Changes to Credit Reporting and What it Means for 2023 Buyers

For many who are looking to buy a home, the variability in interest rates may have put a halt to your search. Some of our Buyer clients have concerns about obtaining financing, as a result of their credit scores as interest rates rise, they assume they won't qualify.

If you share these concerns, we have great news. There are big changes to how credit is being calculated and debts reported that may impact your ability to borrow, in major positive ways. Let's go over the five major changes to credit reporting in 2022 that impact your ability to borrow in 2023.

  1. The No Change Change. Credit scores stalled in 2022. Overall the average gain was 7 points, which takes scores back…

2278 Views, 0 Comments

Creative Ideas as Mortgage Rates Rise

The FED's effort to battle inflation, by increasing interest rates, can be very frustrating, confusing and difficult for home buyers to understand. Many consider the volatility of rates to mean that they should not buy a home now, or that it is too difficult to buy a home with conventional lending. It is true that conventional mortgage rates are much higher than they were just a year ago, however, it does not preclude you from purchasing. Homeowning has many benefits including emotional, stabilized housing costs, and the financial benefits of building equity that make it a smarter decision than renting. With mortgage rates predicted to continue to rise in 2023, we thought this would be a great time to discuss…

202 Views, 0 Comments

The Emotional Benefits of Homeownership

Are you considering becoming a homeowner? Congratulations! This is one of the biggest financial decisions you can make. You will experience many benefits, including stable housing costs, and building equity, but one thing you may not have considered is the varied emotional benefits of homeownership. Let's outline the emotional benefits that becoming a homeowner holds.


Increased Financial Stability

Mortgages unlike rent are most commonly fixed; in other words your monthly payment will remain unchanged unlike rent which year after year continues to rise as shown in the chart below. Rental prices have been skyrocketing for years. Buying a home with a fixed-rate mortgage gives you the opportunity to…

204 Views, 0 Comments

Avoiding the Rental Trap

Are you considering buying, but are wary of the market fluctuations, or are you a first-time buyer who is unsure of your investment future by buying in 2023 versus 2024? One of the biggest misconceptions and biggest miscommunications in market updates and real estate news is regarding renting vs home owning. Even with mortgage rates increasing if you're going to be living in one area for a minimum of 4-5 years; it is almost always better to own a home versus getting stuck renting. Let's explain why it is always better to own a home rather than rent.

Rising Rents

Over the past three decades, rents have consistently risen. Where rents are rising and continue to rise, it becomes harder to save for the recommended for a…

170 Views, 0 Comments

The Research Triangle is consistently ranked as one of the best places to live in the US and you can certainly see why, during the holidays. Whether you celebrate Hanukah, Christmas, or Kwanza, or are old or young, there are many ways to enjoy the lights and spirit of the holidays in the Raleigh Durham area. Here are some of our favorite holiday events. Have a Merry Season and if you are considering buying or selling a home in The Triangle, please reach out to My NC Homes.

North Carolina Chinese Lantern Festival, Cary

Running until January 8, the Chinese Lantern Festival is back at the Cary Koko Booth Amphitheatre. With hundreds of thousands of LED lights, 40 new hand crafted displays, these lantern displays are quite literally dazzling.…

165 Views, 0 Comments

Many metropoles in the US are undergoing big shifts in how we use and value space, or occupancy. Where we are working and living and what is more desirable for work, and for life, have changed pretty dramatically. Work at home? Work at work? Work at home some, work at work some? It can be confusing to understand how occupancy, the job market, and how people are working, relate to real estate values, especially when real estate values for local sellers and buyers depend on the "at the moment" value. We would like to share insights on the state of development and projections on the Raleigh Durham area and how rankings nationwide for livability can mean for 2023 sellers and buyers.

Frequently, we report on the job market in Raleigh Durham, and how…

284 Views, 0 Comments

Living in a college town, like Chapel Hill, Raleigh, and Durham, with huge collegiate sports programs, you can imagine many top athletes coming out of the area. We have a thriving and very competitive sports culture, and some of the biggest names in sports are picked up right here in The Triangle. Here are the most famous North Carolina athletes!

Lawrence Taylor

Lawrence Taylor is regarded as one of the best defensive football players who ever lived. He was an all American collegiate linebacker playing for UNC Chapel Hill, before spending his career with the New York Giants.

Antawn Jamison

Former Tar Heel, Antawn Jamison played 16 seasons in the NBA, winning numerous awards, and playing amongst legendary rosters including the Washington…

141 Views, 0 Comments

What's Ahead For Home Prices?

This fall has been a rocky one for financing. With the federal reserve continuing to raise interest rates, borrowers are facing more higher financing costs than in the past several years. We understand that there is a lot of uncertainty in today's market and wanted to share the latest perspectives from economists. Much of our content regarding market fluctuations discusses historic trends in housing and economics and we want to reinforce that when other sectors of the market are more volatile, it does not necessarily mean that housing suffers as well. Let's look at what the market is doing and what the experts are forecasting.

What goes up must come down

Interestingly and not necessarily very reassuring are…

269 Views, 0 Comments

Living in a College Town

When you read this headline, a number of images from pop culture may be called to mind. Toga parties, football dramas, youth miraculously solving impossible equations, and student-priced menus at dives, but the reality of living in a college town, as a retiree or a family for example, is much different, and honestly better! The advantages of being in close proximity to some of the most elite higher education institutions on the East coast are varied; from the quality of continuum care for those aging in place to access to amazing local schools and staff, and finally stability of the real estate market. Let's explore what living in a college town, and The Research Triangle Park is like.

Higher Education in The Research…

159 Views, 0 Comments

 Triangle Area Fraud Alert

Triangle Area Fraud Alert! Beware Homeowner Benefit Agreements!

Recently My NC Homes was made aware by one of our preferred real estate attorney's and a local Register of Deeds of a worrying practice occurring in North Carolina. We would like to warn our clients, prospective clients, and the public of this practice before they are impacted. Here is what to know about Homeowner Benefit Agreements and what they really mean.

What are Homeowner Benefit Agreements?

As inflation impacts many homeowners there are those who need extra cash and who fall prey to predatory lenders and or real estate firms/brokers offering them quick cash with out any loan documents. A Homeowner Benefit Agreement binds the signer who owns a property to a certain…

182 Views, 0 Comments