“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Tracy Santrock-Cary NC Real Estate Realtor

1st Time Homebuyer Toolkit - Part II

1st Time Homebuyer Toolkit

Congratulations! You've heard it's a buyer market out there and that there are some great incentives in the real estate market to buy a home now. Now is a perfect time to get educated on the process, things you should know, and incentives that are out there for 1st Time Homebuyers. The information can be overwhelming so make sure you spend your time understanding the market, the options that are available, and most importantly - choose a Realtor with experience that can guide you through the process!!

Here is a list of things I believe all 1st Time Homebuyers need to think through before they purchase their first home.

1. Financial Incentives for 1st Time Homebuyers

7500 1st Time Homebuyer Credit - The housing act is giving a $7500 tax credit to 1st homebuyers (or 7500 creditsomeone who has not "written off" mortgage interest in the last 3 years) for homes purchased on or after April 9, 2008 and before July 1, 2009. The credit begins to phase out for taxpayers with adjusted gross income in excess of $75k for individuals & $150k for joint return. The IRS is NOT giving the $7500 credit as cash at closing. The individual must claim the credit on a '08 or '09 tax return. However, a buyer who purchases a principal residence in '09 after filing a 2008 return has the option of filing an amended '08 return to claim the credit.

Special 1st Time Homebuyer Program in North Carolina - The North Carolina Housing Finance Agency (NCHFA) has special programs for 1st Time Homebuyers. There are specific requirements that met including income restrictions, not having owned a home in the past three years, and the price of the home.

  • Rates one-half to one percentage point below market, on 30-year, fixed-rate loans
  • 100% financing on VA and USDA loans; FHA and conventional loans with 3% down
  • Downpayment/closing cost assistance up to $7,000 for buyers with lower incomes
  • Job loss protection for eligible borrowers
  • Mortgage Credit Certificates (MCCs) that can reduce homeowners' tax liability by as much as $2,000 per year.

Use a Six Month Gift From a Relative to buy a home thanks to the Tax Credit - Jeff Belonger

For individuals or couples purchasing a home in 2009 it's important to note that buyers cannot borrow the 3 ½% down-payment required by FHA and traditional mortgages nor will they allow buyers to borrow any of the closing costs. However, when it comes to FHA loans, buyers can actually get 100% gift monies from a relative. It's called a gift because HUD doesn't want the burden of having the buyers payback a loan after buying a new home.

2. Find a Qualified Buyer's Representative - Experience counts!

3. What to expect with the buying process - Buying your first home can be a scary process. Perhaps your new to the area or have even lived in the area for a long time. Either way the thought of making mortgage payments and owning your own home can be baffling to many.

4. Assess Your Credit and Finances

5. Find the right home - In today's market fist time homebuyers are more savvy than ever. They go online to sites like Realtor.com, Trulia.com, and zillow to see the prices of homes in the area, how the market is performing, and even "shop" for a house online. Many of my first time buyers have homes picked out before I even meet with them. At that point they rely on my local expertise and knowledge of what will sell down the road when they decide to sell their property. The locations of the properties, are they a good value, are they on a steep hill, do they back to a major road? These are things that buyers don't think of when they are making an emotional decision. Read more...

How to find the right home - by About.com

6. Negotiating the contract - Buying a home is an emotional process. Having a skilled negotiator on your side takes the emotion out of the equation and focuses on your bottom line - getting the right home for the right price in today's market.

The Art of Negotiation.....Are you a skilled negotiator? by Peter Vekselman

7. "Buyers Market" Opportunity - The Triangle market has been red hot for so long with a limited supply of housing and prices on the rise. Now, with the increase of new construction and oversupply of housing (an oversupply is defined as more than six months of inventory) there is downward pressure on home prices in our area. Read more...

4 Tips for Buying A Home in a Buyers Market - by Bankrate.com

8. Inspections & Repairs - A home inspection is even more important for home buyers that are new to the buying process. In our area the repair negotiations seems to be the most difficult part of the buying and selling process. The North Carolina Offer to Purchase is changing and more agents are moving towards an "Option Period" and pre-inspections. However, the traditional "Alternative 1" method of entering into inspections can be challenging at times. Read more about the North Carolina process by Carol Fox.

The importance of a home inspection by Up-Country Building Inspectors

Buy A Matthews NC Home: Understanding the Home Inspection Process by Carol Fox

9. Closing with an attorney

In some states across the US Title Companies are used for closing. In North Carolina Attorneys handle the Title search on the property and the closing details.

10. Agency Law in North Carolina

The North Carolina Real Estate Commission requires, by law, that all real estate agents educate their clients on their rights and options as a buyer or seller in the State of North Carolina. This link provides, in detail, agency law in the state of North Carolina.

I hope you enjoy reading through the resources in this Online Toolkit for 1st timehomebuyers. Please contact me directly if you have any additional questions! I'd love to help you find the perfect home.

It's Snowtime in Cary!!

It's not often that we have more than a dusting of snow in our area.  So, on the rare ocassion it does snowflakehappen, we are so excited to celebrate the day and remember it in all its glory.  On this very day 4 years ago we had an ice storm that paralized the Triangle.  This year, the DOT and the Highway Patrol did a great job in preparing for the snow and getting the word out to the community. 

I, unfortunately, I braved the winter weather to make it into the office.  When I arrived there weren't many people around but I had clients coming in.  You know, those guys from out of town that breeze in and out and have limited time.  Guess they picked the wrong time but we braved the weather anyway. 

 

 

 

 

After meeting w/the clients I picked up my Yellow Lab Maggie, my hubby, and my daughter Jordan and we headed to Bond Park!  It was so much fun!!  It's also down the street and there were hundreds of kids and adults sledding like they were at Wintergreen or Snowshoe! My dog Maggie acted like she had never seen snow and she was a puppy all over again!  They all truly made me laugh and enjoy the day!

 After a hard day at work, I truly enjoyed the Bond Park Winter Wonderland!!

 

 

 

 

 

 

Heritage Pines - The most established Active 55 Community in Cary

City: Cary

Location: Off of Apex Barbecue Road and HWY 55

From Davis/High House Rd. head West and turn right on Carpenter-Upchurch Road. Pass Green Hope High School and Heritage Pines is on your right. From Morrisville Carpenter Road heading West turn left onto Carpenter-Upchurch Road and right into Heritage Pines.

Neighborhood Facts:

Price range is from the mid $200s - high $300s

290 Single Family Homes and 90 2,3,4 Unit Duplex Homes

Located in a central location in Cary

The homes in Heritage Pines are ranch homes & villas built by K.Hovanian & Westminster homes beginning in 2000 and completion of all of the homes will conclude by the end of 2007. All of the homes in Heritage Pines were built with Active 55+ Seniors in mind.

Heritage Pines Entrance View of Heritage Pines Pond from Pool
 Single Family Ranch Home in Heritage Pines Duplex Homes in Heritage Pines
Community Amenities at Heritage Pines Heritage Pines Pool
Community Amenities

The Heritage Pines club house offers a Junior Olympic sized pool and a fun filled community activities calander. A sampling of some of the activities include a ladies luncheon, "Polish Night", and a community brunch. Heritage Pines residents also rave about the arts and crafts classes at the clubhouse. In addition to the pool Heritage Pines has two hard court tennis courts.

Neighborhood shopping

Stone Creek Village Shopping Center is located just a mile around the corner from Heritage Pines. This gorgeous new shopping center has restaurants, boutiques, and even a Harris Teeter.

Transportation - CTran, Cary's public transportation can be used by the neighborhood for pick-up and drop off when visiting Dr.'s, shopping, etc for those that don't like to drive.

Cary Senior Center - Just two miles from Heritage Pines the Cary Senior Center offers a number of activities for Seniors in the Town of Cary.

To view listings in Heritage Pines click here.

For more information you can go directly to the Heritage Pines website or contact me directly.

Related Posts

Active 55 in the Triangle - Top 10 New & Affordable

Why is the Triangle Area becoming so popular for retirement?

Retirement in Wake County NC - Triangle Active 55+ Communities help older adults stay active & involved

Active Adult Living In High Demand in the Triangle

What have you done to gain business with your SRES designation?

Raleigh/Durham/Chapel Hill named top retirement destination

Today Overseas Property announced the top cities for retirement in the US and cited several reasons why they chose their featured cities. And, as expected, the Triangle area was featured in the Top 5. I've been writing about the Active 55 segment and why the Triangle is becoming such a fabulous place to retire in the past and have found that the criteria that is being used to judge the best place to retire compliments the features and attributes available in our town.

Here are the reasons sighted by Overseas Property as reasons for choosing a particular area which are all attractive reasons for moving to the Triangle:

  • √ college towns for a familiar feel
  • √ a new locale
  • √ one with appealing cultural and recreational activities
  • √ purchasing vacation homes with view to being there in the future

Here is the criteria used to base the top retirement rankings and, as I mentioned, the Triangle scores high in all categories:

  • √ availability of jobs given that this group will work beyond the age of sixty-five
  • √ affordable housing
  • √ culture and entertainment
  • √ access to outdoor recreation; safety
  • √ colleges and universities; sense of community
  • √ proximity to complete well-regarded health care facilities; good public high schools since many of them will have teens at home
  • √ ease of getting around
  • One of the top reasons for moving to a particular area is the draw of "familiar". No wonder so many retirees want to call the Triangle home. They have families that have moved to the area with their careers and they want to keep them close. What's even more important - the younger generation is embracing the idea of having their families closeby. I previously wrote a post called Why is the Triangle Area becoming so popular for retirement? that shows all of the resources that allign with the criteria described above that you might find interesting.

    If you are thinking of moving to the Triangle and are looking for a Senior Real Estate Specialist in the area feel free to give me a call. We will have a lot to talk about!

    Related Posts:

    Why is the Triangle Area becoming so popular for retirement?

    Active Adult Living In High Demand in the Triangle

    Retirement in Wake County NC - Triangle Active 55+ Communities help older adults stay active & involved

    Cary NC Named Member of the NCAA Championship City Pilot Program

    News Alert

    I know this isn't new news but it certainly is "big news" and should be celebrated by the Cary community. In the past I've written several posts about the fabulous public sports facilities around the Town of Cary - Triangle Aquatic Center, Cary Tennis Park, WakMed Soccer Park, USA Baseball's National Training Facility, and others. With the development of these fine facilities the NCAA has jumped on board as well.

    The NCAA selected six cities, including Cary, to serve as inaugural members in its new "NCAA Championship City" pilot program. Cary shares the pilot program title with St Louis, San Diego, San Antonio, Indianapolis, and Cleveland. This means that Cary will host national championships until at least 2012. 2008 was the sixth straight year of hosting the Division I national championship in soccer. Cary will host the men's college cup in 2009 and the women's again in 2010. Wouldn't it be exciting if Cary became the regular home of the national championship in soccer?

    It is estimated that this event combined with a Capital Area Soccer League tournament created over $3 million in revenue for the local economy. Rumor has it that Cary may also host a national championship in lacrosse and in Division II baseball as well.

    What an incredible honor for the Town of Cary to be included in the Pilot Program!!