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Is Now a Good Time to Buy a Home?

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Is now a Good Time to Buy a Home?

Real estate has been a big topic within the past few months and seems to be a part of nearly every conversation you overhear and is even being discussed in many news outlets. With the current global pandemic, unemployment at an all-time high, business closures and social distancing, there are many people who are facing the question, should we still be buying a house? While the process in itself may be different, luckily now is actually a great time to buy and many people are starting the home buying process.

Contrary to what some may believe, surprisingly the housing market is booming. The amount of both loan and refinancing applications have nearly doubled as buyers and homeowners try to take advantage of the current interest rates. Across the country we are seeing lower interest rates than we have seen in the last 50 years, making it reasonably understandable as to why so many people are still deciding to move forward with purchasing a home despite COVID-19. Renters who have been on the fence about buying are suddenly back in the market and ready to commit, millennials who were “waiting” for a market crash are now purchasing homes, retirees are purchasing their dream home, families are purchasing the perfect homes to raise their children, across the board, more homes are being sold now than prior to the pandemic and at a much faster rate.

More: How to Buy a House During a Pandemic

Another common fear currently circulating our media is the risk of purchasing a home that will instantly crash in value and turn you upside down in your loan. While there is no way to say with complete certainty if this will happen or not, there has been a steady rise of home prices and valuation in nearly all states. With the current market, it is expected that the home values will continue to rise offering buyers nearly immediate equity with their purchases.

While many people are wanting to take advantage of the current interest rates, the standard approval process is still intact and specific standards need to be met. Regardless of the rates, they are only available for those who qualify and are not being given to every applicant. Those with bankruptcy, poor credit, large collections, late credit card payments, foreclosures and evictions, may have a hard time gaining approval from a lender. Now is a great time to start monitoring and improving your credit if needed so that you can work your way toward owning a home with a locked-in rate for the term of your loan.

More: Top 10 Things First Time Home Buyers Should Know

With rates at an all-time low, a hot market, and the expectation for home values to rise, there has never been a better time to buy a home.

 

Top 10 Things First Time Home Buyers Should Know

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Buying a house is a huge deal especially when you are buying your first house. This a major and exciting purchase not to be stepped into lightly. It is best to know everything you can about the home buying process and the current local market before you make that big exciting purchase.

Here are some key things that are important to know when purchasing a home:Top 10 Things First Time Home Buyers Should Know

  1. What is your home budget/ What can you afford?- The spending limit of what you can afford and what the bank will approve you for can be two different things. In some cases the bank will pre-approve you for a number that will stretch your budget to its tightest point or even maybe go over it. It is wise to sit down and calculate your current monthly expenses minus rent and utilities you are paying for. Think of items like groceries, kids sports programs, insurance, vehicle payments, internet, gas, etc. Calculate all these expenses and then subtract them from your monthly income don’t make the mistake of stopping on this number as what you can afford now you need to subtract some money to put into savings for emergencies and home repairs/upkeep. Now you have a good number of what kind of payments you can afford to make on a home.
  2. Pre-Qualified or Pre-Approved?- these are two very different things and many times first time buyers go out shopping with pre-qualification thinking that the number is locked in when it is not and the number drastically changes when officially doing paperwork. Pre-Qualification is an educated unofficial guess of what you may be eligible for pre-approval is what you want. In the pre-approval process your credit score and debt to income ratio are checked giving you a more solid number and a better bargaining tool when you make an offer.
  3. Credit Score- Find a company that will give you a free copy of your credit report. Yes the mortgage lender will pull a copy when obtaining pre-approval but it is good to know what is on your report before applying and shopping for homes. If there is any incorrect information on the report it is easier to get it fixed before the loan process than when you are in contract on a home.
  4. Top 10 Things First Time Home Buyers Should KnowType of Mortgage-Mortgages and financial jargon are confusing to a large number of us. It is very important that you ask every question you can possibly think of to know what mortgage is best for you. A great broker will make sure to ask plenty of questions to get to know your financial situation and find the best loan for you. Factors that will determine the best mortgage for you are; your current financial situation, if you financial situation will change over the next five years, if your income is steady or fluctuates, and how long you plan to stay in the home.
  5. Documents Needed- when applying for a loan they will want to look at: W-2’s, pay stubs, bank statements, list of assets
  1. Reasonable Offer- it is important to have a reputable buyers agent on your side. They can help you save money and know just how much is a fair offer on a home. They know the current market and many owners have listed homes above market value. You don’t have to offer list price to purchase a home. They can also advise you should you enter a bidding war or counter offer.
  2. Inspection- this is one of the most important parts of buying a home. Just because a home looks good to the eye does not mean it is in perfect condition. Many homes loans put in an inspection contingency for a reason. Always pay the money and get a home inspection you don’t want to find out there is a huge problem you are stuck fixing all on your own that you didn’t know about.
  3. Purchase Agreement- this is the offer that you write up. This includes what you will pay for the home, any contingencies, and anything that you would like to see stay in the home like appliances or even the owners kitchen table. It also states who pays what amount of the closing costs, how much earnest money is being paid, commission that goes to agents, etc.
  4. Insurance- to get approval for your mortgage you will need to contact an insurance agent and secure home owner’s insurance sometimes this cost can be added into the mortgage payment.
  5. Closing Costs- one of the top questions asked by buyers is “what are closing costs?” Closing costs are the cost of putting together closing documents, taxes, and signing agent to make the purchase of the home official. This cost should be included with you pre-approval papers.

For more helpful information on the home buying process or Sunset Beach NC real estate please browse our website or contact us.

How to Buy a Home During a Pandemic

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How to Buy a Home During a Pandemic

Buying a home can be stressful even when everything is smooth sailing, unfortunately, with the current pandemic, many home buyers are facing uncertainty and wondering if they should continue their search or simply wait until life returns to “normal.” Luckily we live in a world run by social media and virtual reality, both of which can work to your benefit when searching and even purchasing a home.

Can you purchase a home site-unseen?

How to Buy a Home During a Pandemic – With our current situation, home buyers are urged to purchase their homes sight unseen and to most just the sound of that is terrifying, however, we live in a time where even if you aren’t physically able to step through the front door of a home, tours are still available, virtually!

Take advantage of virtual tours and 3D photos as they provide a peek into what your new home could look like. Many agents are currently still working around the clock to find their clients the perfect homes and thus in addition to virtual tours you can even discuss the possibility of setting up a video call with your agent. Video calls allow you to “walk” homes with your agent and have them stop in areas you want to take a closer look at, ask questions, and truly feel as if you are walking through the home for yourself.

Details Matter

Make sure to pay attention to the details. When reading descriptions of homes, make sure to try and pair listing photos with descriptions as it is very easy to use colorful words to make a not so great feature sound amazing. The worst thing that could happen is to judge a book by the cover and not match up the content inside. Nobody wants to purchase a home with a “perfect breakfast nook” only to find that it means there is no true dining room. These are easy mistakes to make, but even easier to avoid. More: Other Mistakes to Avoid When Buying

Communication is Key

One of the most important keys to remember when purchasing a home sight “unseen” is to communicate freely and openly with your agent. Having an agent you trust is vital in your success. Most agents are willing to work with you to make sure that you end up in the perfect home, regardless of how much “extra” work that may require them. Listing photos can oftentimes be photoshopped, brightened, stretched, and altered in more ways than you could count. An easy fix to make sure that what you see truly is what you get is to ask your agent to take a few photos for you of main rooms or desired features so you can compare the two photos side by side. This allows you to get a feel for how the space will feel without being doctored up and made to look picture perfect.

Everything Online

Even after finding a home much of the purchasing documents can be completed from home as well. DocuSign is a digital signing program that allows you to sign your purchasing documents digitally from home. You can access DocuSign from your email with a registered pin that is provided to you by the mortgage lender of your loan. While there may be a few documents that require a notary, knowing the majority of the heavy lifting can be completed from home takes a huge weight off of everyone’s shoulders. When using DocuSign, remember to read through the documents carefully, signing digitally is as easy as 1,2,3 so it is common to forget the severity of the papers you are signing.

More: 7 Questions to Ask at an Open House (Even Virtual Ones)

In a world filled with media, now is the perfect time to buy a home, regardless of if you are unable to tour them in person. By using technology to your advantage, this could end up being the best home buying experience of your life, especially because it can all be done in your pajamas with a nice hot cup of coffee by your side. Sit back, relax, and enjoy virtually touring and even purchasing what could be, your next home. How to Buy a Home During a Pandemic

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Sunset Beach Homes with Access to Intracoastal Waterway

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Sunset Beach Homes with Access to Intracoastal Waterway

Sunset Beach Homes with Access to Intracoastal Waterway – Our Intracoastal Waterway runs all the way from Winyah Bay to Cape Fear River but really the Intracoastal Waterways run all up and down the East Coast. This 3,000 mile inland waterway consists of natural inlets, saltwater rivers, bays, sounds and canals. This navigable route along it’s length opens to the sea in several places but really protects these inlands from travel on the open sea. 

In Sunset Beach, the Intracoastal waterway splits the town in half. We have so many inlets and sloughs that a waterfront home is pretty standard but there are homes that are specifically on the waterway, the majority of these are on the north side (west side) of town. 

The 5 Best Things About Living on the Intracoastal Waterway

 The Intracoastal Waterway stretches from the Oyster Bay golf link the highway 904 in Sunset Beach.  Shoreline Drive runs east and west directly through town parallel to the waterway. There are many homes off of this main road with large, long docks stretching out into the waterway.  There are many lots still available as well for custom building if you’re looking to build your dream home on the waterway. Half acre lots are around $80,000 – $600,000. Quite a range, yes, but it all depends on utilities, view, and accessibility.

Existing resale homes or between $400,000 and $850,000. Most of these waterway homes feature beautiful views and boaters or fisherman’s paradise. Select homes feature a 200 foot to 300-foot pier over waterway with covered fixed dock and floating dock, boat lifts and aluminum ramp. 

Related: Why it’s important to use an experienced waterfront Realtor®

Also, most of these homes sit on lots of at least 1/3 – 1/2. Many are over 1 acre. The more land, obviously higher costs but much of the land tends to be marsh leading out over the waterway. 

Not all homes have docks, however. Many are simply waterfront properties and work well for those that appreciate the view but have no desire to maintain a dock or water vessels. 

For a complete list of homes on the Intracoastal Waterway, please contact us today!

Browse all Waterfront and Waterview Homes for Sale Below

 

 

“Oceansunset” by IraEskins – Own work. Licensed under CC BY-SA 3.0 via Commons – https://commons.wikimedia.org/wiki/File:Oceansunset.JPG#/media/File:Oceansunset.JPG

How Much Can You Ask for in a Real Estate Contract?

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How Much Can You Ask for in a Real Estate Contract?

Are you one of those people that like to push the envelope? If someone gives you an inch do you try to take a mile? Well, when it comes to devising a real estate contract, it can be a slippery slope. It’s a fine line between asking for the right amount and asking for too much. We often say on home inspections that if you ask for everything you’re likely to get nothing. But, how much is too much? How much can you ask for in a real estate contract?

What’s in a real estate contract?

There are dozens of components that make up the purchase and sale real estate contract. In addition to the description of the property, rights, and obligations, asking price and conditions of closing as well as personal property additions, buyers have the option of pretty much asking for anything. Of course, a seller can reject the offer or counter the offer if it doesn’t meet their standards of appropriation. However, asking for too much might be insulting to a seller negating the entire process and having to start over.

Can you ask for personal property?

Yes! You can literally ask for anything that the seller owns to be included with the purchase of the property. Love that couch or armoire? We can add it to the contract. Even vehicles can be added, however, this is not common and should be navigated delicately. Asking for a piece of furniture to be included with the price can be flattering, but can also add a little bit of tension if the homeowner has no intention of selling personal property.

Can I lowball an offer?

While sellers will still think this is insulting, a lowball offer isn’t necessarily damaging. The cello will most likely counteroffer with a higher price but yet lower than asking price. Keeping emotions at bay will make the process a little bit easier as we navigate the back-and-forth of the real estate contract.

Can I move in before closing?

This is also something that can be negotiated although it is extremely uncommon. If something should fall through at the last minute and the buyers have completely moved in, it could be a hassle getting them back out. We recommend that everyone waits until the transaction has completely closed before buyers move-in or even receive the key. However, sellers can do a rent back program where the buyer actually rents the property for a few days or even a few weeks before closing paying the seller rental fees or adding it to the down payment of the house. This should be negotiated between experienced real estate agents and potentially real estate attorney.

Can I ask for money back at closing?

If sellers are unwilling to complete some repairs they may offer cashback at closing to take care of the repairs. But, this isn’t as simple as handing over cash at the closing table. This must be negotiated and the seller can either come down on the asking price or the seller can give the buyer a lump sum at closing through a seller credit. Related: What to know about buying a fixer upper

We have seen common and strange items being negotiated into real estate contracts over the years including pets. But, just about anything can be negotiated so talking through these items with your real estate agent and the listing agent can help everybody come together on the same page and get the deal done.

Have more real estate questions? Never hesitate to contact our office at any time.

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Things you may love about a home now but hate later

What is Home Buying Power?

Things You May Love About a Home Now But Hate Later

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Things You May Love About a Home Now But Hate Later – When we are shopping for a home we can get all dreamy and excited about finding all of the things we want on our list in a home, and maybe some extra style features we didn’t expect to fall in love with. All of a sudden we are falling hard for a home and putting in an offer anxiously hoping the seller accepts our offer because “we have to have that house.” Things You May Love About a Home Now But Hate Later

Sometimes, when we develop a love for something the romance can fade and home features we thought we would love aren’t really our favorites. We may even wish we had the time and/or money to renovate and make them different.  

Before you begin home shopping, check out this list of things many homeowners think they want in a home and later wish they had something a bit different.  

  • Wide Open Floor Plan

Upon reading the bullet point, this one may get some people fired up. Maybe you are asking, “what would possibly be wrong with an open floor plan, it is great for entertaining, or being able to see everything while cooking in the kitchen.”  

Keep in mind the bullet says WIDE open floor plan. This would be a home where all of the main rooms are one wide open space. The reason some homeowners are looking to put in walls in their open floor plans is the lack of privacy and the noise. If you have older kids that want to invite friends over they may not enjoy the rest of the family being in the same room. If you want an open floor plan we suggest looking for a home that has other multi-purpose/multi-use rooms on other floors that allow family members to do other things or have more privacy.  

On a design note: Large open spaces require larger furniture and artwork, which is more expensive. 

  • Upstairs Laundry Room

Upstairs laundry rooms seem so amazing because they sound convenient and easy. No more lugging large piles of clothes up and downstairs from the bedrooms to the washer and dryer.  

Upstairs laundry rooms generate a lot of noise throughout the rest of the house. Many upstairs laundry rooms end up getting moved down to lower floors because people do not enjoy hearing little other than the washing machine through the house when it is running.  

  • Designer Sinks 

Pedestal sinks, bowl sinks, and vessel sink all add stylish appeal to a bathroom, but when it comes to using them in your day to day routines, they are no longer so glamorous.  

The height of bowl sinks can make them awkward or hard to use especially if you are washing your face or your little one needs to brush their teeth. They look glamorous in home magazines and makeover shows, but the ease of use in everyday life is more difficult. They can also take more effort to clean, especially those really fancy clear glass ones.  

Pedestal sinks are pretty and add to certain design aesthetics, but they are tiny. There is no counter space for products and no storage underneath for products or cleaning supplies.  

These types of sinks are not practical for primary bathrooms, they are better suited to a small guest bath. Keep this in mind when home shopping.  

  • Hardwood Floors in the Wrong Rooms 

Hardwood floors are beautiful and last a long time, as long as they are in the right room and finished with the right sealant. Kitchens and bathrooms really should not have hardwood floors in them. They will take a painstaking amount of work to keep them beautiful. 

Hardwood flooring in any room of the house really should have a proper coat of protective finish applied to it. So if you are in love with a home that has hardwood floors make sure you know they have been properly cared for and are not installed in rooms where it just doesn’t make sense. A better solution for these spaces are tiles made to look like hardwood. This way there is no worry about moisture and extra wear.  

Are you looking for the perfect home in Sunset Beach or the surrounding Brunswick County area? I would love to help! 

More Valuable Tips for Home Buyers:

Buying New Construction? Don’t Make These Home Buyer Mistakes

Unexpected Issues You May Find When Home Buying

How to Sweeten the Deal in a Multiple Offer Situation

The Basics of the Home Buying Process

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