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Johston and South Wake County Realtors and Real Estate
In today’s economic climate, uncertainty has been on the minds of many. The wild fluctuations in stocks have thrown a scare into everyone. However, the Triangle housing market has avoided the downturn that many areas have experienced and homes are actually selling at or near their appraised values, according to a recent report in the Raleigh News & Observer.
Although the rate of home building has declined, the actual real estate values are fairly priced. More good news for the newcomer who’s searching for an affordable home is that the Triangle never experienced the “bubble” that other major metropolitan areas faced. The Triangle’s real estate market, including Southern Wake and Johnston counties, have always been fairly priced and residents are certainly happy about that.
The first thing to consider when buying a home is your final situation. Getting your credit report up-to-date is vital. You can download a free credit report online at many web sites. Just do a Google 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.
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!
Finally, with the help of your realtor, you can now starting searching for your dream home. Be sure to check out the schools, as this is a big driver for most families with regard to the neighborhoods they choose. The Southern Wake/Johnston County area has many wonderful schools to choose from, so finding a neighborhood that meets your requirements should not take long!
\Once you find the perfect house, the real work begins. However, attorneys typically handle closings in North Carolina, and the process is relatively painless.
In addition to the sale price of the home, the buyer will also be expected to pay for some items, typically the cost of the appraisal, title insurance, attorney, credit report, flood insurance report, any application fees charged by the lender, and monies required to set up escrow accounts to pay taxes and homeowners’ insurance.
Sellers are responsible for paying their portion of the real estate taxes on the home, recording fees, and commissions to the real estate agent.
The time between accepting an offer and closing in North Carolina is typically one month, barring any other agreements that might come between the seller and the buyer. During that time inspections, appraisals, and repairs must be completed. Typically, the seller must bring the house keys to closing to officially hand over the house to the buyer.
Good luck! You are well on your way to becoming a homeowner in a wonderful area where affordable real estate and an exquisite quality of life can be still be had.
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