Real Estate Blogs Of The Carolina's

When a home goes under contract, many assume it's a done deal, but in reality, most real estate contracts include contingencies , or conditions that must be met for the sale to proceed. These clauses are designed to protect both buyers and sellers and offer a legal way to exit the agreement if something doesn't go as planned. One of the most common contingencies is the home inspection contingency . This allows the buyer to have the property professionally inspected after the offer is accepted. If the inspection uncovers serious issues, such as foundation problems, roof damage, or plumbing concerns, the buyer has the right to negotiate repairs, ask for a price reduction, or even walk away from the deal without losing their earnest money. Another widely used contingency is the financing contingency , also known as a mortgage contingency. This protects the buyer in case their loan application is denied or the terms change in a way that makes financing impossible. For ...

1. Take Advantage of Homeowner Tax Benefits Mortgage Interest Deduction: Deduct interest on up to $750,000 of acquisition debt (for loans after 2017). Property Tax Deduction: Deduct up to $10,000 in combined state and local taxes (SALT). Capital Gains Exclusion: Exclude up to $250,000 ($500,000 for married couples) in profit when selling a primary residence, if ownership and use tests are met. Energy-Efficient Home Credits: Federal tax credits available for solar, heat pumps, insulation, windows, and more. 2. Lower Your Monthly Housing Costs Refinance When Rates Drop: Consider refinancing your mortgage to reduce your interest rate and monthly payment. Appeal Property Tax Assessments: If your home's assessed value is too high, appeal to potentially lower your annual property taxes. Bundle Insurance Policies: Save by combining home and auto insurance with the same provider. Shop for Home Insurance Annually: Rates and coverage vary�review and compare policies regularly. ...

In real estate negotiations, it's not uncommon for both buyers or sellers to include expiration dates on offers and counteroffers. These deadlines serve several important purposes that help keep the process efficient, transparent, and fair to both sides. First and foremost, expiration dates create urgency . They encourage the other party to respond within a specific timeframe rather than leaving the offer open-ended. Without a clear deadline, one side could be left waiting indefinitely, which can cause unnecessary delays or lost opportunities. Expiration dates also prevent stale offers from being accepted later. Real estate markets move quickly, and a buyer or seller's circumstances can change rapidly. A buyer who submits an offer today may no longer be in a position to move forward a week later. The expiration ensures that all terms are current and that both parties are negotiating in real time. From a strategic standpoint, expiration dates help maintain le...

Every home experiences some degree of movement over time, often called settling . It's a natural part of the aging process for any structure, especially in areas with varying soil conditions, temperature swings, or after the first few years of construction. While minor signs of settling are usually no cause for alarm, some changes can hint at serious foundation issues that deserve immediate attention. Knowing the difference between normal settling and foundation trouble can save homeowners and buyers from costly surprises and protect the value of the property. Common Signs of Normal Settling Minor cracks or imperfections often develop as homes adjust to their environment. These signs are usually cosmetic and not indicative of major structural problems: Small, hairline cracks in drywall, particularly around windows, doors, and at the corners of rooms. Doors or interior windows that stick slightly during humid months but operate normally as seasons change. T...

Property Site: https://tour.corelistingmachine.com/home/GSAAFS/9025-Remnick-Drive-Gastonia-NC-4305192 Stunning 2-Story Home Near Lake Wylie! Minutes from Lake Wylie & Charlotte, this beautiful home offers the perfect blend of comfort & convenience! Featuring ALL stainless steel appliances, enjoy modern living in a vibrant community packed with amenities basketball & tennis courts, clubhouse, pool, dog park, walking trails, playground, picnic & recreation area! Close to shopping, dining, and entertainment, this is the perfect place to call home! Don't miss this incredible opportunity! Schedule your showing today! Bedrooms: 4 Bathrooms: 3 Square feet: 2,219 Price: $3,500 For more information about this property, please contact Jamie Young at 803-960-1668 or jamieyoung@sellstateexecutive.com. You can also text 8968723 to 67299 (Message and Data Rates May Apply, see terms and p...

Losing a spouse is a deeply emotional experience and the financial decisions that follow can feel overwhelming. One important area to understand during this time is how the IRS treats the sale of a primary residence after the death of a spouse. Under certain conditions, surviving spouses may qualify for a larger capital gains exclusion, up to $500,000, if the home is sold within a specific time frame. Here's what you need to know. 1. The $500,000 Capital Gains Exclusion: The Two-Year Rule In general, married couples who file jointly can exclude up to $500,000 of capital gains when selling their primary residence. For surviving spouses, this higher exclusion amount can still apply, but only if the home is sold within two years of the spouse's death. This special provision offers some breathing room for surviving spouses, allowing them time to make thoughtful decisions without immediately losing the tax advantage. To qualify, the following conditions must be met...

A temporary buydown is a great tool to help ease into homeownership with lower initial monthly payments , especially helpful in a high-rate environment. It allows you to enjoy reduced payments in the first one to three years of the loan, offering financial flexibility as you settle into your home. With a buydown, the upfront cost is used to offset the difference between your actual mortgage payment (based on the full note rate) and the reduced payment you're allowed to make under the buydown terms . That difference is funded by a lump sum, typically paid by the seller, builder, or sometimes the borrower, and held in an escrow account by the lender or servicer. For example, in a 2-1 buydown , the lender still loans the full amount at the note rate for the entire term of the mortgage. However, for the first year, the borrower makes payments as if the rate were 2% lower , and in the second year, 1% lower . The escrow account makes up the difference between what ...

If you're buying a home�or already own one�home insurance might not be the most exciting part of the process. But it is one of the most important. In many cases, home insurance is required to secure a mortgage , but even if it weren't, having the right coverage in place protects one of your biggest financial investments. It's not just about meeting lender requirements�it's about safeguarding your future. Protection Against the Unexpected Home insurance helps you recover financially if disaster strikes. Whether it's a fire, storm, or burglary, insurance can help you repair, rebuild, or replace your home and belongings. Some policies even provide protection if someone gets hurt on your property or if you're faced with a liability lawsuit. Support During Displacement If your home becomes temporarily unlivable due to a covered event, insurance can help with additional living expenses , like hotel stays and meals, while repairs are being made. That...

Property Site: https://tour.corelistingmachine.com/home/B9RMDJ/11824-Paver-Lane-Midland-NC-4295835 Two-Story Home on a Corner Lot Welcome to this well-maintained two-story home situated on a desirable corner lot located 9 minutes south of Concord - Hwy 601. Inside, you’ll find updated kitchen countertops ample cabinetry, new flooring throughout and an inviting floor plan designed for both relaxation and entertaining. A bedroom on the main level has no closet and could be used as a flex space for a home office, playroom, or workout area if desired.Upstairs, Bedrooms feature walk-in closets, including a SPACIOUS primary ensuite offering a modern bathroom with a garden tub adding a touch of luxury to everyday living.With a new HVAC, generous living space, and prime corner-lot setting, this home is move-in ready and waiting for its next chapter.Apply for financing with Team Workman with Cross Country Mortgage to receive up to 5,000 In closing cost Incentives. ...

When financing a home, the 30-year fixed-rate mortgage is often the go-to option because of its lower monthly payment. But for buyers who can comfortably afford a higher payment, the 15-year mortgage deserves a closer look and may lead to significantly greater financial rewards over time. Let's compare two scenarios based on a $360,000 mortgage with current rates: 30-year mortgage at 6.58% Principal and interest: $2,294.42/month 15-year mortgage at 5.69% Principal and interest: $2,977.92/month At first glance, the 15-year loan costs about $684 more per month. But when you look at where that money is going, and what it saves you, it starts to make a compelling case. Interest Savings and Faster Equity Build-Up The key difference lies in how much of your payment goes toward the principal balance. With the 15-year loan, you pay less interest over time and you pay it off faster. After 10 years: On the 30-year loan , you'd still owe $305,804 . On the 15...

One of the biggest benefits of homeownership is the ability to build equity�the portion of your home you truly own. Equity grows naturally over time in two ways: first, as you pay down your mortgage through regular payments (amortization), and second, as your home increases in value due to appreciation. But did you know there are smart ways to accelerate that growth? By paying down your mortgage faster, you can significantly boost your equity and financial freedom, often shaving years off your loan and saving thousands in interest. Here are several strategies to help you do just that: Apply Your Tax Refund to Principal - Instead of spending your refund, apply it as a lump-sum payment to your mortgage principal. Even one annual extra payment can make a noticeable difference. Make One Extra Payment Per Year - If you can budget for 13 payments instead of 12 each year, that extra payment goes entirely toward principal and helps you pay off the loan faster. Switch to Biweekly ...

There was a memorable Fram Oil Filter commercial years ago where a mechanic asked a customer during an oil change if he wanted to replace the filter. When the customer declined, the mechanic calmly replied, "That's okay with me. You can pay me now, or you can pay me later." The implication was clear: skipping the small cost of a new filter now could lead to a costly engine rebuild down the road. That same logic applies to homeownership. Many people dream of one day having their home paid for free and clear. But how you get there is a matter of choices. You can choose to pay a little more now, or you can pay a lot more later. Those who take the time to make regular additional principal payments on their mortgage are making the decision to "pay now" to avoid the heavier burden of "paying later." Pre-paying a fixed-rate mortgage will save interest, build equity, and shorten the term of the mortgage. Let's look at the strategy. Say you ...

With high home prices, more buyers may turn to Federal Housing Administration (FHA) loans in the coming year. These government-backed mortgages are known for their flexible borrower requirements, such as lower credit scores and down payments as low as 3-5%. However, many sellers and even some agents, have misconceptions about FHA loans, believing they are difficult to work with or that the approval process is more complicated. In reality, agents who regularly assist FHA buyers know that these loans are a solid financing option, providing opportunities for buyers who might not otherwise be able to purchase a home. FHA loans are not inherently harder to close, and when paired with the right professionals, they can be just as seamless as conventional financing. A key factor in ensuring a smooth transaction is working with an agent familiar with FHA guidelines and a lender who specializes in FHA mortgages. This helps eliminate many of the perceived hurdles and ensures the ...

Each year, homeowners receive a notification of their property tax assessment, which, when combined with the local tax rate, determines how much they owe in property taxes. While this process is meant to fairly reflect a home's value, assessments are not always accurate. If the valuation is incorrect, homeowners may end up paying more than they should. Fortunately, you have the right to challenge the assessment if you believe it is inaccurate. Here are some of the most common reasons a property tax assessment may be incorrect: Overvaluation - Assessors estimate your home's market value, but if they overvalue it, your taxes will be higher than necessary. This can happen if they rely on outdated or incomplete data or if home values in your area have declined since the last assessment. Errors in Property Information - Mistakes in the assessor's records can lead to an inflated value. Common errors include incorrect square footage, an inaccurate number of bedroom...

Opportunity cost is the value of the next best alternative that you give up when making a decision. In real estate, this concept plays a crucial role for buyers who are delaying to purchase a home due to high interest rates and rising home prices. The question is: What is the cost of waiting? Many potential homebuyers remain on the fence, choosing to rent instead of purchasing a home. However, by doing so, they may be missing out on one of the greatest wealth-building opportunities: home equity. Let's break it down. Comparing Renting vs. Buying Consider a renter paying $3,300 per month versus purchasing a $400,000 home with a 10% down payment and a 30-year mortgage at 6.76% interest . The total monthly mortgage payment (including principal, interest, taxes, and insurance) would be $3,526.68 �higher than rent at first glance. However, this doesn't account for the financial benefits of homeownership. In the first year: The homeowner reduces their loan...

If you're holding off on buying a home because you think prices are too high or mortgage rates will drop, you might want to consider the opportunity cost of waiting. While it may seem like a safer choice to keep your down payment in the bank or invest it elsewhere, the reality is that homeownership provides a powerful wealth-building advantage , thanks to leverage. While homebuyers may not approach their purchase with the same mindset as an investor, it's important to recognize that a home often becomes the largest asset they own. Comparing the potential wealth position of alternative investments, such as CDs or stocks, versus homeownership highlights the financial impact of delaying a purchase and the long-term benefits of building equity. Let's compare what happens when you put $40,000 into different investment options over the next five years :   CD Stocks Home Cash to Invest $40,000 $40,000 ...

When selling a home, full transparency is key. Seller disclosures provide potential buyers with crucial information about the condition of the property, ensuring a fair and informed transaction. Understanding what must be disclosed and why it matters can help protect both buyers and sellers from unexpected issues down the road. Seller disclosures are legal documents that outline any material defects in the property such as issues that could negatively impact its value or safety. While specific disclosure requirements vary by state and local law, common disclosures include: Past or present structural defects Completed repairs or renovations Natural hazards (flood zones, earthquake risks, etc.) HOA rules and restrictions Land-use limitations Missing essential systems or features Prior property damage Any known deaths on the property (where required by law) Seller disclosures are important and serve a dual purpose: For Buyers: They help potential buyers assess the pro...

When working with a real estate agent, it's important to understand the level of responsibility they have toward you as their client. In almost all cases, when a seller lists their home with an agent, an agency relationship is formed , meaning the agent owes the seller a fiduciary duty - a high level of care and loyalty. The same can apply to buyers when they enter into an agency agreement with their agent. However, some agents may work with buyers without an agency relationship , which means they are not required to act as fiduciaries. Since each state determines its own agency laws , it's essential to know what kind of representation you're receiving. Reasonable Care: The Basic Standard At a minimum, all real estate agents must provide reasonable care , meaning they must perform their job competently and ethically. This includes: Providing accurate information about the market Assisting with paperwork and transaction details Meeting deadlines and...

In today's digital world, protecting your online information is more important than ever. You likely have multiple accounts...email, banking, investments, and social media...all of which need strong, unique passwords. Trying to create and remember complex passwords for each site can be overwhelming. That's where a password manager comes in. A password manager is a secure app that stores and generates strong, unique passwords for all your online accounts. Instead of struggling to remember dozens of complicated passwords, you only need to remember one master password. Here's why using a password manager is one of the smartest security moves you can make: Stronger Passwords - Password managers generate complex passwords using a mix of letters, numbers, and symbols. These are much harder to crack than passwords people typically create on their own. With a password manager, you won't have to worry about using weak or repetitive passwords. Unique Passwords...

In today's high-interest-rate environment, homebuyers are looking for every possible advantage to secure an affordable mortgage. One often-overlooked opportunity is assuming an existing FHA or VA loan , especially those issued in the past few years when interest rates were at historic lows. An assumable loan allows a qualified buyer to take over the seller's existing mortgage, including its remaining balance, interest rate, and repayment terms . FHA and VA loans are generally assumable, but buyers must meet the lender's qualification standards, just like they would for a new mortgage. With interest rates currently much higher than they were just a few years ago, assuming a loan that carries a lower-than-market interest rate can be a game-changer for buyers. Here are some key advantages: Lower Interest Rate = Lower Monthly Payments - If the seller's mortgage has an interest rate of 3% or 4% , assuming the loan means immediate savings compared to today...

Property Site: https://tour.corelistingmachine.com/home/WR4LJV/360-Sexton-Street-Kannapolis-NC-4269931 Welcome to this Charming Home on a Private Street!This beautiful 3 Bedroom 2 Bathroom home boasts an open floor plan filled with lots of natural light! The kitchen features granite countertops, a large island, and includes all stainless-steel appliances along with a washer and dryer conveniently located in the laundry room. Situated on a spacious .45-acre lot with no HOA, there is plenty of space to relax and enjoy here. An additional parcel (Parcel #56135136390000) is included at no value. A convenient outdoor shed adds lots of additional storage. Enjoy the best of both worlds: a peaceful, private setting with the convenience of city living while being just minutes from downtown Kannapolis, shopping, dining, and I-85. The perfect blend of privacy and convenience! Don’t miss your chance to own this beautiful home in a prime location Bedrooms:...

If you've owned your home for a long time, chances are its value has increased�maybe even doubled, tripled, or more. But did you know that a law written in 1997 still limits the amount of capital gains tax exclusion, despite skyrocketing home prices? Currently, homeowners can exclude up to $250,000 in gains if single or $500,000 if married filing jointly when selling their primary residence, as long as they've lived there for at least two of the last five years. But with today's home values, more sellers are finding themselves exceeding this exclusion and facing a significant tax bill. More Homeowners Are Now Affected In 2023, nearly 8% of home sales surpassed the $500,000 capital gains exclusion. However, in high-cost states like California (28.8%), Hawaii (23.8%), Washington, D.C. (22.1%), Massachusetts (17.9%), and Washington State (15.2%), the numbers were far higher, according to CoreLogic. What Happens If You Exceed the Exclusion? If a homeowner sell...