Raleigh Real Estate BlogRecently posted or modified blog posts in the category - Buying a Homehttps://www.wardsworthgroup.com/blog/Copyright WardsworthGroup.com2023-08-22T10:48:09-07:00tag:wardsworthgroup.com,2012-09-20:17569Welcome to Hawthorne West - the newest community starting from the high $300,000's!
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2023-08-04T10:44:00-07:002023-08-22T10:48:09-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:16507Congratulations Alex & Alexis on the purchase on your #FirstHome.
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2023-05-12T11:39:00-07:002023-05-16T11:44:25-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:16229 Let us help you find the perfect place to call your own.
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2023-04-05T12:37:00-07:002023-04-06T12:39:06-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:16226Be Guided in Finding Your Dream Home with The Wardsworth Group!
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2023-04-01T12:24:00-07:002023-04-06T12:27:57-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:16176Find Your Ideal Home or Sell with Ease.
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2023-03-11T10:16:00-07:002023-04-04T09:24:45-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:15622Free Egg’s with every home this year lol2023-01-10T19:36:00-07:002023-02-07T19:43:07-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:15616Thinking of buying or selling your home?2023-01-05T18:20:00-07:002023-02-07T18:22:50-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:15009TWG Home of the Day - The Woodruff by @eastwoodhomes 2022-11-22T18:13:59-07:002022-11-22T18:24:05-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:14999Find your dream home with us2022-11-11T17:41:00-07:002022-11-22T17:43:14-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:14714Count on us to help you find your dream home and to be there every step of the way.2022-10-10T14:51:00-07:002022-10-10T19:18:13-07:00The Wardsworth Grouptag:wardsworthgroup.com,2012-09-20:13549Easy Tips for Buyers When Navigating a Hot Real Estate MarketWell, it's no secret that we are in a very HOT market right now AND we know that has generated a lot of fear for those wanting to jump in. However, here are some tips to help ease those feelings and make your process easier.
Editoral Credit: <a href="https://www.nerdwallet.com/article/mortgages/navigating-hot-housing-market">Kate Wood</a>
What is a "hot market"? A hot real estate market exists when home inventory is low creating high competition and you feel like you're on an emotional rollercoaster.
That said, the first thing you should do is arm yourself with a base knowledge of the buying process. We recommend a Home Buyer Seminar. You can register for one <a href="http://www.twggettingstarted.com">here</a>.
Now, on to the tips!
1. SCROLL: Spend some time looking at what’s available
The idea is to get a sense about the kinds of homes and neighborhoods you like (or don’t), and which features matter to you.
2. Find a good real estate agent
Having a buyer's agent is particularly important as you will want someone who’ll alert you to listings as soon as they hit the market, if not before. Also, an agent will know how to make your offer stand out.
3. Expect to compromise
Holding out for the "perfect" home may not be an option in a hot market. It is a smarter approach to think of ways you could make a "good enough" home meet your needs. Flexible expectations can give you more options.
4. Have your financing in order
A preapproval shows sellers that you're serious. Therefore, you want to compare mortgage rates from several lenders, and get a<a class="_2GMChG eIBHSv _23_Bjp _2zmeFA" href="https://www.nerdwallet.com/blog/mortgages/mortgage-pre-approval/" data-currency="Link" target="_self"> </a>mortgage preapproval from two or three lenders. Options are key!
5. Sweeten your offer
Waive contingencies, offer a seller rent-back, and a quick close are just a few. Keep in mind each situation is different and may require a specific strategy, so please ask your agent about other possibilities.
6. Be patient
Keep calm and maintain a level head to prevent buyer remorse. If you start to feel fatigued talk with your agent. Make sure they understand how you feel and update them if you would like to switch things up in order to find your home.
2022-05-07T11:00:00-07:002022-05-07T10:15:20-07:00Adrienne Wilsontag:wardsworthgroup.com,2012-09-20:13424Waiting on the Housing Market to Crash? Experts Say, Don’t!Have you been debating whether the time to buy your new or next home is now? Are you hoping that if you wait you'll get the deal of a lifetime? Or better yet, expecting a housing bubble?
If this is you, please read on to see what the experts at NextAdvisor have to say. If you feel differently, leave us a comment to begin an open dialogue on the matter. Happy Reading!
<a href="https://time.com/nextadvisor/mortgages/mortgage-news/dont-wait-to-buy-a-home/" target="_blank">Editorial Credit: Jon Reed</a>
<a href="https://time.com/nextadvisor/mortgages/mortgage-news/sping-2022-housing-market-predictions/">Today’s market</a> differs significantly from what happened 15 years ago, when high home prices were instead driven by loose lending practices and rampant investor speculation in the market.
Waiting for the market to crash might not yield the results buyers hope for, experts say. “There’s not really any room for there to be a bubble right now. It’s not like people have borrowed too much and it’s not like homes are overvalued,” says <a href="https://www.redfin.com/news/author/darylfairweather/" target="_blank" rel="noreferrer noopener">Daryl Fairweather</a>, chief economist at Redfin.
There are a lot of reasons why it seems like we are in a bubble, but at its heart, the issue is simple: supply and demand are driving up prices. “It’s just that there aren’t enough homes for everybody who wants one,” says Fairweather.
Here’s what is different about today’s market and what buyers can do to navigate the process.
Things Have Changed Since 2006
The current market and that of the mid-2000s share some similarities. Namely, housing prices were up and often unaffordable for buyers. The causes are different, experts say.
The previous bubble came after a period in which lenders were more lax about writing loans and more people were in the housing market as an investment rather than to buy a home to live in. “Mortgage underwriting was considerably more loose back in 2006,” says <a href="https://www.nahb.org/Taxonomy/Content-Types/Speaker/Robert-Dietz" target="_blank" rel="noreferrer noopener">Robert Dietz</a>, chief economist at the National Association of Home Builders. “It was easier to get a mortgage to speculate in the housing market. That is not the case today.”
Different home loans, such as adjustable-rate mortgages with big “balloon payments” due at the end of the term, meant people got into homes thinking they could afford the payments, finding out later that their payments grew dramatically to unaffordable levels, Fairweather says. “There was a lot of financial engineering, there was a lot of predatory lending, there was a lot of bad borrowing on people not having a lot of equity, not having as much of a cushion, that led to the housing bubble,” she said.
Those types of loans are far less common today, and there is more oversight of home lending in the wake of the crisis of the late 2000s, experts say. Today, most borrowers get <a href="https://time.com/nextadvisor/mortgages/30-year-mortgage-rates/">30-year fixed-rate mortgages</a>, which don’t come with the risk of payments suddenly rising dramatically as rates increase, Fairweather says. “If you own a home, you’re still paying what you paid when you got your fixed-rate mortgage.”
When Will the Housing Market Calm Down?
It will likely take a while before the inventory of available homes matches up with demand. <a href="https://www.zillow.com/research/zhpe-q1-2022-inventory-returns-30878/" target="_blank" rel="noreferrer noopener">Experts surveyed by Zillow predicted</a> it’ll be two years before monthly inventory returns to pre-pandemic norms. They estimated it could be 2024 or 2025 before the portion of first-time buyers again reaches the 45% seen in 2019.
<a href="https://time.com/nextadvisor/mortgages/monthly-mortgage-forecast-and-predictions/">Rising mortgage rates</a> – they’ve gone from near 3.3% at the start of the year to near 5% in just three months – will likely take some buyers out of the market and slow the rise of home prices. “It should weaken demand, but there’s so much demand it’s hard to say how much it will really impact things like sales and home prices,” Fairweather says.
Higher mortgage rates might not directly lead to lower prices – supply and demand will still be the big factors – but it could make life a little bit easier for buyers, Dietz says. “The bidding wars are going to cool off.”
The factors driving up prices aren’t likely to subside anytime soon, Dietz says. “I don’t think buyers should be betting on any really significant price declines. If anything, as interest rates move higher, the cost of buying a home is going to go up.”
What Can Homebuyers Do In This Market
As Redfin’s survey found, many buyers think the market is in a bubble right now, and they might be tempted to wait for it to burst, some economic cataclysm that suddenly makes a house affordable. Experts caution against hoping for that.
“I think you want to be strategic and you want to be patient,” Dietz says. “Patient is different from waiting for a crash.”
Buyers will have to look harder and widen their search, he says. There are ways to get creative: If your work is hybrid and you only have to go to an office two or three times a week, reconsider your commute and think about it on a weekly basis rather than as a daily burden. That means you could look farther away from work where housing is sometimes cheaper.
You can also consider other options, Dietz says. One is to look at new construction if you haven’t already. Keep in mind there is a longer lag time than usual, but it could be easier than competing for scarce existing homes with the mob of other potential buyers (and investors and flippers with cash offers). There are also options other than the usual single-family home, such as townhouses.
Any slowdown caused by higher mortgage rates will make the market a little easier for buyers who are patient, Fairweather says. “By end of summer there should be more homes on the market as not as many buyers will be taking them off the market,” she says.
The market could be in for a shift this year as it copes with higher mortgage rates, Fairweather says. You may want to slow down and consider your options. “I don’t think it’s wise to try to rush the market now because right now the market is adjusting,” she says.2022-04-19T17:30:00-07:002022-04-19T17:17:32-07:00Adrienne Wilsontag:wardsworthgroup.com,2012-09-20:12351Median home sales reaches all time high at $405,000 in Wake CountyThe Wake County Register of Deeds released a market update yesterday afternoon regarding home prices. As of November 2021 we reached over $791 million in sales in Wake County. This is a $582 million increase from October’s transactions of roughly $209 million. Currently, apartment/townhome multifamily activity is still on a positive trend.
The median sales price of a parcel of Wake County real estate was $405,000 for the month of November 2021, setting another new record high. This is a $6,500 increase from October 2021’s price of $398,500. November 2021’s median price is $76,250 above January 2021’s median price of $328,750.
That said, now is the time to get in where you fit in! <a href="http://www.dashhomeloans.com" target="_blank">Get approved today</a>
Let's go! <img src="/res/tiny_mce/plugins/emotions/img/smiley-laughing.gif" alt="Laughing" title="Laughing" border="0" />
To check out the full article click <a href="https://preview.mailerlite.com/c4f5x9/1837947821714576499/i9n0/" target="_blank">here</a>.<br />2021-12-11T13:30:00-07:002021-12-11T13:20:41-07:00Adrienne Wilsontag:wardsworthgroup.com,2012-09-20:10172DHIC Homeownership CenterMore than 700 Wake County residents have turned to DHIC’s Homeownership Center for counseling to purchase their first home. Key to our success has been a team of helpful, friendly professionals who understand financial planning and provide honest counsel. Our support staff offer vital community services to facilitate the successful home buying process, from the qualifying stage to the home search and eventual purchase.
At DHIC’s Homeownership Center, our goal is to help first-time buyers develop and implement a homeownership plan tailored to their individual needs and circumstances. Our certified staff uses curriculum developed and tested by <a href="http://www.nw.org/" target="new" rel="noopener noreferrer">NeighborWorks® America</a>. We have adopted the <a href="http://www.homeownershipstandards.com/" target="new" rel="noopener noreferrer">National Industry Standards for Homeownership Education and Counseling</a>, and are proud to give our clients consistent, high-quality, and ethical service.
PERSONAL SUPPORT FOR FIRST-TIME HOMEBUYERS
We offer a range of turn-key services to help buyers get mortgage ready, find a home, choose a lender, and access special financing opportunities. Best of all, participants only pay a small fee that covers:
Private Counseling Sessions
We will review your credit, income and assets to help identify any obstacles you may face before becoming a homeowner. If you need to take corrective action, establish a budget, or build up a better credit score, our advisors will help you develop and stick to a sensible plan.
Homebuyer Workshop
We require all clients to attend our eight-hour Bringing Home the Dream workshop at some point during the process. This valuable workshop is a prerequisite to qualify for many first-time homebuyer loan products in our area.
Loan Pre-qualification and Application
When you and your advisor determine that you’re ready for homeownership, we will help you identify special financing programs and refer you to preferred lenders that are particularly knowledgeable about the first-time homebuyers’ market.
Finding a home
We maintain a referral list of preferred realtors who understand the needs of first-time homebuyers. We will also let you know about DHIC homes that are available for sale. Whatever services you prefer, the home buying choice is ultimately up to you.
Post-Purchase Counseling
We encourage continuing a relationship with DHIC once you’ve purchased your home. Some clients need extra support to stick to their household budgets, while others face unexpected circumstances that affect their ability to pay their mortgage. Whether you’re facing expensive maintenance issues, are considering refinancing, or are worried about foreclosure, we can help you through the difficult times.
MAKE AN APPOINTMENT WITH AN ADVISOR
To make an appointment with a homeownership advisor, please call (919) 832-3696. A representative will return your inquiry within two business days. We care about your success and look forward to setting up an appointment with you to get started.2021-03-02T09:30:00-07:002021-03-02T09:33:59-07:00Matthew Wardsworthtag:wardsworthgroup.com,2012-09-20:3923Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1114/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2018-10-10T07:08:00-07:002018-10-10T07:10:39-07:00Kameela Wardsworthtag:wardsworthgroup.com,2012-09-20:3921Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1114/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2018-10-10T07:08:00-07:002018-10-10T07:10:32-07:00Kameela Wardsworthtag:wardsworthgroup.com,2012-09-20:3920Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/1114/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2018-10-10T07:08:00-07:002018-10-10T07:10:28-07:00Kameela Wardsworth