Category: Buying

24 Aug 2016

What I wish I would have known before I bought my first home

Uh oh! Here it comes: that dreaded feeling of buyer’s remorse—that coulda, shoulda, woulda moment when you realize if you woulda done your homework like you shoulda, you coulda been outta this mess, right?! And because it’s best to learn from others’ mistakes rather than your own, here’s what I wish someone would have told me before I purchased my first home. I wish I would have known where to begin When you don’t know where to start, buying your first home can be overwhelming. Do you meet with a Realtor®, look at homes online or set up an appointment with a mortgage lender first? “Meeting with your mortgage lender first gives you a clear picture of what you qualify for so that you’re...
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8 Aug 2016

Single in search of a dream home

If you’re single and looking to buy a home, you’re not alone. According to the National Association of Realtors® 2015 Profile of Home Buyers and Sellers, 18 percent of recent first-time homebuyers nationwide were single females and 11 percent were single males. That’s nearly one-third of the total buyer population. The average single female buyer was 32, with a household income of $49,400. The average single male buyer was 30, with an income of $58,100. No need to be part of a couple to buy a home today, assuming you have a steady income, good credit history and some money set aside for a down payment. But you might appreciate some advice before you go it alone. Is it the right time? The...
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5 Aug 2016

Let’s be factual

Many news outlets, as well as economists, are saying "Homeownership is dead." While homeownership is at 62.9 percent - the lowest in 25 years – it's not a cause for alarm. From World War II until 1995, homeownership hovered around 62 to 64 percent. We are simply getting "back to normal" after artificially stacking the deck with our "National Housing Policy," which drove homeownership by lowering the standards by which consumers could get a mortgage. We found out the hard way a few years ago, which was a disaster. What good is it to own a home if you can't pay the heat, light and repair bills? The lenders sold the mortgage paper, so they were off the hook, but the taxpayers...
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29 Jul 2016

Needs vs. Wants When Searching for a Home #Flashback Friday

Ready to move and excited about the prospect of getting “everything you ever wanted” in a home? Of course, that’s where we all start, but budget and other realities soon factor in. So how do you make your dreams come true without breaking the bank? The key is setting a realistic budget – and understanding the difference between what you want and what you need. Start by sharing the information below with your Allen Tate Realtor to help determine what you can afford, your preferred location, home size – and what your expectations are. Budget – Get pre-qualified now to determine what monthly mortgage payment you can afford and loan amount you qualify for. Location – Do you want to be close to...
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18 Jul 2016

Conquer the Closing

Young couple with Key
Buying your first home? Here's step 6: Conquer the Closing After completing the inspection and appraisal, all that’s left to conquer is the closing. And we know what you’re thinking … you’ve already been through enough, and that you can’t possibly survive anything else. But you can. And you will--the end is in sight, future homeowner! In our final installment of this home buying series, we’ll walk you through how to survive the closing process. This isn’t our first rodeo--but it is yours--so stick around and we’ll give you the lowdown. Here’s a list of some of the costs/fees associated with the closing process: Loan Origination Fee This is the fee you pay to your lender to prepare your mortgage for closing. Underwriting Fee This fee is...
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29 Jun 2016

Predicting the unpredictable

If you’ve ever heard a summer weather forecast – sunny, highs in the mid-80s, chance of late afternoon thundershowers – you might decide that it’s not too hard to be a meteorologist. But when it comes to predicting hurricanes, the process is highly scientific, utilizing analog data, statistical models, atmospheric conditions and ocean temperatures. According to the pros, Hurricane Season 2016 might be a big one. Each year, Duke Energy professionals study historical data and weather conditions to help crews prepare for potential power outages and destruction. Duke Energy meteorologists Max Thompson and Stanton Lanham predict that 2016 could bring 17 named storms, including eight hurricanes, with three of them major. That’s because warmer-than-average ocean temperatures in the Central Atlantic, caused...
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20 Jun 2016

Sensational Swimming Pools: Making a Splash in Today’s Real Estate Market

The perfect complement to a hot summer day is a beaming blue pool. Take a look at some of our current listings boasting beautiful blue lagoons. Psst-don’t forget the sunscreen! 116 Nautical Point Court, Mooresville NC 28117 - Beautifully designed European style home presented as a very private 2.65 acre waterfront estate.  Perfect for entertaining, outdoor living with infinity pool, gorgeous views.  Find out more about Mooresville here. 5033 Oxfordshire Road, Waxhaw NC 28173 - Enjoy your private oasis with picturesque views, infinity pool and private pond at this custom estate located in a gated community close to Charlotte! Covered patio with fireplace! Find out more about Waxhaw here. 204 Bentwater Trail, Simpsonville SC 29680 - This beautiful home is a dream inside and out. From...
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8 Jun 2016

Millennials … Why are you still renting?

If you’re a Millennial, you’ve probably heard it from your parents until they are blue in the face – and you’re tired of them preaching to you: Why are you still renting? Allow me to join the discussion (as a friend), and share some cold, hard facts about today’s housing market. Since I am obviously appealing to your high level of intelligence and good judgment, I trust that this information will shed some new light on the situation and get you aboard the buying band wagon: Money is cheap. With good credit and steady income, you can get a 30-year mortgage for as little as 4 percent interest. Credit qualifications have eased up, making it easier to qualify for a loan. ...
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1 Jun 2016

Getting you to the finish line

Real estate laws vary from state to state. For home buyers and sellers who have moved here from elsewhere, that sometimes creates confusion and surprises. For example, in some states, real estate closings are not conducted by real estate attorneys. Rather, they may be done by a title insurance company or escrow agent. In North Carolina, closings are required to be conducted by attorneys who focus their practice on real estate law, and who are approved to do business with various independent title insurance companies. North Carolina has a somewhat unique system. Prior to closing, a real estate attorney conducts a title search on the property. This is to ensure the property title is “clean” – which means there are no liens or...
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25 May 2016

Buying your first home? Here’s step 4: Making the Offer

When you’ve found the one you want to call home, it’s time to take things to the next level by making an offer. So let’s get started by examining the art of the offer. Step 1: Understand the market If you’ve been house hunting for some time now, you’ve probably figured out whether it’s a buyer’s or seller’s market. If it seems like the ‘for sale’ signs are literally multiplying overnight, you’re in a buyer’s market, and on the flip side, if real estate signs in yards are as sparse as country music fans at a Guns N’ Roses concert, you’re in a seller’s market.   Understanding which housing market you’re in helps you present realistic offers. In a seller’s market...
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