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October 2015 Petit Home Team Newsletter
1.The 10-Best Kept Secrets for Buying a Home
2. Great Pumpkin Fest
3. Just listed/Just sold properties
4. NC Drought Advisory
1.The 10-Best Kept Secrets For Buying a Home
Buying Secret #10: Keep Your Money Where It Is
It’s not wise to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, amass too much debt or buy a lot of big-ticket items, you’re going to have a hard time getting a loan.
Buying Secret #9: Get Pre-Approved for Your Home Loan
There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can't afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Do your research: Learn about junk fees, processing fees or points and make sure there aren’t any hidden costs in the loan.
Buying Secret # 7: Don’t Try to Time the Market
Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible. The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.
Buying Secret # 6: Bigger Isn’t Always Better
Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house.
Buying Secret #5: Avoid Sleeper Costs
The difference between renting and home ownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association dues. New homeowners also need to be prepared to pay for repairs, maintenance and potential property-tax increases. Make sure you budget for sleeper costs so you’ll be covered and won’t risk losing your house.
Buying Secret #4: You’re Buying a House – Not Dating It
Buying a house based on emotions is just going to break your heart. If you fall in love with something, you might end up making some pretty bad financial decisions. There’s a big difference between your emotions and your instincts. Going with your instincts means that you recognize that you’re getting a great house for a good value. Going with your emotions is being obsessed with the paint color or the backyard. It’s an investment, so stay calm and be wise.
Buying Secret #3: Give Your House a Physical
Would you buy a car without checking under the hood? Of course you wouldn’t. Hire a home inspector. It’ll cost about $350 but could end up saving you thousands. A home inspector’s sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy. It’s really the only way to get an unbiased third-party opinion. If the inspector does find any issues with the home, you can use it as a bargaining tool for lowering the price of the home. It’s better to spend the money up front on an inspector than to find out later you have to spend a fortune.
Buying Secret #2: The Secret Science of Bidding
Your opening bid should be based on two things: what you can afford (because you don’t want to outbid yourself), and what you really believe the property is worth. Make your opening bid something that’s fair and reasonable and isn’t going to totally offend the seller. A lot of people think they should go lower the first time they make a bid. It all depends on what the market is doing at the time. You need to look at what other homes have gone for in that neighborhood and you want to get an average price per square foot. Sizing up a house on a price-per-square-foot basis is a great equalizer. Also, see if the neighbors have plans to put up a new addition or a basketball court or tennis court, something that might detract from the property’s value down the road.
Today, so many sellers are behind in their property taxes and if you have that valuable information it gives you a great card to negotiate a good deal. To find out, go to the county clerk’s office.
Sellers respect a bid that is an oddball number and are more likely to take it more seriously. A nice round number sounds like every other bid out there. When you get more specific the sellers will think you've given the offer careful thought.
Buying Secret #1: Stalk the Neighborhood
Before you buy, get the lay of the land – drop by morning noon and night. Many home buyers have become completely distraught because they thought they found the perfect home, only to find out the neighborhood wasn’t for them. Drive by the house at all hours of the day to see what’s happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with on a daily basis. Find out how far it is to the nearest grocery store and other services. Even if you don’t have kids, research the schools because it affects the value of your home in a very big way. If you buy a house in a good school district versus bad school district even in the same town, the value can be affected as much as 20 percent.
2.Great Pumpkin Fest
Carowinds, Charlotte, NC,,, It's fall, and that means it is time for spooktacular fun at the Great Pumpkin Fest. During the daytime, Planet Snoopy is transformed into the ultimate fall festival, full of frightful fun for kids and their families. In addition to all of your favorite rides and attractions, you'll enjoy an exciting compilation of shows, attractions and interactive activities throughout the day. The Great Pumpkin Fest runs Saturdays & Sundays from Sept.19 - Nov.1.Halloween activities are from 11:00am - 5:00pm, visit www.carowinds.com
for more details.
3. Just listed/Just sold properties
137 Dannyn Grove Court, Mooresville, NC 28117
$247,500
http://www.tourfactory.com/1428598
Traditional 2 level home located on a cul-de-sac in a great location of Mooresville! Home features 4 bedrooms plus a bonus room, 2 full baths and 1 half bath, kitchen with dining area, and a fireplace in the family room. The home also includes a porch, patio, and an attached garage.
1914 Ora Drive, Statesville, NC 28625
$125,000
http://www.tourfactory.com/1425033
All brick 1 level home sits on over an acre of land! Home features 3 bedrooms, 1 bath, kitchen with dining area. Fireplace in Family room. New laminate wood floors in kitchen and bedrooms. Very large lot with possibilities to expand. Great location in Statesville!
1237 Lizzy Lane, Salisbury, NC 28147
$429,900
This home is an absolute beauty and loaded with features making this home a must see! Located on a quiet cul-de-sac, this spectacular traditional 1.5 story brick home in the Davis Farm subdivision near Salisbury, NC features 3 large bedrooms, 2 and a half baths on the main floor, a bonus room with a 1/2 bath above the 3 car garage and a large, unfinished basement. This home has a security system, is professionally landscaped with an irrigation system.
SOLD
129 Glade Valley, Mooresville, NC 28117
Congratulations to Angela and Jason Leighton!
SOLD
5436 Kerry Lane, Charlotte, NC 28215
Congratulations to Joy Lucas!
SOLD
212 Whispering Hills Dr, Locust, NC 28097
Congratulations to Emily and Preston Munger!
SOLD
106 Aberdeen Dr, Troutman, NC 28166
Congratulations to Tut and Martha!
4. North Carolina Drought Advisory
Iredell County and Mecklenburg County are D1 Moderate Drought Conditions.
Released: October 1, 2015
The North Carolina Drought Advisory issued by the Drought Management Advisory Council has been updated to reflect drought conditions on September 29, 2015 indicated on the weekly U.S. Drought Monitor of North Carolina. Until further notice, the NCDMAC strongly urges the implementation of drought response actions.
- (D1) Moderate drought conditions.
- The NCDMAC advises all water users in the counties that are indicated on the US Drought Monitor Map as suffering from Moderate Drought (D1) conditions to enact the following precautions in addition to previous advisories until further notice:
- Adhere to local water use restrictions.
- Participate, as appropriate, in regional and local coordination for the management of water resources.
- Stay informed on drought conditions and advisories (www.ncdrought.org).
- Project water needs and available water supply for a ninety day period from the issuance of this advisory.
- Assess your vulnerability to the drought conditions and adjust water usage to prolong available supply.
- Inspect water delivery system components (e.g. irrigation lines, fixtures, processing equipment, water system lines, etc.), repair leaks and ensure that existing equipment is operating as efficiently as possible.
- Minimize nonessential uses of water.
- Implement available public awareness and educational outreach programs emphasizing the need to conserve water.
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