Every headline right now says the same thing. Rates are too high, prices are too high, nobody can afford a house.
Then one of our first-time buyers closed on his first home in Catawba, SC this week, and his numbers tell a very different story.
The Numbers
- List price: $239,900
- Purchase price: $225,000
- Appraised value: $244,000 (that’s $19,000 in equity on day one)
- Seller concessions: $10,600
- Forgivable grant: $2,500 (Freddie Mac BorrowSmart)
Between the concessions and the grant, every dollar of his closing costs was covered. He got $1,550 back at closing for the inspections and appraisal he’d paid for up front. And there was enough left over for a temporary rate buydown covering his first two years.
He also got nearly an acre of land, with property taxes under $500 a year.
How the Offer Was Built
Most first-time buyers write one number: the price. This offer asked for three things at once.
- A price below list. The home had room, and the comps supported it. The appraisal coming in at $244,000 confirmed we weren’t overreaching.
- Seller concessions toward closing costs. $10,600 is real money to a first-time buyer, and to a seller it’s often easier to give than a straight price cut.
- A plan for the leftover credit. Once closing costs were covered, the remaining credit went to a buydown that lowers his payment for the first two years while he settles in.
The grant was the piece most buyers never hear about. Freddie Mac’s BorrowSmart program offers eligible buyers a forgivable grant toward their down payment and closing costs, and your lender has to know to look for it.
Why Catawba
Everyone’s fighting over the same few zip codes in the core of Charlotte. Drive 20 or 30 minutes out and the math changes completely: more land, lower taxes, and sellers who are ready to negotiate. Catawba sits in York County just outside Rock Hill, close enough to commute and far enough out that a first-time budget still buys acreage.
The Lender Matters
Big thanks to Alec Conrad with Carolina Mortgage Advisors and his team for finding the grant and setting up the buydown. When the agent and the lender are working the same plan, this is the result.
Thinking About Buying Your First Home?
This is what a negotiating market looks like. Sellers will say yes when the offer is structured the right way, and most buyers never think to ask. Our first-time homebuyer guide for Fort Mill and the SC side walks through every step. If you’ve been waiting for the market to “get better,” let’s look at your actual numbers first. Call or text me at 704-677-9191.
