Six Steps to Buying a Home in the Triangle, NC

Six Steps to Buying a Home in Apex, Cary, Holly Springs, Fuquay-Varina, Raleigh -- anywhere in the Triangle, NC!

Knowledge opens doors and this is especially true when it comes to buying a home.  Because a home is most likely the largest financial transaction you will ever make, the decision may feel overwhelming.  Whether you are purchasing your first property or your tenth, it is wise to navigate the process carefully and with good advisors.  Take heart, my intrepid potential home buyers!  I’m here to give you the information you need to make smart decisions. 

Are you tired of your rent constantly increasing & not having anything to show for the thousands you pay your landlord every year?  This may be the year for you!  In the next series of blogs, I will outline in clear, simple terms what you can do to be relaxing in your own backyard this spring!  Today we will begin with:

Step One:  Decide if Buying is Right for You.  It’s not for everyone.  Here are the financial considerations.   You are probably paying 67% more in rent than you would in a mortgage*.  Buying is now 45% cheaper than renting in the 100 largest US metros.  Ask yourself:  how much money might I actually be saving by buying?

The combination of low interest rates, low home prices have combined to make this the perfect storm for buyers.  Like all good things, this will not last.  Actually, I’m already seeing signs that it is ending in our area as I’ve recently been involved in a number of transactions that sold at over asking price because of multiple offers.

How do I know if buying is right for me?  Thirty-tree percent of Americans say they expect home prices to continue to rise in the next 12 months.  Seventy Three percent say now is a good time to buy.  Rental prices are projected to increase by 4.1 percent over the next year.

If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent.

Costs aside, the decision to rent or buy a home is very personal. There’s a strong emotional component: some people want the security of homeownership and others want the footloose freedom of renting. But the financial factors are also very personal because the decision to rent or buy depends on:

1. Can you qualify for a mortgage at the best rate available?
2. Which tax bracket are you in, and do you itemize your deductions?
3. How long will you stay in your home? 

Working with my clients, I take into account all their factors.  Some folks just want to rent because they’re not sure where they’ll settle in; some are concerned about the stability of home prices.  I completely understand that position – especially for folks who are moving here from other states.  But, often, most folks don’t even know if they can buy a home & are happily surprised to find out they can – and often for more than they imagine. 

So, clearly the first step is to make a decision – are you willing to go for it?  

Next week:  Step Two:  Preparing to Buy.  Can’t wait for next week?  Call me now – I’ll be happy to answer your questions and help you make the right decision!

"Step by step, the bird builds its nest" 

*Source:  JP Morgan

Be Savvy...Call the Smart Realtor

 Elizabeth Scott, Realtor®, Broker

e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com
www.Elizabeth.FathomRaleigh.com
www.TrianglePropertyLines.blogspot.com
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