News

Median prices in NC

North Carolina Housing Market

$170K

Median Listing Price

$80

Price per Square Foot

$184K

Median Closing Price

more here: http://www.realtor.com/local/North-Carolina

If you’re looking to sell your home during prime house-shopping season this spring, you’d better get cracking now. After all, it’s not as easy as slapping an ad on Craigslist; if you want your humble abode to stand out from the competition, that could take months to do right. So, here’s how to whip your place into shape by fixing any problems and upgrading the eyesores. Because like it or not, your home has sustained some wear and tear over the years. Here’s how to assess the damage and find out which renovations will pay off down the road.

Read more here.

Home decor is all about reflecting your own personal style. It’s an opportunity to use your home as a blank canvas and paint a masterpiece that is decidedly you. And that style is never more apparent than in your living room—the spot where your guests gather and your personality is most on display.

We’ll never tell you to betray your decor desires in this room (or the rest of your home). But if you’ve gone nuts painting your living room in wild colors or spent thousands laying down Moroccan tile, bear in mind how potential buyers might perceive your choices.

See more here. 

Last week, the National Association of Realtors® issued its 2017 Aspiring Home Buyers Profile report. The report cites data from surveys taken in the third quarter of 2016 about down payments.

The report summarized that 39% of nonowners believe they need more than 20% for a down payment on a home, 26% believe they need to put down 15% to 20%, and 22% believe a down payment of 10% to 14% would work.

So on average, those nonowners thought a down payment would need to be about 16%. The reality? The average down payment on purchase mortgages in 2016 was 11%.

In fact, when we drill into the purchase mortgages taken out by people under 35, who represent the majority of first-time buyers, we see the average down payment was even lower, at just under 8%. In other words, aspiring first-time buyers think it takes twice as much to buy a home than it really does.

Perception, meet reality

But averages can be misleading, right? Especially when there is a wide distribution, like we observe with down payments. When we dig into what actually happened in 2016 we find that most young people buy homes with … less than 5% down. That’s less than one-third of what the average nonowner had assumed!

As with many things in life, the most correct answer to the question of how much you need to put down is “it depends.” There are a slew of important factors like who you are, your financial circumstances, the home’s location, and the price of the home.

It is possible to buy a home with a mortgage with no money down. VA and USDA loans are the most popular loans that offer the ability to put no money down. In 2016, 16% of buyers under 35 put no money down.

The largest share (36%) of loans for buyers under 35 in 2016 was for people putting down something less than 5%. The options there include loans offered through the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture, but also 3% down payment programs backed by Fannie Mae and Freddie Mac (aka conforming loans). And, of course, this includes the traditional 3.5% FHA mortgage that is primarily targeted to first-time buyers.

More than half of young people who successfully bought a home with a mortgage in 2016 put at most 5% down. The average dollar amount for these buyers was $3,500. That’s right, if you have #FOMO from your friends buying homes, the majority of them are putting down just a few thousand dollars.

How are they doing it? The aforementioned mortgage products (conforming, FHA, VA, and USDA) represent almost 99% of the mortgages to people under 35 in 2016. There is nothing exotic about this.

And it doesn’t require perfect credit, just fair credit. The average FICO was 713, and the floor we observed in FICOs (below which very few mortgages were made) was 639.

Put that all together and you can see that for the millennial dreaming of buying a home this year, you need a FICO score of at least 639 and enough money that you could put down at most 5%. If you live in a typical American town, what you need could be as little as $3,500.

That sounds a lot more attainable than most people think. The truth is out there! Take advantage of it. -Johnathan Smoke

When you wrap the covers around you at night, do dreams of townhouses, condos, ski cabins, and beach houses dance in your head? Do you fantasize about becoming the Trump of your town, but don’t know where to start in real life?
If you’ve got the dream and the capital, it’s time to start learning about the basics of investing in real estate. We’ll show you how to get the ball rolling!

Step 1: Hone your deal-hunting skills

Investment properties come in many forms: multifamily residential units, condos, single-family homes, and properties that have been converted into rentals. Finding available properties is as easy as searching real estate listings and hiring a Realtor®. The tricky part isn’t locating property investments, but figuring out which ones won’t chew up your bank account and spit it back out.

Read more here.