May 8, 2013 Leave a Comment

How Do You Know How Much To Offer For A Home?

Many First Time Homebuyers are frustrated by the current real estate market in Raleigh and Cary because they are being outbid in situations where there are multiple offers. The fact is, in some price ranges in the Raleigh Metro area, there’s not enough homes on the market.  Multiple offers are an economic reaction to low supply and high demand. Rather than being discouraged by competition, gather key information and plan your strategy.

How Do You Know How Much To Offer For A Home?

Begin with a careful analysis of VALUE, not PRICE. Many years ago, an appraiser told me that Price is what someone pays for a house… but VALUE is what they get.  All list prices are not created equal! Some agents are known for pricing below market value to encourage multiple offers. Because of the current demand in some price ranges, there are a few banks in our area that will price their foreclosed homes in Raleigh at absurdly low prices relative to market value.  Why are they doing this?  Because they want to receive multiple offers and get a higher price!    [Read more…]

Filed Under: Buyer FAQs
Home Buyers – Winning The Bid On Your Home In Raleigh
May 6, 2013 Leave a Comment

Home Buyers – Winning The Bid On Your Home In Raleigh

The Raleigh Metro Real Estate market continues to be strong and with low inventory, shortened days on the market, and lots of buyers multiple offer situations happen every day.  Of course, the Real Estate market is local – so you might find that the best neighborhood in Raleigh is already moving to a multiple offer situation – and the best neighborhood in Holly Springs (for example) is completely different…

As a buyer it can be frustrating when your offer isn’t the one the Seller accepts.  Not having an offer to purchase a home in Raleigh “selected” can even be downright discouraging… especially when it happens more than once.

Price is and will remain the biggest factor but, when a seller is looking at multiple offers the small details pack a powerful punch. [Read more…]

Filed Under: Neighborhoods Cary
First Time Homebuyer Programs
May 1, 2013 Leave a Comment

First Time Homebuyer Programs

First Time Home Buyers

One of the most challenging obstacles to buying your first home is saving enough money for the down payment and closing costs. By definition, first time home buyers do not own a home and therefore must currently be renting. How can you pay rent and save for a down payment at the same time? For many people, it is virtually impossible.

The state of North Carolina provides incentives – mostly financial assistance – for its residents who are first time home buyers and need help with the down payment and closing costs. The agency in North Carolina that provides assistance to first time home buyers is The North Carolina Housing Finance Agency.

In North Carolina, there are no outright first time home buyer grants available, but there is one program that is very close: The American Dream Downpayment Initiative. First time home buyers can get up to $8,000 for use toward the down payment and closing costs. This is actually a loan, but carries no payments and has a zero percent interest rate. The $8,000 doesn’t have to be paid back for 30 years. In effect, you are getting a grant of the value of interest on a $8,000 loan for 30 years, which at 7% interest rate, amounts to over $9,700 in interest that you would save.

There are also many local First Time Homebuyer Programs:

Cumberland County First Time Homebuyers Program (FTHB) (910) 323-6112

Durham First Time Homebuyers Program (FTHP) (919) 560-4570

Orange County HOME Down payment Assistance Program (919) 644-3056

Raleigh Down Payment Assistnace Program (919) 996-4330

Wilson County Affordable Home Ownership Program (252) 399-2230

 

Filed Under: Buyer FAQs Tagged: ,