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…

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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…

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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…

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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…

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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…

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 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…

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Your Guides to Buying or Selling a Home This Fall

If you are considering buying or selling a home this fall, you probably have a lot of questions. Mortgage rates have been rising, inflation concerns have some worried about investing in real estate, and rents continue to rise. For many waiting until they feel more comfortable with the market, may not an option. The reality in real estate and in life is that there really is no absolute perfect time to buy or sell. In real estate there's an old saying, "The best time to buy a home is right now or 20 years ago." Hindsight is always 20/20 and the best we really can do is educate ourselves with the necessary information so that we make a smart; informed decision. The great news is while it is still a…

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Inside HOA Fees

Are you considering purchasing a home with a homeowners association? Wondering what the fees cover and how often they are assessed? Some buyers avoid purchasing properties with homeowners associations. Whether the fees seem steep or they worry that the association will have too much control over their property, there are pros and cons. Some buyers appreciate knowing that the HOA will insure the community is well kept, some enjoy lawn maintenance and the fact that neighbors have restrictions and duties, which can help retain the value of the total neighborhood. There may be security advantages if the community is gated or patrolled. We wanted to offer an inside look into HOA fees for our buyers. If you are looking to purchase a home…

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Retiring in the Research Triangle

In The Research Triangle we are witnessing a real shift in demographics in the housing market. Many technology companies choose The Triangle because the schools generate so much of the talent that they are looking for. As a result, the market for new homes and and among first-time home buyers is strong, but what may be less obvious is the large uptick in those choosing to retire in The Triangle. There are numerous reasons that make retiring in The Triangle desirable and we are going to list some of the lesser know reasons that The Triangle is an excellent retirement option for those at that stage in their lives. We also have some facts about home equity and retirement.

Healthcare

Whether you are choosing a…

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When buying a piece of property, whether it has a home on it, or it is an investment in land, a survey is an incredibly valuable tool. Surveys may accompany a sale or a buyer may invest in a survey to determine use or future use of land. If you are building a fence, putting in a pool, or simply would like to understand where your land ends and your neighbors begins, a survey is your solution. We would like to offer some reasons to obtain a survey and answer some frequently asked questions regarding a survey.

Surveyors

Surveyors are experts at defining a property's legal boundary. Their process starts by compiling historical surveys, records, and titles, then they write a report that includes photos, street address, a written description of the…

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