Danielle Edwards

RE/MAX Executive

Danielle Edwards with RE/MAX Executive

Tax Refund for Home Purchase: Maximizing Your Savings

by

Are you eyeing that dream home but struggling to gather enough funds for a down payment? Your tax refund, specifically earmarked for home purchase, might just be the boost you need to turn that dream into reality. With the average tax refund size showing an increase, now is the perfect time to explore how you can utilize this windfall to pave your way to homeownership.

Saving for a Down Payment

Saving for a down payment is often the most significant hurdle for prospective homebuyers. However, your tax refund can provide a substantial contribution towards this goal. Whether you’re aiming to reach your savings target faster or bolster your existing down payment fund, allocating your tax refund wisely can accelerate your journey towards owning a home.

Paying for Closing Costs

In addition to the down payment, closing costs represent another essential aspect of homebuying. These costs typically range from 2% to 5% of the total purchase price of the home. By directing your tax refund towards covering these expenses, you can alleviate some of the financial burden associated with closing on a property.

Lowering Your Mortgage Rate

Furthermore, your tax refund can be utilized to lower your mortgage rate, thereby enhancing the affordability of homeownership. Many lenders offer the option to buy down your mortgage rate, enabling you to secure a lower interest rate by paying upfront. This can translate into significant long-term savings on your mortgage payments, making homeownership more sustainable in the long run.

Partnering with Real Estate Professionals

Navigating the intricacies of the home-buying process can be daunting, but with the right guidance, you can make informed decisions every step of the way. By partnering with experienced real estate professionals who understand your goals and priorities, you can streamline the homebuying process and ensure that you’re well-prepared to embark on this exciting journey.

Conclusion

Your tax refund presents a valuable opportunity to bolster your savings for buying a home. By leveraging this financial windfall wisely, you can overcome common barriers to homeownership and take significant strides toward securing the home of your dreams. Get in touch with us today to explore how we can help you make the most of your tax refund and turn your homeownership aspirations into reality. Since you are here, watch my video on this subject. Get to know my channel, and share it with those who might need this information.

Reach out to us, and we’ll be delighted to assist you. Stay tuned for all updates! Follow us on social media, Facebook, Instagram, and YouTube.

.

.

.

.

Top Charlotte Real Estate Agent As Seen on House Hunters Charlotte guiding her buyer Lyndsay on her relocation.

 

Charlotte Real Estate Agent
Danielle Edwards

Selling Charlotte since 2006

danielleedwards@REMAX.net

704-604-2999

Visit my YouTube Testimonials

THE HOUSING MARKET 2023

by

THE HOUSING MARKET 2023

The current economic situation will continue to significantly impact The Housing Market 2023 during the coming few years. Many forecast that this market’s pricing as well as variables like interest rates, employment growth, and consumer confidence, would remain largely unchanged.

Having said that, some adjustments will likely occur during the next few years. Consumers looking to buy or rent a home will probably have more options due to the increased availability of rental and newly built homes. Additionally, since buyers and sellers have access to more streamlined online property search tools and may use digital resources like virtual home tours, technology improvements are predicted to further alter the housing market in 2023.

Despite these developments, it is anticipated that The Housing Market in 2023 will experience challenges because of political and economic unpredictability. The number of people who can buy a home may decrease due to the rising cost of living, especially in urban areas, which might further reduce sales. Changes in tax law may also influence buyer incentives, such as first-time buyer subsidies or deductions for mortgage interest.

It’s also critical to comprehend how the rental market will change due to The Housing Market 2023. Understanding The Housing Market 2023 is crucial for individuals who wish to succeed in the rental market because it impacts both tenants and landlords. When examining The Housing Market 2023, it is important to evaluate potential changes in supply and demand.

The Housing Market 2023, as a whole, paints a picture of an uncertain future with many possible outcomes. In order to make educated judgments and establish plans that will work for them, it is crucial for potential tenants and homeowners to stay up to date on regional trends and changes in tax law. The Housing Market 2023 may offer prospects for lucrative real estate investments with thorough analysis and due diligence. The secret is to stay current on new developments and change tactics as necessary. For those ready to make wise choices, the housing market in 2023 has the potential to be a terrific opportunity.

The Housing Market 2023 anticipates a rise in the demand for rental homes, mostly attributable to a rise in population. As a result, there will be more rivalry among landlords and tenants, which could raise housing costs in some locations. It will be even more crucial for prospective tenants and homeowners to comprehend what to anticipate from The Housing Market 2023 before making any investments or signing any contracts because local governments will probably put stronger rules on it.

Learn about my Reaction with regards to the Housing Market 2023:

Contact Danielle Edwards for information on Charlotte, NC, real estate.

Danielle Edwards

Charlotte Realtor® Danielle Edwards has been helping clients with their real estate needs since 2006.
2023 is the year of the Professional Realtor and getting back to a more normal real estate market.
Danielle Edwards
Charlotte Real Estate
Realtor, REMAX EXECUTIVE
Hefferon | Edwards Team

704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links

Check out my FIVE STAR REVIEWS here!

What is DUE DILIGENCE in NORTH CAROLINA?

by

What is DUE DILIGENCE in NORTH CAROLINA Real Estate?

It is 2022 and the real estate game has changed.  Buying a home in NORTH CAROLINA? You will probably hear the term DUE DILIGENCE several times.  The Due Diligence process has changed over time and can differ from state to state. If you have purchased a home in the past or in another state, keep in mind that this process may be different from what you experienced during your last purchase.

This video was filmed before the current seller’s market we are in today.  Examples used in this video do not

portray how much due diligence fees are today.  When deciding how much due diligence money to put down on your home

you should always consult your Realtor. (hopefully that is me)

DUE DILIGENCE 101 or HOW TO UNDERSTAND DUE DILIGENCE PERIOD – REAL ESTATE IN NORTH CAROLINA.

BY DANIELLE EDWARDS

Check out my new video/blog

How to buy a home in Charlotte NC 2022

Due Diligence FAQ

The DUE DILIGENCE Process was created to benefit the buyer and the seller.

How does The Due Diligence Process help the seller?

Before the seller of a home officially takes it off the market, they will receive a certain amount of money, upfront from the buyer. If the buyer follows through with the home purchase through closing, the seller will then credit the buyer the due diligence money at closing time.

How does The Due Diligence Process help the buyer?

The buyer uses due diligence as a way to show their good faith that they are very serious about purchasing a home from the sellers.  The buyer knows if they back out for ANY REASON before 5 pm at the end of the closing period, they will lose their due diligence fee and money spent on inspections & appraisal.

What is a normal due diligence amount for buying a home in North Carolina?

Great question!! This amount has changed drastically in the past two years.  Given the competitive market in Charlotte and lack of inventory, we are now seeing the due diligence amount being more than the earnest money amount. Simple answer: It could range $250-$10,000 depending on the price of the home.

Here are some recent Due Diligence amounts on homes I have closed in Charlotte, NC:

  • $369,000 home = $1500 due diligence    >>>  2021 real example >>>  $10,000 due diligence
  • $301000 home =  $3000 due diligence >>> 2022 real example >>>> $10,000
  • $505000 home = $2000 due diligence>>>> 2022 real example >>>>$18,000

The amount varies based on many other factors of your offer to purchase a home in North Carolina.

This amount is always negotiated between the buyers, sellers, and corresponding agents.  You might offer $800, and the seller may come back and say $1,500.  When in a multiple offer situation, the  Due Diligence amount is sometimes even more important to the seller than who has made the higher offer!  If it is between you and another buyer, the seller will want to close the deal with the buyer who seems the most serious and the most financially able to purchase their home.

When do you pay the due diligence money to the seller?

Within 5 days of executed contract.  This is normally done within 24 hours, but there is a 5 day period if the buyer’s agent checks the 5-day amount on the offer to purchase contract.

How long is the due diligence period when buying a home in North Carolina?

This is a negotiated period.  The shorter the period, the better the offer to the sellers.

I would say 2.5-4 weeks is typical for a due diligence period in North Carolina, NC.

Your offer might say 4 weeks, the seller may come back and ask for 3 weeks instead.

What is earnest money when buying a home in North Carolina?

Earnest money is typically 1% of the contract price.  Again, negotiated.

The buyer will give their agent an earnest money check once the buyer’s offer is accepted. This is normally made out to REMAX EXECUTIVE(for example).  The check is deposited for escrow at closing.  The buyer’s agent will refund the earnest money within 2-5 business days if the buyer were to back out during the due diligence period for any reason. If for some reason there is a discrepancy with releasing the earnest money, then you will have to go to mediation.  (I have never had that happen).  However,  at 5:01 pm on the date the due diligence period ends that earnest money is no longer refundable.  It will stay in escrow for you and be a credit to you at closing.

Some agents will show a copy of both checks when presenting the offer.  Always make sure your account information is covered.  This shows good faith. About 60% of the time, this is how the process goes.  There are times a buyer will not have checks on them and the checks are presented after their offer is accepted.  It can be a personal check or a certified check.  Certified is typically preferred, but not necessary.

DO YOU HAVE A BUYER’S AGENT?

If you are looking for a buyer’s agent in the Charlotte area I would be honored to work with you.  There are also two other Realtors on my team to help assist you if you are looking in an area that I am not an expert in.  It is very important to choose an agent who works in the trenches in the area you are looking in.  I can also help refer you an agent in North or South Carolina with my network of fantastic agents I have worked with.  I am licensed in NC/SC and cover parts of the Fort Mill/Lake Wylie area.

For more great tips on buying a Charlotte home visit www.SoldOnDanielle.com

Contact me below and let’s talk Charlotte real estate!

Check out my reviews on Google!

 

Danielle Edwards

South Charlotte Real Estate
Realtor, REMAX EXECUTIVE

Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links
What does your equity say?
Buyer Market Update Reports

James Custom Homes – Charlotte, NC

by

James Custom Homes

Oxford Manor

New Construction – Luxury Charlotte, NC

Looking to build a home in Charlotte, NC?
South Charlotte is a hotspot for many to live. This area gives you more house for your dollar, access to Uptown, the airport, major roads/highways, and it is just a great place to be!

James Custom Homes has built many communities here in the Charlotte area. Recently, they have started a new project at OXFORD MANOR which is tucked in behind OXFORD HUNT an established community.

What I love about this James Custom Homes location is that you are “inside 51”. Which to someone not from here that probably doesn’t make sense. Being inside 51, means you are “closer” to the uptown area and Southpark. You also get to escape the busy intersection of Providence and 51 which easily could add another 5 minutes to your commute.

If you are looking for new construction and trees this community might be a great option. It also can boast the top public schools in the area AND several private schools nearby also.

I have worked with JAMES CUSTOM HOMES before and they are a solid builder. Like most builders you have to deal with “change fees” and “that is an upgrade”. But, in the end they make sure to deliver you a solid energy efficient home and make sure you the buyer are happy.

Here is my walk-through tour of their model home at OXFORD MANOR

If you are considering building a home having YOUR OWN representation is important. The builder compensates me for assisting you. Here is my video on why you should consider this and working with me.


 

Danielle Edwards

South Charlotte Real Estate
Realtor, REMAX EXECUTIVE

Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
Contact Me

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useful Links
What does your equity say?
Buyer Market Update Reports

Danielle Edwards Favorite MUST have Charlotte Real Estate Links

Buyer real estate software for market  updates

Best real estate software for your homes value

Search Charlotte Properties with Danielle

Check out my FIVE STAR REVIEWS here!

 

Contact

Danielle Edwards
RE/MAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

Get Social

   

RE/MAX Executive