Ask the Raleigh Real Estate Expert Archives - Page 2 of 30

November 20, 2018November 20, 2018

Top Things Discerning Luxury Home Buyers Want

the exterior of a large brick suburban home in raleigh north carolina

Luxury home buyers are getting very smart.

This particular group of buyers are quickly becoming more discerning. They’re making wise choices about what their luxury home needs to look like, and it’s definitely affecting the way you should sell your luxury home.

Here’s what we mean:

Bigger is Not Necessarily Better!

Today’s luxury home buyers are looking at quality over quantity. They are forgoing outrageous amounts of square footage for exceptional building quality, tasteful finishing elements, unique attributes, and mindful, creative uses of space.

Number one on their list of amenities is making use of outdoor space in a way that accommodates their family’s lifestyle. That might mean:

a backyard pool area or tennis court
an outdoor living room
a classy bar area
fireplace or pit with cozy chairs
gourmet outdoor cooking facilities

Or it could mean all of the above. Houses with these elements tend to sell faster and for more money because of the valuable lifestyle amenities they offer.

Kitchens are Still King!

More than any other room in the house, the kitchen needs to be carefully planned to meet the needs of today’s Luxury Home Buyers. It is the heart of the home and whether or not the buyer cooks regularly, they are looking for a spacious kitchen with quality fixtures and top-of-the-line appliances. A highly functional island is a must; housing creative storage to hide small appliances as well as adequate seating.

But that’s not all. We all know everyone ends up gathering in the kitchen. It’s the place kids go after school for a snack and to have a conversation about their day. It’s where friends park themselves when they come over for a cup of coffee and a chat. Most of all, it’s where family gathers to help with Thanksgiving dinner. This area needs to include enough room for daily meals as well as comfortable space for entertaining.

Tech-Savvy Homes are the Norm, Not the Exception

There is literally an app for everything today. Being able to control elements of your home like temperature, lights, security, and entertainment from a mobile device through one app or another is a must in the luxury home market.

Buyers in this market prioritize smart home functions over custom window and wall treatments in a heartbeat.

Work-Live-Play vs. Remote and Inconvenient

Buyers in the Raleigh luxury market today are looking for convenience wherever they can find it to save them time and make their quality of life rich. Where buyers once looked for remote, private places to live, most are looking to reduce the travel time to activities they enjoy; dining, entertainment, shopping, and services.

It’s even more important to them that they be located close to work so the daily commute time is minimized.

Charm is in the Finish and Functionality

It’s almost like the luxury home buyer of today is looking for a house that makes common sense for their families and their lives.

They love the uniqueness of a home and are intensely attuned to details that not only add functionality but also make their home distinctive. Quality is everything; from kitchen cabinets to bathroom fixtures and even garage storage.

Price it Right from the Get Go!

Sometimes pricing a home in the Triangle’s luxury market defies the rules of logic. Sellers often think their home is so huge and amazing that they will place a robust price tag on them without considering how usable all that space is. A well-designed 5,000 sq. ft. home with incredible functionality is a more desirable home in this market than a 10,000 sq. ft. home with a lot of wasted space that doesn’t get lived in.

Builders who short charge on the quality and workmanship will rarely fool anyone in this market. As stated before, quality is everything and the lack of it will never do!

Choose Linda Craft & Team REALTORS

No matter what price range you’re looking at for your next home, Linda Craft & Team can provide a level of expertise that only comes with decades of experience in the Greater Raleigh market; 33 years to be exact!

We know this market and understand what home buyers want. So whether you are ready to sell your home or if you’re in the market to buy, we’re the team to give you an edge and help you achieve your real estate goals. Give us a call at 919-235-0007 or visit us at lindacraft.com.

August 9, 2018August 9, 2018

Keeping a Healthy Credit Score – DOs and DON’Ts

How many times have you been told how important it is to keep a healthy credit score? The biggest benefit of keeping a healthy credit score is that you will enjoy the benefits of lower interest rate, especially when you go to finance a home, buy a car, or invest in property for your business.

There are five things that influence your credit score:

Payment History – 35% – bills you’ve paid on time
Level of Debt – 30% – how much you owe and how it is used
Credit Age – 15% – average amount of time credit line is open
Mix of Credit – 10% – credit cards, loans, and other credit accounts
Recent Credit – 10% – credit inquiries – several in a short period of time can damage your credit

There are also several DOs and DON’Ts that can affect these five credit score components. Here’s Linda to tell you about them.

DOs

Pull a credit report – you pulling a credit report will not affect your credit so it’s good to do this once a month to make sure it is correct. The credit bureau does get things wrong from time-to-time.
The rule of thumb for credit cards is to only use 30% of your available credit and pay it off every month.
Collections can kill your score. If you have them, settle as soon as possible with the company you owe and then ask for a Letter of Deletion (not a Letter of Satisfaction) for the Credit Bureau. This permanently deletes that collection from your account and will increase your credit score.
If you want to buy a home, choose a mortgage lender that uses a credit simulator. They can really help you manage your credit to your best advantage.

DON’Ts

Don’t open new accounts
Don’t cancel credit accounts
Don’t consolidate credit – this really damages your score

If you would like help finding a mortgage lender in the Raleigh area with a credit simulator to help you achieve a very healthy credit score, give us a call. It doesn’t cost a thing to take steps to increase your credit score whether you are looking for a home or a space for your business. We’re here to help! For residential real estate assistance, call 919-235-0007 or visit LindaCraft.com. For commercial real estate assistance, call 919-466-5000 or visit CraftCommercial.com.

May 4, 2018May 4, 2018

S.T.O.R.I.E.S Above – Saving a Family from Foreclosure

I’m Julie, the Director of First Impressions at Linda Craft & Team REALTORS. One day recently I received a call from a home owner who was facing foreclosure and was going to lose the family’s home in five days. After compassionately listening to the situation they were facing and gathering pertinent information, I forwarded everything to Steve Kruger, one of our listing partners. Steve did an analysis of the property and realized there was quite a bit of equity in the home.

One of the things I like about working on this dedicated team is that we have a combined total of 350 years of experience. That’s a ton of knowledge and know-how. We collaborate on everything!

With his research in-hand, Steve went to Linda Craft and asked her if there wasn’t something we could do to stop the foreclosure clock. Remember, the deadline was in 5 short days.

There’s usually no grace period from the foreclose court system, so we knew we had to present a powerful case for this family or they would have to walk away from their home without a penny. Our market analysis showed they could sell for a profit and we were determined to get it for them.

Linda and Steve acted quickly to contact the foreclosure attorney to see if there was any way to secure a bit more time. Even in the best of circumstance with a cash offer and a quick “as is” closing they knew we would need a minimum of ten days to pull this off.

There’s so much that has to be done from initial listing to closing; we have to measure, photograph, list and advertise, show to perspective buyers, negotiate offers, and get it to closing with a clear title. We also have to secure a written payoff from the lender that includes all the back payments, attorney’s fees, court costs, and any other amounts that may be due. Stopping a foreclosure is a lot more work than just a traditional sale and time was running out.

When Steve and Linda contacted the foreclosure attorney, they were able to present the case and get the time they needed. Our awesome team was able to list the home for sale fast. Showings began and offers started coming in. We were able to negotiate a cash sale that closed successfully with only 24 hours remaining before the court deadline. Whew!

The beautiful thing about all the hard work the team put into this situation is that this family ended up with a substantial profit and NO foreclosure on their credit record. If they had not called our office when they did and if they had not reached a company that had the experience that we have in knowing how to handle all real estate transactions, they would have walked away with a foreclosure on their record and zero dollars in their pockets.

One of our Core Values is Integrity, which means we always do the right thing for our clients. We are proud to say our clients walked away with $86,000 and peace of mind knowing they would not be going through foreclosure and the seven-year recovery period that goes with it. And, they used our moving truck for FREE to move.

The first two words in our mission statement are “Helping people…” S.T.O.R.I.E.S Above, like this one, is why I love working for Linda Craft & Team REALTORS.

Linda Craft & Team REALTORS is the Triangle’s #1 ranked, locally-owned Real Estate Company and Carolina Hurricanes Corporate Real Estate Sponsor. They have served the real estate needs of individuals and families, in all price ranges, for over 30 years. The company’s mission and core values focus on Expert Market Knowledge coupled with Raving Fan Customer Service to ensure complete client satisfaction. For more information about Linda Craft & Team, please call 919-235-0007 or visit www.lindacraft.com

April 17, 2018

Linda Craft & Team – Check List for Spring Cleaning

Whether you bought your home from Linda Craft & Team last year or ten years ago, it may be time for a good spring cleaning. Set aside a Saturday (time) to get it done and solicit the whole family to help. To be as organized as possible, you’ll need a plan, a logical way to navigate the whole house. Here is a handy floor to ceiling check list from Linda Craft & Team, REALTORS. Let’s get started!

FOYER:

Wipe walls, ceiling and trim
Dust and wipe down all light fixtures
Wash doors, knobs, and switch plates
Empty out coat closet. Donate items that no one uses anymore
Clean or replace entry mat
Sweep and mop floors
Wipe doors with a Magic Eraser and wipe doors with disinfectant

BEDROOMS:

Open the windows and air out the room – as long as the pine dust is not falling
Dust furniture
Go through your dresser draw by draw; empty out content and wipe down the drawer. Donate items you no longer need or want. It’s best to bag them up and go ahead and place them in your car
Move the bed; sweep and vacuum under the bed.
You can freshen up your mattress by sprinkling a little baking soda on the bare surface, letting it sit for 15 minutes, and then vacuuming it up. You can also add essential oils like lavender, eucalyptus or peppermint to the baking soda to add your favorite scent
Wash all the bedding and curtains. Wash pillows and duvet in hot water
Dust lights and lamp shades with a lint roller
Wash windows and window sills
Clean mirrors and dust art
Wipe doors with a Magic Eraser and wipe doors with disinfectant
Sweep and mop floors or vacuum – consider professionally cleaning carpets

BATHROOMS:

Open windows if pine dust is not flying
Empty all cabinets and vanity. Wash inside and replace items neatly. Discard expired medications and cosmetics
Wash outside of cabinets and vanities
Clean tub and drain
Clean toilet inside and out. Be sure to clean around seat bolts and check tightness
Clean sink and drain
Shine faucets
Clean mirror and frame
Dust light fixtures – wash if glass
Wash windows and window sills
Wash switch plates
Wipe down walls and trim
Wash floor registers and other vent covers
Sweep and wash floors

KITCHEN:

Open windows
Remove and clean window coverings
For each cabinet or drawer. Remove items, wipe out drawers, and replace items back neatly. Donate unneeded items
Wash and sanitize cutting boards
Sharpen knives
Wash cabinet doors and knobs
Organize pantry
Clean oven
Clean stove top. Remove elements, clean, and put back
Check food expiration dates in freezer and discard any expired items
Clean under refrigerator and stove
Vacuum refrigerator coils
Clean microwave by heating a glass of water and vinegar and letting it sit and steam inside; then wipe down.
Clean crumbs out of toaster and toaster oven
Wipe down counters and back splash
Clean dishwasher
Dust light fixtures
Wash windows and window sills
Wipe walls and trim as needed
Wash doors and door knobs
Sweep and mop floor

LIVING ROOM / FAMILY ROOM / PLAYROOM:

Open windows if it is past pollen season
Wash windows and window sills
If window screens have been in all winter, take them out and wash them
Vacuum all furniture
Spot clean furniture where needed or professionally clean fabric
Wash all blankets and throw pillows
Dust shelves and tables
Clean TV screen and dust all electronics
Sort books and magazines
Wipe walls and trim as needed
Wash fireplace screen or clean ash for wood burning fireplaces
Sweep and mop floors

OUTSIDE:

Sweep porches and walkways
Wash thresholds
Wash exterior doors. Paint front door if needed
Clean or replace welcome mat
Have outside surfaces power washed if needed

Do you need assistance with any of these projects? At Linda Craft & Team we have an excellent list of talented professionals who provide home care services in the Triangle area. All of them have our stamp of approval from deep cleaning to plumbers! Call our Raleigh office today to get a copy – 919-235-0007. And by the way, when you tackle that home office, remember our Annual Shred Event to be held May 12^th from 10am – 2pm at 7300 Six Forks Road. Securely dispose of all those sensitive documents you no longer need!

February 26, 2018February 26, 2018

3 Reasons Why the Raleigh Area is a Great Place to Relocate

There’s a lot of buzz about “Best Places to Live” flying around the internet. Without a doubt if you Google “Hottest Housing Markets” you will see Raleigh, NC positioned in the top 10 on most lists depending on what criteria is used. So a safe bet (since you are reading this blog) is that if you are looking to relocate, Raleigh is one of the places you are considering.

What’s so great about the City of Oaks? Well, let’s take a look at why Raleigh continues to be a such great value. Most of these online rankings are based on things like employment opportunities, unemployment rates, average income estimates, housing values, and population growth. Some even take a look at lifestyle factors such as outdoor recreation, restaurants and entertainment, and higher education. So what does it all mean, really?

First, You Have to Bring Home the Bacon

Let’s get serious. First and foremost you have to pay the bills, so employment opportunities rank highest on everyone’s list when it comes to relocating. The Triangle area has a reputation worldwide as one of the most progressive, hi-tech, finance, and healthcare hubs. IBM, Cisco, SAS, and Glaxo, Fidelity Investments, Wells Fargo, Lenovo are some of the largest employers in the area. The Triangle also boasts one of the largest entrepreneurial networks in the world with a 30-year track record of successfully nurturing startup companies. These are a few reasons why the unemployment rate is 3.6% – .5% under the national average.

Second, Can I Afford a Home in the Triangle?

Yes, housing is tight all over the country. Median home values in the Raleigh area is around $266,000 according to Forbes. So much more affordable than the western part of the country and definitely cheaper than the northeastern part of the US.

Raleigh saw an appreciation rate of 5.9% last year but that’s estimated to level off to 3.7% this year keeping prices from skyrocketing as they have in other parts of the country. With a median household income of $84,288, the American Dream of owning a home is very achievable in Raleigh and the surrounding areas.

Third, Will I Enjoy Living in the Triangle?

Well, that all depends on your tastes and interests. If you like to be outdoors, enjoy moderate temperatures most of the year, like the beach or the mountains, then you will definitely enjoy this area. Here’s a link to things to do in NC which will help you connect with area offerings.

Raleigh, Durham, and Chapel Hill each house top-ranked universities – NC State University, Duke, and the University of North Carolina. So what? Well, having three college towns means loads of restaurants, entertainment, and SPORTS!!! Where else can you enjoy all the benefits of THREE major universities all within 30 minutes of each other.

Need Help Relocating?

One of the favorite things our agents love about working here is being able to help people relocate to this area. Many have lived here for years; some have lived here all their lives and they have raised their own families here. Wouldn’t a person like that be someone you would trust to share their knowledge of the area with you; helping you to find just the right neighborhood and the right home for you and your family? Give us a call and talk to one of our relocation specialists today!

February 12, 2018

Sink or Swim – Diving into the Raleigh Housing Market?

Like any major investment, buying a home is all about timing.

Is now the best time to take the risk and jump into the home ownership pool? In the Raleigh market, 2018 certainly looks like the right time; but sooner rather than later because it could be quite a different pool you are jumping into if you wait until the latter part of the year.

Yes, the past couple of years or so have seen crazy upward movement in price appreciation and yes, there’s a shortage of inventory – record lows to be exact. While all that doesn’t seem too comforting to a buyer, there are other aspects to consider about the temperature of that housing pool you are about to dive into.

Even this early in 2018 we are seeing some home prices leveling off, and while inventory is still low, analysts say all that is about to turn a corner, especially in price points above $350,000. While 2017 saw home prices appreciating at a rate of 5.9%, these prices are expected to level out this year to around 3.7 in the Triangle area.

Three other factors could push you into the pool sooner rather than later:

Two – four more mortgage rate increases are predicted to happen this year. You could be looking at a rate of 5% by the end of 2018. Increased mortgage rates decrease the amount of home you can afford to buy.
While prices are not predicted to climb at the steep increase we’ve seen this past year, they are going to continue to climb.
Home builders are working hard to close that gap in inventory, however, construction labor is not getting any cheaper, land in the Raleigh proper market is scarce, and banks are getting tighter with building loans. These limitations slow the supply side of housing availability.

Buying is still a more desirable option than renting in the long-term.

Even if this competitive market makes it a challenge to find just what you want in a home, it is possible if you seek the right team of Realtors to help you. If you are considering taking that plunge in the near future, it’s best to consult a Realtor who has years of experience in this market. Think of them as your personal lifeguard. Their knowledge and determination can be the difference between a refreshing dip in the housing pool or diving head first into the deep end without a floatation device.

If you think purchasing a home in this market is tricky, set up a consultation with one of our agents and let them guide you through the ins and outs of buying safely in this market. Our 30+ years of helping people like you buy and sell homes in the Raleigh area gives us a vast amount of knowledge we are ready to put to work for you.

October 24, 2017October 27, 2017

Explore Dog-mopolitan Raleigh

A Canine-friendly City

Americans, in general, love our dogs.

It’s true! Over 78 million furry friends reside in US households and over 44% of all households in the US have at least one pooch. Folks in Raleigh are no exception when it comes to pawsitively loving their dogs. One great thing about Raleigh, and really the whole Triangle area, is that except for the immediate downtown areas, it’s not as urban as many large cities which means Fido will probably have a backyard, even if it is small. In the more urban areas, there are numerous city parks, dog parks, and many, many restaurants, trails, outdoor activities, and events, that make it pawsible for dogs to join in life’s special moments.

Looking for a Canine Concierge?

Are you looking to relocate to the Triangle area?

Raleigh alone has over 40 hotels that are pet-friendly. So if you are looking to relocate to the area, you will have no problem bringing your dog with you when you come to visit. BringFido.com is a great source for finding a hotel to stay in where your pup will be welcome! So is HotelGuide.com.

Bone A-pet-treat!

With our temperate climate in the Triangle, most restaurants have some sort of outdoor seating and will welcome your well-behaved. furry friend to join you alfresco! So don’t furget your furry companion. Take them along with you! Here are a few favorites:

Downtown Raleigh	North Hills Raleigh	Cameron Village	North Raleigh
Plates Neighborhood Kitchen	Chuy’s	Benelux Coffee	Restaurants in Lafayette Village
Raleigh Brewing Company	King’s	Tazza Kitchen	Saints & Scholars Irish Pub
The Station	Mura	The Flying Biscuit	Sola Coffee Cafe
Bad Daddy’s Burger Bar	Another Broken Egg Cafe	The Players Retreat	Gonza Taco Y Tequilla

There are hundreds of dog-friendly restaurants in Raleigh alone.

Need help deciding where to go? Yelp.com can help. Type “dog-friendly restaurants” in the search and select the city you want. You will see pictures and reviews of restaurants all over the Triangle written by dog owners who have enjoyed dining with their dogs. Also, check out these apps to keep up with what’s happening in the Triangle area:

Downtown Raleigh
Offline
WRAL Out & About
Go Eats
KoMoot
Indy Go

Tails on the Trails

The Triangle area is ideal for active lifestyles with your dog.

Want to spend a fun day out and about with your pup? There are numerous trails and dog parks to explore. NC Museum of Art Trails, Umstead Park, Eno River Park, Tobacco Trail, and more all offering excellent hiking trails and most are close to dining areas as well. Here are some websites you can explore to find a trail that’s looks interesting to you.

Trail	Website
Capital Area Greenway System	www.RaleighNC.gov
NC Museum of Art Trails	www.NCArtMuseum.org
Umstead Park	www.NCParks.gov
Eno River Park	www.NCParks.gov
American Tobacco Trail	www.WakeGov.com

If you want a special treat or if the weather is not ideal for outdoors activities, Woofinwaggle, a fitness center and dog spa in North Raleigh, has daily classes you can take to work out with your dog. Amazing, right?

If you are relocating to the Raleigh or just moving within the Triangle area, Linda Craft & Team REALTORS can help you find the right neighborhood for your dog-friendly lifestyle. Contact us today to let us know what your goals are and how we can best help you meet them.

April 18, 2017

Your Raleigh Home and Radon Danger

What is Radon? How Does It Get Into My Home?

Radon is a chemical element formed when uranium in water, rock, and soil begins to break down. This causes the release of radon gas into the dirt which could be beneath your house. It gets into your home through gaps and cracks in walls and floors, spaces around pipes that enter the house through the foundation, fireplaces and furnaces, exterior air vents and if you have well water, it can come in that way too. It’s heavier than air so it tends to collect in lower levels and basements.

So How Serious is This, Really?

Well, on one hand, we are around a certain amount of radon all the time; however, in the open air it tends to dissipate at a quicker rate. If it gets captured in the home, it is more concentrated and that’s where the problems start. Radon gas emits ionizing radiation which damages DNA and can cause cancer. It can be pretty serious, so your home should be tested regularly.

Although radon has been declared a national health problem, there are no real federal or state standards that mandate taking care of the problem. The EPA has made the following recommendations:

4/pCi/L – is qualified as an “action” limit. It means fix your home now!
2 pCi/L – is qualified as “consider action.” It is strongly suggested you fix your home.

Since cleaning up radon issues can cost on average about $1,200, the EPA has not made it mandatory because of the burden to homeowners. However, they have made it known that this is NOT safe. Their studies also show that radon is the second-leading cause of lung cancer. Over 20,000 people die each year because of this invisible radioactive gas.

For more information, take a look at the EPA’s online brochure: Home Buyer’s and Seller’s Guide to Radon.

How Do I Know If Radon is in My Home?

There are DIY kits you can purchase at any hardware store that you can use to test for radon at an average cost of $25 per kit. Make sure it is labeled “Meets EPA Requirements.” Be sure to follow the instructions carefully. Results take a couple of weeks for processing.

A better solution is to hire a professional to do electronic radon testing. It takes less time, provides better quality results, and you get the results back sooner because samples don’t have to send away to a lab. The average cost of testing is $110. If you do have an radon issue in your home, the same company can also perform the mitigation services.

If I Have an Issue with Radon, What Do I Do?

If you have a radon level anywhere near 4 pCi/L, you should take steps as soon as you can to reduce the level. The good news is that installing a removal system will vent the radon gas from beneath your home immediately, eliminating 99% of the radon. You should always solicit the help of a certified radon mitigation service to install the removal system. They can also assess the points of origin where the radon gas may be getting in your home and repair them.

How Often Should I Test My Home for Radon?

If you’ve never had your home tested, do a long-term test as soon as you can. Also, the first round of tests should be performed in two different heating and cooling seasons. Maybe do one in the spring and one in the fall for best results. After that, every 2 years is fine under normal circumstances.

Exceptions to this guideline may occur if you have had any major changes to your home; renovations, ventilation changes, earthquakes, and ground settling can all lead to changes in radon gas levels. Also, if your living arrangements change and you find you are spending more time in the lower level or basement of the home.

Testing for radon is fairly inexpensive (on average $12 per test), so why not give yourself peace of mind? You’ll rest and breathe easier knowing that the air in your home-sweet-home is safe.

Contact Us for More Information

At Linda Craft & Team, REALTORS®, we have over 30 years of real estate experience in the Greater Raleigh area. Whether you are buying a home or selling a home, allow us to equip you with our wealth of knowledge and homeownership advice, from information about radon and other home hazards to a vast network of recommended service providers. Schedule an appointment with us today by calling 919-235-0007.

January 7, 2016January 21, 2016

How to Successfully Market Your Home in the Digital Age

When is the last time you looked for a new home in a newspaper or magazine ad? How about your desktop computer?

Since becoming an integral part of everyday life, mobile devices now account for 77% of all home viewings and have permanently changed the way real estate marketing operates. So how do you successfully market your Raleigh home when selling in this digital age?

Home Staging is More Important Than Ever

On-the-go technology has given the average home buyer access to more information regarding the history and value of a property than ever before, but has also created a new type of filtering system with home portraits.

Attract Buyers Even with Smaller Listing Photos

two mobile phones displaying cluttered and decluttered kitchens in a raleigh home — A seemingly cluttered kitchen (left) vs. a professionally staged kitchen (right)

In addition, the size and contents of a home portrait play a large role in consumer satisfaction.

On mobile phones all images are small. Any kind of décor other than what is absolutely necessary appears cluttered in a reduced frame and deters potential buyers from the property.

Professional Home Staging is Best

In short, a professionally staged and well-lit home portrait is more desirable and will be clicked on more readily than a dark and amateurish portrait. Even if the latter is more economically sound.

Today’s busy tech savvy buyer will delete properties in an instant based on how they feel about the portrait they are viewing on their mobile device.

Online home listings need to attract viewers — so decluttering has been taken to an all new level, because technology is increasingly faster and smaller.

Market Your Home with Linda Craft & Team

At Linda Craft & Team, REALTORS®, we offer professional home staging, professional photography and advanced techniques to capture today’s digital consumer for all of our sellers.

Our expertise in online marketing is one of the key reasons we are the number one team in the Triangle for selling occupied homes.

Contact us today at 919-235-0007 or linda@lindacraft.com and let’s talk about how we can help your Raleigh home sell faster and for more money.

October 16, 2015February 8, 2016

How New Regulations Will Affect Your Next Home Purchase

New government regulations have made changes to closings and home mortgages.

These federal regulations are known as TRID, which is an acronym within an acronym — TILA-RESPA Integrated Disclosures. We’re going to see that these changes are going to cost time and money.

If you’re buying a home in the Raleigh area, read more about what changes these new regulations will bring and tips for avoiding costly mistakes during your own closing.

What Are These Changes, Exactly?

The Integrated Disclosures are replacing the Good Faith Estimate, the Truth-In-Lending, and the HUD-1 Settlement Statement for borrowers. For sellers, the Closing Disclosure and the HUD-1 have to be done by the attorneys.

There Are New Timelines for Closings

Once the loan has been completely approved, the lender now has to send the new Closing Disclosure directly to the borrower rather than the closing attorney.

The Closing Disclosure has to be delivered to the borrower 3 business days before closing (or 7 business days if delivered by mail). If there are any changes to the APR, a new Closing Disclosure has to be issued, taking up another 3 days (or 7).

We expect that we are going to have a lot of delays to real estate closings, which costs a lot of money.

Choosing the Right Lender is Crucial

With these new changes to closings and mortgages, it’s more important than ever to choose the right lender.

You need to choose a local lender that has in-house processing and underwriting, and now that TRID changes are here, you need e-signatures so that your Closing Disclosure doesn’t have to be delivered to you by mail. If you’re buying a home in the area, we can recommend great Raleigh area mortgage lenders to help you choose the right lender.

Want to learn more about TRID and what you may experience during closing? Watch my latest video about TRID below, which includes quick tips about avoiding costly closing delays.

Buying a Home in the Raleigh Area?

Now that new regulations have come to mortgages and real estate closings, you want to avoid costly delays in your own closing by choosing the right real estate team.

Linda Craft & Team, REALTORS® are your Raleigh real estate experts, and we can give you up-to-date information about these new changes and advise you about ways to make your home buying process smoother. We can even help you choose the right lender. Call us today at 919-235-0007 or email linda@lindacraft.com and we can get started.

And if you need assistance searching for home, try our easy-to-use home finder to find your perfect home. Have you already found your dream home in Raleigh? Contact us today to schedule a showing.