10 COMMON HOME REPAIRS THAT DON'T COST AS MUCH AS YOU THINK

There are so many wonderful things to love about owning your own home.  I’ll bet most of you feel that making repairs is not one of them, right? 

The good news is that many of them are not as cost-prohibitive as you think.  Here are some average national costs involved with common indoor repairs.

Our market is unique, but feel free to use this as a reference point when negotiating with your handy person.  Or, call me if you’d like referrals to the best in our local market.

 

 Source:  Home Advisor

RALEIGH RENTS ARE ON THE RISE!

With growth, comes growing pains and that means an effect on the rental market in Raleigh.

• In 2018, rent prices grew by three percent around the Triangle coming close to the national average rent growth of 3.2 percent.

• They're higher than other areas in the state. our median rent is about $300 more a month than it is in the Triad area and Greensboro."

• Because the housing market is being driven by lack of inventory, people aren't happy with what's out there and instead are choosing to rent to see if conditions change.

In 2018, rent prices grew by three percent around the Triangle coming close to the national average rent growth of 3.2 percent (according to Avison Young)

According to some experts, our median rent is about $300 more a month than it is in the Triad area and Greensboro. The thinking is that folks are hesitant to buy a home because:

·       Home Prices have risen also

·       Mortgage rates have risen

·       Lack of inventory (though there are plenty of new construction options)

WHAT SHOULD YOU DO?

-        Contact me!  I have access to many avenues of research & will work with you to uncover all home possibilities

-        Be patient.  

-        Be fearless.  Stay the course.  I will use my strategic pricing experience to make sure that your offer is a good one.  However, don’t be upset if you don’t get the first property you bid on.  In my experience this means that there is a better house for you down the road.

Tired of paying your landlord’s mortgage?  Call me & I’ll help you purchase a house to call your home.

ARM: A Good Thing?

There are lots of mortgage options for home buyers today and lots of factors that go into the type of loan and rate you will receive.

Borrowers applying for adjustable-rate mortgages are asking for much larger loan amounts, raising concerns among housing analysts that ARMs are being used thoughtlessly—just as they were during the pre-recession housing bubble more than a decade ago.

The average size of an adjustable-rate mortgage increased to $688,400 last week, more than double the average fixed-rate mortgage—which is $280,900—according to the Mortgage Bankers Association. Experts say borrowers are attracted to ARMs for their lower introductory rates, but once they reset to market value after five or seven years, homeowners may no longer be able to afford them.  That's why it is very important to speak with a Realtor and mortgage expert before making a decision.

Last week, the average rate for a five-year ARM was 3.96 percent compared to 4.46 percent for a 30-year fixed-rate mortgage, according to Freddie Mac. The share of ARMs has been increasing, particularly in expensive markets. Economists are quick to point out that ARMs today are very different from the 2008 bubble-and-bust era. MBA Chief Economist Mike Fratantoni told MarketWatch that ARMs typically carry larger balances than fixed-rate mortgages because they help those struggling to afford an expensive home. “I think there is still a desire to use the product which is going to get you into the home, and then there may be an opportunity to refinance into a fixed-rate mortgage later,” Fratantoni says. Higher-income borrowers also may be more tolerant of the financial risks of ARMs, he adds.

Recap: 

• ARMs are more popular in expensive areas & on high-end homes.  
• Lenders are much more strict about issuing ARMs today than they were years ago 
• Buyers need expert advice on the type of mortgage and size of home that will fit needs & budget 

I, and my team of experts, are happy to answer all your questions.  Give me a call today!