News affecting Kinston Real Estate

Kathy Riggs September 25th, 2011

All year I have been posting that it is a great time to buy a house if your personal situation is stable.
Credit worthy buyers are have many options in today’s market. The combination of low interest rates and low housing prices can open the door to some great deals.
If you are in the market for your first home or it’s time to downsize or upgrade your first stop should always be with your loan officer.
In today’s changing world homeowners are finding the mortgage process is more complicated than it was even two years ago. Lenders will be asking for more and more documentation and a visit to your mortgage officer is a good idea to review the entire process.
If you are a first time buyer the chat with the loan officer is absolutely necessary to determine your targeted price range.
And in both incidents be certain to discuss closing costs and any buyer expenses.
Expenses a buyer may incur in a real estate transaction include, but are not limited to loan origination costs, appraisal fees, credit reports, home owners insurance, attorney fees, title insurance and recording fees.
So if the contract price of a home is $150,000, the buyer will need to come to the closing table with enough funds, including loan proceeds, to cover the contract price and the above expenses.
In many cases sellers will agree to pay three or four percent of the sales prices or a specific dollar amount of the expenses a buyer incurs. The amount the seller is willing to pay must be a part of the sales contract.
The last thing anyone wants is a transaction in which the buyer comes up short the day before closing.
Housing Tip for September…
Slightly lower temperatures have been a relief from the excessive heat in August. Now is the time to caulk around windows and doors.
SHAMELESS PLUGS…
Found a home you like with someone else’s sign? Call me for exclusive buyer representation (252-939-2432).

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Kathy Riggs August 18th, 2011

Wow. If you have been watching the news every day all summer, it’s enough to make you want to go and hide. Sometimes I believe the news stations and talking heads are trying to think of ways to out gloom each other.
We do have control over them…it’s called turning the tube off!
The American public is constantly bombarded with negative news about the economy. Everything is going up, up, up. If groceries go much higher we’ll all be on diets whether we like it or not.
But on the brighter side as I always intend to look – interest rates are still at historic lows and may remain that way for some time.
Just this week lenders were sharing that buyers can find 30-year fixed rates as low as 3.875, FHA as low as 3.750 and 15-year fixed rates at 3.250. (Of course your individual credit score is a factor in determining your interest rate, but that’s a question for a mortgage officer, not me. And the rates do change, so consult a mortgage banker for specifics.)
The American Dream of homeownership is still alive and well. Your home is most likely your largest investment over a lifetime and its investment potential should be viewed over the long-term, not the short term. Today’s interest rates and prices are two very good reasons that now is the time to make that purchase and put down roots.
Housing Tip for August…
This summer’s excessive heat may have put a strain on your air conditioning system. Make sure the condensation drip tubes are flowing freely. If you smell a musty odor in your home check duct work for leaks. Leaks should be repaired with mastic not duct tape.
SHAMELESS PLUGS…
Found a home you like with someone else’s sign? Call me for exclusive buyer representation (252-939-2432).

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