While the promise of profitability beckons, the journey through the maze of purchasing a foreclosed property is filled with uncertainty. We want to outline some of the precautions buyers must take when considering the purchase of a foreclosure. Whether you are looking for an investment property, or you find a home that meets your criteria in distress, foreclosures frequently promise opportunity, but provide headaches instead.  Often the perceived benefits are overshadowed by the realities. Here are some of the reasons why foreclosure sales are rarely, "A Deal."

1. Foundations for Frustration

Foreclosed homes or distressed homes may have signs of distress beyond owners who were delinquent in making payments, there are issues that result from…

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The concept of sharing a home with extended family members has gained a lot of traction post pandemic. From grandparents and parents to other relatives, more and more buyers are considering the benefits of multi-generational homes. If you've ever considered this living arrangement, you're not alone. Costs of childcare are high and so are many retirement communities, making homes with capabilities for many generations under one roof are appealing. Here are some of the top drivers for the trend and considerations if you are considering buying for multiple generations in the Triangle.

Embracing Multi-Generational Living

According to the National Association of Realtors (NAR), affordability is a key factor influencing the decision to choose a…

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We have a message for those homebuyers who feel locked in by current mortgage rates, but who are also looking to upsize or consider multigenerational housing, the time is now to consider a new home. There are so many benefits to new homes and we understand that it can be a confusing process, but you are far from alone. With such limited inventory in The Research Triangle Park, we are seeing many new developers offering their own favorable financing structures, good deals, and terms worth moving now for. Here are even more statistics and considerations for moving into a new construction home.

Near-Record Percentage of New Home Inventory:

According to the latest report from the National Association of Home Builders (NAHB):

"Newly built homes…

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The Research Triangle Park offers world-class universities, is a tech hub, and with so many cultures converging, the food scene is booming and diverse. Whether you're a local or a visitor, exploring the food scene and dining might be one of the biggest surprises and delights in the area. The first part of our list is our personal favorites in the area, and the second is the new restaurants generating buzz by the best bloggers in the Triangle.

My NC Homes Favorites:

Hawthorn & Wood

Location: Chapel Hill

Hawthorn is a blend of modern American cuisine with international touches, and this is high dining. The menu changes frequently, and it serves dinner. This is a great special occasion dining destination.


OakLeaf

Location: Carrboro

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The dream of owning a home is central to the American Dream. Real estate represents much more than an investment, it is also part of our identity. However, in the current market, with inflation, and mortgage rate news, the prospect of homeowning and saving is often accompanied apprehension at figuring out a substantial down payment. It is important to debunk the myth that 20% down payments are the only way to own a home. Our government realizes how central homeowning is to the success of populations and generations and thus have many loan options and assistance programs, to make purchasing a home, easier than you think. Here are some of the ways to rethink downpayments, your first step towards homeowning.

20% Down Myth

20% is what people think…

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"For Sale by Owner" or FSBO, might sound appealing given the savings from commissions, but there are risks that accompany this choice. Opting for this approach means you as a seller assume several responsibilities solo, which are not only a challenge but may place the home in legal jeopardy.

According to a recent report from the National Association of Realtors (NAR), the two of the most challenging aspects for individuals selling their own homes are accurately determining the price and properly understanding and handling the paperwork. Here are some of the ways Realtors mitigate risks of selling your home.

The Price is Right

Determining the correct price for your home is critical when attempting to sell it. Selling your home independently…

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The Triangle region has been dubbed as the "Smithsonian" of the South. Famous authors, recording studios, and all incarnations of the performing arts thrive here. My NC Homes discusses events and venues frequently as a service to new buyers moving to the area, and our community. Here are some of our favorite venues, their neighborhoods, and what is happening this Spring. From open-air amphitheaters to intimate theaters, the Triangle has it all, we invite you to take a read and then get out and explore for yourself!


Koka Booth Amphitheatre: 

Location: 8003 Regency Pkwy, Cary, NC 27518

Spring Happenings: Tacos y Taps, April 6, Festival of all things Tacos and Beer.

Neighborhood: Nestled within Symphony Lake Park in Cary, Koka Booth…

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We end the year with moderate increases in home prices, constricted inventory, and many buyers feeling hesitant in the face of more expensive borrowing. As of November 2023, the median sale price for existing homes in the U.S. reached $387,600, marking the fifth consecutive month of year-over-year price increases and despite October's 8 percent, the average 30-year mortgage rate still stands at 6.88 percent, offering a welcome relief from recent 20-year highs.

Expert Forecasts for 2024: Home Price Projections and Sales

Experts anticipate a 2.8% increase in home prices by the end of 2023, with another rise of 1.5% projected for 2024. Bear in mind when so called "Experts" talk about real estate it's most often very generalized as they are speaking…

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At My NC Homes, we consistently blog about the growth in the Reseach Triangle Park. It is not only an incredible place to live now, but it has an incredibly bright future. In a recent study conducted by UNC's Kenan Institute, the Research Triangle region's economy has surged to become the third fastest-growing in the nation, outpacing its No. 4 ranking in 2022. We are outpacing Seattle and Austin, to name a few. This study defies expectations having outpaced an initial forecast of 1.6% growth this year, due to the boost in activity in the tech sector, education, and healthcare. 


 Dr. Gerald Cohen, Chief Economist at Kenan, attributes this performance to several factors, propelling the Triangle among the nation's largest metros, and we would like…

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Storybook Living is coming to Chatham County. The Disney Company is developing a new home community called Asteria and we are excited to share this groundbreaking community that will is being developed in Pittsboro, along the Haw River between highways 64 and 501. Asteria community will be anchored by "the magic of Walt Disney Imagineering and presented with Disney service that puts you at the center of everything."


 

Asteria will be located on 1500 acres with over 4,000 residential units including single and multifamily homes, in addition to a portion devoted exclusively to 55+ age restricted living. Specific sales details announcements regarding size of homes and their interior amenities have not been announced, but we do know that…

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