Real Estate Information Archive

Blog

Displaying blog entries 1-4 of 4

Qualifying for a Loan – What do I need to qualify?

by Mayes Harris Team

Before you start searching for your new home, the first step is to speak with a lender and determine your budget. This is being pre-qualified for a loan. Once you find the right home, then your lender will order an appraisal of the property and complete your financing. If this is your first home purchase, or if it’s been awhile since you’ve purchased, understanding how to prepare for the qualifying process is the first step to success.

What do I need to qualify for a home loan?

When preparing for your meeting with the lender gather all the pertinent documentation and bring them with you. Generally speaking, your lender will want to see 2 months of employment pay stubs and bank records as well the past 2 years of tax returns. After reviewing your income and savings, the lender will also order a credit report which shows all your recurring debt and payment history. This will be used to determine your ability to pay the proposed mortgage.

How does credit, down payment and income affect my ability to get a loan?

There are a variety of loan programs available and your lender will review all your options with you so you can determine the best program. Some government guaranteed loan programs, such as the VA or FHA, are more lenient with your credit score requirements as well as other qualifications, such as savings and income ratios.

Qualifying for a home loan might feel overwhelming, but your lender can walk you through the process and requirements. After learning your options, you can make the best financial decision for your new home loan.

Living Room Trends

by Mayes Harris Team

The living is room one of the most used rooms in your house and its style is essential in welcoming your guests as they step foot in this space while also expressing who you are.

This article will help you discover the latest trends in living room design while also adding some new features that make your home unique to you.

Bold Plants
Situating big plants into your living room can make eye-catching statements. However, be mindful of how much sunlight and water they need, and let that guide you on where to place them in your living room.

Painted Ceilings
Homeowners are starting to become daring as they are taking into consideration painting the ceiling of their rooms. When choosing to paint, keep in mind the 10-30-60 rule. For example, 60% is the main color of the room taking most of the walls and large accent furniture. The 30% is the secondary color that takes up about half of the color in the room and includes items like draperies and small accent chairs. The remaining 10% is the accent color and takes up the colors in your throw pillows and other
small decorative pieces.

Bold Colors
Colors like burnt orange, deep red, blues, and navy are becoming popular when decorating. Make sure there is balance by adding more neutral colors such as white or gray.

Geometric
Geometric patterns are becoming popular in livings rooms by using them in coffee tables, carpets, and wallpapers. They will make a room more alluring and aesthetically pleasing. You can also incorporate this pattern on your floors or even a large area rug.

Multi-Functional Spaces
The “less is more attitude” is also making a statement. Your living room can incorporate furniture that can be used for other purposes, such as using an ottoman as a storage place. Your living room can also serve as a tiny bedroom by getting sofa beds.

Metallic
Bronze, chrome, gold have the touch to make your living room look luxurious. One of the ways to incorporate them is through your furniture with metallic legs and other minimal decorative objects.

It really boils down to making your home unique to you and thereby showcasing who you are. Don't be afraid to consult with an interior designer. They can help you develop your taste.

Market Report Update: Mecklenburg County's May 2019 Stats

by Mayes Harris Team

It is time once again to take a look back at yet another page on the calendar. This month we begin by reviewing Mecklenburg County's May 2019 Stats.

Let's get started with the Median Sales Price in May. If we look back at 2017, we see a median sales price of $259,000. The following year, 2018, that price increased by +10.8 percent to $287,000. In 2019, we increased again by +3.5 percent to a median sales price of $297,000 in Mecklenburg County.

Next, we are going to review the number of New Listings that came on the market in Mecklenburg County in May. We start with 2 years ago, 2017, and see that there were 2,038 new homes that came on the market. The following year, 2018, there was an increase of 1.8 percent with 2,074 new homes coming on the market. This year, 2019, there was another increase of 3.2 percent with 2,141 homes coming on the market.

The next statistic we will review is the May Median Days on Market. Starting in 2017, we saw 6 median days on the market and then the following year, 2018, we saw an increase of 16.7 percent with 7 median days on the market. In 2019, we increased by 28.6 percent to 9 median days on the market.

So there you have it. A quick overview of what is happening in our local market of Mecklenburg County. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

Negotiating for Top Dollar

by Mayes Harris Team

Selling your home? Every seller wants to make sure they sell their home for the best possible sales price. Getting top dollar for your home is not as complicated as you might think. By using a simple negotiation strategy, you can make sure to receive the best price for your home listing.

The first step in a negotiation strategy begins before you even list your home. Choosing the right real estate agent and listening to their advice regarding home value is important. Choose a realistic list price; over-pricing to “test the market” is not only a waste of time but as the listing ages on the market, buyers are more likely to write lowball offers.

Once you receive an offer; review and respond to all reasonable offers. Never assume that a buyer isn’t serious just because the offer is lower than you’re willing to accept. Make a reasonable counter offer; if you are motivated to lower your price, you can, but if not, countering with a full price number is acceptable also. Just make sure your price is fair for the actual value of the home.

Consider compromising on terms. Often you can negotiate a higher sales price if you are flexible on other terms. Does the buyer need extra time to close/move? Would they like to have the garage shelves or patio furniture? Win-win situations do not have to involve compromising on price.

All negotiations are different, but by setting the proper stage and calmly navigating through offers, you can make sure you sell your home for the best possible sales price. Getting top dollar for your home is a simple strategy of fair pricing and unemotional negotiations.

Displaying blog entries 1-4 of 4

Syndication

Categories

Archives

Subscribe to our blog for the latest in real estate news.