Moving to North Carolina: How to Buy a Home in Charlotte

Thanks to its rich housing market, small-town charm, and modern amenities, Charlotte is a homebuyer’s dream. But buying a home in this North Carolina gem is far from easy. Charlotte is a popular market, which means it is competitive and fast-paced. If you are interested in moving here, here are a few pointers on how to buy a home in Charlotte NC the right way.

Hire a Local Real Estate Agent

Before you start looking at homes for sale in Charlotte, hire a local expert like Charlotte NC real estate agent Sally Awad to introduce you to the ins and outs of the housing market. Buying a home, especially for the first time or in a new town, can be frustrating and confusing. Homes in Charlotte also often receive multiple offers and sell fast, so you don’t have the luxury of time. A real estate expert can help streamline and coordinate your home-buying process from the home search to closing.

Pick an Area

Charlotte may have a small-town feel, but it comprises many diverse neighborhoods. Each area of Charlotte is not only culturally distinct, but home prices can differ from one neighborhood to the next. The median overall home price in May 2023, for instance, was $385,000. At the same time, homes in Gastonia and other suburbs sold for an average of $270,000 and within the city for $415,000. Overall, however, housing and other necessities are cheaper in Charlotte than Washington (35%) and Miami (18)

Prepare Your Finances

You need a mortgage and down payment to purchase a home (unless you are ready to pay all cash). Typically, the down payment is 20 to 30 percent of the purchase price, but this depends on several factors. Many mortgages allow you to pay less than that, especially with good credit. Some loans may only require a 3 percent down payment.  

If you are a first-time buyer, North Carolina offers several programs that could help lower your payment even further. Your agent can help you determine your eligibility. Charlotte also runs a program called House Charlotte that provides down payment assistance to low and moderate-income buyers. However, you should note that it covers low-budget homes to a $300,000 cap.

Find Your Home and Make an Offer

Once you have your down payment, you will need to get your affairs in order and talk to a lender to get pre-approved for a mortgage. With your finances now in order, you can start looking at homes for sale in Charlotte, NC. Here again, your agent will come in handy, providing access to listings and notifying you of open houses. Consider what you need in your new home and what you are willing to compromise. Keep in mind that you may encounter closing costs of up to 5 percent of the purchase price of your new home.

Discuss Your Real Estate Needs with Sally Awad

These tips may help bring you close to your dream home but the Charlotte NC real estate market can easily frustrate you. Rather than go it alone, enlist the help of someone who has worked in the NC industry for over 12 years. Sally Awad is a Certified Residential Specialist who can connect you to a rich network of just the people and resources you need to buy a Charlotte home. Call her office today.