New Homes and there has been no turning back. These days, I feed my addiction by working for the area’s best homebuilder – Hagood Homes.
I can usually satisfy my cravings by living vicariously through our home buyers. I delight in watching them choose their selections. I find pleasure in their visits to their home while it’s under construction, planning where their furniture will sit, and listening to them making plans on how they will live their life in the home. Those things usually satisfy me, but every few years I have to experience those things first hand.
My family and I have come to that point recently. It’s been three years since our last new home. If your doing the math in your head, yes, that was right before the market “fell”. We purchased our home at top dollar and recently sold it at what I hope was the bottom. I know what you’re thinking, you’re thinking – well that was just plain ignorant. But here’s the thing, there are some fabulous deals out there right now, believe me, I’ve been looking for over nine months. I’ve also been comparing the land deals to foreclosed homes and have determined that I will still come out better with building, when I take into account the amount of work that would need to go into an existing home to make it “mine”.
I’ve decided to share this path with you (aren’t you lucky?) I hope you will join me virtually as we choose our homesite, getting our construction loan, and all the steps of building our new dream.
Posted 4 months, 2 weeks ago at 4:04 pm. Add a comment
Check out the renovation we are wrapping up at a three bedroom condominium at Wrightsville Beach. If there was a contest between the amazing view outside and the luxury appointments inside, I wonder who would win….
Last week’s economic data did keep some excitement in the market place. Interest rates increased following the news of the employment rate dropping lower than expected to 10.0% (down from 10.2% in September/October). This and other positive economic news may cause the Fed to begin discussions about raising interest rates at this month’s meeting instead of in the early part of 2010 as previously expected. Unfortunately, as we see the economy gain strength, interest rates will continue to increase. I will continue to keep a close eye on this news and keep you updated.
A reminder regarding the home buyer tax credit – contracts for your first time home purchase must be signed by April 30th and closed by June 30th. Keep in mind that it takes 3-4 weeks to close a mortgage. You will want to have your mortgage pre-approval in place before you begin your home search. Call me to go through the application (just takes about 15 minutes). I’m here to be your number one mortgage resource. Please do let me know what questions you have or to get started.
That’s exactly what the recently signed tax credit is screaming!
For weeks, even months, all of us in the real estate industry waiting on pins and needles to see if Congress would extend the ever popular “First Time Homebuyer Tax Credit”. Last week, they did just that, and even sweetened the pot by adding a $6500 tax credit to homeowners who aren’t first time buyers as well as extending the income limits (now set at $225,000 for joint and $125,000 for singles). Even in a lower tax bracket the overall savings on your tax return equal about $13,000 – $14,000! (can you hear the screaming yet??)
Here are a few quick points to keep in mind with the tax credit – but as always make sure you consult your tax preparer!
Amount of credit – $6500, or $3250 married filing separately
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Must be “locked in” on a home by April 30, 2010 and closed by June 30, 2010
Income limits: $125,000 single and $225,000 married (those earning more than this cap can qualify for a partial credit)
Purchase price limit $800,000
So what are you waiting for – take advantage and buy today!
In a Previous Post we told you how proud we were of our Neighborhood Specialist Megan DeHart for taking part of such a wonderful event. We wanted to update you, our wonderful readers, on the event!
“Last Saturday, over 3,000 people gathered at Moore Square in downtown Raleigh to support the autism community and Autism Society of North Carolina (ASNC). The money raised from this event enables ASNC to provide advocacy and education services, vocational and day programs, supported living homes, recreational opportunities, specialized training, and legislative monitoring for the over 50,000 individuals across our state with autism spectrum disorder. Together, we can make a difference….and last Saturday, we did!
Gross proceeds from this event are over $230,000 and counting. We are still accepting donations through the event website. If you have friends, family members, co-workers, or other contacts who have not made their donation yet, please let them know that they can still support your efforts as well as the Autism Society of North Carolina.
Some numbers from this year’s event:
• Over 166 teams participated from all over the state.
• There were over 2600 participants in the 5K race, the 1 mile run/walk and the Carolina Hurricanes Kid’s Dash events.
• 115 virtual participants raised money for the cause online.
• 240 volunteers worked throughout the day.
Thanks to our sponsors for helping this event in so many different ways! Without our sponsors we could not have the event. Please click here to view our sponsors. We encourage you to support these businesses throughout the year and let them know how much it means to you that they sponsor the Autism Society of North Carolina.
On October 10th in Raleigh, Megan will be running in the annual Triangle Run/Walk for Autism. This includes a 5K race as well as a non-competitive 5K division, 1 Mile Fun-Run, and a Tot-trot for children 6 and under. Proceeds from the event benefit the statewide programs and services provided by the 39 year old, non-profit organization, Autism Society of North Carolina. A few of the services include the nation’s oldest and largest summer camp for individuals with autism, parent advocacy and mentoring, awareness and education, and one-to-one training.
Megan is choosing to take part in this event because autism has hit her family in a personal matter. Her nephew was recently
Quality Time with Layton
diagnosed with autism, so Megan does what she can to help raise awareness of this growing epidemic.
“Each day two North Carolina families have a child diagnosed with a form of autism. That’s nearly 800 families added each year to the 50,000 families in our state already living with autism. I hope in doing this run, and spreading the word to those around me, I can help bring awareness to a larger group of people.”
The Triangle Run/Walk for Autism has risen over $500,000 over the past 10 years to provide supports and promote opportunities for the autism community in North Carolina. If you would like to contribute to Megan and her run, please click on the following link to make a donation on behalf of Megan’s nephew, Layton Richardson.
Recently we were hired to remodel outdated small plan for a client who purchased her home for it’s excellent location.
After transforming the plan into a home that would live better our subcontractors got to work. Even in the beginning stages, with the dust and mayhem of construction, the changes are amazing!
The dumpster runneth over
Forming the Front Porch
Subcontractors Galore
Forming the Front Porch
Opening the Plan
Vaulting the Ceiling
Replacing the Kitchen
Revamping the back deck
Subcontractors in Force
Changing the “Garage”
Posted 11 months, 3 weeks ago at 9:45 am. 1 comment
I hadn’t thought very much about this question until recently when I purchased an iPhone from Best Buy.
Being a sales and marketing techie, I was like a kid in a candy store. Normally I would have gone to my local AT&T store to make the purchase, but a friend had given me a gift certificate to use towards the purchase and it was an offer I couldn’t refuse. The Best Buy sales associate did a great job at upselling me – sure, I’ll need the warranty plan that ONLY Best Buy can offer, sure I’ll need a case to cover my precious commodity, and yes, I’ll probably need the car charger as well.
When it came time to “test” the phone we noticed a slight flaw so my helpful Best Buy representative hurried to the in-store Apple rep to get his opinion. They were going to try to download 3.0 to see if that would fix the issue (as a techie and former phone rep, I knew it wasn’t going to work – but I was certainly going to let them do their job!)
While I was waiting for the download I hung around the Apple display. If you’ve visited our local Best Buy (and I would imagine it’s the same in every Best Buy location) you are sure to spot the Apple Display. This would be the first similarity to Hagood Homes. Apple, like Hagood Homes, knows that most consumers like pretty, yet simple. The backdrop for the Apple display was a simple, clean black board with the Apple logo lit up (which even enticed my four year old. I had to pick her up to touch it) with a display of a computer screen.
Hagood Homes is known locally as a builder who does an excellent job “staging” their models. We put a lot of team effort, time, not to mention money into our model homes. In my opinion, they aren’t over done. I don’t think our buyers feel intimidated by them, as if they wouldn’t be able to decorate the same way – but they whisper – “home”. (Nod your head if you agree). Just like my four year old having to “touch” the lit up Apple logo, our visitors seem to stand and admire our plans.
While I waited for my upgrade I spotted a family shopping. Eventually they made their way to the Apple display (doesn’t everybody) and began asking the Apple representative a few questions. Five minutes later they were on their way to the check out line with a $1500 computer. When he was through with them, I asked the Apple rep if all his sales were like that. Five minutes, no fuss. He looked me in the eye and said, “This is the easiest sales job I’ve ever had.”
At first I was taken aback. Really? The easiest? When you’re up against products with a good name (Dell, HP) who are charging $300 for a laptop? As the words were coming out of my mouth I was discovering another similarity.
So often buyers or their agents get caught up in the cost per square foot of a home. What they aren’t calculating seems to be the value in a home or what the home does for you. For instance, the floorplan itself. If a floorplan doesn’t work for the way you live – what would you pay per square foot for it? What about the yard? The non-heated space is not calculated in the cost per square foot, but you could have a backdrop of nature or a backdrop of someone else’s yard. What value to do you put on that space? And then there’s the old analogy of not paying your car based on cost per ton. A mercedes may weigh the same as a hyundai, but clearly there will be features in the mercedes that are not going to be in the hyundai.
By the way, I am enjoying both my new iPhone and my Hagood Home, and now I can’t imagine living without either one!
Hagood Homes was the first builder to be featured in Focus on the Coast in their August issue centered around “Home”. We had a blast shooting interior photos with the, local favorite Jack Davis. Pick up your copy today or view it on-line here
Looking at the price range $374,900 up to $500,000, new construction, Hagood Homes has sold 3 times as many homes in the last 12 months than any other builder in New Hanover County, according to our local MLS data.
Here’s some other interesting facts:
Looking at the same price range, the average days on market for new construction homes was 281 (many times days on market includes the construction period) and the homes sold on an average of 93% of their asking price.
Hagood Homes average days on market was 151 and sold for 98% of asking price. (stay tuned for a post on fighting the cost per square foot battle)
Be sure to view our current available homes to see why Hagood Homes is Wilmington’s most well received builder in this price range!
Posted 1 year, 1 month ago at 10:36 am. Add a comment
We are very proud of our office manager Leah who recently returned from running a half marathon in San Diego’s Rock N Roll Marathon.
One of about 5,000 participants from all over the world, Leah traveled with a group called Team IN Training, raising money and training for several months in advance. The Wilmington Chapter raised over $100,000 which will help find cures for the blood cancers that so many people suffer from.
“I never realized how important this organization was until Saturday night when I attended an Inspiration Dinner for Team in Training. As we walked into the San Diego convention center all I could hear was chanting and couldn’t figure out what was going on until I looked around and realized there were HUNDREDS of people in the Team in Training colors (purple and green) cheering for us! I couldn’t believe what I was seeing nor was I expecting any of it. It was definitely one of the most humbling experiences I have ever had, and couldn’t help but start crying tears of happiness!” says Leah
“We heard many inspiring stories that night and those stories stay with you the whole time you are running and they are what push you to finish no matter how much pain you are in.”
Leah was inspired during her run by all the people lined on either side of the course cheering on the runners and walkers on. The first 8 miles were easy going until she came upon a slight incline from miles 8-10 and after the incline a pretty steep decline on the 10-11 mile.
“After pushing myself so hard on the incline and trying not to roll down the hill on the decline I felt my leg start to tighten up and found myself on the side of the road in PAIN. Luckily a man (who was also a part of Team in Training) stopped to make sure I was ok and helped me stretch to get the knot out of my leg”
Pushing to finish in a goal of two hours, Leah and co-runner Becky came in at just 2 hours and 11 minutes, finding out later that out of all the roughtly 600 ½ marathoners they finished #47 and #48!
Congratulations Leah – We love you!
Posted 1 year, 2 months ago at 4:07 pm. Add a comment
Are you on Facebook? If so, you are amongst the 200 million active users. And now you can become a part of an elite group known as “Fans of Hagood Homes”.
It’s easy to do, simply follow the link and click on “Become a Fan”. From time to time we will send updates to our fans detailing specials on our available homes, events we will be hosting and “Facebook Challenges”.
Currently, we are running a challenge through the end of May in which the winner will win a $100 gift card. Now who couldn’t use $100 free money???
Hurry, you’ll want to become a fan today – once we reach 50 fans we will be announcing “Facebook Challenge #2″!!!
Posted 1 year, 3 months ago at 8:00 pm. Add a comment
At Hagood Homes we like to be on the cutting edge. We like to keep up with what’s going on around us. We like a big dose of reality. And so, we Tweet. We would love for you to join us – @hagoodhomes.
Feel free to leave us a comment here with your twitter id so we can return the favor!
If you are baffled by the whole Tweeting world, leave us a comment and we’ll try to help you figure it out! That’s what we are here for!
Posted 1 year, 5 months ago at 4:26 pm. Add a comment
Before I continue, I do want to clear up one thing – when I say perfect, I mean perfect for US. We are a family of five, two working parents with a teenager at home, an elementary school age child and a preschooler. So we know we want to be in a neighborhood setting, near good schools and with good amenities near by. Probably in that order. What is also important to us is resale value, since we anticipate being in this home for 5 – 7 years (but with my aforementioned addiction, I’m not solely convinced that will be the case). Like most families, we have a strict budget – so the initial price of the homesite is key to us. We have also narrowed down our options on a homeplan so we would like to make sure the home fits in nicely with the others in the neighborhood as well as the particular homesite.
