We all expected the unexpected when it came to the real estate market in 2020, it was anyone's guess how the housing market would fare. The effect of a global pandemic on markets in the digital age had consequences that are completely unforeseeable, and the boom in the housing market is one of them. Many of our contemporaries and housing economists predicted changes across the board, but few predicted the strength of the market, especially the demand for homes. We have not seen the demand of this magnitude since 2006.

As we are witnessing markets gain more stability with mass vaccines and the reopening of economies, the housing predictions are becoming more cohesive. The second half of 2020 witnessed a veritable boom in real estate, according to…

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What's a Good Credit Score and Why does it Matter

 What's a Good Credit Score and Why Does it Matter?

Your credit score is so important throughout your life that it should be taught as part of a standard curriculum for financial literacy and adulthood. Unfortunately it isn't and in this instance, ignorance is anything but bliss. In this blog, we're going to take a deep dive to explain the importance of your credit score, how it's determined and steps you can take to improve it. My NC Homes would like to help our would be home buyers understand how your credit impacts not just your ability to purchase a home but also the terms you'll be given. Just because your credit is fair on one report, it still might not qualify for the lowest available mortgage rates. You may also be rejected depending on the…

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Homeowners Net Worth

A Homeowners Net Worth Is 40x Greater Than a Renter's

One of the best ways to build your family's financial future is through homeownership. Recent data from the Federal Reserve indicates the net worth of a homeowner is actually over 40 times greater than that of a renter. Maybe it's time to start thinking about buying a home, especially when they are so affordable in today's market.

Every three years the Survey of Consumer Finances shows the breakdown of how owning a home helps build financial security. In the graph below, we see that the average net worth of homeowners continues to grow, while the net worth of renters tends to hold fairly steady and be significantly lower than that of homeowners. The gap between owning and renting just keeps…

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Meet Landis: A New Way to Go from Renter to Owner

Meet Landis: A New Way to Rent to Own

My NC Homes has never been a big fan of Rent to Own;because 99% of the time these offers were never truly meant to actually work. They were designed so that theBuyershave very little chance of actually ever owning the home so that the Seller could re-sell the home 1-2 years later to another Buyer and then another and another etc. If a Buyer was able to actually fulfill the Seller'sRent to Own Contract,the Seller still won because they'd gotten the buyer to end up paying them well above market rate. We've written about this previously in our Post Rent-to-Own is Never a Good Deal.

Meet Landis: A New Way to Go from Renter to Owner

Are you roughly a year from being able to buy the home of your dreams? Have…

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Forbearance 101

Forbearance 101

The mass casualty of job loss in virtually every sector has seen many homeowners considering mortgage forbearance. If you own a home you've likely received notification from your lender regarding their "willingness" to work with you. Even if you don't own a home, you've likely heard on the radio or TV or online, that the Federal Government through Fannie Mae and Freddie Mac has made all of the lenders who do business with them (Almost all of them) to offer Forbearance and prohibiting them from foreclosing (or in the case of renters; from evicting) for 1 year. While this sounds great as usual there's much more to it than simply being forgiven your payments.

My NC Homes has always believed in supplying our clients the information…

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Will Surging Unemployment Crush Home Sales

Ten million Americans lost their jobs over the last two weeks.

The next unemployment rate will be announced on May 8th. It is expected to be in the double digits. Due to the health crisis; the economy has essentially come to a screeching halt; and many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. Louis, explained that the government is trying to find ways to assist both those who have lost their jobs as well as  the companies which were forced to close (think: your neighborhood restaurant). In a recent interview he said:

"This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole."

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Testimonials

Moving is stressful and real estate transacting, whether buying or selling, is emotional. The team you use can ease emotions or add drama. We have found that buyers who choose their vendors based on digital review or paid review sites have unreliable results, at best. In our decades of experience in real estate, we have witnessed the rise of the digital professional over the word of mouth professional, and would like to offer our vendors who are proven beyond paid review or page rank. If you are looking to buy or sell a home in Raleigh-Durham, contact a member of our team to begin your search.

Lenders

A reputable lender will offer fair terms and competitive rates derived from your present financial status, adjusted income, and credit history.…

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The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. Here's what industry experts are saying. 

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Everybody Calm Down! This is NOT 2008

Last week realtor.com released the results of a survey that produced three major revelations:

  • 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur this year or next.
  • 57% believe the next recession will be as bad or worse than 2008.
  • 55% said they would cancel plans to move if a recession occurred.

Since we are currently experiencing the longest-ever economic expansion in American history, there is reason to believe a recession could occur in the not-too-distant future. And, it does make sense that buyers and sellers remember the horrors of 2008 when they hear the word recession.

Ali Wolf, Director of Economic Research at the real…

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Do You Know Your Credit Score

Many people assume their credit score is too low to qualify to purchase a home. In reality, 84% of Americans have a credit score that would allow them to become homeowners! If you'd like to find out more about what your credit score really means, (it means much more than simply whether you qualify for a mortgage or not) let's get together and chat.

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