Monday Market Update - January 31, 2011
Happy Monday!
Great weather in the Port City this weekend. I hope you were able to enjoy it.
Some positive economic news last week as new home sales reportedly rose 17.5% in December which is reiterating the fact that the housing market is recovering - albeit, very slowly. The Fed also announced that they would be making no change to the Fed Fund Rate. We're still seeing interest rates go up and down depending on the news of the day and that's a trend I think we'll continue to see for the immediate future. Interest rates are still very competitive for home buyers. Take advantage of them while you can.
The NC Real Estate Commission in conjunction with the NC Bar Association changed our contracts effective January 1st. Now more than ever it's crucial to be financially prepared BEFORE you start searching for a home. In doing so, here are 4 tips to make your home search go smoothly.
1. Check your credit score to make sure there are no surprises or errors on it.
2. Get Pre-approved. This means get your financial information to your lender before you start your home search so you are confident you qualify for a loan. More importantly, you'll have a good idea of what your closing and monthly expenses will be. A lender typically requires W2's for the past 2 years, 2 months of pay stubs, most recent checking, savings and investment bank statements. More may be required so ask your lender what they'll need.
3. Set aside cash for closing. Know and make sure you have the money you'll need to close on the loan. Prior to closing, stay current on ALL your payments, don't make any big purchases, and don't sign or cosign on any other loans.
4. Have proper buyer representation from a Realtor who knows the market and can negotiate the best deal for you.
If you have any questions about this or anything else real estate related, just give us a call or email.
Have a great week!
Melanie Cameron, Broker 910.233.2840
Susan Harkins, Buyer Specialist, 910.431.2362
Gina Martin, Buyer Specialist, 910.619.1987
Alexa Winstead, Marketing/Closing Coordinator 910.202.2547
Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw, Rocky Point, and Hampstead.
P.S. If you would like to receive this update on Monday via e-mail, you can sign-up for our weekly newsletter by sending us a quick contact.
