Clayton NC Real Estate Home Buying Tips
October 31, 2015 | Michele Langley
Where can I learn about the Home Buying Process?
The Modern Living Home Team is here to help you understand the home buying process and provide you with home buying tips to ensure you understand the Clayton real estate market and to learn if now is a good time to buy. Our team of real estate agents in Clayton NC can answer any home buying questions that you may have. Feel free to contact the Modern Living Home team anytime for further information after reading our home buying article.
Clayton NC Real Estate Home Buying Tips
Are you starting to look at Homes for Sale in Clayton NC or Johnston County and wondering if now is a good time to buy?
3 Good Reasons to Buy a Clayton NC Home Now!
- Home Prices are Expected to Continued to Rise
A recent report from The Home Price Expectation Survey states that real estate home values are expected to rise between 10.5% and 25.5% over the next 5 years. Which means it will cost you more to buy a home in the future or you will need to purchase a smaller home depending on the home sales prices you are approved.
- Home Mortgage Interest Rates are Expected to Increase
Increasing mortgage interest rates will mean a higher monthly payment so your mortgage could be higher if you wait a year from now to buy a Clayton NC home. Experts are predicting that rates will rise. But keep an eye on Freddie Mac’s Mortgage Market Survey to evaluate current lending conditions.
- Rental Prices are on the Rise
The monthly rate of renting a home is typically higher than the amount you would pay on a mortgage. Why pay someone else mortgage with so mortgage programs that allow you buy a home with little down? There are many loan programs that do not require 20% down and Clayton NC Homes are often eligible for USDA Loans in addition to a new loan package just for Johnston County first-time home buyers.
The Clayton NC Real Estate Market provides a great value for home buyers. Click here for detail information on the town of Clayton and to learn about Clayton NC Subdivisions Home prices are lower than in surrounding communities such as Cary NC and Raleigh NC. However, Knightdale, Wendell Falls, and the Garner areas which are close to Clayton are providing some great real estate prices also. Visit our Clayton NC Real Estate Tips blogs to obtain updated information each month on real estate market trends in the Raleigh and Clayton area.
Whether you decide to move to Johnston County or are considering Wake County, there are additional considerations that home buyers should consider with their home purchase.
Financial Tips to be ready to buy your next home:
The majority of home buyers will need to finance all or a portion of the home purchase price. This will require a home mortgage. The first step in the home buying process is to get a preapproval letter from a mortgage lender. Most business-minded Realtors will not begin to show houses to potential buyers until they have confirmed their ability to purchase a home. In addition, until a home buyer understands the price range of the homes they are qualified to buy, a home search cannot be narrowed down to meet your needs. Your realtor also cannot even present an offer on your behalf since home sellers will not accept an offer to purchase without a preapproval letter confirming the buyer is qualified to actually by the home.
Your realtor can recommend a few reputable companies that will help you close quicker and ensure that your closing does not get derailed. With the new mortgage requirements of TRID it is vital that your realtor pick a lender and real estate attorney who has an efficient system to ensure a smooth home buying process and that you close on your house in a timely manner.
In order to apply for a mortgage and know if you are ready to buy a home in Clayton NC, potential home buyers should evaluate and know the following:
- Do you have a regular and reliable income? This can be from your employer, independent business that you own, retirement pensions or investments.
- Can you produce documentation from your employer or a representative of other sources of income that confirms your employment status and salary?
- Is your credit score high enough to qualify for a loan? Various loans have different requirements and a mortgage broker can help you evaluate the best option.
- Do you have a good debt-to-net ratio? How much of your income is needed to pay monthly bills?
- Do you have a reliable car that will be in good working condition long enough that if you had to rely on the car for a while, you could make your monthly mortgage payments and car payments?
- How much money do you have saved that can be used towards a down payment? Mortgages can vary to down payment requirements and you might find one with zero down, such as VA loans, or there are first-time home buyer programs below 4%. However, conventional loans typically require a minimum of 20% of the purchase price.
- Do you have enough saved for additional costs associated with buying a home? Obtaining a home inspection and often additional pest inspections, radon inspections and survey is in your best interest. While these costs can be credited at closing, home buyers need to pay the contractor when services are rendered so you will need to have sufficient funds for hiring additional professionals.
Before meeting with a lender you will need to gather all your financial data which could include pay stubs, tax records, current financial obligations, and credit card balances. So begin to gather the paperwork so you can quickly obtain approval from a mortgage broker.
Michele Langley and her expert team at Modern Living can help you with any additional questions you might have in regards to buying a home in Clayton, Johnston County, or surrounding communities. Your Clayton Real Estate, she can connect you with a Mortgage Broker to learn if you qualify for a new home purchase. Lenders often have programs based on area, a credit score that could enable you to buy a home quickly and a mortgage broker will help you find out when you can buy and how much you can afford.
If you are ready to purchase your first home, a new home buyer, Michele Langley is a Top Clayton Realtor that can quickly and professionally guide you in your first home purchase. Feel free to look at new homes for sale in Clayton NC and resale homes on our website to see what type of home you can buy based on home purchase price, square footage, the number of bedrooms and location. We will customize a home search for you that meets your price range and price point.