Monday, June 2, 2008

Lake Norman Real Estate: First Time Homebuyers

First Time Homebuyers

There are many people flocking to apartments because the housing market isn't the same as what it was 2 or 3 years ago. Hello people, the market is merely different.... instead of being a seller's market, it is a buyer's market. Now is the time that Mortgage companies are offering some of their best deals to those that are qualified. There is competition between all the builders to offer the most incentives or to give you free options with your purchase. Instead of people lining up at their doors to "take an order" they are the ones having to work to find a buyer. A few years ago, builders were raising their prices every other week as they met sales numbers on a consistent basis. Now because they are not meeting these numbers, they are the ones that are working for the buyers business.

The Charlotte Market is a unique market. You see some of the other markets like DC Metro, Las Vegas, and Florida that were the number 1 markets 3 years ago, now there are people forclosing left and right because they owe 100K more than their house is worth. The Charlotte Market has not seen the extreme spikes as the other markets have been through and therefore remains one of the most consistent.

A first time homebuyer needs to educate themselves about the mortgage process. This is your financial future that we are talking about. A mortgage tutorial is available at Second you need to make a list of things that you want in a home... location/options. Third,find a local agent in the area that you want to live. Forth, narrow down your search, it usually starts out broad and funnels down until you know what exactly you want, and lastly, discover the surprises. Home inspectors will sometimes find flaws in what seems to you to be the perfect house. All problems CAN be fixed, but it is part of the negotiation process.

Common Questions for 1st Time Homebuyers.

Please contact your Real Living Agent for further information!

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