Real Estate Blogs Of The Carolina's

The U.S. Department of Veterans Affairs, known as VA, issued a policy change that now allows payment to buyer brokers on VA loans.   They will be subject to certain safeguards, such as the requirement that all buyer-broker fees charged to veterans "must be reasonable and customary within local markets."   The circular is effective Aug. 10, 2024, and is valid until rescinded. The VA also clarified that veterans can still ask sellers to cover these fees which in most cases will be negotiated in the offer to purchase agreement.   As the practicality of the settlement of the lawsuit becomes clearer, VA is expected to issue a permanent policy. This change in policy will protect veterans in situations where there is competition for a particular property and the seller might select another offer because those buyers were paying their own buyer's agent fee.   Prior to this policy change, veterans were not allowed to pay, "under any circumstances, be charged a bro

In today's fast-paced world, home automation is becoming increasingly popular among homeowners seeking to enhance convenience and reduce energy costs. With advancements in technology, smart home devices offer innovative solutions that not only simplify daily tasks but also promote energy efficiency and sustainability. Whether you're looking to upgrade your existing home or are in the process of building a new one, incorporating these home automation trends can significantly improve your living experience while saving you money in the long run. Smart Lighting - Automate your lighting to save on energy bills by setting schedules and controlling brightness and color through a smartphone app. Enhanced Home Security - Invest in smart security systems with features like facial recognition, motion sensing, and real-time alerts to enhance safety and provide peace of mind. Smart Thermostats - Use smart thermostats to learn your schedule and optimize heating and cooling, redu

Pre-approval is a comprehensive process where the lender verifies the buyer's financial information, including credit history, income, and assets. Pre-approval provides a conditional commitment from the mortgage company to lend a specific amount, pending appraisal of the property. Pre-qualification is an initial assessment based on self-reported financial information provided by the buyer. It gives a rough estimate of how much a buyer might be able to borrow but it is merely an opinion. Despite the well-known advantages of getting pre-approved for a mortgage early in the home-buying process, many buyers remain resistant even to their detriment. Here are several reasons why: Some buyers may not fully understand the benefits of pre-approval or may underestimate its importance. They might see it as an unnecessary step rather than a strategic move that can give them a competitive edge and streamline the home-buying process. Buyers often perceive the pre-approval process

Traditionally in the U.S. housing market, the seller has offered the buyer's broker and agent a share in the commission specified in the listing agreement between the seller and the listing broker and agent.   In a settlement between the National Association of REALTORS�, beginning on August 17, 2024, buyers will have to sign an agreement with their buyer's agent specifying what services will be available and the fee the buyer's agent is charging. Many sellers may continue to offer compensation to the buyer's broker and agent, maintaining the traditional practice of the seller paying both sides of the commission. However, when no offer of compensation is made, there are several distinct alternative ways to facilitate the buyer agent's fee, as well as a myriad of variations to suit different scenarios. In an instance where the seller doesn't offer compensation to buyer agents regarding a property you're interested in, there are several options to c

Last year, U.S. homeowners faced an average property tax bill exceeding $4,000, marking the highest increase in five years, according to data from Attom Data Solutions , a real estate data firm. Property taxes nationwide amounted to over $363 billion in 2023, reflecting a 6.9% rise, largely attributed to inflationary pressures on local government costs and public employee wages. States with the highest effective property tax rates included Illinois, New Jersey, Connecticut, New York, and Nebraska, with notable disparities in tax increases observed across different regions, such as a 31.5% increase in Charlotte, North Carolina, and a 15.2% rise in Atlanta. Property taxes are determined by the assessed value of the property and applying the tax rates for the different taxing authorities for that year.   Generally, homeowners are notified of the assessed value of the property for that year, many times, even before the tax rate is set. There is often a procedure for disput

Congratulations on your offer being accepted! In many cases, you may have a provision in your sales contract for a satisfactory home inspection.   You're one step closer to owning your dream home. Now is the time to choose a home inspector to take a closer look at the property. Inspectors are thorough and in some states are required to be licensed. They have extensive training and follow strict rules to inspect the home's structure, electrical systems, AC and heating, plumbing, appliances, and many other aspects. Inspectors find things you might not be familiar with or have overlooked. Even in brand-new construction, inspectors will find issues. This way, you know about the problems and can determine how to deal with them. Inspections help you make decisions. If the inspection uncovers big surprises, you may want to ask the seller to make repairs or lower the sales price. You may also decide to walk away from the transaction. It's better to know about problems