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3 Reasons Why It Is the Right Time to Buy a Home in North Carolina

The timing for buying a home in Wilmington, Lake Norman, and Wilmington has never been better. Fall of 2017 is featuring a great market across our sales’ regions.  

Flat Fee Realty’s expert team of realtors have seen great real estate trends as we head to year-end. These trends lead the agents to believe that now is the time to buy!

Flat Fee Realty NC offers home seekers three reasons why a now is the time to buy a home before the end of 2017:  

  • Rising interest rates: It seems like mortgage rates are always rising. But, mortgage rates dropped quite a bit over the past 2 years which is now leading to a slight increase in mortgage rates. However, we can never predict where the rises will stop, so, it’s best to buy now.
  • Shrinking inventory of available homes: This is a problem across the United States, but it is tremendously more challenging in North Carolina. This is due to a growing economy and beautiful weather, and our schools and regional infrastructure. Our cities are ranked as top communities across the country. Families are coming here every single day, and our housing inventory is getting lower. There is quite a bit of new construction coming to help the problem in 2018, yet finding a home now with our help will get things settled for the new year.
  • Increasing home prices: It is the simple law of supply and demand. As the housing inventory in North Carolina lessens, the price of the remaining homes will slightly increase. Across the country, real estate experts are expecting a 2% to 3% price increase as we end 2017 and head into 2018.

There are many important reasons to purchase home this year. However, it may not be the right decision for everyone. If the time is right, contact our team at Flat Fee Realty and set up a time to ask any real estate question.  

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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.

Look for our new locations in Wilmington and Lake Norman/ Charlotte

Find us on Instagram!

The Future of Real Estate!

Flat Fee Realty

Triangle: 919 342 5230 

Lake Norman/ Charlotte: 704 659 3560

Wilmington: 910 225 7721

Find and like us on Facebook!

Contact Us

Terry@FlatFeeNC.com

Photo: Deposit Photos, 1707662

3 Important Impacts of Rising Mortgage Rates in North Carolina

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

Find us on Instagram!

The Future of Real Estate!

Flat Fee Realty

Triangle: 919 342 5230 

Lake Norman/ Charlotte: 704 659 3560

Wilmington: 910 225 7721 

Find and like us on Facebook!

Contact Us

Terry@FlatFeeNC.com


 

 

 

3 Options Everyone Should Know About Real Estate Appraisals

FFR- Jan 19 Pic- Stuart MilesMost Triangle-area buyers and sellers think that the purpose of a real estate appraisal is to determine the real value of the home. In reality, an appraisal is an important tool that banks and other financial institutions use to help them make lending decisions. An appraisal justifies the purchase price of a home, so a low appraisal can have an effect on the entire transaction. This situation can sometimes result in big problems for buyers and sellers alike.

Flat Fee Realty wants buyers and sellers in Cary NC and the surrounding Triangle to know the options when an appraisal threatens to affect a potential deal:

  • Appraisers sometimes err on the safe side: Appraisers are held to a high professional standard and can be held accountable for their opinion of a home’s value. In the case of foreclosure, the appraiser could be held liable by the bank for over-appreciation. To avoid this risk, appraisers may be conservative with their figures, sometimes leading to a too-low appraisal.
  • Appraisals can contain mistakes: Sometimes, an appraisal that’s too low to meet the loan requirements can be the result of a simple error. Incorrect measurements or a transposed figure during data entry are seemingly benign errors that can cost home buyers their loan.
  • Appraisers and agents work together: It’s usually in everyone’s best interest that a given transaction moves forward, and problems with the loan can be disconcerting for everyone. Many times, a good appraiser will contact a home’s listing agent (who knows the property inside and out) if the appraisal is low. Together, they can verify measurements, make sure every detail is listed, discuss comps, and otherwise work together to get the value up.

In order for a financial institution to proceed with a buyer’s loan, the home’s appraised value must meet or exceed the agreed-upon purchase price. When this doesn’t occur, the entire transaction is at risk. An experienced agent is a lifesaver when it comes to challenging low appraisals, or any of the other complex issues involved in buying and selling real estate.

Need assistance navigating the buying or selling process? Flat Fee Realty is here to help. Give us a call with your questions today!

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

The Future of Real Estate! 

Flat Fee Realty 

919 342 5230

Contact Us

Terry@FlatFeeNC.com

Photo: Stuart Miles, Freedigitalphotos.net