Move-up Buyers: Times Have Changed

August 17, 2009 · Print This Article

For many Charlotte NC home buyers looking to move up from a first home, times have most definitely changed. For anyone who bought their home in the past 2-5 (or so) years, the landscape and atmosphere of home buying has changed tremendously since that time.

Aside from current elevated Charlotte NC real estate inventory levels (which is increased opportunity for current home buyers looking to purchase another home in Charlotte NC, more choices!!!), the biggest shift that’s taken place for buyers who last bought a home several years ago is…financing!!!

Today’s realm of (successfully) obtaining a mortgage for a home purchase in Charlotte NC looks nothing like it did just a few short years ago, and this can be a real surprise for buyers whose prior experience of buying a home happened in very very different mortgage market conditions.

Home buyers looking to move up or move on to another home will encounter a very different atmosphere when it comes to getting a mortgage to buy a home in Charlotte NC. Requirements, conditions and questions about any and every aspect of a buyer’s employment, credit and financial eligibility to buy a Charlotte NC home, even property condition can come into play. Down payment requirements have (in general) increased as well.

The reality is that today for buyers considering moving on and purchasing another home in Charlotte NC it’s not enough to give a verbal summary or fill out an online app to be “pre-approved” and then think you’re going to go out and buy a house. Now more than ever it’s absolutely critical for buyers to have a solid and reliable mortgage professional on their home buying team, and be prepared to be an open book of sorts.

For qualified home buyers looking to move up or move on to another home in Charlotte NC there’s certainly mortgages available. But before deciding to move on or move up to another home, these days it’s a REALLY good idea to actually consult with a mortgage professional before jumping into selling and buying another home in Charlotte NC. Don’t assume because you easily qualified when you bought your home several years ago it’ll be a slam dunk this time around. Times have changed and any past mortgage experience is quite honestly irrelevant to today’s home buying conditions, for better or worse.

For home buyers considering moving on or moving up to another home in Charlotte NC, it’s just as important for you to initiate and get a head start on the mortgage process right at the very beginning as it is for first time buyers. Before you start the process of selling your current Charlotte NC home, it’s to YOUR benefit to have a realistic idea of what your buying options will be when it comes to mortgages on a move up home, because if there aren’t any it’s better to know that while you still have a place to call home!)

Set yourself up for home buying success not disappointment. Times have changed and while challenges certainly exist when selling or buying a home in Charlotte NC today so do opportunities. By setting yourself up to successfully navigate any financing challenges you’ll be in a great position to take advantage of available Charlotte NC home buying opportunities!

How to Prepare for Buying a Home in Charlotte NC

Pre-Approval and Buying Real Estate in Charlotte NC

Practical Deadline for the 2009 First Time Home Buyer Tax Credit

Written by Diane McDermott