Dealing with Financing

Renee Hillman on October 29, 2014

As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.

Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose your mortgage carefully. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in the house for a long time—and given the current real estate market, you should—taking the points will save you money.

Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.

Relocating to the Big City

Renee Hillman on October 14, 2014

Moving from a small town or suburb to a large city can be an intimidating proposition. Here are a few tips to help make your move as painless as possible.

Research before you move. It’s important to understand the culture you’re joining. Do research online and find out about school systems, neighborhoods, parking, weather, public transportation, and laws that are native to that area. If you can, visit a city before moving and connect with someone who’s lived there before.

Have a plan. There are a lot of steps to go through before you start packing the moving truck. Find housing before you leave, or at least know where you’ll stay while you look for a home. Never sign a lease on an apartment that you haven’t seen. If you can’t get there, find a friend or an employer to check for you. Have a job waiting for you, or if that’s not possible, know what you’ll do for money in the first few weeks of living there. Try to line up things like driver’s licenses, car insurance, renter’s insurance, and parking passes ahead of time as well.

Get involved. Meeting people in a big city can be daunting. Don’t expect the neighbors to knock your door down with a casserole when you arrive: city life is often too noisy and hectic. Take the initiative. If there are things you liked to do in your town, find ways to do those things in the city. Try new things. Volunteer. Big cities offer so many opportunities to engage other people, so find what you like.

Mind your wallet. City life is expensive. Everything costs more: food, insurance, clothes, rent. There are also a lot more ways to get ripped off, whether legally or criminally. Be careful how you spend, and know where your money is going.

5 Tips for Buying a Home

Renee Hillman on October 1, 2014

Looking to buy a home? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

What the seller says about 819 Shackleton Road in Apex, NC

Renee Hillman on January 4, 2014

I always like to ask the seller specific questions about their house. It is definitely a great perspective on living in your new area & home. Take a look!

Things you love about Apex:

Apex is a great place to live! Love the downtown area and what an overall nice and safe community it is. The town has grown a lot in the last 10 years that I’ve been here but it has managed to keep its small town feel.

Where do you love to eat:

Love going downtown to eat at Peak City Grill and Salem Street Pub (the Mexican restaurant is also great). Otherwise, Daniel’s on 55 is a favorite.

Where do you do your grocery shopping & other conveniences:

I do most of my shopping at the Walmart on the Peakway since it is so close….walking distance! Otherwise, I like Lowe’s Food. I’m excited that Costco opens in 2015.

What were you drawn to when you bought your home:

The big front window and the private back yard which can be hard to find in Apex. The house has a nice layout and I love the big main room.

What do you love/enjoy about the area:

The convenience to major roads in every direction (US1, 540, 65, 55) has always been a huge plus for me. I always say that you can get almost anywhere in the triangle in 20 minutes. The parks in Apex are also great and there is something for everyone.

Tell us something about your neighborhood:

The best thing to me about the neighborhood is how quiet and safe it is. It is a great place to walk or job and the people are nice and friendly.

What the seller says about 108 Park James Way, Cary, NC

Renee Hillman on January 4, 2014

I always like to ask the seller specific questions about their house. It is definitely a great perspective on living in your new area & home. Take a look & see what the Dyer’s have to say:

Things you love about Cary:

We love Cary. It has a real family atmosphere with excellent schools, plenty of parks (one Cary park is in our neighborhood) and walking/biking trails (again, one is in our neighborhood), a huge variety of restaurants We are conveniently located just about half way between Crossroads Plaza and Waverly Place – both just a little over a mile from us. In addition to all the conveniences and amenities Cary has to offer, we feel very safe here. Cary is one of the safest cities of its size in the country.

Where do you love to eat:

We enjoy a variety of food – most within a mile or so of our house. Some of our favorite restaurants include: Pei Wei, Caribou Coffee, Carolina Ale House, City Barbeque, Briggs, NY Pizza, and the Angus Barn.

Where do you do your grocery shopping & other conveniences:

We have numerous grocery stores in our immediate area with a Lowe’s Foods right in our neighborhood strip mall (an easy walk) with Harris Teeter about ½ mile away. Whole Foods and Trader Joe’s are about a mile to mile and a half from our home. For bulk items we shop at BJ’s and for pet related items we shop at PetSmart. Our PetSmart is one of only 3 in the whole greater Raleigh area that has a Pet Hotel, doggy day camp and a veterinarian right on sight.

What were you drawn to when you bought your home:

We love the layout of our home. This is where we raised 4 children with plenty of bedrooms, a formal dining room, a screened in porch (we like to entertain) and a bonus room for the kids. We added French doors and utilized our living room as a study (very convenient for work from home days).

We also love the location of our house. We were specifically looking for a house on a cul-de-sac so our children could play basketball, kickball, etc. on the cul-de-sac with very little traffic to worry about. Further, unlike many parts of Cary, we have very easy access to Raleigh and RTP – from our house to the beltline/I-40, is only about a mile.

Finally, we loved the Olympic size swimming pool, club house and tennis courts. Many neighborhoods have very overcrowded pools, but not Wellington Park. With our oversize pool, it is a great place to unwind and relax with family, friends and neighbors.

What do you love/enjoy about the area:

We love the excellent school system, neighborhood lakes, Kids Together Park (at the edge of our neighborhood), quaint downtown Cary, very convenient shopping and convenient access to the greater triangle area.

Tell us something about your neighborhood:

First, we have truly wonderful neighbors and a true sense of community. We often have neighborhood parties and cul-de-sac get-togethers. Our neighborhood has a community email to keep current on events – or to buy or sell something. Most houses have mature wooded lots providing shade and privacy.

We absolutely love our neighbors (many have become life-long friends as we have been here for over 19 years) and though we are excited about moving into our dream house as empty nesters, we are equally sad to be leaving such a wonderful home and neighborhood.

Upgrades that make this home sparkle:

Double oven with convection
Screened in porch
New HVAC
New Roof – with upgraded, energy efficient, designer shingles
Vinyl Siding
Energy efficient vinyl replacement windows
Updated plumbing
New carpeting
Hardwood floors
Freshly painted
Spa master bathroom (glass block shower, garden tub, beautiful tile floor)
Stainless appliances
Granit countertops
New garbage disposal
Gas fireplace
Broilmaster premium natural gas grill
Fenced in back yard