We receive phone calls all the time from Raleigh home buyers asking “is it a good time to buy?”. Many people have seen that sellers are in a good position right now but what about buyers? Linda has addressed this question on the MyCarolina Today show. Below, we have listed improvements in the local, Raleigh market and why now is a GREAT time to buy a home in the Triangle!
Triangle Market Improvements:
- Home values are going up – buying now before prices rise further
- Tax value – Wake County, Tax value to sale price is getting closer. From a low of 82% in the down turn to an average of 96% now. Proof values are rising
- Interest rates – Buy more house now. Historically the US average for mortgage interest rates is 8.5%. We are still in the 4% range – All buyers will get more house if they buy now. As a comparison the purchase power with these interest rates is $300,000 compared to only a $200,000 home at the higher rate. Go to LindaCraft.com and search the difference in what you can buy with a sales price of $300 instead of $200. Same payment and a lot more house!
Easier to Get a Mortgage
- Credit is loosening up – mortgages being made again with credit scores in the high 500’s.
- Jumbo mortgage rates are as low as conventional and much easier to qualify for.
- 100% financing is available to those who qualify.
- Tax Credit – Yearly tax credit runs as long as you have a mortgage and will occupy the home. Go to LindaCraft.com and click on the first time home buyer section to learn more.
- Short Sales can purchase faster now. Short sales typically take 12 months now as opposed to years.
National sites such as Zillow, Trulia, and Realtor.com feature many homes that have been sold and closed for months. It is frustrating to the consumer and a waste of valuable time. Shop local. Shop Lindacraft.com! You can find current and up to date information on homes at LindaCraft.com.