If you have been on the fence about whether now is a good time to buy a new home, you can finally climb down and ease your worries. According to local realtors, buyers who have the proper financing and a good credit score can find bargains and lock-in at great interest rates.
In fact, there are several factors working in your favor financially if you are considering purchasing an existing home, building anew, or finishing a home that has already been started.
The Johnston Southern Wake area has been surprisingly stable during the economic turmoil of the past few years. Great value, an excellent location, a robust quality of life, and more home for the money are readily available in Clayton, Garner, Holly Springs, Fuquay-Varina, Smithfield, Selma and the neighboring communities.
Below are a few pointers that might help make your home buying (or home building) experience a little less stressful and more productive.
Get Your Finances in Order
The first thing to consider when buying a 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. Just do an Internet search on “free credit report” and you will find many reputable reporting agencies.
Check your report for errors and get any unpaid items taken care of. Good credit is a major factor for your lending agent in determining how much you can borrow.
The next step is meeting with a bank or a mortgage broker in order to become prequalified for a loan. This arms you with a statement from the bank saying that they will lend you X amount. You now know the price range in which you can afford to shop.
Next you will want to find a reputable Realtor to help guide you through the maze of selecting and making an offer on a home. Find someone you are comfortable with and that matches your personality, as you will be working with this person closely for the life of your search.
Building a Brand New Home
According to a Johnston County market report, builders are building fewer “speculative” homes and more homebuyers are opting for completely custom packages in every price point (which means the homes are not listed, but completed to the buyer’s exact specifications).
This is terrific news for prospective buyers, as 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 that you have a good rapport with. Places to obtain a list of 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.
A good builder or contractor will help you stay within your budget. All the options, or extras that you want to add should be put on hold until the basics—like land or lot size, home size, and dimensions—have been determined. Remember, it is important to stay focused on the fundamentals.
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