Do You Need Representation as a Buyer During New Home Construction ?

It’s very important to have representation as a buyer. Here are a few reasons why.

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Do you need an agent representing you when buying a new home?

In our opinion, it’s very important to have representation as a buyer. When you visit a model home or a sales office, the person there isn’t working for you. They are working for the builder and have their best interests in mind. It behooves you to have someone acting in your best interest as well. They are a second set of eyes on the paperwork and on all of the details in the contract. There are certain fees and non-refundable deposits that they are aware of. You might miss those if you’re doing things on your own.

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Hiring agent representation is essential.

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As someone who has been in real estate for a long time, I know the process of how to walk you through new construction from start to finish. I know the things to look for and can put leverage on the builder if things start to run behind. A huge benefit of hiring a buyer’s agent is their ability to juggle things around so that you have a smooth closing. They can also help be an advocate for other resources you may need such as an attorney, a home inspector, or a mortgage lender.

Having agent representation during the new construction process is essential, whether you’re building your first home or your 12th. The extra professional looking out for your best interests is always a welcome addition.

If you have any questions about hiring a buyer’s agent or anything else relating to the buying process, give me a call or send me an email. I would love to help you out.

Should You Consider Buying an Older Triad Home?

Thinking of buying an older home? You need to think about whether the charm and character of the home outweigh the potential maintenance risks.

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Are you thinking about buying an older house? If so, how do you know if it's a wise investment?

Older homes typically need a little more maintenance and love, but that shouldn't stop you from considering older homes if you have a solid budget. However, I think there are a few select groups that are probably better off not buying an older home:

• People just starting out their first home search
• Those without three to six months' worth of emergency funds
• Anyone living paycheck to paycheck (You might even want a new home with a warranty)

Just be cautious when shopping for homes; I see many homebuyers get into trouble buying an older home because of the location and taking on the risk of an older home. For example, if a house is 10 years old, it will probably need a new roof in the next 10 years. Some newer homes come with 30-year architectural shingles that you don't have to worry about for a very long time.

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Older homes come with more potential maintenance risks than newer homes.

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If you're considering an older home, just make sure you're not only OK with these potential maintenance costs and headaches, but prepared for them as well. Have an emergency fund and be ready for things to need replacing.

If you have any other questions about buying a home or selling a home here in the Triad, don't hesitate to give me a call or send me an email soon. I'd be glad to help.

Is It Wise to Buy a Home Near a Large Power Line?

Homes located near large power lines can present a great opportunity if they have the right price and you’re buying one for the right reasons.

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Should you buy a home near power lines and will that ever harm your family?

As to whether it’s safe or not, I’ll let you determine that for yourself. In my 19 years in real estate, I've found that homes located near large power lines present an added risk to the buyer, and sellers tend to struggle selling them in our market. These properties have one of the highest foreclosure rates.

However, they can also be a good investment opportunity as rentals. I’ve seen some of them be discounted by as much as 30% to 40%, and these homes were located in great neighborhoods as well. As far as renters are concerned, they know that they’ll only be there a short time, and the quality of the home is typically fantastic.

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Homes near power lines can be great as rental properties.

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The prospect of buying one for your family is a decision you’ll have to make, but I’ve seen phenomenal opportunities to buy discounted real estate in neighborhoods near large power lines. There is only a small percentage of people who won’t buy a home near a large power line, just like there is only a small percentage of people who won’t buy a home near a pond, a busy street, or a corner lot.

Would I shy away from one of these homes? Not for the right price and the right reasons to buy.

If you have any questions about this topic or you’re looking to buy or sell a home in our market, don’t hesitate to reach out to me. I look forward to helping you.

How First-Time Buyers Can Get $15,000 Free for a Home

Since home sales in our county haven't bounced back quite as well as we hoped, the state created a great incentive for first-time home buyers: a $15,000 grant.

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I wanted to make sure you knew about the $15,000 grant we have coming to our county for first-time home buyers.

We created an incentive a few years ago because, unfortunately home sales haven't bounced back in our county. For that reason, the state came up with this unbelievable incentive for first-time home buyers — $15,000 in free money!

Now, there are a few strings attached. You have to have a credit score of 640 or higher and the house you're buying has to cost less than $240,000 (that's a great home in Guilford County). There are some income restrictions as well. If it's one to two people living in the house, your combined income has to be $59,000 or below, and if there are three or more people in the home, it has to be $67,000 or below.

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Our state created this incentive to help our county bounce back.

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Outside of that, there are very few restrictions. It's basically a grant that's given to you if you stay in the home for five years or more. It's 0% interest and you don't pay anything back on that particular loan.

If you or someone you know could use $15,000 to buy their first home, give me a call for more information. I think this is a really great thing for the economy here in Guilford County.

What Kind of Triad Home Can You Really Afford?

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Today we are talking about how much home you can actually afford right now in the Triad area. When people buy homes, they often don't realize the true cost of homeownership is a little higher than they were expecting. We want to let you know how much you should spend on a home each month. 

A good, conservative rule of thumb is to budget about 25% of your income towards your actual mortgage payment. That's a good, conservative threshold. Now, your bank is going to qualify you for much more money, but it may not be in you or your family's best interest. You should figure your taxes and insurance into this cost. 

Some other things that you shouldn't forget about when adding up your total payment include your homeowner's association dues, as they can add up quickly. Keeping your total monthly payment at or below 25% of your household income gives you the greatest possibility of staying in the game and not getting into financial difficulties. 

One more thing we should mention is that you need to have at least 3 months worth of payments in an emergency fund, just in case something comes up. We all know Murphy's Law, right? 

If you have any questions for us, or need help getting pre-qualified, we would love to help out. Give us a call or send us an email, and we'll talk to you soon!

Predictions for Triad Real Estate in 2016

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The number one question I've heard recently is, "What can I expect from real estate in 2016 with these rising interest rates?"

Buyers, you are going to lose some buying power. For example, if you were going to borrow $300,000 at 4%, your payment would be $1,432 over thirty years. However, if rates went up to 5%, your payment would be $1,610 over thirty years. That might not seem like a big increase, but if you wanted to stay in that $1,400 range for monthly payments, you're looking at a $33,000 decrease in buying power. That's just with a 1% raise!

The Fed is talking about raising the interest rates by 2.5% in 2017. We could see prices start to fall off in real estate as rates increase. Higher rates could also could be the difference in getting a home with that extra bedroom. You may have to look at three-bedroom homes instead of four-bedroom homes. There are certain things you have to consider as your buying power goes down.

However, we do know what the rates are right now. Those low rates give buyers a sense of urgency. Find a home this spring before your buying power starts to diminish. Now is a great time to buy your first home or move up into your dream home.

If you have any questions, please don't hesitate to give me a call or send me an email. I would be happy to help you!

This State Grant Will Give You $15k Towards a Guilford County Home Purchase

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Do you like free money? Obviously, that question is rhetorical, but it’s for a reason. The state of North Carolina has just come out with a great program for Guilford County first-time home buyers. In this case, a first-time homebuyer is anyone who has not owned a home in the past three years.

Aimed at assisting first-time buyers in Guilford County with purchasing a home, this program is an awesome incentive to make your move if you’ve been thinking about it. The state will be giving away $15,000 to 1000 buyers in Guilford County, with the only stipulation being that you have to live in the home you purchase for at least 5 years. You don’t even have to pay the money back, as this is a grant program from the state.

To hear more details about this awesome program and to see if you qualify for it, just give me a call or send me an email. This is a rare opportunity to purchase if you live in Guilford County and are not a homeowner, but you’ve got to act fast. We look forward to hearing from you soon!

Are Home Inspections Necessary?

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Today we are excited to talk to you about home inspections, and answer the common question of if they are even worth your time, or necessary.

In today’s market, our answer is absolutely yes, you need a home inspection on any home you purchase. With all the great tools you have to assure you are getting what you paid for, it’s important now more than ever to work with someone who is trustworthy.

Recently on our radio show, Triad Real Estate 911, we were joined by Jason Michael, owner of Homespectors, to talk to us about what he and his team do to make sure their homes are inspected top to bottom.

If you’d like to listen to the entire radio show, click the link here. We love working with Jason and Homespectors, and think that you will too if you’re ever in need of an inspection.

In the home inspection process, we are looking for many things. In the general inspection, you get an overview of the home from roof to foundation, and evidence of problems are uncovered. After that, we may then need to bring in somebody to diagnose a more serious problem, if the situation calls for it. A small crack on a brick home could end up being $30,000 worth of structural damage.

The home inspection process is the first step in the due diligence process. If you have any questions about the process, or why we recommend Homespectors, give us a call or send us an email. We’d be happy to speak with you.

The Hidden Costs of Buying a Home

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When you buy a home, it's going to cost a lot of money. Most people believe that the only expense is the price of the home, but this is not quite the whole picture.

One hidden cost that you will deal with comes from getting a home inspection. You're not required to get one, but it is highly recommended. The same goes for a title search. This is also highly recommended, but not required.

Closing costs are usually kind of hidden, and they can add thousands of dollars to your expenses.

However, when you first come in to consult with us, we make sure that you're aware of every penny that you'll have to spend to purchase a home. We don't want any surprises to pop up on you when you purchase a home with us.

Join us on our latest Triad Real Estate 911 Radio Show


If you have any questions or concerns about hidden fees when you purchase a home, please don't hesitate to contact us!

Should You Buy a Foreclosure?

There are many great Triad area homes for sale. Click here to perform a full home search, or if you're thinking of selling you home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (336) 553-0796 for a FREE home buying or selling consultation to answer any of your real estate questions.

A common question we get is, "Should I buy a foreclosed home?" Today, we want to share some advice so you can avoid making a costly decision. 

Let's say there's a foreclosed home in a $150,000 neighborhood that's selling for $130,000. The buyer typically assumes they are getting a discount, but that's not always the case. You have to be aware of all the variables of getting the house fixed up to the quality of the rest of the subdivision. Investors are great at this, but first-time and inexperienced home buyers often don't do the necessary homework to ensure they're not buying an overpriced home.

We often see buyers pick up that $130,000 house, put $15,000 into renovations, and a whole lot of sweat equity, only to gain around $5,000. When you break it down, it really wasn't worth the effort. But is it always a bad idea to buy a foreclosure?

We invite you to come sit down with us before buying a foreclosed property. We'll go through an itemized checklist to see what makes sense for you. We'll weigh the risks and rewards of the property in question so you can make the smart financial decision. A lot of time the savings just aren't there.

If you have questions about this topic, or would like us to answer a question of yours in a future video, we would love to hear from you! Shoot us a quick email or give us a call for the real estate assistance you deserve!