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When looking for a new home, one of the first decision buyers make is whether to work with a realtor. Considering that a home is likely to be the largest purchase of their lives, and if it’s a primary residence, many buyers turn to the experts who are most interested in helping make those dreams a reality.
Kathleen Baylies, exclusive buyer’s agent/broker and owner of Just for Buyers Realty Inc., and Stephanie Gasparovic, realtor/broker of EXIT Homeplace Realty are two of the Wilmington region’s realtors who can provide that essential expertise.

Working with a realtor
“Many people don’t realize that whether or not they choose to work with an agent, they are most likely paying for the services anyway,” said Baylies. The majority of available homes are listed with agents who have agreed to share their compensation with the agent representing the buyer. The selling agent’s compensation is built into the price you pay for the house whether or not you are represented by a buyer’s agent. The compensation is contractually set and does not change depending on whether or not another agent is involved in the transaction.  

“Access to knowledge is another compelling reason to work with a professional when buying a home,” she said. “Agents will know which houses are available, but they’ll also be able to tell you how long a particular house has been on the market, how much the sellers paid for it, whether or not the sellers are carrying a mortgage, what other homes in the neighborhood have sold for, which lenders offer the most attractive combination of interest rates and fees, which home inspectors are most experienced and thorough, which lawyers can be counted on to pick up the phone after hours should your deal hit a rough spot, and an endless list of other information that makes the difference between a smooth transaction and one that causes sleepless nights.”

“Working with a realtor is definitely in a homeowner’s best interests as far as legal issues go,” said Gasparovic. “They will encounter forms they will have no clue about without the assistance of a realtor or an attorney. Also, realtors have in-depth expertise in the market area; they’re going to know things that the average homebuyer would not, such as upcoming city developments.”

Asking the right questions
The first question buyers should ask is, “how much home can I afford?” said Baylies. “It is extremely important for buyers to meet with a lending officer to determine whether or not they qualify for a loan before they start to shop.”  

Other questions are: Will this be my primary home, a second home or an investment property? What is my time frame? Do I need to move quickly and will only consider homes that can close quickly? Can I wait three months to a year for a new home to be built? Do I have a preference in neighborhoods? How far am I willing to commute to get to work? To shopping centers? To performing arts venues? To the ocean? Which school district do I want to be in? Which features are most important to me in a home?  

It’s rare for a buyer to find a “perfect” home, noted Baylies. Almost always, some compromise occurs, and it helps if you know your priorities. Which features are “must-have” and which are “nice-to-have?” Also, are there any features that would immediately take a home out of consideration? Be sure to share all of your answers with your agent so he or she doesn’t waste your time showing you inappropriate properties.
“A lot of people who seek a realtor already own a home while they are looking for a new one,” said Gasparovic, “so they ask a lot of questions about how to sell the one they currently own, or whether they should rent it out.”

Local real estate
“If you the have the money to buy, now is the time,” said Gasparovic. “However, a lot of people are slowed down because they have to sell their current home first, which is more difficult right now. This is an excellent time for people who are renting to become homeowners, because many of the asking prices on homes have been reduced.”

“The southeastern area of North Carolina is a relatively healthy market,” said Baylies. “We are blessed with charming towns, many rivers, a nearby ocean and very inviting weather. It has helped this area avoid the price plunges seen in many other areas. Even so, we are seeing much higher inventory levels than we have in many years and there are a growing number of foreclosures. These factors, combined with historically low interest rates, make for a very attractive buyer’s market.”

“The people who will benefit most from the current state of the real estate market are those who set aside their fear and take advantage of the extraordinary opportunities now available,” said Baylies. Remember, Warren Buffet (the world’s greatest investor) said, “The best time to buy is during maximum pessimism.”
 
Wilmington’s timeless appeal
“Wilmington is in close vicinity to everything, especially to the waterway,” said Gasparovic. “We get people moving from New York, New Jersey and Connecticut, and the rent they paid there is what their mortgage would be here. The cost of living is a lot cheaper.”

Baylies said the appeal is endless: “A charming historic district, an active arts community, world-class restaurants, the Cape Fear River, increasing job opportunities, year-round golfing at dozens of courses, excellent healthcare facilities, temperate weather, friendly people, UNC-Wilmington and Cape Fear Community College, year-round boating. Did I mention the beautiful beaches along the spectacular Atlantic Ocean?”

Technology and real estate
“Technology has changed the buying process in at least two major ways,” said Baylies. “First, it has produced more sophisticated buyers. More than 80 percent of buyers start their search for a new home on the Internet. Most are looking at actual properties, but many are also researching the process and they’re researching agents.”

“By the time I meet with a new client for the first time, they already know what's on the market in their price range, the interest rates on loans and they’ve looked at several agents’ sites to determine which one might be the best fit for them,” she said.

Second, technology has increased the speed and ease of the transaction, said Baylies. Between text messages, scanned documents faxed directly to computers and client Internet portals, it is much faster and easier to move through the steps of purchasing a property.

Technology is a passion of Gasparovic’s, and she has invested in it heavily. “My Web site at www.stephaniegasparovic.com includes a pop-up window, asking visitors to chat with a salesperson via instant messaging,” she said. “The system alerts me and my associates when someone is on the site so we can offer help immediately.”

“We use the Internet heavily to market our subdivisions,” said Gasparovic. “Each subdivision has its own Web site and is also a part of our team’s Web site. For each of the subdivisions, we profile the builders, the subdivision’s map, amenities and each of the floor plans.

“Once each home is completed, we make sure we upload all new pictures and do a video tour of each listing,” she said. “This is an awesome tool for the out-of-town buyers who cannot visit the property in person.”

“Personally, I employ multiple technologies every day to make the buying process easier for my clients,” said Baylies. “I have a Web site at www.JustForBuyersRealty.com that provides visitors access to both the Wilmington Regional Association of Realtors and the Brunswick County Association of Realtors' MLS,” she said. “More recently, time has been invested in taking advantage of online social networking and offering buyers even more topical information via a blog.”

For Realtor links click here.