It’s no secret that the Raleigh, NC real estate market is crazy right now. With so many people looking for a house in North Carolina’s capital, how can you position yourself so that you have a higher chance of moving into one?
Here are 5 ways you can increase your odds.
1. Let go of the idea of a perfect house
Since no house is perfect, you should go into the house-hunting process with an understanding of what you are and aren’t willing to be flexible on. For instance, you may be willing to settle with 2.5 bathrooms instead of 3. Or you may not want to settle for anything less than 4 bedrooms. Know all of this before going in so you don’t waste your time or the seller’s time.
Also, ask yourself, “Am I willing to put in some work to make the house the way I want it once I move in?” If you’re willing to put in the effort, then keep in mind that some of the things you settle on are only temporary. You may not want to tackle every home improvement project yourself. If that’s the case, I can connect you to folks who can help.
2. Get your finances in order
If you’re not paying for your house in full, there are some things you should know:
- You must find a lender who will write a pre-qualification letter. To get that letter, talk to your realtor. They will then connect you with a mortgage officer who can get you the letter.
- Pay off your credit cards on time. Your credit should be at least 650 (though higher would even be better).
- Organize your tax documents. This will help the lending process go smoother.
- You need to have at least $5k of cash on-hand in order to have enough for due diligence. And for more of the luxury properties, you’ll need $50,000 in cash.
Regarding that last point, I had a client who only had $1,000 on-hand. Since that wasn’t enough to cover his due diligence, he lost out on being able to buy a house.
That’s why I recommend keeping at least $5,000-$10,000 on-hand. You must have skin in the game (in this case, money) or the seller won’t want to do business with you. Because we have such a hyper-competitive market right now, cash is king. The more cash you have saved, the better chance you have at securing a contract.
3. Be clear on what you’re willing to spend
What’s the price range you’re looking to spend on a house? Having a number in mind can make it easier to negotiate with the seller.
4. Have a better understanding of the city
Most people can’t afford to live in every area of Raleigh. Having lived here for 21 years, I can help you understand where you can afford to live.
I can also give you guidance on the best amenities an area has to offer. Exploring Raleigh is one of my favorite things to do, so I have a good understanding of what’s around each neighborhood.
5. Work with a realtor
You need a guide. This is plain and simple. It’s hard enough to move. And you need someone to help carry that load and sift through your options. I can help you navigate the Raleigh and greater Triangle real estate market. As someone with both education and real estate experience, I’d love to serve as that guide for you.
Having someone who can walk with you through the house-buying process can help you have a better shot at finding a place.
To increase your odds, give me a call at (919) 793-3732, or if email is more your speed, hit me up at [email protected].