We all know that home prices change over time. It’s one of the reasons we invest in real estate in the first place—because we know that a home you buy today is likely going to be worth a lot more tomorrow! But did you know that interest rates have also changed a lot over time… and it’s not how you might think!
Interest Rates Over Time Might Surprise You!
If you think your parents or grandparents probably had much lower interest rates than you will, you’re actually pretty far from the truth. Interest rates have fluctuated a lot over the past 50 years, and definitely not how you might think.
The 70s saw sky-high rates
You don’t have to know what today’s rates are to know that interest rates of 8.86% are pretty high. That’s high for a car loan… but it’s also sky-high for a house. One of the reasons for these astronomical rates was inflation, which began rising in the early to mid 70s.
… But the 80s were even higher
Inflation continued to climb into the 80s, and lenders raised rates to combat the economy’s flagrant boom. Rates hovered around 12.7%… with highs climbing to over 18% in 1981!
Rates dropped in the 90s… a little
The interest rate hike did improve inflation, and the economy eventually leveled off. In the 90s, rates fell back into the 8% range—still high, but definitely more manageable than the rates of the 80s.
Rates continued to fall into the 2000s
From the 90s into the 2000s, rates continued to drop into the low 6% range, heading into the housing boom prior to the 2008 market drop. During this time, the combination of low interest rates and low home prices lead to a housing “bubble” that encouraged risky home buying, and ultimately lead to the 2008 housing crisis. Following the collapse, interest rates climbed again, though not significantly.
The 2010s saw all-time historic lows
After the 2008 collapse, the real estate market slowed considerably. Many previous owners had foreclosed on their homes, while others were forced into short sales (selling for less than they owed), and once-likely buyers were wary of trapping themselves into a similar scenario.
To bolster the market and encourage buying, the Federal Reserve continued to lower rates until they reached an all-time historic low of 3.31% in 2012. This did the trick, and the market started to pick back back up… until 2016 once again saw a booming and robust housing industry.
Today’s rates are almost historically low again!
Rates in the late 2010s began a climb upwards from the 2012 low, with rates in 2018 hitting highs close to 5%. Experts predicted 2019 would see rates over 5%, but in a surprising twist, rates actually fell!
Now, even with mortgage rates expected to increase a bit over the next year, they’re currently hovering near a five-decade low. In fact, rates are just 3.49% today… which approaches the all-time low of 3.31%. So while your home likely is going to cost you more than your parents’ or grandparents’ homes, your loan is going to cost you significantly less… and that’s a pretty big deal.
Interest Rates Are a Big Deal!
Just how much do interest rates matter? Let’s say that your parents bought a $100,000 home at the 1981 peak rate of 18.63%, and you buy your home—also $100,000—at the 3.49% rate of 2020. Your parents would be paying $1,558 a month for their home… while your mortgage payments would be just $448. That’s $1,110 LESS a month, $13,320 LESS a year, and $399,600 LESS over your 30 year loan.
That’s a tremendous difference. Interest. Rates. Matter. Big time.
Want to Buy a Home in Raleigh While Rates Are Low?
There are a lot of myths and misapprehensions about the homebuying process and real estate investing in general—how Fed rates affect mortgage rates, how inventory affects buyer demand, how the economy as a whole affects the real estate market. But this might be the #1 misconception of the whole process.
Homes Values & Affordability: A Major Misconception
Towards the end of 2018, home prices and values were on a major rise. Then, in 2019, the combination of government shutdowns, a minor stock market slump, and rising interest rates caused the market to slow. Economists predicted an increase in home inventory and a subsequent decrease in prices.
This was not the case.
The new year ushered in a few surprising turns of events—like decreasing interest rates—that brought many buyers back into the market, drove inventory down, and brought home values back up. This reacceleration of home values caused many buyers to believe that owning a home was becoming less affordable.
Rising values don’t mean decreased affordability
How could a higher price tag not mean decreased affordability? In short, because there’s more to affordability than home value. Interest rates, for example, have decreased significantly since the end of 2018, which despite rising prices, has actually increased affordability for many buyers.
Interest rates hugely affect home affordability
In fact, a study by Mortgage Monitor revealed that, although average home prices increased nearly $13,000, the monthly mortgage payment needed to buy that same home actually dropped 10% thanks to falling interest rates.
Income also affects affordability
Not only have interest rates decreased, but median family income has actually increased by 5% over the past year. This gives buyers even more buying power and increases the overall affordability of buying a home.
The #1 Misconception: High Prices Mean Decreased Affordability
The bottom line: just because home prices and values are increasing does not mean that homebuying is becoming less affordable. If anything, the contrary is true—which makes it a particularly good time to buy.
Increased values + Increased affordability = A great time to buy
What happens when home values are up AND affordability is up? It’s a recipe for the perfect time to buy a home! Not only will you be paying less, you’ll also reap the benefits of instant equity as home values continue to rise throughout the year. In short, there’s never been a better time to buy.
Real estate is all about timing. If you want to make a good profit when you list your home, it benefits you to time your sale for when there’s a lot of buyer interest—and there are not a lot of competing sellers. And right now is actually that perfect time.
High Demand + Low Supply = The Perfect Time to List Your Home
Seller success is all about supply and demand. That means you have to look at how many buyers are searching in your area (demand) versus how many houses are available to buy (supply). If there are a lot of buyers but not a lot of sellers, there’s going to be a lot of competition amongst buyers—but not sellers—which is what you want!
And recent 2020 housing data shows promising results for sellers.
Buyer demand is extremely strong
Data from ShowingTime, a firm that compiles data from property showings, shows that buyer property showings has increased in each of the country’s four regions for five months straight.
That means buyers aren’t just casually looking—they’re scheduling showings, too!
Housing supply is historically low
New information by Move.com shows that the number of homes currently for sale has declined rapidly and now sits at its lowest level in almost 10 years! In fact, in January, the national housing supply decreased 13.6%—the steepest year-over-year decline in more than four years.
Favorable financial conditions drive buyers
Contrary to expectations, high buyer competition and low housing supply haven’t daunted buyers. Other favorable conditions, like low mortgage rates and stable listing prices, have kept buyer demand strong even in the highly competitive and fast-paced market.
Now Is the Time to List Your Home!
The real estate climate is perfect for listing a home! Buyer demand is high (so you’ll have lots of interest) and housing supply is low (so you won’t face a lot of competition). It’s the ideal situation for a speedy list with a good profit.
As years go by, our priorities naturally change. Perhaps your household size has increased or decreased, or you’ve seriously downsized your number of possessions. Whatever the circumstances might be, it is important that your home matches your current needs.
It may see tough to initially admit that you are ready to make such a significant change, but the good news is, we are here to help you figure out the next steps when it’s time to move on.
Now’s the Time to Sell
If you are in the market to sell, then there’s even more good news for you: now is the perfect time. According to the most recent Home Price Insights report from CoreLogic, home prices have gone up by 3.5% year-over-year. Not only that, but research from the National Association of Realtors found that housing inventory has dropped by 4.3% since just last year.
This is not just a coincidence—these two trends are closely related. As overall inventory has decreased, demand has only increased, which has caused a surge in housing prices. By selling now, you stand to make a much higher profit than you would if you choose to wait!
Beginning Your Home Search
Of course, once you sell your home, you will have to revisit the home search process, perhaps for the first time in years (or maybe even decades!). Since the motivation behind selling your home is to find one that is more appropriate, then you should be sure to put plenty of careful thought into your decision.
Luckily, the Linda Craft Team can help! Get started by using our specialized search tool to narrow down your options based on everything from price and size to features and location. Once you’ve sorted out your wants and needs (and maybe even found a few options), give us a call. We’d love to use our database to find any homes in the Triangle area that fit your priorities!
Navigating the Home-Buying Process
There is much more to the buying process than just searching—but we’ll be around to help every step of the way. Wondering what your options are, from luxury to new construction? Check out our listings for each. Need a little help with the moving process? We’d be more than happy to send you our free guide on relocating to the Triangle area!
Whether you need help finding your perfect neighborhood or have a few questions about the mortgage process, you’ll find that we have a resource for your every home-buying need around the Triangle.
Ready to Find Your New Triangle Home?
Don’t settle for a home that doesn’t fit your lifestyle—make today the day that you being your new journey. When you work with Linda Craft & Team, REALTORS® , we’ll put our over 350 years of combined real estate experience to work, whether it’s netting top dollar on your home sale or finding your dream home for a dream price.
Take some time to browse what we have to offer. Ready to get started? We’re just a phone call away!
During this holiday season, our crew at Linda Craft & Team, REALTORS® has been reflecting on just how grateful we are for our clients. After all, without you, we wouldn’t have been able to achieve the success that we’ve had this year!
That’s why we wanted to take the opportunity to give back a little bit by inviting one of our famous friends over to the office for a quick professional photo session. But that’s not all—to show just how thankful we are and spread a little extra holiday cheer, we also wanted to give away a special treat to a lucky winner: a five-day cruise for two!
Check out the details of our Santa Day celebration, and see how you can enter to win our luxurious ocean getaway!
Celebrate Santa Day
When: Saturday, December 21st, 10am – 2pm
Where: 7300 Six Forks Road
What: Mark your calendars: Santa Claus is coming to our office on Six Forks Road! We’ll be decking the halls, decorating the office, and setting up a festive photo shoot area—complete with a professional photographer!
Swing by the office anytime from 10am to 2pm, and you can get your photo taken with Jolly Old Saint Nick for FREE. We’ll be sure to send you an email after the event with a link to your 5×7 colored image, so you can make this a memory that lasts a lifetime.
Win a Five-Day Cruise for Two
Of course, we didn’t want to just stop there. In addition to free professional photos with Santa, we also will be giving away a luxurious five-day cruise for two to one lucky winner!
Enjoy the cool ocean breeze, relax in the sun on the wide-open deck, and listen to the lapping of the clear blue waves below…sounds like our idea of bliss! The cruise itself offers a lively Welcome Aboard party, gourmet food every night, a wide range of entertainment (including lavish shows, live music, comedians, and more!), pools and whirlpools, dozens of activities, and time to explore white-sand beaches and beautiful terrains at each port of call.
Wondering how to enter? Easy—just follow this link and fill out the form at the bottom of the page! Santa himself will be announcing the winner on our Facebook page, so make sure you click “like” so you don’t miss the big reveal!
Making Real Estate Plans in the New Year?
As you’re planning your holiday schedule, make sure you drop into our Santa Day event on Saturday the 21st! And don’t forget—Linda Craft & Team, REALTORS® are always around to help with your every real estate need around the Triangle area, whether its buying your dream home or selling for top dollar.
If you have any questions—about Santa Day, our cruise giveaway, or local real estate—don’t hesitate to give us a call!
Find out about all the ways to celebrate Independence Day 2019 in Raleigh, Durham, Chapel Hill and beyond. Enjoy fireworks, parades, festivals and more.
Apex
Olde Fashioned Fourth of July Thursday, July 4th, 2019, 9 a.m. to 1 p.m. Historic Downtown Apex Flag-raising, inflatables, face-painting, karaoke, parade of wheels, fire department splashdown Free to attend. Might be cost for some activities.
Cary
Cary Independence Eve Celebration Wednesday, July 3rd, 2019, 6:30 p.m. Cary Arts Center
The Cary Town Band will celebrate and honor our nation’s veterans in this year’s Independence Eve Celebration. Speaker Deborah Tilton, a Specialist in the NC Army National Guard and decorated veteran, will answer the question, “What is a Veteran?” Musical selections will be played to honor those who have served. The band will pay special tribute to our military service personnel and their spouses past and present who have helped secure our freedom and liberty. For more info call (919) 469-4069. Free
Cary Independence Day Celebration Thursday, July 4th, 2019, 7:00 a.m. – 6 p.m. Fred G. Metro Bond Park, Boathouse Enjoy the fishing tournament, parade, and various activities. The activities start at 8 a.m. Free
July Fourth at Booth Amphitheatre Thursday, July 4th, 2019, 3 p.m. Koka Booth Amphitheatre Enjoy an afternoon and evening of fun, family festivities. The North Carolina Symphony will be performing. There will be a fireworks display at the end of the event. Free but there will be a charge for some of the amusements.
Chapel Hill
Town of Chapel Hill 4th of July Fireworks and Community Celebration Thursday, July 4th, 2019, 6 p.m. Southern Village, 400 Market Street, Chapel Hill
The celebration and fireworks are moving from Kenan Memorial Stadium this year. They will be launched from Scrogg’s Elementary School, and the prime viewing areas will be Southern Village, where there will be a pre-fireworks community celebration with kids’ activities and music, and Southern Community Park, 1000 Sumac Road.
Clayton
Clayton’s Fourth of July Celebration Thursday, July 4th, 2019, 4 p.m. Municipal Park, 325 McCullers Drive, Clayton.
Live music by Big Love, free watermelon slices, free ice cream, inflatables, fair rides, and more.fireworks at the end of the day.
Durham
Children’s Independence Day Celebration Thursday, July 4th, 9:30 a.m. Durham Central Park, 501 Foster Street, Durham Bring the kids and celebrate the birth of our nation in this fun and patriotic parade. Come early to help your kids decorate their bikes, big wheels, tricycles, wagons, even strollers. Parade starts at 10:30 am. Free popsicles and fire truck tours after the parade. Free
Durham Fourth of July Celebration Thursday, July 4th, after the ballgame ends Durham Bulls Athletic Park Patriotic fireworks show immediately following the USA baseball game. Free, but you should consider buying tickets to the baseball game to make sure you get in. This is strongly suggested. Follow the above link for more information.
Watts-Hillandale Fourth of July parade and Celebration Thursday, July 4th, 10 a.m. Oval Drive Park, 2200 W. Club Boulevard, Durham This tradition started in 1950 with six neighborhood kids riding their bikes up and back on the sidewalk. Today, 1,000 people attend. The parade is led by the fire truck and features patriotic singing. Afterwards, participants cool down with bottles of ice-cold Coca-Cola.
Independence Day Celebration at Stagville Friday, July 5th, 2019, 11 a.m. Stagville State Historic Site 5828 Old Oxford Highway, Durham Free
Frederick Douglass Community Reading: Commemorate Independence Day with a community reading of Frederick Douglass’ powerful Fourth of July address, “What to the Slave is the Fourth of July.” This is a participatory event, open to people of all ages! We will provide copies of the speech to all attendees, and read it out loud together as a community.
Fuquay-Varina
Independence Day Celebration Wednesday, July 3rd, gates at 6 p.m., Spare Change plays at 6:30 p.m., fireworks at sundown South Park, 900 S. Main Street Food vendors, music, free rides for kids, splash pad 6 p.m. until sundown, and fireworks. Free
Garner
Garner Independence Day Celebration Wednesday, July 3rd, 5 p.m. Lake Benson Park, 921 Buffaloe Road, Garner Celebrate Independence day with food, music, and inflatable games. The North Carolina Symphony will be performing. The event will end with a fireworks show.
Hillsborough
Hillsborough’s Independence Day Picnic Sunday, June 30th, 11 a.m. Eno River Farmers Market Pavilion Live music by Alabama Slim and more. Food trucks and family activities in River Park until 3 p.m. Free
Holly Springs
Holly Springs Independence Day Celebration Friday, July 5th, 5 p.m. Jefferson L. Sugg Farm at Bass Lake Park A pet-friendly festival with food, games, crafts, activities, and more. There will be a fireworks display at 9:15. Free
Knightdale
Knightdale Fourth of July Celebration Thursday, July 4th, 5 p.m. Knightdale Station Park This celebration features food trucks, vendors, and kids’ activities, as well as a live performance by The Embers. There will be fireworks to close out the celebration. Free
Morrisville
Morrisville Fireworks Wednesday, July 3rd, 2019, 6 p.m. Morrisville Community Park Fireworks and food trucks. Bring blankets, chairs, and tents to watch the show. Free, but bring money for the food trucks
Raleigh
Raleigh Fireworks Thursday, July 4th, 6 p.m. PNC Arena/Carter-Finley Stadium/NC State Fairgrounds Area Raleigh’s fireworks will take place in the PNC Arena area.
Fireworks will be launched from property owned by North Carolina State University along Trinity Road, which is adjacent to PNC Arena, Carter-Finley Stadium, and the North Carolina State Fairgrounds. There are no major visual obstructions in the vicinity so the fireworks can be viewed from all directions.
Parking lot gates will open at 6 p.m. and fireworks are scheduled to launch at 9:30 p.m. There will be free parking at the PNC Arena lots, Carter-Finely Stadium lots, and North Carolina State Fairgrounds Bunn Field lots along Trinity Road.
Finley Freedom Festival Sunday, June 30th, 2019 6:30 p.m. A.E. Finley YMCA, 9216 Baileywick Road, Raleigh Free
The whole community is invited. You don’t need to be a member of the YMCA. Music, games, face painting, food vendors, balloons, and afireworks show.
Brier Creek Independence Day Celebration Thursday, July 4th, 7 p.m. Brier Creek Commons Games, bounce houses, prizes, and face painting. Ends with a fireworksdisplay at dusk.
Joel Lane House Celebration Thursday, July 4th, 11 a.m. to 4 p.m. Joel Lane Museum House The historic Joel Lane Museum House offers free admission on July 4th. Take a tour of the house, and enjoy historical activities. Free
Independence Day Celebration at the State Capitol Thursday, July 4th, 11 a.m. to 4 p.m. NC State Capitol, 1 E. Edenton Street, Raleigh This great Raleigh tradition includes a naturalization ceremony for new citizens and patriotic music by Raleigh Concert Band. Check back soon for more information. Last year it also featured carriage rides, food trucks, and free family-friendly activities. Free
Rolesville
Rolesville Fourth of July Parade and Celebration Thursday, July 4th, 5 p.m. 121 Redford Place Drive The event will include live entertainment, food trucks, a beer garden and a fireworks display.
Selma
Selma’s all-American Festival Thursday, July 4th, 2019, 6 p.m. Uptown Selma A family-fun event featuring food, special events, a children’s area, and fireworks. Free
Smithfield
Smithfield Independence Celebration Sunday, June 30th, 2019, 6:30 p.m. South Third Street, Historic Downtown Smithfield Food vendors, water wars, and music by The Seaside Band. The celebration ends with a fireworks display at 9 p.m.
Wake Forest
Wake Forest Fireworks Display Wednesday, July 3rd, 5:30 p.m. Heritage High School, 1150 Forestville Road, Wake Forest The band, Crush, is performing, followed fireworks. Free
Wake Forest Children’s Parade Thursday, July 4th, 10 a.m. North Main Street Children can ride their bikes, walk, or be pulled in a wagon along North Main Street. Free
Arts and Games in the Park Thursday, July 4th, 11 a.m. Holding Park, 133 West Owen Avenue Arts activities for kids Free
Wendell
Wendell’s Independence Day Celebration Thursday, July 4th, 10 a.m. to 2 p.m. Wendell’s annual Independence Day celebration features a citizen’s and children’s parade down Main Street, starting at Wendell United Methodist Church, and ending at the J. Ashley Wall Town Square. Free
Money magazine named the Greater Raleigh area as the Best Place to Live, and Forbes has ranked this area #1 Best City for Jobs and #1 Best City for Education. If you are looking for a home in the Triangle, we can help.
Contact us at 919-235-0007 and we can schedule your personal tour of neighborhoods or homes in your desired area.
Selling a home is a complicated, and time-consuming process. When done correctly, however, it can transform your life for the better and help you build long-term wealth.
As such, we believe that it’s important to work with a certified expert to sell your home in the greater Raleigh area. That’s why we’d like to take a minute to show you the proven benefits to working with our team.
Our Experience Shines
When you tally up the experience of every single person on our team, you get more than 350 years of direct experience selling homes in the Triangle.
Compare that to 50% of Triangle area agents with less than 5 years of experience.
Plus, our experience includes:
Negotiating
This is a big part of selling real estate! You have to know how to negotiate with the buyer for the best possible outcome. Our team has negotiated and closed over 10,000 real estate transactions.
According to the National Association of REALTORS®, the average Realtor sells about 6 houses per year.
Pricing
Our Exclusive Listing Partners specialize in pricing homes all day, every day. We specialize in focused expertise, which is why each of our listing specialists is able to close 20 times more homes than the average agent.
We list and sell over 100 homes each year, and have correctly priced and closed over $2 billion in real estate.
Handling Contracts
It’s no secret that selling a home comes with a lot of paperwork. Luckily, at Linda Craft & Team REALTORS®, our 30+ years of experience handling more than 10,000 contracts in the Triangle gives us the expertise to help you with all the disclosures and paperwork necessary in today’s heavily regulated environment.
An In-Depth Understanding of Market Conditions
When it comes to any business decision, we firmly believe that knowledge is power. That’s why we aim to empower our clients with a pre-listing consultation in order to fully understand today’s market conditions and the best ways to succeed in the Raleigh real estate market. Over the past 30+ years, we have used our in-depth market expertise to help our clients win during the toughest times in history (think the Savings and Loan Crisis, the Dot Com Bust, and the devastating Mortgage Crisis of the 2000s).
When it comes to real estate, it can be easy to get bogged down by the numbers. How much money are you going to spend on a home? Are you going to be able to build substantial equity over the years? If you decide to sell before your mortgage is paid off, will you have to renegotiate with the bank?
While the financial side of buying a home is important, what’s possibly even more significant is its emotional aspect. Buying a home has many intangible benefits; home is where you look forward to returning at the end of a long day. It’s the one place you can truly feel at peace and be yourself. It’s a place where you feel safe, loved, and protected.
The purchase of a home is unlike any other purchase you’ll ever make in your lifetime.
Owning a Home Brings Stability
When you buy a home, you’re not simply purchasing a property. You’re choosing to invest in a unique community that’s going to shape your way of life.
That’s why we’re so excited you’re exploring the Triangle as your new home. With its many different neighborhoods, towns, and cities, the Triangle offers a wide variety of different communities to choose from.
You Have Total Freedom Over Your Space
Unlike with renting, owning a home means having near-unlimited possibilities to customize your space as you see fit! Want to install a fire pit in the backyard? Interested in transforming your extra bedroom into a home gym? Eager to paint a wall in your kitchen with inspirational quotes? When you own a home, you have all the options in the world.
You’re also free to adopt pets, install Pinterest-inspired light fixtures, and do whatever else it takes to make your house feel like home.
There’s No Place Like Home
The biggest reason to buy a house? To make it a home.
Create a space where you and your loved ones can come together to celebrate and to take care of one another. Set up a guest bedroom for when company visits, decorate your dining room for the holidays and the big events, and get excited about your new life in a community as charming as the Triangle!
Ready to Buy a Home in the Triangle?
We’d love to help you along. At Linda Craft & Team REALTORS®, we understand our buyers’ unique needs and expectations in a real estate transaction. As leading Triangle REALTORS®, we’re more then prepared to guide you towards a successful, lucrative, and emotionally fulfilling home purchase.
Happy New Year! If selling your home is at the top of your resolutions list, then it’s time to get started. You don’t have to wait for warmer weather for a successful home sale. In fact, it may be a good decision to go ahead and sell your home right now!
There are many hidden benefits to selling your home in winter. Although the market has slowed down, that doesn’t mean buyer demand has! The weather cannot change the circumstances that motivate people to buy new homes, which makes every time of year great for selling your Triangle home.
Less Competition
Many people believe that winter is a bad time to try and sell your home, which is why they wait until the spring or summer to list. However, the market tells us that housing inventory is low — meaning that there are not enough homes for sale in the market to satisfy buyers’ demand.
If you’ve gained substantial equity in your home over the years, it’s probably time to go ahead and list it!
Same Strong Demand
People often choose to buy a new home and move for a number of reasons that aren’t affected by the weather. Even in the winter, people accept new positions in different cities, need to downsize, or want to move closer to their loved ones.
The weather doesn’t stop them, and it shouldn’t stop you! Take advantage of the decreased inventory for a successful home sale.
A Faster Home Sale
As a result of the decreased inventory, and steady demand, your home will probably sell quicker in the winter than it would in the summer! The Triangle market is competitive, no matter the time of year, so you can expect an interested buyer to act fast in putting an offer on your home.
If your goal is to sell your home before March, now is the time to act.
It’s Your Time to Move Up
If you want to sell your Triangle home in order to buy a premium or luxury home, now is the time to act! Luxury homes are in a market all their own, and the inventory for luxury homes in the Triangle continues to increase.
Why do you want to sell your home? Is it worth waiting until the weather decides to improve? Probably not!
Plus, the weather in the Triangle Region of North Carolina will continue to surprise us. In Raleigh this year, it was almost 70 degrees on the first day of the year! While the market may have slowed down a little, buyers are still just as motivated as they’ll be come spring.
Sell Your Triangle Home for Top Dollar
If you’re ready to list your home in the Triangle, then it’s time to contact Linda Craft & Team Realtors®. We have a proven track record in selling Triangle homes fast and for the most amount of money possible.
2018 is quickly drawing to a close, which means it’s time to start planning for the new year. If you’re still renting a home in the Triangle, please know that you have better options available!
Have you been dreaming of becoming a Triangle homeowner? You’re not alone! This is a wonderful area to invest in, and an ideal time to buy a home. Home values in the Triangle are expected to increase over the coming years. This makes now the time to act!
Take a look at our complimentary home-buying tools to get an idea of your options in the Triangle. Oftentimes, it’s less expensive to pay a mortgage every month than it is to keep up with annual rent increases, and all the other fees associated with leasing!
Those surveyed were also asked what they disliked about renting. 52% said rising rental costs were their biggest reason. Other factors included “not building equity,” “feeling like I’m paying my landlord’s mortgage,” and “not being able to have pets.”
There’s plenty of merit to that concern, as the median asking rent has risen steadily every year since the 1980s.
Common Misconceptions About Buying a Home
If you plan out your budget every month, you’ve probably heard of this rule “don’t spend more than 30% of your monthly income on housing expenses.” Did you know that almost half of all renters surveyed in the Bank of America Report spend much more than that on their monthly rent?
When asked what was stopping them from buying a home, many responded that they “weren’t able to save the 20% down payment.”
However, this is one of the biggest misconceptions about buying a home! It is possible to buy a home without putting 20% down.
Ready to Explore Your Triangle Home Buying Options?
Allow our team of experienced Triangle real estate agents to guide you through the process. For more information about what kind of homes are available in the Triangle, and what your options are as a buyer, please get in touch.
As the #1 Real Estate Team in the Triangle, Linda Craft & Team, REALTORS® are fully prepared to find you the home of your dreams and negotiate an excellent price on your behalf.
