FIRST TIME HOME BUYERS

First time home buyers have many questions and sometimes seem confused as to where they need to start.

First, visit your bank or a mortgage company and get pre-approved for a mortgage. This DOES NOT mean you are borrowing money at that time. You are also under no obligation to use this company when you do find a home, but if they have done a good job giving you honest information, then you might want to use that bank or company.

What getting pre-approved DOES mean is you will know how much you can afford to spend on a house and what you will need for documents and down payment money. If you have credit issues that preclude you from getting a loan, a good mortgage broker should tell you how to repair your credit and get back on track.

Your next step is to find a real estate agent you feel comfortable with and who takes time to answer your questions. Preferrably, use an agent who is also a REALTOR. REALTORs belong to national and state organizations that hold the agent to a higher standard of conduct. If you are not sure where to go for pre-approval, you might want to find an agent first who can then recommend a few financing companies or banks for you.

Take time to write down a “wish” list of all the things you want in a home. Break down the list into “must-have” and “would like to have” but can live without. Try to be realistic; your first home should be comfortable and fit within your budget. Try to plan for the unexpected. If you or your spouse/ partner should get sick or be laid off, you want to be able to cut back on expenses but still be able to pay the bills.

Your agent should be able to help you make a selection of properties that fit your needs and desires. Realize that you can only look at a maximum of three or four homes in one day. If you try to see more, you won’t have time to really look at all the features.

It’s a good idea to bring a notebook or place the data sheets from the properties on a clipboard so that you can write on the backs thus keeping all your information for each property in one place.

When you are ready to make an offer, your real estate agent should be able to explain the process, step by step so that you feel confident and informed when you go to sign those final papers.

Good luck and happy house hunting!

Best Places for Business and Careers

Forbes .com has posted their 11th annual ranking of the Best Places for Business and Careers in metro areas which features clear winners in North Carolina where Raleigh placed 1st, Durham placed 3rd and Winston Salem placed 18th. out of 200 cities.

"Raleigh is holding up better than any other place in North Carolina," says Matthew Martin, an economist at the Federal Reserve Bank of Richmond, VA. He cites the significant higher education presence and low manufacturing base in the area for Raleigh's steady economy.

You can read the entire article HERE.

While the economic troubles affect every city in the country, once we begin a recovery it seems North Carolina will be well positioned for growth.

IS IT A GOOD TIME TO BUY?

This is not as simple a question as it sounds. Whether it is a good time to buy real estate has much to do with the circumstances and the goals of the buyer.

Investors are looking for the bottom in this current real estate market. For them, buying too soon or spending too much could mean they will see the value of their investment drop just when they need to try to market it.

For those who plan on staying in their home for at least two to three years or more finding the absolute bottom is not as critical as the market will eventually rebound.

In most of North Carolina, while we have experienced a slow market, we do have a measure of stability that prevented us from experiencing the so called housing bubbles but also prevented us from hitting those huge lows like Las Vegas and California.

Right now, there are bargains to be had in the foreclosure market, but you should be well informed about what exactly is involved when buying these kinds of properties.

North Carolina is a caveat emptor state – “let the buyer beware.” And this is never more true than when foreclosure property is involved since banks/finance companies are exempt from most liabilities concerning these properties. Working with an agent experienced in foreclosure properties is a good place to start.

If you are looking for a retirement home or would like to relocate to our area and are not sure where to begin, we invite you to explore our website (link also at top right) where you will find properties for sale, relocation tools, a visitor’s page and a link to our MLS.

If you would like more information on a property or you have questions, feel free to call or email any of our brokers on the Contact Us page.