Mailbag: Should I Use an Adjustable Rate Mortgage to Buy My Home?
Trying to navigate buying a home? Angie answers four questions from the mailbag from listeners like you who are buying or selling a home in today’s market.
Brent in Cary is thinking about getting an adjustable-rate mortgage (ARM) for his next home to get a lower interest rate. How do you advise clients on these rates? With the interest rates starting to spike a little bit, some are considering what they can lock in. Look at all of your options and be sure to compare to what you might pay now vs. later.
Dan in Fuqua-Varina just sold their home but is feeling a little embarrassed. A lot of their neighbors’ homes sold for over list price within a day whereas their home took a few weeks and went below list price. What went wrong? Angie says to look at the comparables. If you overprice your home, you won’t necessarily get above list price. You have to price your home right to get multiple offers and sell quickly.
Tiffany in Raleigh has about $20,000 to put toward home upgrades. What should they focus on? They will likely sell their home within the next few years and want to make the most of these funds. Angie says the kitchen is key with things like appliances, countertops, and even fresh paint. When you’re about to sell, curb appeal is important so look at sprucing up the lawn.
Alice in Wilmington has given up buying a home after losing too many bidding wars but is now losing on the rental bidding wars! Angie is seeing the same struggle here in the Triangle with multiple offers on rental properties.
Listen to the entire episode or skip ahead to a particular question using the timestamps below.
0:49 - Mailbag: Should I use an ARM to buy my home?
3:33 - Mailbag: Why didn’t my home sell over list price?
5:33 - Mailbag: What home upgrades should I make?
7:54 - Mailbag: There are rental bidding wars, too?
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