4 Surprising Reasons to Buy Charlotte Real Estate Now
Okay, so you’ve heard repeatedly over the past 3 years why “NOW is the time to buy!” You’re accustomed to the ‘standard’ reasons that agents and other experts think now is a good time to buy Charlotte real estate. However, there are 4 reasons to buy Charlotte real estate now that just may surprise you:
- Homes are in tip-top condition. Yes, instead of selling and moving into a more expensive home 3-4 years ago when the Charlotte real estate market began to decline, many owners chose to invest their money in home maintenance, repair and updates. According to the Harvard University’s Joint Center for Housing Studies, “Even at the height of the homebuilding boom, expenditures on maintenance and improvement of existing homes accounted for about a quarter of total residential fixed investment. That share has since risen to nearly 45 percent.”
- Fabulous homes are coming on the market. Many homeowners who have been patiently awaiting an upturn in the real estate market, are now putting their homes on the market. And, those homes are in great shape (see #1).
- As much as we don’t like it, appraisals reflect reality. Fannie Mae adjusted its guidelines so that home appraisals can be more in alignment with today’s real estate market. For sellers who are priced appropriately, this means that more deals will make it all the way through to closing.
- More housing programs. There are additional programs to help more people buy homes:
Workforce Housing Programs encourage middle-class Americans to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
- American Dream Downpayment Initiative (ADDI) provides low-income first-time earners (single family: $44,400; family of four: $63,450) with a city loan equal to 6% of the purchase price or up to $10,000, whichever is greater. Each state receives ADDI funds proportionate to the percentage of the national total of low-income households residing in rental housing in the state, as determined by the most recent available U.S. Census data.
- Mortgage Credit Certificate Program is a federal tax credit (15% or 20% of the mortgage interest, depending on property location) that helps low and moderate earners qualify for a higher first mortgage and reduced federal income tax.
- Surprisingly, jumbo rates are incredibly affordable now! High-end buyers are locking in a 5.25% rate and lower, which is better than most homeowners’ current non-jumbo mortgage rates.
Speak with a mortgage specialist or Charlotte real estate professional to discover which programs your state has funded. If you don’t know of one, I am happy to recommend lenders who are happy to work with you.
Now isn’t just a good time to buy, it’s one of the best times ever. If you’re ready to buy a home, I can help. Give me a call at (704) 491-3310 or email me today at Debe@DebeMaxwell.com.