Advance, NC Real Estate News

By Angela Lawrence, Broker/Owner
(Noble Merit, REALTORS®)
View Homes for Sale in Advance NC  Search by Price Under $100k $100k - 200k $200k - 300k $300k - 400k $400k - 500k $500k - 600k $600k - 700k over $700k  Search by Schools Davie High School North Davie Middle School William Ellis Middle School Cornatzer Elementary School Pinebrook Elementary School Shady Grove Elementary School  Search by Neighborhoods Alton Place Armsworthy Acres Baltimore Downs Bermuda Run Butner Century Place Country Cove Country Side Covington Creek Creekwood Estates Essex Farms Fallingcreek Farms Greenwood Hidden Creek Hidden Meadows Hunters Pointe Indian Hills Kinderton Magnolia Acres March Woods Marchmont Meadows Edge Oak Valley Rabbit Farm Raintree Estates Redland Place Riverbend Trails Shady Grove Shamrock Acres Summer Hill Farm Wellington Windemere Farms    Sea...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
Mortgage insurance (MI) protects lenders against home owners defaulting on loans. It is generally required by a lender on loans where the borrower puts down less than 20% and is normally due monthly. For price restrictive home buyers, monthly premiums for MI may create a hardship. Financed MI is a alternative to monthly payments. In this blog you will find information on financed mortgage insurance.Information On Financed Mortgage InsuranceFinanced MI enables a borrower to cover the insurance cost up-front and basically include the cost into the balance of the home loan. It is available on both fixed and adjustable rate loans. It is helpful to weigh the advantages and disadvantages of this solution.Benefits of Financed MIFinanced MI eliminates the need for recurring premiums. The overal...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
FHA 203k is a loan program sponsored by the department of Housing and Urban Development (HUD) for real estate needing significant work. It enables buyers to buy real estate and finance the expense of work required. Ordinary loans mandate that properties be in livable condition. FHA 203k is a useful option for short sale or foreclosed properties that may not qualify for regular loans. The program is an important tool for extending real estate ownership, improving communities, and for making properties healthier for individuals who occupy them. Advance NC FHA 203k mortgage information (money available for repairs, renovations eligible, and advice on purchasing Advance NC homes using FHA 203k ) is included below.Money Available For RepairsThe cumulative cost of eligible renovations is rest...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
When considering luxury homes, you have the option to build a new property or purchase an existing one. There are pros and cons to both. The following is some information that can help you evaluate building vs. buying luxury homes in Advance NC.Buying a Pre-built Luxury HomeBuying a pre-built property is a simpler process than constructing one. There are not as many decisions to make when the property is fully constructed and hardware and appliances are already selected. Time frames and prices are also more definite. However, pre-built properties may not be as unique, especially if they are located in areas of similarly-styled homes. They can also be missing features or amenities on your wish list and require construction work after you complete the purchase. It would be wise to evaluat...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
Personal finances play a significant role in home loan approvals. All lenders evaluate assets, earnings, credit and existing debts. These affect whether you can obtain a loan and for how much. The following is information on income vs. debt ratio for Advance NC mortgage pre-approvals.Determining IncomeLenders will calculate your gross earnings per month. This counts recurring income that can be confirmed. Salaries are the most typical income form. You will be asked to provide paperwork (such as W-2 forms) for the last two years, giving them a picture of how stable it is. They may inquire about any unusual situations, such as inconsistent figures. Other income sources can include spousal support, investment properties, and stocks. Anything that you attempt to use as income must have acce...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
Interest rates have increased this year. According to many experts, it will likely go up further during 2015. This is important news for home buyers. Interest rates on the rise in 2015 and what home buyers in Advance NC must know is discussed further in this blog.Why Interest Rates On The Rise In 2015 Are ImportantThe amount of your recurring payments are a direct result of your interest rate. A rise in interest rates can diminish your approval amount or cause you to spend more each month for the same mortgage amount. Even a minor variation will make a difference. If you are trying to purchase a home at the max of your range, a tiny rate increase may really reshape your options.Here is an example of how pre-approvals can move with interest rates. This assumes a unchanged down payment pe...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
The real estate process usually requires one or more earnest money deposits from buyers to demonstrate that they are proceeding in good faith. Deposits must be handled in a specific manner in order not to delay the underwriting approval process. This article offers details on earnest money deposits for Advance NC home transactions.Location of FundsIt is important for home buyers to use their own funds for earnest money deposits. Many mortgages specifically mandate that buyers utilize their own money for all expenses connected to the purchase. Buyers are typically asked to submit copies of bank statements verifying that the money was already in their bank account and that earnest money deposits were withdrawn against that account. Account statements should also include enough balances to...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
 Whether you plan on selling your house soon or are just wanting to make a change, there are certain renovations that are more likely to add value to your home. Some are more pricy than others. Some renovations that can increase property values are below.Kitchen RemodelingKitchens are one of the most critical features in a home. Think about the time spent in that particular room. The utility of a kitchen is very influential to impending home buyers so it may be worth enlarging. The layout of the kitchen is also crucial, so improving access to the dining room and any additional entertaining areas is a smart move.Sunroom AdditionsSunrooms offer many benefits. First, they expand the living area. They also bring in more sunlight, making a home feel larger and more welcoming. Just picture yo...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
The Federal Housing Administration (also known as FHA) reviews their mortgage limits every year. Home buyers should be aware of what these limits are and how they may change. Below is some helpful information on new limits for FHA mortgages in Advance NC.Definition of FHA Mortgage LimitsMortgage limits reflect maximum mortgage values meeting the requirements of an FHA mortgage. The mortgage value is not the same as the purchase price. For instance, if you find a property for $ 400,000.00 and are paying a 3.5 percent down payment, then the mortgage value comes out to $ 386,000.00 .FHA Mortgage Limits CalculationsFHA mortgage limits differ by market. Median property prices are compared to limits for national conforming mortgages. Conforming mortgages must comply with the Freddie Mac and F...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
A 1031 exchange is a way to delay taxes on the sale of one real estate for another. It applies to properties used for business or investment purposes. When executed properly, it may lead to dramatic savings. This article details the advantages of tax deferred 1031 exchanges in Advance NC. Qualified Property You must have a qualified property in order to consider a tax deferred 1031 exchange. Qualified real estate are those used for a business or for investment. They may be land, residential, rental, commercial, and industrial real estate. You must also buy similar property that is also qualified. Advantages Of Tax Deferred 1031 Exchanges In Advance NC Usually, when you sell investment property, capital gains taxes are due on earnings from the sale. This is true regardless of what the mo...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
Mortgage insurance (MI) is a policy required by mortgage companies to cover their losses if a home buyer defaults on their loan. When the lender goes to relinquish a property, they are unlikely to recover the total amount owed on the loan. MI applies to first mortgages where the property buyers are financing higher than 80% of the value of the home. There is normally an up-front MI fee due at closing and recurring fees based on a percentage of the amount of the loan. Advance NC financing MI details and tips on removing MI are shown below. Impact of MI on Monthly Payments MI percentages depend on the type of loan. Home owners should ask a mortgage professional to obtain accurate figures and understand the impact that it will have on recurring mortgage payments. Rates can also change from...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
Minimizing energy consumption in your Advance NC property is not only beneficial to the environment but will also save you money. There are things that you can do all year long. Below you will find NC home energy conservation tips. Managing Temperature A programmable thermostat saves money on heating and cooling. Instead of leaving your system on while you are away from home, a programmable thermostat gives you the option to automatically adjust the temperature at different times of day. This also prevents you from forgetting to turn your thermostat down when you leave home or while you are sleeping. Heating The method used to adjust the temperature in a property can relate to the type of heating system. Forced hot air systems heat an area very quickly, whereas hot water systems take si...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
  Home features are always changing. It is helpful to understand trends to improve your property's value. Below is some information on home renovation trends in NC. Green Building Green building is more popular today than in the past. You may even notice properties highlighting this in their marketing. There are several different approaches. You can install energy efficient windows and doors, select less toxic materials, re-use older items to add history to a newer house, and/or select sustainable goods. Technology Components Technology is becoming ingrained in daily living. Remember this when configuring floor plans. Most rooms should have wall space that accommodates a wall-mounted television. Plan cable and electrical outlets accordingly. Consider adding surround sound as well. Open...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
It was recently released that the PMI premiums for FHA mortgages are dropping. This will make it easier for people currently in the market to purchase.    NC FHA mortgages lower PMI premiums went into effect on January 26, 2015. Any FHA files requested on or after that date will receive the lower rate. Case numbers are typically received when you apply for the FHA loan. For active case numbers, you might be able to cancel the current case number and ask for a new number. There is a particular procedure that must be completed by your mortgage officer to achieve this. Regrettably, this can not be done on closed mortgages. Refinancing would be necessary. NC FHA Mortgages Lower PMI Premiums NC FHA mortgages lower PMI premiums are 0.5% below past PMI premiums. Different PMI premiums apply ba...
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By Debbie Wilkes, Broker/Owner - Serving Davie County & Surrounding
(Premier Realty NC)
  Determining when to purchase a house is never easy. You are probably debating if prices will incline or decline and if it is truly a smart time to buy. Unfortunately, no one can predict what will happen, but you can make an educated decision by evaluating several factors. The following are a few reasons for purchasing homes in Davie County, NC in 2015.   Find Homes For Sale In Davie County, NC Homes For Sale In Mocksville, NCHomes For Sale in Advance, NCHomes For Sale in Cooleemee, NC   Reasons For Purchasing Homes In Davie County, NC In 2015 Mortgage Insurance Rates Have Dropped There are some great changes for FHA borrowers. The monthly PMI rate for FHA mortgages is being reduced by 0.5%. On a $100,000 loan, the PMI drops from $112.50/mo to $41.67/mo. On a $400,000 loan, it goes fr...
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By Carolina Crew Realty Keller Williams Winston Salem, Residential | Commercial | Prop Mangement
(The Carolina Crew, Inc.)
Oak Valley in Advance, NC is a great neighborhood for anyone! It is one of the largest neighborhoods in the Advance area and sports some amazing features. Most noteable of the community is the Oak Valley golf course designed  by Arnold Palmer. The Oak Valley golf course has been open since 1995 and looks as good today as it did then! The course is beautiful and the setting is serene. This course is listed amoung the top 50 courses in North Carolina. The course is open to the public but also has memebership available. The Oak Valley golf course is has very reasonable rates for such a nice course. Oak Valley is more than just a golf course! This great neighborhood is full of fine people and happy neighbors as you can see from the neighborhood Facebook page. Oak Valley homes for sale range...
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By Carolina Crew Realty Keller Williams Winston Salem, Residential | Commercial | Prop Mangement
(The Carolina Crew, Inc.)
Oak Valley neighborhood and golf course in Advance, NC is a unique combination of wonderful homes and top notch golfing. The Oak Valley golf course was designed by Arnold Palmer and is the only one in the area that touts his vision. The course is open to the public but also has several levels of membership. While the course is fantastic, the housing community built on and around the course is also very desirable. The Oak Valley community sports a beautiful landscape and lush green grass. Oak Valley homes for sale are affordable yet elegant. In the last twelve months twenty homes have sold in the Oak Valley neighborhood ranging from $189,000 to nearly $500,000.  Many of the homes are large with between 2000 and 4000 square feet.  The average sales price of homes in Oak Valley in Advance,...
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By Carolina Crew Realty Keller Williams Winston Salem, Residential | Commercial | Prop Mangement
(The Carolina Crew, Inc.)
Advance homes for sale are a great opportunity for savvy buyers. This area offers lower Davie County taxes, convenient access to I-40, and an incredible community of people.   We are very familiar with Advance homes for sale and what great deals are available to the buyer. Advance has been a fast growing area in Davie County for several years. Many Advance homes for sale are new construction that is the result of the area growth. Many buyers choose to view these Advance homes for sale due to the great school system and short commute to Winston Salem.  Recently Advance foreclosure homes for sale have become very popular among buyers and investors. Interestingly, the area has seen positive growth in the last few years including the addition of several new businesses. Many new restaurants ...
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Advance, NC Real Estate Professionals