Many of our new home buyers in Raleigh Durham as well as some of our existing clients ask us about home equity. What is it? How do I build it? Can I use it for buying a new home? And more. Most of our younger generations consider cryptocurrencies as more solid wealth generators than home equity, but investing in housing is one of the most stable investments, definitely more stable than the latest coin. It is surprising how poor most people's understanding is of home equity when it is one of the most reliable ways to build wealth. We are going to give you a quick course on how to build wealth using home equity and how you can use existing home equity to your financial advantage.

What is Home Equity?

What is equity? Home equity is the percentage…

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Remote work can seem like a dream or make your home feel like a cage, depending on your home office setup. In the past year we have seen many businesses decide to move offices permanently remote or implement hybrid work options. Why? Remote work is not only preferred by many workers who save an average of $2,000-$5,000 and it is also cost-effective for businesses who save an average of $22,000 per employee. As home work is here to stay, we are also seeing work from home preferences change for buyers, and seeing more buyers come to The Triangle because of hybrid work opportunities. If you are a seller looking to make your home more desirable for the home office hybrid worker or you are just looking for a more exciting home office, here is our…

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May Day May Day!!!! The inspection report is back and it lists dozens and dozens of "defects", what can I do!! Receiving the inspection report can feel like a personal affront. My NC Homes has talked hundreds of buyers and sellers off a ledge and helped them understand what the inspection reports are saying and their implications. Below we dive into what they include and do not include and when panic, is warranted. Remember, homeowners who are considering selling in the future can reach out to My NC Homes for a referral for inspection companies prior to listing.

What is a home inspection report?

A home inspection report is supposed to be an objective document provided after an evaluation by a qualified home inspector. It should include…

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Understanding Appraisal Issues

I know this post is likely to generate a lot of negative comments from appraisers and mortgage lenders but I am willing to take the heat and be honest. Appraisals have always been "A necessary but pointless headache" for Buyers, Sellers and their Realtors.

Here's the bottom line, an appraisal is nothing more than one person's opinion of valuation. It may or may not be a well-reasoned, educated valuation; regardless of whether it is a well done appraisal or not; at the end of the day, it's meaningless other than to the Lender in terms of what they're willing to lend a buyer.

For context and to understand I'm not some upset Realtor indulging in a rant; I have been a full time Broker for more than 40 years. My…

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There is non stop press coverage questions whether there is a bubble in the real estate market, discussing the severe lack of inventory, timber shortages, labor shortages, and more, but how does all of that really affect affordability? Can you guess the last time homes were this affordable in The Triangle? Are you under the impression that homes are overpriced right now? Homes are more affordable now than they have been since 2016. Let's dive into some statistics on the affordability of home buying, RIGHT NOW in The Triangle.

Home prices are appreciating and prices have been steadily, arguably rapidly; rising in nearly all domestic markets. When we hear prices are going up, we immediately think houses are becoming unaffordable and as Realtors, we…

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The emergence of a global pandemic and the effects of a warming climate have resulted in a reprioritization for buyers in The Triangle real estate market, and a buyer migration nationally. As real estate progressive professionals in the tech-driven Research Triangle, we already witnessed some shifts from buyers wanting much more in when it comes to work from home options. In addition more buyers are looking for more multi-generational home options, sustainable living options, and locations where climate change is factored in. We heard from buyers telling us they were relocating from the west coast specifically to avoid ever worsening drought and water restrictions as well as fires.

Below is a list of insights for sellers to make homes more…

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Insurance - Homeowners and Beyond

Typically Hurricane season peaks in late August through October and with the news of fires in the West as well as flooding events nationwide, we thought it timely and important to understand where you are and are not protected by home owners insurance insurance. Here is a guide to insurance, beyond basic homeowners. If you are looking to purchase a home on The Triangle, please reach out to us. Not only can we make the home buying (or selling) process easier for you; but we can refer you to the best insurance providers for your needs, as a landlord, or homeowner as well as personally vetted trade people who can help you with any repairs or improvements you may be considering.

Inside your Homeowners Policy

…

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My NC Homes covered the Tiny House craze previously in our blog and we continue to get questions and find applications for tiny house design that are in demand throughout The Triangle. We will focus a bit on pros and cons of building tiny homes, as opposed to just hiring contractors and building out additions on existing homes, and some of the many fun applications for the concept in 2021.

Note: it is important that before building anything you check with your local zoning department and confirm whether you can build a tiny home or addition on your property. The vast majority of cities and town within the Research Triangle have "impervious surface" restrictions or other zoning restrictions that may impact your ability to add an addition to your…

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More than 44 million borrowers in the US have student loan debt totaling over $1.5 trillion. For students, recent grads, or those who have advanced degrees with lots of debt, it might seem like home ownership is out of the question because of financing. The Triangle Area is home to some of the best academic undergraduate, graduate, and medical and law programs in the United States and we have helped hundreds of students, recent graduates, and those with considerable student loan debt, successfully buy real estate. We want to assure you it's not impossible. Here is a short guide to buying, with student loan debt even in the current market.

  1. Spend the Time to Improve your Credit Score: Regardless of whether you have student debt of not it all…

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Over the past 30 months My NC Homes clients are selling homes frequently within hours of listing. The supply of homes currently in the Triangle is well beyond constricted and as a buyer, you may find yourself without many options. Buyers are frustrated putting in offer after offer, only to be outbid, or to make concessions that would not be prudent in normal real estate transacting circumstances. We would rarely recommend buying a home without inspections, but this is the advice we are giving to some buyers to secure homes. Leading us to one of the questions we get all the time, “Am I buying at The Top of the Market? On the one hand, interest rates are low and favorable to buyers, on the other hand, home prices have skyrocketed. Let's take a look at…

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