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Cary Listed As Top 10 Housing Market For New Buyers
As a real estate agent, I subscribe to many newsletters and trade publications so I can analyze industry trends and compare them to our local market. As you have read many times before, The Triangle is expected to double in size between 2016 and 2026; we are constantly ranked as top places to move, to retire, etc. We are also in the news for potential companies coming to our area because of the amount of local employable talent already here. (Yea us for being smart and [email protected]!) Even if you haven't read about how much the Triangle is growing, you have probably felt it by the traffic on the road or the for sale signs in your neighborhood. Some think this is good because of rising housing prices and the growing tax base while other lament the old way of life. Whether you are pro or con for growth, you will be impacted by it.
One recent article sites Cary, NC as the 9th best city in the country for first time home buyers.
Having represented first time home buyers multiple times over the past few years, I am not sure I agree with the article. Some of what makes Cary a great place to live are: the proximity to great jobs and schools, bike paths, parks, and a wide variety of housing options. However, if you have been looking in the Cary market, you will see the competition is brutal, especially for first time home buyers. The "cat is out of the bag" and both first time home buyers and investors are trying to get into the market before interest rates creep much higher. Retirees find our climate attractive and as they downsize, their needs are often similar to the first time home buyer. The high demand has created a cost of living increase so those who already own homes in the market are finding it hard to find a place or reason to move. We are in a" sellers market" so being a first time home buyer means you need to come prepared. Here are some tips to make the process easier and get you into a new home.
1. Research: Find the area or neighborhood you want to live in. Research average costs of homes in that area with the criteria you want. Better yet, find a realtor you like and let her do the research! Having realistic expectations and the right budget to find what you want makes the process less disappointing. Doing the leg work ahead, can help save time and the emotional roller coaster.
2. Save: Purchasing a home is more than just qualifying for a mortgage. The federal reserve estimates closing costs -or cash you need to bring to the table (on top of the mortgage) is between 1-3% of the sales price of your home. Out of pocket expenses such as down payments, deposits, and inspections add up quickly and the burden lies on the buyer so make sure you have cash on hand.
3. Pre-Approval: Most sellers will not accept or even review an offer without a pre-approval letter from a mortgage lender. And their is no point in looking for a home that is not in your budget. Better yet, you may qualify for more than you think and thus can find that perfect upgraded kitchen or the bigger yard for Fido. Using a lender who is responsive and can answer your questions helps start you on the right foot for one of the largest financial decisions you will make.
4. Realtor: A good realtor uses skill, care, and diligence to help her clients find the home that best fits her clients needs. Explaining the process start to finish helps alleviate surprises during the process (which often carry big price tags). It is also important to get value for your money so making sure you are paying a fair price requires market knowledge. When negotiating the contract and repairs, a professional buyers agent represents your best interest. And of course, the rest of your life doesn't stop when you buy a new home so having someone manage the process and stay on track through closing is crucial to protecting your investment. Find someone you like and who you can work with. I would love the chance to help you. Click here for more info.
Melanie Jones is a real estate broker in Raleigh and the greater Triangle area who is known for her tenacity and passion. The key to her success hinges on one thing: people. Melanie starts every trans....
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As a real estate agent, I subscribe to many newsletters and trade publications so I can analyze industry trends and compare them to our local market. As you have read many times before, The Triangle