Questions to Ask When Choosing a Lender

In today’s market with home inventories low, and mortgage rates climbing (although still historically low), the questions below could save a buyer a good amount of money when shopping for a home mortgage.  Also, with inventories of homes very low, choosing a lender, and having an approval letter up front, will add weight to your offer, especially when competing with other offers.

Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.

General questions:

What are the most popular mortgages you offer? Why are they so popular?

Are your rates, terms, fees, and closing costs negotiable?

Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?

Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?

What escrow requirements do you have?

What kind of bill-pay options do you offer?

Loan-specific questions:

What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?

Which type of mortgage plan would you recommend for my situation?

Who will service this loan—your bank or another company?

How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?

How long will the loan approval process take?

How long will it take to close the loan?

Are there any charges or penalties for prepaying this loan?

How much will I be paying total over the life of this loan?

 

The above article is courtesy of Realtor® Magazine published by the National Association of Realtors®

Covid 19 Update and Vaccination Progress

As of February 12, Haywood County has had 3619 total cases with 81 deaths.  The entire state of NC has had 815,000 total cases with 10,336 deaths.

The vaccination program in the county, operated by the Haywood County Health and Human Services Agency, has done a wonderful job of managing the Covid 19 Vaccination Program.  They began with front-line essential workers, and have progressed through the residents over 75 years age group.  My neighbor is in the 65 to 75 year age group, and he was called yesterday for his first shot.  My wife and I have both received both our shots.  The county is using both the Pfizer and the Moderna vaccines.  Both your shots must be the from the same maker.  The Pfizer vaccines are given 3 weeks apart, and the Moderna Vaccines are given 4 weeks apart.  The vaccine program here has used the Haywood County Fairgrounds, in a drive-through format.  You don’t even have to get out of your car.  You must register for the vaccine at www.haywoodcountync.gov/vaccine or by phone at 828-356-2019.  After registration you will receive a call, text or email around 24 hours prior to your scheduled time.  You will be given a 30 minute window to appear for your shot.  This procedure has kept the waiting lines at a minimum.

If you are a part-time resident and you own property in Haywood County you may register to be vaccinated here.  Just make sure you can commit to being here for BOTH shots.  (3 weeks between shots for Pfizer, and 4 weeks for Moderna)

Again, I would like to thank our Haywood County NC Health and Human Services Agency for the excellent job they have done administering this program.

I have also been informed that as of today, Friday February 12th, Walgreens will also be taking reservations for the vaccinations at their drug stores.  The number for the Walgreens in Waynesville, is 828-452-4211.  I have not called Walgreens to verify this.

Stay safe out there.

Sales Trends in Haywood County Real Estate

As 2020 was a banner year for real estate sales, I thought I would share some stats with you today.

In the year 2020 we closed a total of 1334 homes and condos in the county.  This compares with a total of 1159 homes and condos in 2019, for an increase of 15 percent year to year.

In December of 2020, we closed a total of 121 homes and condos in the county.  This compares with a total of 91 homes and condos sold in December of 2019, for an increase of 33 percent.

Our January 2021 sales county-wide of homes and condos was 74, compared with 74 in January 2020.  Sales were flat in January due to lower inventories of available homes.  In December of 2019 we had a 4.6 months supply of available homes for sale.  In December of 2020 we only had a 1.8 months supply of available homes for sale.  This represents a 60.9 percent decrease in supply.  In most real estate markets, a balanced supply is 4 to 6 months of sales.  Less than 4  to 6 months is considered a seller’s market.  More than a 6 months supply is considered a buyer’s market.  Real estate, after all, is a supply and demand market.  When supplies are slim, prices must go up.  The average price of a home in Haywood County increased by 17.6 percent in 2020, when compared to 2019.  ($256,450 to $301,606)

A couple of other factors drove home sales in our area.  First, the pandemic brought buyers from more populous areas to the less populous mountains.  Many buyers are now working from home, and decided they wanted to work from home in a more desirable setting than the city.  The other factor driving home sales was low mortgage interest rates.  Interest rates for homes are still at historic lows.  Many home buyers have taken advantage of these low rates before rates rise again.

If you have an interest in purchasing a home in our area any time soon, let us know.  If we know what you are looking for, we can set up a website for you that will automatically add homes that match your search criteria.  That way, you will see homes of interest to you the day they go on the market.

(All stats provided by Canopy Realtor® Association and Showing Time)

 

Questions a Buyer should ask when Buying a Home

When buying a home it’s easy to get wrapped up in the excitement of purchasing the home, not to mention taking care of all the details of moving to a new home; it becomes easy to overlook some basic questions that should be asked.

What is included with the home?  Are the appliances (refrigerator, washer, dryer, etc.)  included?  Normally in NC fixtures (any items attached to the wall) are included.  Also the range and dishwasher are normally included on NC contracts, unless otherwise specified.

Were there any additions to the home?  An addition to a home should have had a building permit and been inspected by a local building inspector.  The same should be considered for a basement that has been remodeled or finished.

Have there been any insurance claims on the home?  Has the home ever had flood or fire damage?  Is the home in a floodway, or a 100/500 year flood zone?  Flood insurance can substantially add to a mortgage payment, or to your yearly expenses.

Ask the age of the major appliances, the heating and air conditioning system, and the roof covering.  These items can represent a major expense if they fail after the buyer takes possession of the home.  In NC the Residential Property Disclosure that is completed by the seller will answer some of these questions.

Does the home have any safety hazards such as lead-based paint (on homes built prior to 1978), mold issues, or high radon gas levels?  A good home inspection by a licensed home inspector can apprise you of any hazard issues, as well as answer many of the questions above.  Home inspections cost from $350 to $600 or more, depending on the size of the home.  Most home inspectors can also do radon gas tests, which run an additional $125 or so.  Radon is colorless, odorless gas that is given off by radioactive particles often found in granite.  Radon gas can cause lung cancer.

Your real estate agent should be able to help with most of these questions, and with finding a local home inspector for you.  If your home inspector finds issues, your real estate agent will ask the seller to fix the problem issues, or negotiate the sales price to allow for repairs.

If you are looking for a home, let us know.  We are happy to help.

Stay Safe!

 

Our Covid-19 Numbers at Year-End

As of Wednesday, December 30th, here are our Covid-19 numbers for Haywood County.

The number of positive cases since the pandemic began is 2013.  Currently there are 351 people in isolation with 26 uncooperative positive cases who may be ignoring the advice to isolate from others.  (per the Waynesville Mountaineer Newspaper)

We have had 61 deaths in the county so far, many of those were residents of nursing homes.

Vaccines have arrived in the county with the first doses going to healthcare workers and first responders,

In the entire state we have had 526,000 cases of Covid-19, with 6,630 deaths.  The numbers have increased dramatically since Thanksgiving.  We are still under modified stay at home orders from the governor.  The orders limit certain businesses and activities for all North Carolinians during overnight hours.

In order to help restaurants who are struggling the governor has authorized the delivery or carry-out of mixed beverages as an alternative to on-site consumption.

We should all be wearing masks when in public, maintaining at least 6 feet of social distancing, and washing our hands often to prevent the spread of this virus.

Wishing you all a safe and hopefully better new year!

Mortgage Rates, Home Sales and Covid-19

I seem to have a mixed bag this week.  Below is an article on current mortgage rates from Realtor® Magazine.com.  After the article I have our local sales results from November and lastly a local Covid-19 update.

Covid Numbers in Haywood County

Today I wanted to take the time to give an update on Covid-19 here in Haywood County, and update everyone on current statewide restrictions.

1087 people have tested positive through Friday Nov. 27th.

849 people have recovered.

40 people have passed away.

175 are currently in isolation.

331 are currently quarantined.

Smaller outdoor venues, movie theaters, conference centers, and bars are restricted to 30% occupancy or 100 guests, whichever is less.

Mass gatherings are restricted to 10 people indoors, 50 people outdoors.

Masks are now required in all public settings, both indoors and outdoors. 

Please, wear your masks, wash your hands, and social distance from others.

Remember to be kind to others, especially those front line workers in shops, restaurants and grocery stores.

Thank you.

Introducing Our Newest Agent

I wanted to tell everyone about our newest addition to the office.   Brittany Heathman (Paul’s daughter) has joined the office as our newest agent.  I am adding Brittany’s photo and bio below.  We are all happy and excited to have Brittany working with us as she is an exceptional young lady.

“While I’m originally from Lakeland, FL, we moved to western NC when I was six. I later moved to Knoxville, TN where I went to the University of Tennessee and received a Bachelor’s degree in Animal Science with a minor in Biology. I also spent six years working at the University of Tennessee College of Veterinary Medicine in the Large Animal Department. Wanting to be closer to family I moved back to Waynesville and went to Asheville-Buncombe Technical Community College where I achieved an associates in Veterinary Technology and went on to receive my license as a Veterinary Technician. After 15 years in the veterinary field, I decided to join the family business and received my Real Estate License. I currently live in Maggie Valley with my Yorkie mix, Cecil. Outside of work I enjoy snow skiing, hiking, reading, and obstacle course races. I enjoy sharing my knowledge of the area and look forward to meeting each and every one of you.”

The next time you visit our office, say “Hello” to Brittany.

Covid and Cataloochee Ski Area

Cataloochee Ski Area has announced they will be opening for the 2o20/2021 season as soon as weather permits.  They are usually open sometime around Thanksgiving.  Due to the Covid-19 virus, the will be enforcing masks and social distancing when indoors at the lodge for the protection of their customers and associates.

For those of you who have never skied Cataloochee before, if you will click of the below link to a YouTube video that I recorded from a helmet camera a couple of years ago while skiing with Paul.  We are getting off the quad lift and skiing down Rock Island back to the lodge.  I hope you enjoy!  https://www.youtube.com/watch?v=W6wTiy_VNtU&t=68s

 

Fall Colors and Covid-19 Update

The Fall colors have begun!  From 4,000 to 6,000 feet elevations, colors are already on full display, and will be creeping down the mountains rapidly.  We are already seeing beautiful color here in downtown Maggie Valley.

This is a few days old from the Haywood County NC Health and Human Services Agency.  We have tested 17,265 individuals with 663 positive tests, 579 are recovered, 36 deaths, 26 cases in the last 7 days, with 28 currently in isolation and 83 in quarantine.

Just a reminder, don’t forget to get your Flu Shot!  ‘Tis the season!  Stay safe!