North Carolina realtors: Now that you know the “fair market value” of the home you like, it’s time to determine how much you are willing to pay. Establishing this prior to making a formal offer helps define your personal limits. You should determine how much to offer, how much earnest money you will put down, how much of the closing costs you will ask the seller to pay, when you plan to settle, and what inspections you plan to have conducted. Your agent will offer great advice for structuring your offer. Remember to ask your agent about contingencies and their importance. If you don’t fully understand something, be sure to clarify it.
There will be times when you have the opportunity to create more space through proper organization and utilizing it efficiently. There are also some homes that just won’t allow you to store much stuff because there is no attic or basement, and the storage closet outside is relatively small. Millennial attraction to homeownership has grown significantly in recent decades. Mostly because there are now options where a 20% down payment is not the requirement. This gives a much larger pool of buyers the ability to buy a home. Especially, first time home buyers who receive a lot of help!
The moment you hire us, we’d design a plan that would help get your property ready for sale, think of an opening price that would attract the right buyer, and suggest improvements needed to make the property more enticing. As Carolina’s number one realtors, whatever plan we develop would exceed your expectations, and make your property stand out in a pool of competition. We can also help with negotiations with potential buyers and their agents. Do not worry; we let you know about all offers, carry you along every step of the way, and act on your instructions only. We’d also help you take care of all paperwork. See extra info on Charlotte rental houses.
Draining your savings. Spending all or most of their savings on the down payment and closing costs is one of the biggest first-time homebuyer mistakes, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Illinois. “Some people scrape all their money together to make the 20 percent down payment so they don’t have to pay for mortgage insurance, but they are picking the wrong poison because they are left with no savings at all,” Conarchy says. How this affects you: Homebuyers who put 20 percent or more down don’t have to pay for mortgage insurance when getting a conventional mortgage. That’s usually translated into substantial savings on the monthly mortgage payment. But it’s not worth the risk of living on the edge, Conarchy says. What to do instead: Aim to have three to six months of living expenses in an emergency fund. Paying mortgage insurance isn’t ideal, but depleting your emergency or retirement savings to make a large down payment is riskier.
Grant Street Realty is a North Carolina real estate agency located in Charlotte, NC. We are licensed Carolina realtors in both states North and South of the Carolinas. We’re also a property management company in Charlotte, NC. Over the years, Grant Street Realty has helped many clients achieve their dreams in real estate business. We help our community Charlotte homes for sales, and Charlotte homes for rent. We offer a full range of real estate services from buying, selling, and managing rental properties for clients the Carolinas. Read more info on grantstreetrealty.com.