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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"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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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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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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Wondering what the Inflation Reduction Act is and how it can benefit, you as a homeowner? This might be one of the least aptly named opportunities to save money while increasing the energy efficiency of your home. Enacted last year, this key piece of legislation looks to combat climate change by promoting eco-friendly practices and encouraging clean energy initiatives. The trick is it was initially enacted as an incentive to businesses but has benefits for individuals who adopt green practices. I want to point out that these incentives and credits will be available for at least a few years if not longer; so there is no reason to worry about getting them all done within the next year. Homeowners can plan on updating/upgrading over a 3-5 year schedule…

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Where affordability concerns dominate headlines, potential home sellers, especially baby boomers, find themselves at a crossroads. Conventional wisdom suggests that waiting for mortgage rates to drop or prices to decrease is the prudent approach, but if you are downsizing, you stand to gain more than the conventional buyer who is borrowing. Let's explore some of the ways that baby boomers can win by selling now.

Mortgage Rates

Mortgage rates are hovering between 7-8%, which effectively creates a buyer's market for home buyers, who are not financing. A significant portion of potential buyers have been sidelined, providing a unique opportunity for those willing to navigate the challenges. According to a recent report by NAR, repeat buyers & people…

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Primary motivations for buying or selling a home, are infrequently related to mortgage rates, however, so much news reporting on rates can cloud decision-making around moving. If you're contemplating putting your house on the market in the Research Triangle Park area, it's likely due to a change unrelated to the FED. Mortgage rates are a factor that plays a pivotal role in your decision-making process, but they should not overshadow the primary reasons that prompted you to consider a move in the first place.

We cannot ignore that higher mortgage rates impact affordability, leading some homeowners to postpone selling, because they are nervous about securing a new home and borrowing at a higher rate. But there are other lifestyle changes and needs…

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The "American Dream" foundation is often, homeownership. It signifies stability, independence, and attainment of a place of ones own. However, for Generation Z, born between 1997 and 2012, there are significant barriers to homeownership in the present market and making this dream a reality can be quite challenging because of higher mortgage rates and higher home prices than previous generations. This should not deter a whole generation from homebuying, because even outside of the "dream" it is a great way to stabilize your finances and build wealth and owning your first home can be attainable with the right strategic planning and resourcefulness.

Down Payment Assistance Programs

While home prices are not on the meteoric rise that they had been…

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