Inventory of homes for sale in Cherokee County grew by 15.5% in January compared to the previous year. Inventory in January 2019 totaled 1,023 units, up from 886 in 2018. Among existing homes, 229 units sold in January, a decrease of 5.4% from 242 units that sold in 2018. The average sale price of sold homes was $303,222. This represents an increase of 3.3% from the January 2018 average price of $293,596.

Read More

Home Buying Money Myths

Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important and expensive decisions in your life, home buying, tends to circulate a lot of misinformation. Most of that misinformation is in regards to how much of a down payment you need or what your credit score needs to be. Let’s go over the real facts about buying a home and knock those myths out, so they don’t hinder your ability to purchase!

 

CREDIT SCORES

Though it may come as a surprise, you don’t need a perfect credit score to purchase a home. Traditional bank lenders will work with credit scores as low as 640, but your agent can also get you connected with local lenders that accept credit scores as low as 580. Although there are other required stipulations to qualify for the loan, you don’t need a perfect score in the 700’s or 800’s to get approved for a mortgage

DOWN PAYMENTS

You don’t have to sell an arm and a leg to be able to purchase your dream house. There is a huge misconception that you need to pay a minimum of 20% down to buy. That information is outdated. These days, there a large variety of loan programs that only need an average of 3-5% down. Based on your income or military status, you may even qualify for mortgage programs that require 0% down. Although you’ll expect to pay an additional 3% in closing costs, which is separate from the down payment, this is still significantly less that 20% of the purchase price. If you’re in a buyer’s market, you may even be able to negotiate for the closing costs to be covered by the sellers.

Tip: DO NOT buy a car or put a lot of money on a credit card if you plan to buy a house in the near future. Doing so will have a negative impact on your credit score, which will effect your rate for monthly mortgage payment.

We Love Referrals

We want to make it easy to refer your friends, neighbors, associates or family members considering making a move:

  1. You can go to anntolbert.com/we-love-referrals and enter their contact information online.
  2. You can forward this link above to anyone who you know is considering a move.
  3. You can call us directly at 678-799-6350.