Month: July 2017 | Independent Triangle Real Estate Broker | Raleigh, Cary, Durham, Apex, Chapel Hill NC

Rent and lease prices are on the rise across the nation, and it is the leading cause for the increase in first-time home buyers here in the Triangle and across the United States. According to Zillow’s 2016 Consumer Housing Trends report, 50% of buyers are under age 36, and 47% of them are buying for the first time. This means there are an array of buyers in the market who need guidance from the local area experts, Flat Fee Realty NC.

Everyone knows that one of the biggest factors associated with buying a home is money. Buying a first home can be expensive, risky, and it can leave North Carolina homebuyers wondering if they’re making the right decision. Luckily, homebuyers in Wilmington, the Triangle, and Lake Norman have the expertise of Flat Fee Realty’s knowledgeable team of agents that are willing and ready to help buyers plan their financial investment in the right way.

Flat Fee Realty shares three important financial tips that are most important to first-time home buyers in North Carolina:

Assessing geographic considerations: It’s all about location, right? Without proper planning, buyers may find their closing costs will skyrocket due to the applicable taxes in a specific area. The rates can vary across street names, so it’s best for buyers to be aware of the rates in their target locations and plan for them.
Avoiding Private Mortgage Insurance (PMI): Most mortgage lenders prefer a 20% down payment on a new home. If buyers offer something less, they are likely forced into other fees instituted to protect the lender; this situation can include private mortgage insurance (PMI). A full down payment will help to reduce interest rates on the loan overall and avoid the extra monthly fee associated with PMI.
Making sound financial decisions: No one can truly predict the future, and there may be potential financial benefits ahead for a first-time home buyer that might convince them to shop out of their budgeted price range. However, anything can happen, and it’s best to not count on money that might not be there in the future. First-time buyers should be realistic about what they can afford need to stay within predetermined means.

Buying a home for the first time is a huge investment; and Triangle, Lake Norman, and Wilmington buyers deserve a local dedicated team on their side. Our agents at Flat Fee Realty can help first-time buyers plan their finances and make sure nothing comes as a surprise. Contact us today to see how we can help!

This post on selling and buying a home in North Carolina is brought to you by the team at Flat Fee Realty LLC and is intended for informational purposes only.

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There are a number of housing trends in the Triangle, Lake Norman and Wilmington markets to track in 2017. One major factor is the mortgage rate, which will continue to have an impact on the housing market overall across the entire state.

Luckily, our homeowners and buyers in our three markets have a dedicated team of professionals working hard to stay on top of mortgage rates and more. Our experienced agents at Flat Fee Realty are transparent about the potential impacts the rising mortgage rates will have, and we’re dedicated to ensuring that home buyers and sellers are knowledgeable of the market shifts.

Flat Fee Realty offers three important impacts that rising mortgage rates will have on the North Carolina real estate market:

Mortgage affordability: Buyers have been able to secure historically low rates for the past few years, but since the national election in November, the rates have increased and we may see more increases throughout 2017. Since income hasn’t increased in tandem, this leaves homeowners making slightly higher monthly payments than they did last summer.
Lower inventory: Since current homeowners have lower fixed rates, it could be less appealing to sell a home and refinance or take on a new mortgage. This will potentially lead to fewer houses listed on the market, which will in turn make home buying a little more challenging. Working with a Flat Fee Realty NC agent is very beneficial for buyers who need guidance and access to more properties that could otherwise go unnoticed.
Housing appreciation. According to Zillow, home values did increase by 6.8% in 2016, and they’re projected to rise 4.6% in 2017. So, with increased home value, buyers will be faced with borrowing a little more and at slightly higher rates. Again, our agents will help navigate the shifting market and give homeowners and potential buyers peace of mind in 2017.

Although things may look uncertain for the Carolina housing market this year, there’s no need to worry if our Triangle, Lake Norman and Wilmington residents are working with our local teams at Flat Fee Realty. Despite the increases, we’ll be here to guide our homeowners and buyers throughout the process, ensuring they are aware of all current market trends. Contact our regional office in Morrisville NC today to see how we can help find an affordable home at the right price.

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Photo: Flat Fee Realty NC

This real estate blog post on mortgage rates and home buying and selling in North Carolina is brought to you by the team at Flat Fee Realty LLC, and is intended for informational purposes only.

Check out our new locations in Wilmington and Lake Norman/ Charlotte