Prepare your finances.
If you need to obtain a loan in order to purchase a home for sale in Mooresville, you will need to know your credit score. A knowledgeable lender can help you figure out your credit score and what price range you can afford. I personally recommend Lisa Qualls with Movement Mortgage and Andrea Kindley with Fairway Mortgage. They specialize in Mooresville and Lake Norman home financing and can help you get pre-approved for a loan. This will allow you to make a serious offer on the home of your dreams on or near Lake Norman.
Look in your price range.
In Mooresville, NC the median sale price for June 2016 was $288,000 with 194 closed sales and for Lake Norman it was $410,000 with 227 closed sales. There is no shortage of homes for sale in Mooresville or homes for sale in Lake Norman. Several schools of thought exist on how to figure out what an individual can afford. I am a strong believer in Dave Ramsey’s principles and recommend down payment of 10% on a 15-year fixed-rate mortgage. Limit your monthly payment to a maximum of 25% monthly take-home pay. Do not forget to incorporate property taxes, energy costs, etc when deciding what is affordable for you. Compared to the Northern United States, the property taxes in the Mooresville and Lake Norman area are significantly less. When looking in the Mooresville area you will have to find out if you are within city limits, this means a $200,000 will have taxes around $2500/year. If you live outside Mooresville city limits the taxes will be almost half price, a $200,000 home will cost about $1300/year. For those residents who have children have to make the decision on which school district they would prefer to live in. Mooresville school district has national recognition for their technology for learning, but there is a lot of highly ranking schools in Iredell County. I would be happy to help you with your home search to make sure you are in the area that best suits your family’s needs.
Hire a real estate agent.
The internet gives you an incredible amount of access to real estate listings and resources. However; there are many aspects of the buying process that require expertise, from neighborhood covenants to local school districts. As I mentioned above, the school districts in Mooresville are great, but you will be faced with a very different property tax value depending on which school district you live in. It is in your best interest to consult with a local Mooresville or Lake Norman real estate agent when you decide to start looking for a new home. Your real estate agent can look out for your best interests and provide you with strategies during the buying process in Mooresville, NC.
Doing your homework.
It is extremely important to do your homework before making a bid on your new home. This is another area a real estate agent can help. Determine how the market is in the Mooresville area you are researching. Is it considered a buyers or sellers market. Next, find out what the recent sale prices were and current list prices for similar homes in the neighborhood you are looking at in Mooresville. Come up with a realistic and competitive offer.
Long term thinking
The best advice is to make sure your long term goal is to remain in this home for a few years. If you have children, research the school district your home will be in and make sure it meets your expectations. If you do not have children, buying a home in a good school district will increase your homes resale value in the future. Your agent can help you evaluate your new homes condition, they will recommend home inspectors and surveyors to prevent costly repairs down the line. I work closely with home inspectors and surveyors in Mooresville, NC and would love to help you find the best fit for you.
If you are wondering what your mortgage payment will be based on home value, down payment, taxes and home insurance, I can help! Call me today and I can assist you in finding the home of your dreams in the Mooresville or Lake Norman area.
Beth Sterner is a Real Estate Agent and Realtor® in Mooresville, North Carolina. Beth practices real estate in Mooresville, Troutman, Davidson, Cornelius, Huntersville, Denver, Sherrills Ford, Charlotte and the surrounding areas.
Beth Sterner can help you with all of your Real Estate Needs! Give me a call!