If you’re a first-time home buyer in Charlotte, this blog will help you make an informed decision before you purchase your first residential property. Comparing and contrasting residential properties can be an arduous, time-consuming process, so it is beneficial to find reliable real estate tips for the Charlotte market specifically. Keep these tips in mind when it is finally time to make the biggest investment of your life – home ownership.
Local Data Puts National Data in Context
When it comes to buying real estate, you can never have too much information. First-time home buyers may find the breadth of data overwhelming because many realtors primarily focus on national data, not local data. To make a smart purchase, national trends are helpful, but always remember that local information is what you really need.
For example, Trulia recently conducted a national survey of home buyers. Only 25 percent of respondents expect 2018 to be a good time to buy a home; however, 25 percent of respondents in the same survey also expect 2018 to be a bad year to buy a home. So what does this mean for Charlotte home buyers?
Sometimes national trends do not align with local trends, and the Charlotte real estate market is a great example. Recent data show that home listings in Mecklenburg County are up 5.7 percent since this time last year.
Similarly, closed sales are up 6.4 percent, which suggests that Charlotte remains one of North Carolina’s most bustling real estate markets. When finding the right home, local data is where you will find the most helpful information.
Keep Financial Benefits in Mind, not Just Costs
As with any long-term investment, the cost is the final arbiter of what makes a good real estate deal, but it is good practice to keep financial benefits in mind, too. Here is where finding the right realtor is so critical. The best realtors for first-time home buyers help their clients understand the concepts of equity, mortgage interest deductions and taxation.
A first-time home buyer loan in Charlotte is not hard to find if you have a knowledgeable realtor who can refer you to a reputable mortgage broker. Think of a good realtor as an adviser who works on your behalf to guide you through the whole process.
A major part of that buying process is knowing what to expect the following tax season. First-time home buyers can actually lower their state and local tax liability by deducting mortgage interest. You can also leverage the equity of your home to give yourself more financial flexibility.
Smart home buyers take into account financial implications alongside bottom-line costs. Having great equity in your home may allow you to refinance your mortgage at a later date or take out a home equity loan. All of these benefits directly relate to the value of your home, which is why making good decisions as a first-time buyer is so critical.
As 2018 moves forward, Charlotte’s real estate market will continue to be strong enough for residential properties to be sound investments.