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Top Tips for Selling or Buying a Home This Spring

Top Tips for Selling or Buying a Home This Spring

Spring is the busiest time of the real estate calendar. While the flowers are busy blooming and the grass is growing greener, more and more houses are hitting the market.

“This spring, both buyers and sellers should be prepared for fast-moving sales, intense negotiations, and even bidding wars,” says Jeremy Wacksman, CMO at Zillow Group. “Home shoppers and sellers are motivated to become more strategic and knowledgeable about what’s happening in their neighborhood. Understanding whether you are in a buyer’s or a seller’s environment will help you manage your expectations and will give you insight into what you’re going to need to bring to the table in order to close the deal.”

Navigate the real estate market, whether you’re a buyer or a seller, with these top tips.

Are you selling this spring?

Get your to-do lists in order, and get ready to tackle spring cleaning projects that update your home’s exterior.

Head Outside to Update Your Home’s Curb Appeal

Remember that honey-do list you created? Now’s the time to employ it! Tackling projects outside the house helps to revamp the entire look of the property, updating it in the eyes of prospective buyers.

spring

3028 Corsham Drive, Apex, North Carolina

Since buyers will often drive past a house before even touring it, now is the perfect time to create the perfect first impression. Cosmetic care of your yard and home will really benefit you in the long run (for sale sign or not!). A beautiful lawn, a lovely garden, and a spruced up home make for the perfect picture; while you’re at your spring cleaning, you can snag some new photos of your house. That way, you can showcase the way your home looks during one of the most beautiful and aesthetically pleasing times of the year.

Be sure to:

  • Mow the lawn
  • Trim the trees, hedges, and bushes
  • Clean the gutters
  • Order or plant new flowers
  • Power wash deck or patio
  • Stain deck, fence, or porch as needed

While these seem like routine landscaping activities, they give your home a fresh look. If you’re really looking to give your home a fresh look, consider the state of your driveway and mailbox too.

Head Inside

springJust like curbside appeal affects the first impression of your home, the interior is also important to freshen up. Something to keep in mind about “updating” your interior is that the up-and-coming
generation of home buyers are millennials, so their tastes may differ from what’s currently in your home. Which isn’t to say go and buy a new decor for your whole house, but pay attention to how your personalized tastes affect the overall impression of your house. It’s not a bad idea to begin depersonalizing your home to allow potential buyers to see themselves in that space.

Adding a fresh or new coat of paint can also help brighten the interior of your home. While updating your decor isn’t something you must do, it is, however, a great idea to do a deep, spring cleaning of your house.

Don’t forget to:

  • Use a wood polish to polish hardwood floors
  • Clear clutter
  • Wash windows and mirrors
  • De-mold bathtubs, showers, washer and dryers, as well as any other humid areas
  • Check and replace light bulbs as needed (more light is flattering)

Are you buying this spring?

There are a handful of ways you can set yourself apart as a buyer in this seller’s market. Why not get a leg up and prepare yourself early in case the perfect house crosses your house hunting path?

Assess Your Budget and Finances

Getting your budget, finances, and mortgage approval before house hunting can set you apart from other buyers. It shows sellers you’re serious, but you’re also prepared to take the next step for the right house. Having your finances in order moves you from “wannabe buyer” to “potential buyer” which carries a lot more weight. So, where do you start?

spring

Determining your budget is important. Knowing what you’re comfortable spending on a home and possible renovations or repairs means you can look at homes without being disappointed later on because you can’t afford them. If you’re a first-time home buyer, you’re 39% more likely to exceed your budget, according to RISMedia. Knowing what you can spend saves you financial trouble down the road. It’s possible lenders will approve buyers for higher payments than they can actually make; so take into account other parts of home ownership. Cost of insurance, taxes, maintenance, HOA fees, and even furnishings should be considered in your budget.

Your next step could be to meet with several different lenders months in advance of the time you’re planning to buy. By doing this, you’re able to make a competitive offer quickly when you find the perfect home. Borrowing has become much more difficult, meaning you’ll need better documentation of your income alongside other paperwork. Preparing these details does wonders for crunch time when the slightest thing can affect your chances on a house.

 Find Your Real Estate Expert

A professional realtor is your best ally in buying or selling a home, no matter what the season. The marketing materials on your house are more important now than ever, thanks to mobile technology that allows buyers to search homes on their phones or tablets. Using professional photos, a virtual tour and using a fantastic description boosts the chances of your home selling. At Real Estate Experts, we’re ready to give your house marketing something extra.

As a buyer, having a trusted real estate professional (agent or buyer’s agent) will increase your chances of winning a bidding war. With low inventory on the market, bidding wars are commonplace. Buyers agents are a buyer’s best friend in a market like this because they have sole responsibility to the buyer and can provide the ultimate amount of information.

If you are interested in learning about available properties in the greater Triangle area, visit us online.  Call us today at 919-813-6449 or e-mail us at  [email protected] for additional information.

 

Why Hire a Listing Agent When Selling a House?

Why Hire a Listing Agent When Selling a House?

Real Estate Listing Agents

If you are thinking of selling your house this year, you may wondering if it makes more sense to hire a Listing Agent to guide you through the process, or whether you should try to do sell it yourself. After all, you’re the expert on your own home, right?

It may be tempting to “go it alone” in an effort to save money, but in our experience, the stress, unforseen obstacles, and time on the market experienced by sellers is not worth it. They often wind up hiring a real estate agent in the end after all, after having wasted precious time, money, and resources. By hiring a qualified professional from the beginning, most sellers will actually end up saving money, as their agent will know all the tricks and tips to sell a home quickly at top dollar.

Here are the reasons why you should hire a professional listing agent:

  • Realtors have access to market data about recent sales and other homes on the market that can be used to price your home appropriately. Studies have proven that homes priced appropriately from the get-go sell more quickly and at a higher price than those that sit on the market.
  • Listing Agents are expert at marketing homes to buyers worldwide and to the local real estate community.
  • Realtors will look at your home objectively and make suggestions on how to make your home more attractive to a broad spectrum of buyers. This may include landscaping, staging, or repairs.
  • Realtors have the capability — especially those with Teams — to respond quickly to any and all inquiries, and be ready to show your home when you are unavailable.
  • Realtors can respond to inquiries from potential buyers and other agents in their network of contacts.
  • Realtors are able to obtain helpful feedback from potential buyers after having toured your home.
  • Realtors will screen potential buyers, saving you from wasting time showing your home to unrealistic buyers.
  • Realtors provide potential buyers to tour your home anonymously. Most visitors prefer to tour the home without the homeowners being present. The seller must be present at a for-sale-by-owner sale.
  • Realtors have years of professional marketing experience and expertise they put to use to sell your home quickly and at top dollar.
  • Realtors have a professional network of contacts that will enable them to market your home more widely than you would be able to as an individual.
  • Listing agents are experts at looking at the offer to purchase and contract from the seller’s perspective.  Top listing agents can help you negotiate a contract that meets your unique needs, including best price, settlement date, and closing. Listing agents will ensure your contract is in compliance with all local regulations.
  • Listing agents will guide you through the often bumpy road when negotiating home repairs and work with their trusted contractors to get the work done on your home.
  • Top listing agents will also be there to guide you through any other issues that arise in the process from appraisal issues to potential issues with your buyer’s loan.

We at Real Estate Experts are top listing agents.  We have been providing all of these benefits for our clients for the past 20 years. Our seasoned team members work together to provide outstanding service to our buyers and sellers, while developing a unique partnership to better care for our clients. If you are looking to buy or sell, let one of our top realtors assist you today!

How To Keep Mold In Homes From Killing Your Home Sale

How To Keep Mold In Homes From Killing Your Home Sale

Mold in crawlspace.

Mold in homes is not an uncommon problem.  A 2003 University of Arizona study found that 100 percent of homes have mold (although not necessarily the dangerous kind). It is a real disappointment to find your dream home, only to discover after the inspection that there is a mold issue.  Typically, mold is found in a crawl space on the floor joists and/or insulation. This type of mold can be cleaned but sometimes the jobs are small and sometimes they are quite large.  Mold comes from moisture and moisture can cause rot in framing boards as well.  If, however, the mold makes its way in the duct work carrying air into the home, this is a different ball game altogether.

Depending on the severity of the mold found in a home, some home buyers consider mold a deal-breaker, as it can make you and your family sick and can weaken walls, ceilings, and floors.  We have seen numerous deals fall apart over mold in the crawl space.

It is very advantageous for home sellers to have pre-sale home inspections.  Home inspectors will look at the crawl space and report on whether there is a problem.  If mold is found, sellers can get ahead of any potential downstream problem by consulting a mold remediation specialist and cleaning the mold and making any necessary repairs before the house goes on the market.

For buyers, if mold is found in your dream home during the home inspection, consider consulting a mold remediation specialist before you completely write off the home.  It is not difficult to clean the mold but what must be done is repairing the source of the problem to begin with.

 

 

Mold remediation specialists are experts at spotting mold and making recommendations of how to treat that mold so it does not return. Mold growth is commonly found in moist, damp areas, such as the crawl space, air ducts, and attic. A common source of water in the home is poor rainwater management.  If the grade outside is not directing water away from the home, that water can collect and eventually allow mildew or toxic mold to grow.

A reputable mold remediation specialist should perform, at a minimum, the following:

  • Assess the extent of the mold problem and identify mold-damaged materials.
  • Identify the origin of the moisture problem.
  • Plan a mold remediation strategy and adapt guidelines to fit the unique situation.
  • Remove mold growth and remediate the affected area.
  • Repair the water or moisture problem.
  • Clean and dry moldy materials, and discard moldy items that can’t be cleaned.
  • Perform follow-up inspections to check for the return of moisture and mold.
  • Provide a transferable warranty for their work

If mold is discovered and the parties decide to hire a mold remediation specialist, how much is it going to cost? The answer: anywhere from a few hundred dollars to a few thousand or more. It depends on the extent of the mold problem and how much work is going to be needed.  Sometimes structural repairs need to be made as well.  This should not scare a buyer. It is rare to find a problem that can not be fixed and fixed property.  According to the professionals, most mold problems in real estate transactions are usually on the smaller size and cost far less than most sellers and buyers would assume.

Of course, it is not always worth it to put forth the time and money involved in hiring a mold remediation specialist. You will want to consider whether the cost of repair is worth it, and whether or not the current homeowner is willing to negotiate on the selling price.

As real estate professionals, we deal with issues like this every day.  We are trained to handle issues like mold and know the top mold and water remediation specialists to work with locally.  Don’t hesitate when you are thinking of buying or selling a home to reach out to top realtors to help you through the process.

 

Real Estate Market Trends in Raleigh, Durham, Chapel Hill – October 2016

Real Estate Market Trends in Raleigh, Durham, Chapel Hill – October 2016

Market InsightsIt’s time once more for an update on real estate market trends in the Raleigh, Durham, Chapel Hill metropolitan area.  Trianglewide closed sales are up 9.3%, median prices are up 5.7%, and average prices are up 5.7%.  The average days on market is 50, and sellers are getting almost 98% of their asking price.  We are hearing nationally that housing inventory is at an all-time low, and the Triangle is no exception.  Across the metro area, there is only 2.9 months of inventory on the market.  This is incredibly low inventory and an indicator that we are in an extreme seller’s market situation.

Real Estate Market Trends October 2016

Real Estate Market Trends in Chapel Hill, NC

In Chapel Hill, real estate sales are up 11.6%, and median and average prices are up 2% and 2.5%, respectively.  However, houses are staying on the market longer in Chapel Hill.  The average days on market is 74, which is better than last year at 77, but twice as long Durham and Cary.  The other indicator that the market is not as robust in Chapel Hill is the amount of inventory on the market.  There are four months of inventory on the market on average.  This sounds good, since anything less than five months is a seller’s market.  However, only Chatham County has more inventory on the market at five months.

Real Estate Market Trends in Durham, NC

This year, Durham real estate sales have been on fire!  Closed sales are up 11.6%, median prices are up 9.9%, and average prices are up 8.7%.  The big wow is that the average days on market in Durham is 39, down from 49 last year, and a record low overall.   Sellers are also getting 98% of their asking price and inventory in Durham is really low at two months.  This year, we have seen many multiple offer situations and, in fact, significantly more offers than two on many homes.  The Durham real estate market is hot!

Real Estate Market Trends in Cary, Apex, and Morrisville, NC

Homes for sale in Cary, NC, as well as Apex and Morrisville, are going fast.  Closed sales are up 4.7%, median prices are up 8.7%, and average prices are up 6.7%.  The average days on market is astoundingly low at 30 days.  Wow!  This is down from last year, which was 35 days.   Sellers are also doing incredibly well and getting, on average, 99% of their asking price.  The other amazing statistic is that there is only 1.9 months of inventory on the market, which means it is truly a seller’s market.

Overall, the indicators are good and real estate market trends in the Raleigh, Durham, and Chapel Hill metropolitan area show that it is an excellent time to sell.

At Real Estate Experts, we pride ourselves on our strengths in our home valuation knowledge and our expertise in preparing and marketing homes for sale.  Contact us for a skilled appraisal of your home and expert advice on selling your home in today’s real estate market.

Inexpensive Home Staging Tips

Inexpensive Home Staging Tips

Home StagingThere’s no doubt that staging your home prior to placing it on the market is crucial if you want to earn top dollar. But must you spend “top dollar” during the home staging process? Not necessarily. There are many ways you can spruce up your dwelling without breaking the bank. Here are some excellent home staging tips.

Outdoor Home Staging Tips

  • Remove all cobwebs, dust, and dirt from front porch and surrounding areas.
  • Replace the door handle, knocker, and/or doorbell if they are looking old and tarnished.
  • Clean all outdoor lights and replace bulbs, if needed.
  • Place a couple of pretty flowering plants by your front porch or door.
  • Trim all the bushes and remove weeds.
  • Clean all the interior and exterior windows (make it a family affair)!

Entryway Home Staging Tips

  • Keep the foyer clear of items like coat racks and clutter.
  • Buy a pretty new rug for the foyer (Target has some great inexpensive choices).
  • Repaint walls near entryway.
Entryway home staging tips

Image courtesy of atticmag.com.

Living Area Home Staging Tips

  • Remove all family photos.
  • Ditto for knick-knacks, mementos, and souvenirs.
  • Remove half your clothing from all closets (to give the appearance of plenty of storage space).
  • Consider packing each room by 30% to give the appearance of more space.
  • Think about rearranging furniture to create a better flow and the appearance of more space (pick up a feng shu book from the library for help with this).
  • Host a painting party! Invite your friends to help you paint the interior of your home in a neutral color, and provide pizza and beer afterward.
  • Have carpets professionally cleaned, or rent a steam cleaner and do it yourself. Cover unsightly stains with throw rugs.
  • Make sure window treatments are clean and functional.
  • Replace all your home’s lightbulbs with at least 100 watt bulbs…people love light!
  • Speaking of light, clean all light fixtures so they sparkle and shine.
  • Clean all light switch plates, and replace cracked or outdated plates.
Home staging tips for your family room

Image courtesy of homedesign2sell.com.

Kitchen Home Staging Tips

  • Remove all appliances from kitchen countertops.
  • Clean out and declutter inside kitchen cabinets.
  • Consider repainting kitchen cabinets if they are looking old and outdated.
  • Replace pendant lights for a fresh, updated look.
  • Set the kitchen and/or dining table with pretty linens, silverware, and flowers.
  • Don’t cook any smelly foods, like bacon or fish. Those smells tend to linger around.
Kitchen home staging tips

Photo courtesy of stagemyownhome.com.

Bathroom Home Staging Tips

  • Replace any old shower curtains.
  • Recaulk where necessary.
  • Place pretty new rugs and towels in bathrooms.
  • Add fresh flowers and/or scented candles.
bath

Image courtesy of realestatestagingassociation.com.

 

At Real Estate Experts, we put a tremendous amount of weight on home staging.  Visit RealEstateExperts.net to learn how we integrate home staging and now, virtual staging, into our listings.

 

 

 

Home Improvements: Trends and ROI

Home Improvements: Trends and ROI

Home Improvements

Home Improvements

If you are considering making home improvements, one of the primary considerations will be the potential return on investment. Here are some of the most common home renovations and their ROI:

Home Improvements vs. Home Maintenance

If your roof is 20 years old, it’s time to replace it rather than remodel your bathroom to make it more aesthetically-pleasing. Many home buyers are finding it difficult to come up with a down payment and monthly mortgage payment, let alone the funds to maintain the property they just bought. Most home buyers don’t want the headache of extra costs following the actual purchase. First-time home buyers in particular are inclined to look for properties that require little to no home maintenance and are “move-in ready.”

Green home improvements can greatly impact a home’s energy efficiency, which has the added benefit of compounding savings over time. According to the 2015 Remodeling Impact Report (RII), a joint study from the National Association of the Remodeling Industry and the National Association of Realtors, here are some high ROI projects:

  • Insulation upgrade: approximately 95 percent ROI
  • Replacing old windows: approximately 80 percent ROI for new vinyl windows; approximately 58 percent ROI for new wood windows
  • HVAC Replacement: approximately 71 percent ROI
  • New roofing: approximately 105 percent ROI

Kitchen Renovations

An updated kitchen is a key selling point with home buyers; after all, it’s the heart of the home! According to the RII survey, 79 percent of remodelers say that kitchen upgrades are the secKitchen Renovationsond most popular renovation project in 2016. Kitchen colors are changing, and although white is still a popular choice,everything from cabinets to backsplashes will be done in less saturated tones, according to interior designer Jane Lockhart. “Charcoal, grays, and even neutral pastels like pale blue, pale green gray, and tinted whites are the new alternative to the standard white,” she says. Consumers are also interested in new ways to maximize kitchen storage, with cabinetry featuring deeper or multi-tiered drawers. Granite and quartz continue to be the most desired countertop materials, with neutral gray or brown color palettes. With a full kitchen renovation, you can expect up to a 67 percent ROI.

Bathroom Renovations

Bathroom Renovations

The major trend in updating bathrooms is removing the garden tub and replacing it with a large shower “room,” allowing the occupant to enjoy a spa-like experience. The room is typically completely tiled and often features a bench and storage nooks for soaps and towels. Add some square-shaped fixtures and shower heads to remain on-trend.  Shower seats and grab bars, once delegated to senior citizens, are going mainstream. Bathroom colors are trending toward cool tones that create a tranquil environment. Blues and greens can be paired with white and touches of wood for a fresh, serene vibe. According to the RII survey, bathroom models will yield an attractive ROI of 58 percent.

Hardwood Flooring Upgrades

Hardwood Flooring Upgrade

The top request of home buyers across the nation? Hardwood floors, according to HGTV. In fact, the National Association of REALTORS® found that 54% of home buyers were willing to pay more for a home with hardwood flooring. Home buyers want hardwood flooring because it easily unites many rooms and is the easiest to clean. Installing hardwood can be expensive–between $9 and $12 per square foot, compared with about $3 to $5 per square foot for carpet—so you may opt to install hardwood only in some rooms rather than throughout your home.You can expect an ROI of up to 100 percent by installing or refurbishing hardwood flooring in your main living areas, or even throughout your home!

An Open Floor Plan

Open Floor Plan

Up to 40 percent of home buyers prefer an open floor plan that seamlessly blends the kitchen, dining area, and family room. Tearing down walls to create open spaces is a big trend in home improvement right now. If you live in a single-story home, where none of the interior walls are load-bearing, removing them is relatively simple. In a multi-story house, however, you must ensure the wall you want to remove is not load-bearing. You will most likely need to consult with a structural engineer to advise you on the feasibility of taking down a wall, and what additional work you would need to do to shore up the house if you want to remove a load-bearing wall.The specific percentage of value recovered from the cost of opening up a floor plan is difficult to estimate due to the large range of construction issues that affect final costs.

If you would like more information about major or minor home improvements and their expected ROI, contact us today at 919-813-6449 or send us an email to  [email protected]. Visit us online at realestateexperts.net.

Home Improvements

Home Improvements

If you are considering making home improvements, one of the primary considerations will be the potential return on investment. Here are some of the most common home renovations and their ROI:

Home Improvements vs. Home Maintenance

If your roof is 20 years old, it’s time to replace it rather than remodel your bathroom to make it more aesthetically-pleasing. Many home buyers are finding it difficult to come up with a down payment and monthly mortgage payment, let alone the funds to maintain the property they just bought. Most home buyers don’t want the headache of extra costs following the actual purchase. First-time home buyers in particular are inclined to look for properties that require little to no home maintenance and are “move-in ready.”

Green home improvements can greatly impact a home’s energy efficiency, which has the added benefit of compounding savings over time. According to the 2015 Remodeling Impact Report (RII), a joint study from the National Association of the Remodeling Industry and the National Association of Realtors, here are some high ROI projects:

  • Insulation upgrade: approximately 95 percent ROI
  • Replacing old windows: approximately 80 percent ROI for new vinyl windows; approximately 58 percent ROI for new wood windows
  • HVAC Replacement: approximately 71 percent ROI
  • New roofing: approximately 105 percent ROI

Kitchen Renovations

An updated kitchen is a key selling point with home buyers; after all, it’s the heart of the home! According to the RII survey, 79 percent of remodelers say that kitchen upgrades are the secKitchen Renovationsond most popular renovation project in 2016. Kitchen colors are changing, and although white is still a popular choice,everything from cabinets to backsplashes will be done in less saturated tones, according to interior designer Jane Lockhart. “Charcoal, grays, and even neutral pastels like pale blue, pale green gray, and tinted whites are the new alternative to the standard white,” she says. Consumers are also interested in new ways to maximize kitchen storage, with cabinetry featuring deeper or multi-tiered drawers. Granite and quartz continue to be the most desired countertop materials, with neutral gray or brown color palettes. With a full kitchen renovation, you can expect up to a 67 percent ROI.

Bathroom Renovations

Bathroom Renovations

The major trend in updating bathrooms is removing the garden tub and replacing it with a large shower “room,” allowing the occupant to enjoy a spa-like experience. The room is typically completely tiled and often features a bench and storage nooks for soaps and towels. Add some square-shaped fixtures and shower heads to remain on-trend.  Shower seats and grab bars, once delegated to senior citizens, are going mainstream. Bathroom colors are trending toward cool tones that create a tranquil environment. Blues and greens can be paired with white and touches of wood for a fresh, serene vibe. According to the RII survey, bathroom models will yield an attractive ROI of 58 percent.

Hardwood Flooring Upgrades

Hardwood Flooring Upgrade

The top request of home buyers across the nation? Hardwood floors, according to HGTV. In fact, the National Association of REALTORS® found that 54% of home buyers were willing to pay more for a home with hardwood flooring. Home buyers want hardwood flooring because it easily unites many rooms and is the easiest to clean. Installing hardwood can be expensive–between $9 and $12 per square foot, compared with about $3 to $5 per square foot for carpet—so you may opt to install hardwood only in some rooms rather than throughout your home.You can expect an ROI of up to 100 percent by installing or refurbishing hardwood flooring in your main living areas, or even throughout your home!

An Open Floor Plan

Open Floor Plan

Up to 40 percent of home buyers prefer an open floor plan that seamlessly blends the kitchen, dining area, and family room. Tearing down walls to create open spaces is a big trend in home improvement right now. If you live in a single-story home, where none of the interior walls are load-bearing, removing them is relatively simple. In a multi-story house, however, you must ensure the wall you want to remove is not load-bearing. You will most likely need to consult with a structural engineer to advise you on the feasibility of taking down a wall, and what additional work you would need to do to shore up the house if you want to remove a load-bearing wall.The specific percentage of value recovered from the cost of opening up a floor plan is difficult to estimate due to the large range of construction issues that affect final costs.

If you would like more information about major or minor home improvements and their expected ROI, contact us today at 919-813-6449 or send us an email to  [email protected]. Visit us online at realestateexperts.net.

Home Loan Down Payment

Image courtesy of housingwire.com.

If there is one area in real estate that confuses potential home buyers, it’s the preconceived notion that you are required to make a 20% home loan down payment. Consumers, particularly millennials and first-time home buyers, are tentative about taking the plunge toward home ownership due to this belief, according a recent survey (Profile of Home Buyers and Sellers) by the National Association of REALTORS (NARS).

This perception runs contrary to data collected by NARS over the past 35 years.  The data indicates that the average median down payment for first-time buyers is five percent on average.

“It’s possible some of the hesitation about buying among young adults is from them not realizing there are mortgage financing options available that do not require a 20 percent home loan down payment.

Consumers are wary about their ability to save the funds they believe they will need for a down payment, with house prices and rent continuing to rise each month. According to the NARS survey, 19 percent of current homeowners stated that they have received financial assistance toward a down payment from a parent or relative. Of these, most were age 34 or younger, living in the Northeast, or living in an urban area.

Still, the NARS survey found that the appetite for home ownership remains strong, with 78 percent of homeowners and 60 percent of renters saying now is a good time to buy.

Loan Officer Teresa Parker of Cunningham & Company Mortgage Bankers agrees. Parker is a preferred lender with NC Housing and has extensive experience working with the organization’s affordable housing products for her clients. “Many clients are not aware that for eligible borrowers, a down payment could be as little as 3 percent,” she said. “In addition, there are both loan and down payment assistance programs I can help my clients obtain that, combined, can provide home financing at close to 100 percent.” These down payment assistance programs are not necessarily limited to first-time home buyers. Move-up buyers may also take advantage of these programs, if eligible.

Parker also points out that eligible first-time home buyers can obtain the Mortgage Tax Credit (MCC) along with their loan closing, which enables eligible first-time buyers and military veterans to save up to $2,000 a year on their federal taxes. In addition, consumers who buy homes in certain targeted census tracts may be eligible for the MCC program, even if they are not first-time home buyers. The MCC leaves homebuyers with more money to put toward their mortgage payment. “If you qualify, you can claim a federal tax credit for 30% of the interest you pay on an existing home (50% on new construction)—up to $2,000 per year for every year you live in your home,” says Parker.

Am I Eligible To Make Less Than a 20% Home Loan Downpayment?

You may be eligible for a Mortgage Credit Certificate if:

  • You are a first-time home buyer or military veteran
  • You meet the income and sales price limits
  • You are purchasing a new or existing home in North Carolina
  • You occupy the home as your principal residence within 60 days of closing
  • You are a legal resident of the United States

What Properties are Eligible?

  • New and previously owned single-family homes
  • Townhouses
  • Condominiums
  • New or used manufactured homes

For more information about down payment options, contact Teresa Parker, Loan Officer at Cunningham & Company Mortgage BankersNMLS # 2024 at (919) 697-2598 or [email protected].

To see Real Estate Experts’ newest listings, click here, and feel free to give us a call anytime at 919-813-6449 or send us an email to  [email protected].

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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