Even in a challenging environment where the inventory of homes for sale is low, the American Dream of homeownership is alive and real. The talented and knowledgeable REALTORS® of our community are working harder than ever to transform their clients’ dreams of home ownership into reality.

It is well documented that home ownership results in more stable communities, as homeowners have a personal stake in supporting the communities where they live and work. Homeowners support and increase the value of their investment with interior and exterior maintenance and improvements, with the result being higher property values and a stronger local economy. There is also a wide array of personal benefits including the opportunity to personalize your home, adding your own style and aesthetic.

The financial benefits of homeownership are key to increasing net worth over time. In the most recent published Federal Reserve System Survey of Consumer Finances, owners have a net worth 40 times greater than renters. Factors contributing to this gap is the fixed expense of a mortgage versus annually adjusting rental rates. Wilmington’s average rent rose by 15% in 2021 over 2020. Another contributing factor to financial benefits of ownership is mortgage interest and property tax deductibility. Lastly, home values are appreciating at record levels, with May 2022 median sales price up 16.7% over May 2021. 

Monthly mortgage payments increase equity, a sort of ready-made savings account that can be borrowed against in the event of an emergency.  Plus, after the term is over the house is owned free and clear—a stark contrast to renting, which requires the monthly allocation of payments in perpetuity.

But how do prospective homeowners overcome the hurdles and get to the finish line? Those with an interest in navigating the process on their own can certainly get there, but the most effective way is to work with a REALTOR® who understands the local housing market. 

Understanding that the average transaction has complex steps ,legal obligations, and tight timelines, it protects your interest to seek counsel and work with a REALTOR® who is knowledgeable and represents your interests. Instead of taking the time to research local market information on your own, working with a local REALTOR® who has a thorough knowledge of local amenities, utilities, zoning rules, contractors, and other service providers can be a critical time-saving strategy.

Negotiations are another area where the value of working with a REALTOR® becomes quickly clear. Considering the wide array of factors in the average transaction, from sales price to repairs and closing dates, it’s vital to have a REALTOR® evaluate the transaction from your perspective and help negotiate a purchase agreement that effectively meets your needs.

When things get emotional, reason can fly out the window. A REALTOR® is a trusted advisor, a valuable guide that can help you stay focused on what’s important.  Also, it’s worth noting that REALTORS® comply with a strict set of ethical guidelines, based on the importance of professionalism, serving the interests of clients, and protecting the public. 

For more information about the work, we do to serve our members, clients and communities, please visit CapeFear.REALTOR or call 910-762-7400.