House-Hunting Checklist: What to Look for When Buying a Home in NC
When you’re searching for your dream home, it’s easy to get caught up in the excitement and overlook important details. Diane Florio, a seasoned Realtor with DNA Realty Team, emphasizes the importance of having a thorough house-hunting checklist to guide your search. "There are really more than three things to consider," she says. "I give my buyers a checklist they can use when they’re touring multiple homes in a day. It helps them identify what they like or don’t like about each property, from the yard to the interior layout."
Diane also introduces the 80-10-10 Rule, a strategy she uses to help clients prioritize their needs and wants. "Every home you choose to view should fulfill 80% of your wants and needs. Then there’s 10% that, if present, is a deal-breaker, and another 10% that’s negotiable or something you can live with," she explains. With advancements in technology, buyers now have a wealth of information at their fingertips, but Diane cautions that the bulk of the work happens after an offer is made. "That’s when having an experienced agent on your side is invaluable."
The Importance of Home Appraisals: Ensuring a Fair Deal
Home appraisals are a critical part of the home-buying process, particularly in competitive markets like Wake County and Durham real estate. Warren Sumner, an expert appraiser with 20 years of experience, underscores the factors that influence a home's appraisal value. "Location, condition, upgrades, and lot size are key elements," he says. "All of these factors come into play, and it’s the appraiser’s job to make sense of it."
Warren advises those buying a home in NC to be prepared for the appraisal process by being informed about the market data before making an offer. "Don’t wait until the appraisal to analyze the comparables and absorption rate*," he notes. If the appraisal comes in lower than expected, Warren’s advice is to stay calm and review the appraisal objectively. "Always be open to the possibility that the appraiser might be right, but if you find discrepancies, you can request a reconsideration of value through your lender."
Making an Offer: Dos and Don'ts for a Successful Transaction
In the competitive real estate market of North Carolina, making a strong offer is crucial. Dom Bagnulo, a Raleigh native and Realtor with DNA Realty Team, shares insights on what makes a strong offer. "It’s all about knowing what’s important to the seller when buying a home in NC," Dom explains. "For example, the closing date might be a deal-breaker if the seller needs more time to move into their new home."
Dom also stresses the importance of having an agent to navigate the offer process. "Buyers need to understand that the seller’s agent is working for the seller, not for them," he says. "Having a buyer’s agent ensures you have someone looking out for your interests, especially when it comes to the due diligence period and the earnest money deposit."
Understanding your loan program is another critical aspect of making a successful offer. "If you’re using a VA loan, for example, you need to account for the approval process and the timeline it requires," Dom advises. "Failing to do so can result in breaches of contract and potential financial losses."
By following these expert tips, you’ll be well-prepared to navigate the real estate market in Wake County, Durham, and Raleigh. Whether you’re a first-time homebuyer or a seasoned investor, these insights will help you make informed decisions and secure the home of your dreams.
*Absorption rate, as described by Warren Sumner: The absorption rate is the current number of houses available in the market and the time it would take for the market at the current level of sales activity to absorb (sell) those homes.
Comments