News

New Home for 2012?

Posted: December 22, 2011

There are millions of people who have a goal for 2012 that includes building a new home.  They know that home prices are affordable, they’ve looked at all of the foreclosed homes that need TONS of repairs… and they know that for them, the best option is a NEW home.  One that has enough room across the bedroom wall for their antique dresser, or has a little step built into the cabinet in the bath for the little ones to use!  A home that has THEIR kitchen…

If you are one of those goal setters – there are a few things you might want to start doing NOW to make that dream happen – and you don’t have to wait for New Years!

On your checklist, you should definitely include these 3 things:

1. Check your credit.  Unfortunately, the free credit reports you can get annually will not give you the full picture that you need to purchase a home.  Mortgage Credit reports take a little more into consideration, so it’s best to talk to a lender and get them to go over your report with you.  Together with the loan officer, you can catch and correct any items that need attention.

Go over mortgage plans.  You can read a bunch of articles about mortgages and get yourself pretty far down the path toward qualifying for a home loan, but you can only get a personalized action plan for a smooth road ‘home’ by talking with a local mortgage broker and having them assess your basic financials. They might say you need to move funds around, pay a bill down or off or produce some sort of documentation from your employer. And the time to start all that is now.  There are several first time homebuyer programs available through NC Housing Finance Agency, and we’ll be glad to refer you to a lender who offers these programs.

2. Do your research.   People moving to the Triangle, don’t know if they want to live in Apex, Cary, North Raleigh, Holly Springs.. so go look at the neighborhoods.  Look at the areas AROUND the neighborhood, and ask yourself if living close enough to walk to Community Centers, Arts, Shops and wonderful Resturants is important!  (we think so too!)

Look at neighborhoods in all parts of the Triangle.  Once you narrow things down and start speaking to local agents, ask them to brief you on the local market dynamics, including how long homes typically stay on the market and whether they generally go for more or less than the asking price, so you can be smart about how you search.  You want to be certain you are looking at both the New Home Prices in that area – and the Existing Home Prices in the area.  (And yes, Virginia, there are areas where homes sell for more than asking, even as we speak!)

· What you get for the money. Online house hunting is a powerful tool – especially when it’s chilly out! But there comes a point in your house hunt where you’ve got to just get out into the actual physical homes you’re seeing online in order to get a sense of the area, to be certain you are comparing “apples to apples” when it comes to what each builder is offering, which features are included, and what it will cost to make the changes you want to make to the floorplan.

3. Fluff up your cash cushion. So, you’ve saved up your 3.5 percent down payment. Perhaps you saved a little extra for closing costs. Or maybe you’re even one of those uber-aggressive 20-percent-down-ers. No matter how much you’ve saved, you’ll find that you could use more once you activate your home buying action plan. Mark my words – after closing, you’ll crave extra cash to do buy some new furniture, window treatments, or patio furniture for your new porch!  Start putting some more aside now in order to minimize your anxiety about depleting your savings!

So, if homebuying is on your personal 2012 action plan, don’t go hog wild on holiday gifts. Instead, wait until next year and give yourself the gift of a home… and instead of going to see a movie, or out to dinner… come see all of the beautiful new homes in Apex at the Villages of Apex!