Follow Patrick Linkedin Facebook
Email Patrick Email
Financial
Sep 15, 2016

Don’t Let NC Closing Costs Be A Barrier To Homeownership

Sponsored Content provided by Patrick Stoy - Mortgage Consultant/Owner, Market Consulting Mortgage

In a recent survey on Bankrate's website, North Carolina ranked as the third most expensive state in the nation for closing costs. 

This information was a bit of a surprise to me, considering most of the median home prices in our state are below the national average of $240,700¹, and the value it’s possible to find here is unheard of in many other parts of the country. 

To determine the average amount of closing costs paid by buyers, the survey compared purchase loans of $200,000 that had a 20 percent down payment. Since taxes make up a portion of closing costs, it’s rational to assume that states with a higher median home price were also areas where the closing costs were higher.    

Keeping that in mind, it was no surprise to see Hawaii, New York and Connecticut topped the list of states with the most expensive closing costs. While I’m on the subject, some of the other fees typically paid at closing include: homeowner’s insurance; deed preparation; origination fees; pest and home inspections; appraisals; and interest.

Surprisingly, Delaware and South Carolina were also at the top of the list for most expensive closing costs. Some of the states with the least expensive closing costs also have the least expensive housing markets. South Dakota, Oklahoma, Missouri, Kentucky, Pennsylvania and Wisconsin all had significantly lower closing costs than the national average, which is $2,128.

I am always shocked by what buyers pay in other parts of the country.  The quality of life here in Wilmington and the Cape Fear region is far better than many other residential markets with much higher prices. The natural beauty we have here is an incredible resource. What other states have an extensive, scenic coastline like ours or mountains that rival the Appalachians?

The median home price in Wilmington was around $215,000 in the second quarter of 2016, according to the National Association of Realtors. That’s about $25,000 less than the national average. Considering that, the value you get here is really unbelievable. There are very few markets where it’s possible to live so close to the beach - in a nice house on a big lot - for so little money.

Even though closing costs here might be a little higher than other areas, it doesn’t have to be a barrier. There is always a way to make things happen. Sometimes all it takes is a little conservative creativity and firsthand experience navigating complex transactions. In every deal, there are points of negotiation and many different variables involved, and what appears to be a dead end sometimes turns out to just be a fork in the road.

Being a part of this industry for over 16 years, I have been personally involved with numerous transactions in which it was possible to find a solution to a problem that appeared to be completely insurmountable on the surface. 

That’s a big part of what has kept me interested in this business, and why I find it so rewarding when I am able to help a client achieve his or her goals. For a consultation about how to get pre-approved for a loan and acquire your piece of the Wilmington lifestyle - or for help figuring out how much you will need to bring to the table to purchase a home - contact me at the number below.   

Patrick Stoy (NMLS Numbers 39527 and 39166) has 16 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or 910-509-7105.

¹The National Association of Realtors, data from the second quarter of 2016.
 
 

Other Posts from Patrick Stoy

Mcm 14jan insight
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Leasing in a Community Association

Mike Stonestreet - CAMS (Community Association Management Services)
Headshot 1016184145

Preparing for an Audit: Are You Ready?

Ryan Skuce - Earney & Company, LLP
Alyce 4 april242017

Millennials Facing Heavy Debt Burden, Need Realistic View of Future

Alyce Phillips - Old North State Trust LLC

Trending News

Chef And Managing Partner Dean Neff Leaving PinPoint Restaurant

Jessica Maurer - Feb 20, 2019

Business Owners, Elected Official Among TEDxAirlie Speaker Lineup

Johanna Cano - Feb 20, 2019

Pita Delite Welcomes Diners At New Landfall Shopping Center Location

Jessica Maurer - Feb 20, 2019

ILM's Travelers In January Reach A Record

Christina Haley O'Neal - Feb 19, 2019

Appraisal To Move Forward This Week On Former Wave Transit Building

Christina Haley O'Neal - Feb 20, 2019

In The Current Issue

Pushing Investment Crowdfunding

After almost two years since the NC PACES Act was enacted, three companies have completed crowdfunding fillings with the state, demonstratin...


Housing Market: When History's For Sale

Homebuyers in the market for a historical dwelling seem to have at least one thing in common: a love of storied structures, big or small....


Tourism Group Names Azalea Festival Top Event

The Southeast Tourism Society recently named the N.C. Azalea Festival one of the group’s Top 20 Events in the Southeast for April this year....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties