Congratulations on making the move to the up-and-coming Sandhills region! The Fayetteville - Fort Bragg area, as well as Pinehurst, Sanford and the surrounding communities and towns, afford residents the finest in amenities ranging from healthcare and education to culture and entertainment. As such, the Sandhills region — accommodating to both military and civilian life and the retired or the working professional — is an excellent place to purchase an existing home or build anew.
Long-term interest rates are at all time lows, and there are many bargains to be found if you do your research and explore the right areas.
The median sales price for homes in Fayetteville in June 2011 was $144,500 based on 274 home sales. Popular neighborhoods in Fayetteville include Terry Sanford and Seventy-First, with average listing prices of $289,292 and $145,894.
In the golf mecca of Pinehurst, average home sales were $229,000 and the average list price was approximately $270,000 in June 2011, according to Zillow.com Contrarily, nearby Sanford’s average sales price was $177,000 and average list price was $170,000.
The Sandhills region offers convenient neighborhoods and a wide variety of housing options. The cost of living in the Sandhills region is lower than the national average, resulting in typically a “more-home-for-money” scenario. You are going to be thrilled with the end result financially if you are considering a move here. Also, a hidden benefit of the region is the many new and existing homes available in a variety of price points.
Previously owned homes are typically cheaper per square foot, but costs for building materials (drywall, lumber) are also low now, so building your own custom home might also be a smart move for you depending on your preferences.
Many people enjoy the challenge and end reward in designing a custom home to suit their lifestyles and tastes. Custom builders are well represented in the area and will help you design and build the home of your dreams!
First Things First
The first thing to consider when buying (or building) a new home, of course, is your current financial situation. Getting your credit report up-to-date is vital. You can download a free credit report online at many web sites. Check for errors and take care of anything that is listed as outstanding.
Armed with that information, the next task is getting pre-qualified for a loan. Pre-qualifying takes things a step further than simply pre-approval for a loan. Whereas with pre-approval the lenders may only look at your basic income, with pre-qualifying they will probably want information on your income, assets and credit status.
Lenders will use this information to determine a loan amount that would be approved. Pre-qualification will give you a more accurate price from which to work, as well as the assurance that once you select your house, the money will be waiting for you.
When choosing a mortgage lender, it pays to do research. Look for a lender who has a reputation for providing competitive rates and listening to the buyer’s specific needs when it comes to applying for loans. Buyers should also look for lenders who can make the underwriting decisions and control the mortgage process from application to closing.
Word of mouth can sometimes help narrow the field of lenders. Talk to your agent, bank, or credit union. When you have a few names and contact information for possible lenders, be sure to compare their rates and fees.
Also, be sure to ask your lender about other fees, such as points, application fees, origination fees, broker fees, appraisal fees, and legal fees. These extra costs will affect your bottom line, so it’s good to know what to expect to avoid surprises at closing.
Find a Realtor!
Contacting a real estate agent is next on the list. A good agent can help you nail down the type of home you’re looking for: the location, the neighborhoods, schools, etc. Most folks feel that the fee you have to pay an agent for representing you is well worth the benefits you receive. These include information, advice and convenience. They do the looking for you!
After, you’ve supplied your realtor with your likes and dislikes, the space requirements, even the communities to consider. Now, let them do their jobs and show you the homes that they think will be of most interest to you!
Time is always precious but do not try to cram as many house showings into a Saturday as possible simply because you’re off work. Pretty soon one property will begin to blend into another and the entire day becomes a blur. Make a short checklist or some sort of informal form to help keep track of the homes you’ve seen. If a property is a definite no, eliminate it at once and move on. There’s nothing wrong with shortening your list at the end of each day.
After you feel you have a list of potential homes, it’s time to narrow the field. This may be the hardest part of the process because you’re mixing emotion and logic. That’s why having professionals like Realtors, lenders, inspectors, and appraisers on your team helps. They can help you make a logical choice that you can also fall in love with.
Some of the things to consider are, of course, the structure and features of the home, but also be sure to look into the future. What about resale value? What about the surrounding property? Are there any zoning restrictions, right-of-way easements, or upcoming development that you weren’t aware of? Your realtor should research these aspects and provide you with these kinds of answers.
Build a Custom Home
With labor costs, materials and housings starts at recent lows, if you are considering building a new home, the timing is also excellent!
There are many advantages to building your own home, but probably the most important is customization. Having the home tailored to suit your every whim is one of the most rewarding feelings you can have when the job is completed. The ability to choose things like cabinetry, tiling, counter tops, and fixtures, not to mention the size of the bonus room, carries a lot of weight for most people when trying to determine whether to buy an existing home or building their own.
According the National Association of Home Builders (NAHB), the first thing to do is to find a reputable builder with whom you have a good rapport. Places to obtain a list of local builders include your local homebuilder’s association or check www.move.com, the NAHB’s official new homes listing Web site.
You should also become familiar with your local newspaper’s real estate section. This will give you a good idea of the prices you can expect, the current hot neighborhoods, which builders are active in your area, etc. You might also turn to friends and relatives for recommendations, or your local real estate agent can help as well. Make a comprehensive list of the builders you want to research.
Now, you can start contacting these builders and finding out more about what they have to offer. You will want to check the builders’ reputations, and the best way to do this is by visiting homes they have built and talking with their owners. Drive by on a nice Saturday morning and stop to talk to some of them. Most will be willing to share their experiences with you. They might also give you some advice about the area, the schools, the amenities in the neighborhood, etc.
Custom builders work with you to create a home specific to your needs. Once you’ve done your homework (interviewed multiple builders, checked builder references, etc.) and chosen a suitable custom builder, then you can sit down and design your home. It may be a good idea to bring any home plans that you would like to use for ideas or as a guide to your new house. Your builder will help you make modifications where necessary.
If your builder has a good reputation and solid construction processes, he will follow up on all changes and adjustments with paperwork, making sure that you understand what you are getting (pictures, examples, other home tours) when you sign off on specific adjustments. It is important to make sure the homebuyer’s expectations and the results are in line to produce a happy homeowner at the time of sale and thereafter.
Eventually, after what might appear a long and tedious process, you will be able to take solace in the fact that you did your research, shopped around, and made wise decisions. Welcome to your new home in the Sandhills region of North Carolina!
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