SIX STEPS TO BUYING A HOME IN 2013

Six steps to Buying a Home in 2013

 

Step Three – Select a Real Estate Agent

 

Buying a home can be time-consuming and stressful.  A good real estate agent can do much of the legwork for you and help to make the process fun and memorable.  Here in the Triangle, there are more than 22,000 homes available for sale.  That’s a lot of choice!  The key is finding the right agent who will respond to your needs. 

 

First, ask your friends who they used and if they were satisfied.   Beware of part-time agents who aren’t always available to you because they usually have another job.  Look for a full-time agent.  You want someone who is out there all day, every day and knows what is going on in the market.

 

Did you know that here in North Carolina, all real estate brokers work for the seller?  Until you sign a Buyers Agreement with them, that is – then they work for you.  A good agent will explain this to you and will review the required “Working with Real Estate Agents” pamphlet.  

 

Expect a home-buying education, not a scripted sales pitch. Competent agents help their buyers to think clearly as the home-buying process unfolds. For example, if a house is a good buy, your agent might suggest you look past the dated wallpaper and paneling and look at the space and structure instead. Likewise, a cute house with curling shingles and too much deferred maintenance may not be worth the asking price. Or if you decide to buy with the intention of building an addition, the agent should advise you to check the zoning before making an offer. 

 

Keep in mind:  agents here in NC cannot comment on what is a “good” neighborhood.  We cannot discriminate by family, race, color, national origin, sex, religion and must abide by Fair Housing Laws. 

 

When you have narrowed your choice to one or two agents, schedule time to visit with each of them and assess their personalities.   Determine their knowledge of the area and ask them questions about their expertise.  Happy customers = good referrals.  Ask for a list of referrals.  You will know that you have found ‘the one’ because you will feel comfortable with them.  This is important as you are likely to spend a considerable amount of time with that person.

 

Agree to sign a buyer's agency agreement after you have met with an agent. Some people sign an agency agreement after attending a showing given by the agent. Working with a seller's agent is a mistake -- any information you reveal will become leverage that the seller can use in a purchase negotiation. If you go to open houses, do not discuss anything with the agent there about your budget, moving timeline, or other financial information.  That agent does not work for you.  A buyer's agent is legally required to maintain your confidentiality, disclose material facts to you and maintain loyalty to you.

 

For this reason, if you call me and want to buy one of my listings, I will refer you to another agent so that there is no confusion as to who is representing whom.  Do you really think your agent can be fair and unbiased when their first obligation is to help the sellers get the best price for their home?

 

How is your search going?  Getting tired of sitting up late at night clicking through sites that have outdated information?  Wishing for the advice of a trusted and knowledgeable advocate?  Call me and let’s chat. 

Elizabeth
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
My LinkedIn Profile 
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Be Savvy…Call the Smart Realtor.  I’m never too busy for any of your referrals

Six Steps to Buying a Home

SIX STEPS TO BUYING A HOME in APEX, CARY, HOLLY SPRINGS, FUQUAY-FARINA, RALEIGH or anywhere in the TRIANGLE NC area

STEP TWO - PREPARATION

Though it may feel backwards, it is wise to shop for a mortgage before shopping for a house.  Actually, it is not only wise, but a letter of qualification is now required in our local real estate market to place an offer on a home.

You must be able to determine how much you can borrow, and in turn, how much house you can buy.  The amount of money you qualify for will depend on several factors including your down payment, credit history and your length of employment.  Based on information you provide, your lender can estimate how much money you can borrow before applying for a loan. This non-binding process is called “pre-qualifying”.  There is no obligation to use that lender, and there is no cost to you.  Don't let this be your answer when asked, "How much home can you comfortably afford?"

I DON'T KNOW

Your lender will also determine your credit worthiness by pulling your credit reports and verifying your credit score. With this information the lender can commit to lending you a specific amount of money, pending property details.  The lender will then provide you with a letter stating how much mortgage you qualify for. This process is called “pre-approval”. With a pre-approval letter, you can shop for a home with the confidence of knowing exactly how much you can afford.  The pre-approval letter also confirms to sellers that you have the financial ability to complete a purchase. Because pre-approval takes a closer look at your background and includes a credit check, it holds more weight with sellers than pre-qualification.

Your credit score will have a major impact on the entire purchase process, including the rate at which you can borrow money.  During this process, it is important to avoid any major purchases and/or lifestyle changes.  Too many times I have heard folks who, once they found out how good their credit was, run out and buy a new car, boat, or other item which then brings down their credit score!  These banks can be sneaky!

In today’s real estate market, it is not just recommended you get your loan in order first, it is required.  Sellers will only respond to offers that are accompanied by a letter of qualification from a recognized lender.  And, as homes are selling quickly, we cannot assume that the home will wait for you while you go & and figure out if you can afford that perfect home.  If it’s perfect for you, you can bet it will be perfect for others, too. 

 

Step Two may also be to contact your Realtor. I have some fantastic lenders who have been extremely helpful for my clients – here are a few you may want to check out. I recommend you contact more than one as not every lender has the same program. Some may have lower rates but higher closing costs and vice versa. They will help you figure out what plan will work best with your budget. 

REQUEST INFORMATION ON RECOMMENDED LENDERS

Did you know that 90% of Americans have some credit issue or ‘ding’ on their report?  Here is a company I highly recommend to help you get in financial shape.  And, they are not just for folks who have credit problems – they can help you get your credit score up so you may qualify for a better loan package, thus saving many thousands on the lifetime cost of your loan!  Again, no cost, no obligation -- can you really resits FREE?

 

CREDIT SERVICE SPECIALISTS 

 

So, have you completed Step One?  Ready for Step Two?  Can't wait for Step Three?  Get in touch with me today and I'll be happy to help!

 

BE SAVVY...CALL THE SMART REALTOR

Elizabeth Scott, Realtor, Broker

e-PRO, STrategic PRicing Specialist

Fathom Realty NC, LLC

919-306-9699

TheSmartRealtorNC@gmail.com

www.Elizabeth.FathomRaleigh.com

www.TrianglePropertyLines.blogspot.com

My LinkedIn Profile

 

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
My LinkedIn Profile

TRIANGLE REAL ESTATE MARKET AND HOME PRICES FOR DECEMBER 2012

Real Estate Market and Home Prices in the Triangle NC for December 2012 

Gotta love these numbers!  All indicators were that we were starting to round the corner in 2012, and now here’s the proof that recovery is well on its way.

Fourth Quarter of 2012:

- Home sales were up 31 Percent

- Pending home sales were up 36 percent

- Inventory remains low at only 1 percent increase from 2011

Months supply:

- 7 months in 2011

- 4 months in 2012

If this number is less than 3 months, there is an undersupply.  If this number is more than 10 months, there is an oversupply.  We reached an 11 month supply number in 2011.  That was a painful time.

December median prices in the Triangle were up 2.7 percent to $190,000.  Average home prices in the Triangle increased 2.8 percent to $228,801.

Housing affordability is at 203, up 6 percent from last December.  What this means is:  if the affordability index was at 120, that would mean the median household income was 120 percent of what is necessary to qualify for the median-priced home at the current interest rates.  A higher number means greater affordability.  I hate to sound like a broken record, but this has been the best time in history to buy a home!

The 2012 Triangle housing market ended strong with sales increasing dramatically, inventory of available homes shrinking, home prices increasing steadily, demand rising, and unbelievably low interest rates which made for a record year.  This trend will continue into 2013, with a stable market not seen since 2008.

So why are you continuing to sit here and read this?  Get up & give me a call!  Credit issues – I’ve got the perfect solution for you.  Make your first action of 2013 to check your credit rating and then get it fixed so you can stop paying high rents and build your own equity through home ownership.   

Elizabeth

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

Be Savvy…Call the Smart Realtor

SCHOOL ASSIGNMENT TIME FOR WAKE COUNTY

All the information you need on Wake County school assignments for the 2013-14 school year

Notice of school assignments for the 2013-14 school year will be distributed to students on Monday, January 7, so be sure to check your child’s backpack.

Assignments for next year allow students to “grandfather,” or stay at their current schools with their current level of transportation, unless the student has been assigned to one of our new schools, or the student is entering 6th or 9th grade. Rising 6th- and 9th-grade students have received assignments for their base schools.

Want to move to your base school for 2013-14? You must participate in the Base Declaration Period.  Base Declaration Period begins January 7 and ends on January 14.  Assignments will be sent January 21.

Students who are not currently attending their base schools may request to be assigned there during the upcoming Base Declaration Period from January 7-14. These students will have guaranteed seats at their base schools in 2013-14 unless the school has reached its maximum capacity and has been capped.

Check here to see what schools have been capped

To request assignment to a base school, parents must submit an application online between January 7-14. In order to apply online, parents must have their child’s NC WISE identification number. (Lost the number? Check with your child’s school.) Parents may also visit their base school or the student’s current school for assistance with submitting an online application.

Have a rising kindergartner? Register beginning January 7

Parents may pre-enroll their rising kindergartners beginning January 7 at their assigned base schools. To view the school assigned to their address, go here 

How to enroll:  In order to attend kindergarten, children must be 5 years old on or before August 31 of the current school year. For complete registration information and locations and a list of what to bring, go here 

For all forms needed for rising kindergartners or new students to the system, go here:

UPCOMING EVENTS:

On February 7, many elementary schools will host open houses, tours or information sessions to allow parents of rising kindergartners to learn more about their schools and enroll.
For more information, check out the school’s website. View the WCPSS School Directory 

STAY INFORMED:
Parents with rising kindergartners are strongly encouraged to sign up for WCPSS email alerts with announcements and deadlines for the enrollment process. Sign up now.

Thinking of moving?  Give me a call -- I'll be happy to help and answer all your real estate questions.

Elizabeth
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

Be Savvy…Call the Smart Realtor

THE TRIANGLE EXPRESSWAY-PHASE III OPENS THIS WEEK!

The Triangle Expressway – Phase III Opens this Week.  Helpful information and status on the next leg can be found right here.

Phase III of the Triangle Expressway from U.S. 64 in Apex to the N.C. 55 Bypass in Holly Springs will open Thursday, Dec. 20 at 6 a.m.  This section, called the Western Wake Freeway, is part of the Triangle Expressway (also called Route 540). 

While the road will be open to traffic, tolling on the gantries (the electronic devices that capture your license plate and/or transponder information) from U.S. 64 to N.C. 55 will not begin until Jan. 2, 2013. These gantries are located at Old U.S. 1/Salem Street, U.S. 1 and N.C. 55 Bypass.   For more information on where to get the transponders, click here:  https://www.myncquickpass.com/en/home/index.shtml

“We are proud to have completed the road ahead of schedule,” said Turnpike Authority Director David Joyner. “These three new tolling gantries will not be fully operational until Jan. 2, 2013, but the road is ready so we encourage motorists to begin using it.”

The Triangle Expressway is a toll road and all motorists are reminded that the gantries on the first two sections are fully operational. Anyone who uses the first two sections of the road will be charged either via mail or NC Quick Pass account.  For info on toll cost & other FAQ, click here:  http://www.westernwakeinfo.com/frequently_asked_questions.html

For information about the Western Wake Freeway project -- a section of the Triangle Expressway, North Carolina's first modern toll road—visit www.westernwakeinfo.com.  If you need to contact the Turnpike Authority, you can reach them at: 

NORTH CAROLINA TURNPIKE AUTHORITY

1578 MAIL SERVICE CENTER, RALEIGH, N.C.  27699-1578

TELEPHONE: 919-571-3000    FAX:  919-571-3015

NCDOT reminds motorists to watch signs for construction information, stay alert and obey the posted speed limit.

For real-time travel information at any time, call 511, visit www.ncdot.gov/travel or follow NCDOT on Twitter. Another option is NCDOT Mobile, a phone-friendly version of the NCDOT website. To access it, type “m.ncdot.gov” into the browser of your smartphone. Then, bookmark it to save for future reference. NCDOT Mobile is compatible with the iPhone, Android and some newer Blackberry phones.

 Source:  NC Department of Transportation

Plans are still being hotly debated on which route will be used to complete the Triangle Expressway.  This section, called the Southeast Section, would connect Holly Springs to the road’s beginning in Knightdale, thus creating an “outer loop” connecting the suburbs to RTP, Raleigh, and each other.

As I’m sure you’ve been hearing, the Federal Government has withdrawn funding for this portion as they want to use the “red” route which Garner town officials oppose as it would cut through the center of town.  I'll keep you posted with updates on outcomes and any decisions.  Here's an overview of the area under study:

This new road will have an effect on the value of your home.  If it is nearby, your home value may increase; if it is right in your backyard (or worse, eminent domain is put in effect) your home value may decrease.  You need a knowledgeable and caring real estate expert to make sure you have all the facts  you need to make an informed decision.

Have questions?  Let me know and I’ll do my best to get you the right answer: 

MERRY CHRISTMAS!

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

Homes Sales for November in the Triangle, NC

HOME SALES IN APEX, CARY, HOLLY SPRINGS, FUQUAY-VARINA, RALEIGH AND ALL OVER THE TRIANGLE, NC.

This November, there was a lot to be thankful for.

Home buyers were thankful for historically low mortgage rates and still-affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery.

Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism. Here's the scoop on home sales in our area:

   - Pending Sales Increased 24 percent to 1,833
   - New Listings Decreased 3.6 percent to 2,221
   - Inventory levels Decreased 22.9 percent to 11,887
Prices are up!
   - Median Sales Price Increased 6.5 percent to $197,574
   - Days on Market are down (again!) 12.1 percent to 114 days
   - Absorption rates improved:  Months Supply of Inventory was down 35.1 percent to 6.1 months.

 Here's what we need in order to continue our upward trend in the coming months and year ahead:
  - Better market conditions (eg, higher demand and lower supply)
  - Improved market composition (eg, lower numbers of distressed properties)
  - Jobs!  More hiring and less unemployment

On a personal note, I have much to be very grateful for.  I love helping my clients buy and sell their homes.  I love how they let me into their lives and their happiness is my happiness.  Things are much more stable now and this dream is still possible for those who are willing to work and qualify for it.  I have wonderful resources, including a credit repair specialist who can help you get in fiscal shape for 2013 for a very reasonable rate.

Ready to buy?  Ready to sell?  Things are getting busy -- call me soon!

Be Savvy...Call the Smart Realtor

Search for Homes Now


Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist
The Smart RealtorFathom Realty NC, LLC
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com