Triangle Area Real Estate News & Information - Buyer Info

What's The Difference Between Buying Condos and Townhomes In North Carolina?

Working with as many home-buyers as I do, I wanted to explain the difference between condominiums and townhomes and why it matters in terms of financing as well as specific legal issues here in North Carolina.

Kensignton Trace is a popular condominium with UNC graduate students and young familes development in Chapel Hill NC If you’re reading this and looking to buy in any other state you should really check with a local Realtor regarding how your specific state views these two forms of real estate. While much of the information I’m sharing below is likely to apply, I know it’s different in every state and these differences could be quite significant.

Understanding The Difference Between Condos & Townhomes

What's the difference between the two —…

12729 Views, 4 Comments

Home Inspections — The Good, The Bad and The Ugly

As a full-time broker for over twenty years, I have attended nearly a thousand home inspections and have dealt with the attendant negotiations that follow. Trust me: They can occasionally get ugly.

Experience has shown me that more often than not the reason they occasionally get ugly is that either the buyer, the seller or, in some instances both, really don’t understand what the purpose of a home inspection is, or what’s reasonable to expect in terms of repair requests.

Once a property is under contract, the buyer should order their home inspection(s) to be done. If you are working with a good buyer broker, I would ask for them for recommendations for home inspectors. If you purchasing directly from the listing agent I would not consider asking…

7725 Views, 2 Comments

Good Credit Counts: Understanding Your Credit Score & How To Improve It For Mortgage Approval

Most of us who wish to buy a home will do so by getting a mortgage. The first requirement is that we manage to save up enough money for a down payment. In addition, there are many other costs when purchasing a home — collectively referred to as “closing costs” which may include: mortgage application fees, attorney fees, inspection fees, home owners and title insurance, property tax and possibly homeowner association pro-rations, filing fees, and others. Equally important is having a good enough credit score to qualify for a mortgage and, unlike saving up your money which everyone understands, very often many people don't really understand how this works and what it will mean and how to improve their scores. If you are one of these folks, this is the…

1409 Views, 0 Comments

What You Need To Know About Buying Foreclosures

Buying Foreclosures; not a week that goes by that I don’t receive one or more calls or e-mails from hopeful buyers and/or investors wanting to buy a bank-owned property (a foreclosure). I always start the conversation with a simple question, “Why do you want to buy a foreclosure?” More often than not I get a version of the following as an answer. “The price. I know foreclosures are a good deal.” As someone who specializes in buyer brokering, I will admit I inwardly cringe a little every time I hear this as I rarely find foreclosures to be the deal most people think they are.

My Experiences With Foreclosed Properties:

I've been a full-time real estate broker for more than twenty-four years and have been buying and selling real estate for over…

1724 Views, 0 Comments

2012 – Buy a Home or Keep on Renting – What's The Best Option? Part 2

Three weeks ago I published a blog titled 2012- Buy a Home or Keep on Renting- What's your Plan? Since then I've heard from some people saying that they enjoyed the article but wished I had a quick spreadsheet they could see summarizing the numbers I presented as this is how they grasped numbers best. So I took a little time and put one together which I present here.

Just a couple of days ago I was on my way to show a home to some buyer clients and was listing to NPR and heard a conversation about how the combination of historic low-interest rates combined with home prices being down anywhere from 10%-40% from their record highs just 5 years or so ago really made this the ideal home for home buyers. The problem the speaker was saying was that…

1779 Views, 0 Comments

2012 – Buy a Home or Keep on Renting – What's The Best Option? Part 1

Current Durham Market Statistics - October 2011

I'm sitting in my office now reviewing the latest market data from a variety of sources, including the raw local data my local MLS, Board of Realtors, Zillow, Trulia and others generate.

This is what I do regularly throughout each year, so that I can help my buyers and sellers get the information they need to make good, informed decisions.

Overall the market picture is mixed. While I’ve had an extremely good year, closing on average more than 3 transactions a month, I realize this is not at all indicative of the broader market. Studying all the data there are a few things that really stand out to me.

Low Housing Stock

First and most important is the overall drop in inventory on the market.…

1324 Views, 0 Comments

How To Choose A REALTOR

With over twenty years working full-time as a Realtor I have often found myself wondering how so many people get hooked up with so many really bad Realtors and I've come to the conclusion that the reason is they don't take time to actually interview them. Thinking all Realtors are alike can lead to a lot of heartache and problems for the inexperienced home buyer or seller. It's comparable to believing all lawyers or doctors are the same so it hardly matters who you use.

Interview The REALTOR®

Having gone through numerous "interviews" with potential Buyers and Sellers I realize that even those that do want to interview and choose a Realtor often don't know what to really ask. Here's a list of five questions I think are the critical ones any home…

5684 Views, 4 Comments

How To Find A Good Real Estate Agent In The Digital Age

I was sitting at a home inspection in Chapel Hill, NC; for an out-of-state Buyer client a few days ago and was pondering the old maxim: Knowledge is Power.

Modern Misinformation In The Real Estate Industry

In today's Internet driven, 24/7 news cycle world; if there's one thing we don't lack it's the availability of information. I don't know about you, but there are times I feel like I'm being inundated with information to the point where my head figuratively feels as if it's exploding. If knowledge is indeed power, than why do I often find myself feeling this way? I believe the reason is that we so often confuse information for knowledge.

Perhaps this is why so many people struggle with making well-informed decisions regarding real estate, their…

1348 Views, 0 Comments

7 Tips For First Time Homebuyers

Get Pre-Approved For A Mortgage

1. Get pre approved for a mortgage. This is the first and most important thing any home buyer can do. Unless you are a cash buyer, neither you nor your Realtor can determine whether you can get a mortgage and if you can for how much. You are not ready to start looking at homes until you've done this. You can get recommendations on good local lenders from friends, family or your Realtor.

2. Be Realistic In Your Expectations

This is your first home not a showcase dream home and more important than glitz and glamor is location. Statistically you'll likely going to sell this home within the first 5-7 years of purchasing it and you'll want it sold as quickly and for as much as the market will bear when that time comes.…

1684 Views, 0 Comments

Why Should You Buy A Home In The Triangle Area Right Now

It’s a great question and one I hear all the time. There are many potential home buyers who are presently “waiting”. However more often than not, their waiting for the wrong things to happen and when those things do happen they’ll realize they missed the best deals.

I’ve been buying and selling real estate for nearly 35 years. I’ve been a full-time licensed real estate Broker for just over 20 years. I’ve been through Buyers, Sellers and neutral markets. I’ve had and worked with mortgages between 4% and 18%. I’ve made and lost money. In short I’ve seen a lot of markets, been through many real estate cycles and have gained the knowledge and perspective that only comes with time spent mastering whatever it is you do. It’s the main reason my clients hire…

1378 Views, 0 Comments