Home Buying in Cary>Question Details

Paegan Hopson, Home Buyer in Cary, NC

Moving to NC from MD with toddler

Asked by Paegan Hopson, Cary, NC Wed May 30, 2012

My growing family has planned to move to NC from MD in two years. However, we have very little savings but we're working on them. We just need to know where is the job market now in NC? And, how much do we need to save up to buy a house in Cary/ Raleigh areas? We were thinking between 8 to 10 thousand just to start the home savings

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Paegan,

Savings for the home search, down payment, etc, should be independent of your nest egg, college savings, retirement savings, and emergency funds.
You should also plan for unexpected expenses, like replacing a water heater, roof leak repair, etc.

At that point $8,000--$10,000 is a great fund to work with to start home shopping.
Along with various 100% funding programs, you may find one that allows you to include closing costs, or you may be able to negotiate with the sellers to cover them for you.

Here is one great Triangle area lender who can offer you excellent consultation regarding home loans:
Kevin Martini
Producing Vice-President, SunTrust Mortgage
http://www.KevinMartini.com
He is a wizard at constructing a loan package and advising you how to use your available funds to your best advantage.
.
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0 votes Thank Flag Link Thu May 31, 2012
Actually, I'm selling homes to folks just like yourselves. The last home I sold, the buyers put $1K down in earnest money and got $995 back at closing. These were first time home buyers, and there are programs available to help young families. Are you a first time home buyer? Often sellers will help a buyer by providing some or all of the closing costs. If they need to sell and you 're in a position to buy, you need less cash than you think. Everything is negotiable, especially in this market.

As far as saving to buy a house in this area, I'd say the minimum you need is $2K. Of course, more is better. If you have $8K or more, you're in fine shape.

Just as an aside, I like to run an extensive market analysis of a property whether I'm the listing agent or the buyers agent. I think like an investor and I especially want my buyers to be in a great position if they need to sell at some future point. (Plus the analysis I do helps sellers set a price that gets interest from buyers. I've actually had bidding wars on some of my listed properties.) That market analysis, with graphs and charts to show trends, takes me a little time to prepare and some skill in pulling the data from the multiple listing service, but I think it's worth it.

So saving for your home is a great idea. But remember, you'll also save with the low interest rates we're seeing now, and it's till cheaper in Raleigh/Cary to buy than to rent.

Hope this helps!

Best Regards,
Linda
---------------------------
*Linda Rohrbough, Broker, Strategic Pricing Specialist*
"Every home has a story. Let me write yours."
Coldwell Banker HPW
100 Connemara Dr (off Hwy 55 north of High House Rd in Cary)
Cary, NC 27519
office: (919) 573-0710
fax: (919) 653-4856
website: http://www.RohrboughL.hpw.com
e-mail: RohrboughL@hpw.com
0 votes Thank Flag Link Sat Jun 9, 2012
Hi Paegan
I moved from D.C. to Durham about 11 years ago and it is wonderful. The question you ask is difficult, you have small children so unexpected expenses pop up every day I am sure.
The job market is still reasonably strong here depending on your field. The housing market is also very good, The downpayment on most loans right now is 3.5% , there are some exceptions, but that is the norm. Closing costs are approx 3.5% depending on the lender, these can be built back into the loan. If you consider the purchase price of the home you will be looking for I would plan on saving around 10% then you will be safe with expenses. Of course loan types and interest rates change quickly so in 2 years things may be completely different
Michael
0 votes Thank Flag Link Thu May 31, 2012
Hi Paegan. Hope all is well today!

Yes, this area is strong from an employment standpoint. Feel free to call me at 919-210-8388 and we can discuss more.

From a down payment standpoint, it depends on the loan program. 3.5% down payment is a safe figure. There are some 100% options out there, depending on eligibility.

Hope you have a great day and let me know if I can help!

Matt
0 votes Thank Flag Link Thu May 31, 2012
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