Whether you’re a family transitioning from pool days to school days, or you’re just trying to squeeze in one more beach trip before pumpkin spice takes over North Carolina, now is a fantastic time to think ahead about building your next home in the Triad.
The Greensboro–Winston-Salem–High Point market offers great opportunities for buyers who plan ahead, especially if you’re considering new construction. Here are some smart, low-stress strategies to set you up for success.
1. Plan Ahead Before Fall (or Before Your Next Vacation)
Life is busy. Travel, work, kids, school… and somewhere in there you’re supposed to figure out housing plans too. A little planning now can give you a big advantage later.
By being prepared early and understanding your budget, you’ll also be in a great position to take advantage of builder and seller incentives while they’re hot. Often in a market like this one, builders have amazing offers available with things like rate buydowns, closing cost credits, upgrades at no charge, or design studio credits.
The more you are ready with an approval in hand, the faster you can move when you find a home or a builder incentive that gets you excited.
2. Pre-Approval is Your Buying Superpower
When you show up to a builder with a pre-approval in hand, they can move you through the process quickly and efficiently. But not only does it help you save on time, but you can also have a clear picture of your budget, allowing you to avoid surprises or disappointments down the road.
A pre-approval tells a seller that you are serious, qualified, and ready to move. Think about it, if you were a seller and you had one offer that had a pre-approval letter and the other one hadn’t figured out their finances yet, which one would you want to go with?
3. Buy Land Now, Build Later
In many parts of the Triad and surrounding areas, a smart strategy is to secure the land first and build when the timing is right. Whether you are waiting for a promotion or bonus, finishing out the school year, or you need to take more time strengthening your finances, buying the land now and waiting to build the house later can really give you that flexibility and it can allow the value of your land to appreciate some, giving you even more equity that you can put toward a down payment.
4. Have a Financial Plan Before Visiting the Model Home
Walking into a beautiful model home without a plan is like going grocery shopping hungry: everything looks amazing, and suddenly you “need” all the upgrades.
Before you tour new communities in the Triad, it helps to:
- Know your buying power and realistic price range
- Factor in taxes, insurance, and possible HOA dues
The Sharpe Team Strategy
We get excited when our phone rings and it’s someone on the other end who wants to create a plan before they begin their search.
When you come in and strategize with us, you can expect us to:
- Review your finances carefully and spot any issues early
This gives you time to make changes and improve your overall picture - Run loan scenarios with you
Ever wondered how your monthly payment would change at different price points? We also include mortgage insurance, taxes, and closing costs so you have the full picture in front of you - Give you information on buy-downs and talk long-term strategies
There are different options out there to help you get into a home today, despite what the market looks like. When you know your numbers ahead of time, you can enjoy the building process instead of falling in love with a plan that doesn’t fit your budget
Want to explore building options or double-check your numbers with someone local to the Triad? Give us a call at (336) 575-9448. If you need a quick pre-approval or help with a tricky financing scenario, our team can often have answers for you within about a day.
Got a question you’re not sure how to ask (or you’re afraid it might be a weird one)? Send it our way. We’re always happy to dig in and help.
*The buydown is not a permanent reduction in the interest rate and should not be interpreted as such. The borrower remains legally obligated to make the full monthly payment as outlined in the promissory note, regardless of the buydown arrangement. Builder/Seller contract must read that builder/seller/agent will pay the cost of the 1-0 buydown at closing to be eligible for this program. Rates adjust with the market daily and are subject to change until locked. Borrower must qualify at the note rate.
