Oftentimes I get many inquiries from people that dream of home ownership but think that it is not possible for them. There really is no time like the present to buy a home. You may have heard that here in Charlotte NC it is a sellers market and the market is crazy. Though that may be true for some there are still lots of homes out there for the potential buyer to choose from.
HOME PRICES ON THE RISE
As a home buyer one wants to find that perfect home at fair market value, and a mortgage at a reasonable interest rate. Dreams of installing that fence in the backyard, updating the light fixtures throughout, window treatments in the master bedroom, all of those things to make a house 'your' home can be effected by choosing to sooner rather than later. According to a recent article on CNBC there is strong evidence that waiting to purchase a home may give you less bang for your buck as home prices are still on the rise.
For example, one of the most closely monitored housing price indices is the S&P/Case-Shiller composite, and as of April, 2016, its 20-metropolitan area index shows that Charlotte NC was up 4.26 percent from the year before and is still rising.
Oh the things that I can do with an extra $210 a month! I stopped into Starbucks last week and was feeling pretty good and stated that I hadn't been in that establishment for a while and that day I was going to splurge on a "Venti" whatever that was! The Barista looked at me and responded our largest size is now the "Trenta". For a split second I thought, "does that mean it's going to be an $8 coffee I hear people joke about?" The simple things in life have always made me happy so I said "Sure!" It was five dollars. Still a lot more than I would spend for a simple cup of coffee.
My point is that for you an extra $210 may mean splurging on upsizing your coffee every day, a college fund for your child, purchasing those shoes or that outfit you have wanting, a few extra dinner dates per month with a loved one, or simply more to save for a rainy day.
According to RentJungle the average price of rent for "all beds" in Charlotte has increase $210 from Feb/2105 to Feb/2106. So, If you have to pay $210 more for the same apartment as a year ago that equates to an additional $2,520 over a 12 month period.
THE DREAM OF HOME OWNERSHIP BECOMING A REALITY
Your dream of home ownership can become a reality but now more than ever the old adages are true that a buyer should have their 'ducks in a row' and 'the early bird gets the worm'. If you are looking to purchase a home within the next year, NOW is the time to begin the process.
My financial situation allows me to pay CASH, or I have already sold my home and I am looking for another...
If you do not need to finance a purchase of a home you will still need to speak to your banking institution and make sure that you have a recent "proof of funds" on their letterhead.
If you need to utilize the proceeds from the sale of a current home in order to purchase another, you will want to list your home for sale as soon as possible. See a good starting point for the value of your home here on my website where you can fill in information about your property and I will be in touch with you about what makes your home unique and different from your neighbors that might affect the price. Once your home is listed, offers come in and you accept an offer and go UNDER CONTRACT; you can utilize the contract for the sale of your current home as a 'contingency' and submit an offer on the next home that you purchase.
The Charlotte Housing Market is HOT! Click below &
I need a MORTGAGE to purchase my dream home and need to find the right lender...
One of the very first items to check off on your list if you will need to finance the purchase of a home is to talk to your lender and start that conversation NOW.
In regards to financing, most lenders can often pre-qualify a buyer within minutes. Be sure to shop around and find the right lender for you. Due to TRID regulations from the Consumer Finance Protection Bureau (see below for resources), the standard time frame that many lenders need in order to process your loan is a 45 day closing period. So if you are currently renting and in a lease and want to purchase, that 45 day close period may mean that you should start the home buying process months in advance. (You and your real estate professional should have found that perfect home and ensure that you are 'Under Contract' a month and a half before your rental lease ends) Also be sure to submit to your lender any documents that they ask for in a timely manner. You may feel that they are asking for everything but the kitchen sink but your lender has a vested interest in making sure that you reach your goal and remember, they too may not make any income unless your loan is approved through underwriting and the transaction goes to closing.
They do a lot of work within that 45 day period to make sure that all the 'ducks are in a row' and the "'T's' are crossed and I's dotted" in regards to your loan. So an open door of communication and them receiving documents in a timely fashion is crucial.
In North Carolina there is a 14 day extension built into the Offer to Purchase/contract. The idea is not to have to extend the transaction unless it is absolutely necessary. Your transaction has been scheduled with the closing attorney/title company in advance, your lease may be up, you may have already scheduled painters/contractors etc to do all those little things you have dreamt about and both you as well as the seller may have already scheduled the moving companies. A delay in the closing may be subject to what time slots are available in the closing attorneys/title company's schedules. That's not even the tip of the iceberg when it comes to you being at the whim of the moving company and your contractors schedules.
Finding the right lender can make or break a real estate transaction and you want to find one that you feel most comfortable with that you feel are 'on point'. If you need recommendations for a lender I can recommend those below to be of great character, hard working, and well organized.
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"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area.