Aug. 17, 2006 - Raleigh Cary Durham Apex Holly Springs NC Real Estate Blog
Welcome to my Triangle Area Real Estate Blog. This blog provides Cary NC real estate information and resources to guide homeowners and buyers through the process of selling and buying a house, townhome or even investment property.If you are interested in Triangle Real Estate, please e-mail me here for a personal response! Thanks and let's get blogging!
Mar. 7, 2009 - I've finally earned my CRS Designaton
Last year I set out to complete my CRS Designation. Meeting the requirements to become a Certified Residential Specialist in the field of REAL ESTATE is not an easy task, but definitely achievable. Now that I am through with my classes I will still continue to take the CRS Courses. They are absolutely fantastic!!
Before attending my final class I googled the instructors name here on Active Rain and found out Jackie Leavenworth is a real pro!
After two fantastic days in her classroom,now I know why! She is a funny, energetic, well rounded and experiencedREALTOR. From the class LISTING STRATEGIES for the RESIDENTIALSPECIALIST, she taught practical and up to date techniques for Listing and Selling Homes in today's Turbulant Market.
Here is a quick video I took when we were in class. Jackie says we all have "inner Parrots" that talk to us and she was trying to make sure that we quiet our inner parrots. It was absolutely hysterical!
I plan to implement several Strategies into our current Marketing Plan that will benefit my clients including the shopping cart, QMA, and other ideas. Coach Jackie calls them "Jackieisms".
I encourage you to consider furthering your education in the field of REAL ESTATE - check out the CRS Class offerings and especially classes taught by Coach Jackie !
The most coveted and highest professional designation awarded to REALTORS in the residential sales field.
LESS THAN 4 % of all REALTORS hold the CRS Designation !
Now I'm off to Facebook to post a testimonial on Jackie's wall!!
Congratulations! You've heard it's a buyer market out there and that there are some great incentives in the real estate market to buy a home now. Now is a perfect time to get educated on the process, things you should know, and incentives that are out there for 1st Time Homebuyers. The information can be overwhelming so make sure you spend your time understanding the market, the options that are available, and most importantly - choose a Realtor with experience that can guide you through the process!!
Here is a list of things I believe all 1st Time Homebuyers need to think through before they purchase their first home.
1. Financial Incentives for 1st Time Homebuyers
7500 1st Time Homebuyer Credit - The housing act is giving a $7500 tax credit to 1st homebuyers (or someone who has not "written off" mortgage interest in the last 3 years) for homes purchased on or after April 9, 2008 and before July 1, 2009. The credit begins to phase out for taxpayers with adjusted gross income in excess of $75k for individuals & $150k for joint return. The IRS is NOT giving the $7500 credit as cash at closing. The individual must claim the credit on a '08 or '09 tax return. However, a buyer who purchases a principal residence in '09 after filing a 2008 return has the option of filing an amended '08 return to claim the credit.
Special 1st Time Homebuyer Program in North Carolina - The North Carolina Housing Finance Agency (NCHFA) has special programs for 1st Time Homebuyers. There are specific requirements that met including income restrictions, not having owned a home in the past three years, and the price of the home.
Rates one-half to one percentage point below market, on 30-year, fixed-rate loans
100% financing on VA and USDA loans; FHA and conventional loans with 3% down
Downpayment/closing cost assistance up to $7,000 for buyers with lower incomes
Job loss protection for eligible borrowers
Mortgage Credit Certificates (MCCs) that can reduce homeowners' tax liability by as much as $2,000 per year.
For individuals or couples purchasing a home in 2009 it's important to note that buyers cannot borrow the 3 ½% down-payment required by FHA and traditional mortgages nor will they allow buyers to borrow any of the closing costs. However, when it comes to FHA loans, buyers can actually get 100% gift monies from a relative. It's called a gift because HUD doesn't want the burden of having the buyers payback a loan after buying a new home.
2. Find a Qualified Buyer's Representative - Experience counts!
I Believe STRONGLY in the CRS Designation - by Gerard Maher. I've included this link because I completed my CRS designation this year and I find that CRS Agents have the best qualifications in the industry.
3. What to expect with the buying process - Buying your first home can be a scary process. Perhaps your new to the area or have even lived in the area for a long time. Either way the thought of making mortgage payments and owning your own home can be baffling to many.
4. Find the right home - In today's market fist time homebuyers are more savvy than ever. They go online to sites like Realtor.com, Trulia.com, and zillow to see the prices of homes in the area, how the market is performing, and even "shop" for a house online. Many of my first time buyers have homes picked out before I even meet with them. At that point they rely on my local expertise and knowledge of what will sell down the road when they decide to sell their property. The locations of the properties, are they a good value, are they on a steep hill, do they back to a major road? These are things that buyers don't think of when they are making an emotional decision. Read more...
5. Negotiating the contract - Buying a home is an emotional process. Having a skilled negotiator on your side takes the emotion out of the equation and focuses on your bottom line - getting the right home for the right price in today's market.
6. "Buyers Market" Opportunity - The Triangle market has been red hot for so long with a limited supply of housing and prices on the rise. Now, with the increase of new construction and oversupply of housing (an oversupply is defined as more than six months of inventory) there is downward pressure on home prices in our area. Read more...
7. Inspections & Repairs - A home inspection is even more important for home buyers that are new to the buying process. In our area the repair negotiations seems to be the most difficult part of the buying and selling process. The North Carolina Offer to Purchase is changing and more agents are moving towards an "Option Period" and pre-inspections. However, the traditional "Alternative 1" method of entering into inspections can be challenging at times. Read more about the North Carolina process by Carol Fox.
In some states across the US Title Companies are used for closing. In North Carolina Attorneys handle the Title search on the property and the closing details.
The North Carolina Real Estate Commission requires, by law, that all real estate agents educate their clients on their rights and options as a buyer or seller in the State of North Carolina. This link provides, in detail, agency law in the state of North Carolina.
I hope you enjoy reading through the resources in this Online Toolkit for 1st timehomebuyers. Please contact me directly if you have any additional questions! I'd love to help you find the perfect home.
Motivated Seller!! This executive home has sophisticated southern charm and is located on a premium elevated lot. Gorgeous inside and out, a must see to appreciate its splendor. Spectacular luxurious MSTR suite w/nursery/fitness rm., gourmet kitchen w/all the bells and whistles, double covered porch.. Irr. system. Sold Furnished for $640k.
It's not often that we have more than a dusting of snow in our area. So, on the rare ocassion it does happen, we are so excited to celebrate the day and remember it in all its glory. On this very day 4 years ago we had an ice storm that paralized the Triangle. This year, the DOT and the Highway Patrol did a great job in preparing for the snow and getting the word out to the community.
I, unfortunately, I braved the winter weather to make it into the office. When I arrived there weren't many people around but I had clients coming in. You know, those guys from out of town that breeze in and out and have limited time. Guess they picked the wrong time but we braved the weather anyway.
After meeting w/the clients I picked up my Yellow Lab Maggie, my hubby, and my daughter Jordan and we headed to Bond Park! It was so much fun!! It's also down the street and there were hundreds of kids and adults sledding like they were at Wintergreen or Snowshoe! My dog Maggie acted like she had never seen snow and she was a puppy all over again! They all truly made me laugh and enjoy the day!
After a hard day at work, I truly enjoyed the Bond Park Winter Wonderland!!
Jan. 2, 2009 - Stylish Contemporary in a great location in Cary
Photo Gallery
Description
A rare find! Extremely well maintained contemporary in a fabulous location in Cary off of Penny Road/Kildaire Farm Road in Windsor Oaks. Freshly painted, new carpet, and tile give the home a fresh new feel. Gorgeous view of the protected woods from the soaring ceilings in the grand family room! A must see!
Jan. 2, 2009 - 2429 Tiltonshire - New Listing in Apex
Photo Gallery
The outdoor setting is ideal for casual living and stylish entertaining.
Relax in style in the living room with gas fireplace and cathedral ceilings
Media/Gameroom ideal for a game of pool!
Spacious bedroom features vaulted ceilings
The outdoor pergola adds grace and charm.
Watch the beautiful sunsets through the enclosed glass sunroom
The outdoor setting is ideal for casual living and stylish entertaining.
Description
Comfortable living describes this immaculate 4BR home located on a large corner wooded lot. The setting is ideal for casual living and stylish entertaining. Enjoy graciously landscaped grounds from the custom stone patio, covered wrap around porch and large deck. Watch the beautiful sunsets through the sunroom. The spacious kitchen with island opens to cathedral ceilings in the family room. Master Bedroom w/retreat. Spacious Game Room/Media room! A must see!
Yesterday I wrote a market report on Triangle Luxury Homes. I knew the market was soft but the numbers really tell the story. Since I live in Cary I wanted to break the numbers down even further to see what is selling and at what price ranges. Our leading expert in the area Stacy Amphinson that writes the TARR Report breaks down the luxury home market as anything above $500k. For this analysis I've included homes priced $700k and above because I think that provides a better picture of the true Cary Luxury Homes Market.
In Cary there are a couple of other elements at play. In the past homes in established neighborhoods like MacGregor Downs and Preston sold incredibly well because the neighborhoods were well established and had golf course views. A couple of years back when the real estate market was booming the custom builders decided to ramp up new construction. As a result, new construction has had a big impact on resale homes in this segment.
For the sake of this analysis I'm going to break down the homes into four price points:
$700,000-$800,000
$800,000-$1M
$1M-$2M+ and $2M+
All figures are bases on numbers pulled today December 8, 2008 and are from the Triangle MLS:
Here are a few observations that relate back to my comments above:
From the report I ran yesterday we learned that at $197/square foot Cary's Luxury homes are less expensive than homes in other popular Luxury Home communities in the Triangle
Of the 91 Homes that have sold above $700k YTD 58 of them were new construction
Top Selling established neighborhoods include MacGregor with 12 Sales & Preston w/8 Sales
New construction neighborhoods selling briskly include Copperleaf, Rennaisance at Regency, Greyhawk Landing,Governors Row, and Glenkirk(which is now complete)
There are currently 3 pending sales in the $800k-$1M range in Cary. All 3 are new construction
In the $700k-$800k price range there are 8 pending, 1 of which is my listing
Homes in the 2M+ range are found in Chapel Hill, Wake Forest, and Raleigh but fewer in Cary
$700k-$800k is a good price point in Cary and has been selling well. Thre were 41 sales YTD in Cary.
Supply on Market climbs as the price point increases. In the 2M+ range based on this years sales it will take 3 years to clear out the inventory.
If you have any questions regarding this report or would like more information on the Cary Luxury Home Market please feel free to email me or visit my website for more information.
Dec. 7, 2008 - Triangle Luxury Home Market in Trouble
Yesterday the N&O announced that Suntrust will be seeking foreclosure proceedings on Hasentree, a Creedmoor Partners development. That, just on the heels of prominent MacGregor Development companies announcement that they are seeking bankruptcy protection. The next domino in the Luxury Home Market to fall will be Wakefield Development which is developing the 12 Oaks project in Holly Springs. The developers in the area had tremendous success with previous developments like Preston, MacGregor, and Wake Forest and led them to believe that they could continue to build $700k plus homes. With the recent downturn in the economy and economic growth slowing to a standstill they couldn’t have been more wrong.
Dec. 7, 2008 - The Real Estate Cycle in Plain English
I mentioned in my latest Market Report that the Triangle has finally fallen into the real estate cycle that has managed to capture the rest of the nation. The consensus in the Triangle Real Estate market is that we will be that last ones in the downturn and the first ones to emerge from the downturn. Another point that should be made is that single family homes less than $300k still have a substantially lower supply on the market than the rest of the country and are continuing to sell. The luxury home market is the market that has been hit hardest with inventory up to 24 months in most Triangle towns.
As I was doing some research I came across a youtube video by John Burns that explains the current housing market and how real estate is cyclical. We’ve been through downturns before and this cycle is truly no different than others. It’s a cute video and describes the “real estate rollercoaster”.
Nov. 16, 2008 - Breckenridge in Morrisville, NC - A wonderful community to call home
I recently listed a townhome in Breckenridge Manors II and, since it's such a wonderful community, I thought I'd write about the neighborhood.
Breckenridge is a very desirable neighborhood because of its affordability, proximity to RTP, 540, and the neighborhood feel. The grand entrance, wide roads and sidewalks, kids playing in the neighborhood all contribute to the neighborhood being so popular. A lot of employees from the Park like Breckenridge because it makes the commute easy on families - your just minutes from Cisco, NetApp, IBM, and Nortel. There really is something for everyone in this neighborhood where prices start in the low 200s for the townhomes and peak in the low $300s.
City: Morrisville, North Carolina
Directions:
From Cary: Take Davis Drive North. Left on Parkside Valley. From RTP: I-40 to Davis Drive South. Right on Parkside Valley.
Amenities Include:
Grand Clubhouse
Two swimming pools (one for adults, one for children)
Check out the Breckenridge HOA's website for more information or view my slideshow tour above. To view homes for sale in Breckenridge click here. To view a map of the location click below.
Nov. 3, 2008 - Q32008 Market Absorption Rate for the Triangle
Recently I wrote about the Wake County Market Conditions for the area and compared the results of the sales year over year. It gives one a good look at our current real estate market and what is happening in the market. Debbie Maxwell just published her Market Report and, along with it, she provided information on the current absorption rate in Charlotte. As an addition to my report I've decided to include this information as well. What is interesting is that the numbers for the Triangle are very similar to the numbers in Charlotte, with the exception that the spread between List Prices and Sold Prices is much higher in the Triangle.
So, what is the absorption rate for a market? The absorption rate is basically the representation of the relationship between supply and demand. The total amount of available product is divided by the total amount of product sold in the previous month. The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of product.
"Normal Market" conditions exist when the Absorption Rate is between 6 months.
"Sellers Market" conditions exist when the Absorption Rate is lower. (1-5 months)
"Buyers Market" conditions exist when the Absorption Rate is higher. (7+ months)
Based on the numbers for the Triangle we are currently experiencing a Buyers Market like much of the rest of the country. With 10 months supply of inventory we have an oversupply of inventory. What is interesting to note is that, while we have an oversupply, homes are still selling at 97% of list price. This means that homes are selling in the area. There were 1792 closed transactions in the previous month. However, the current crop of sellers still isn't very flexible in coming off the price of their homes.
Next month, when I throw in the Market Absoprtion Rate for the area you will be familar with the term and it will hopefully give you the "big picture" on the current trends in the Market.
Oct. 31, 2008 - Park Village in Cary - Affordable living in a great location in Cary!
City: Cary
Location: Next to Davis Drive Elementary & Middle Schools
Directions: From RTP travel South on Davis Drive past the Davis Drive Schools onto Park Village Drive into the subdivision.
Neighborhood Facts:
Price range is from the low $200s
Next to Davis Drive Elementary!
Park Village - What a great neighborhood!! I used to live here also. These homes were built in the 1995/1996 timeframe by what was then called Sunstar Homes. Since then Sunstar has been purchased by 1st American Homes.
Located next to Davis Drive Elementary & Middle Schools, Park Village offers a nice, affordable community in a premium location! Prices range from the low $200s for the smaller homes to the high $200's for the larger homes.
Park Village is a beautifully landscaped community with 604 homes and features jogging trails, a playground, a clubhouse, and a swimming pool! The location is right off Davis drive and many parents even choose to walk their children to the outstanding school next door! Please note that the front of the neighborhood attends Davis Drive schools and the back of the neigbhorhood attends Salem Elementary & Middle Schools at this printing.
Park Village is close to the new Stonecreek Village Shopping Center located at Davis and High House around the corner from my office. To view listings in Park Village click here. To visit the Park Village HOA website click here.
Oct. 31, 2008 - Lochmere in Cary, NC- Cary's 1st Planned Community
City: Cary, North Carolina
Address: Kildaire Farm Road & Lochmere Drive
Neighborhood Facts:
Age range is 1980's-1990's
Price range is $250,000-1 million
Prime Location in East Cary!
Lochmere was the first PUD in Cary. What is a PUD? A PUD is defined as a planned urban development. One of the features of a PUD is the community is designed with the intent to have plenty of amenities and common areas. Lochmere is just that-its has a tennis club, jogging trails, community pool, lakes, and that feeling of a comfortably established neigbhorhood with lots of trees. There is even a semi-private golf club onsite. If you like activity, you should call Lochmere home.
Lochmere is such a large community three area a wide variety of choices from Townhomes low $200's to an awesome lakefront home hitting the seven-figure mark! For the most part, you'll find the prices in the $300's and $400's for homes built in the mid 1980's to early 1990's.
Location, Location
One of the other great features is Lochmere's prime location in east Cary. Three premium grocery stores, includingthe new Trader Joes, a Whole Foods Market, Western Wake Hospital. There area also lots of restraunt choices like 42nd Street and others are just a few of the close amenities!
So, what are the factors that JD Power & Associates used to determine customers satisfaction?
Builder warranty(the best in the industry 5/20) and customer service
Construction manager
Builder's sales staff
Home readiness
Price and value
Workmanship and materials
Recreational facilities
Builder's design center and location
That said, John Wieland's latest community in Holly Springs, NC will not disappoint.
City: Holly Springs, North Carolina
Location: Take Rte. 1 South to exit 95, Rte. 55 and turn south. Continue 1.5 miles to Rte. 55 split and go left (Technology Dr/Williams Street). Go less than a mile and turn left at first traffic light on to Sunset Lake Road. Travel 2.3 miles to WoodCreek on your right.
When the neighborhood is complete there will be 300+ homes in three sections varying in size and construction. The sections include:
The Preserve
Prices from the $450's to low $500's
Six plans available from The Preserve Collection
Square Footage: 3,300 to 4000 sq. ft.
Side Entry Garages
Brick Fronts with Stone Accents
The Overlook
Prices from 550's
Over 40 plans from JW's Signature Portfolio
Square Footage: 2,800 to 4,200
Side Entry Garages
Third Floor walk-ups available
The Glen
Prices from $380's
Plans from Habersham Collection
Square Footage: 3,200 to 4,000
Front Entry Garages
Hardiplank Siding
Planned Amenities Include:
A newly designed clubhouse
Hard court Tennis Courts
Oversized swimming pool w/a giant waterslide
Lazy River & Water Play area
Children's Playground
Basketball Court
Sidewalks, Walking Trails, Natural Areas
Check out Woodcreek's Website for more information, view my slideshow tour below, or contact me directly if you'd like more information on this community.
Oct. 10, 2008 - The Villages of Apex - Historic, Contemporary, Extraordinary
Earlier this year, in March, I attended the Grand Opening of the Villages of Apex. Other than the townhomes there really wasn't a whole lot to see. The custom home section had yet to get started and the project was just getting underway. The neighborhood has really progressed since then and it is shaping up to be one of the most charming neighborhoods in Apex. As a result, this planned community received a well deserved award as the 2008 North Carolina Homebuilders Association Parade of Homes Community of the Year.
The Villages of Apex won first place in the following categories:
Best Master-Planned Community
Best Logo
Best Brochure
Best Television Commercial
There really is something for everyone in this neighborhood where prices start in the low 200s for condos/townhomes and peak in the upper $400s.
City: Apex, North Carolina
Directions:
From Raleigh: Head East on I-40 to HWY1/54 Exit. Exit 64 West towards Ashboro. Approximately 3 miles West, take a left into the Villages of Apex.
Planned Amenities Include:
a private elementary school
a 13-acre park
35 miles of walkways
220,000 square feet retail shops
80,000 square feet of office space
One of the neat aspects about the Villages of Apex is its walk-ability aspect.Walkscore.com has done a study of the different aspects of a neighborhood to see how close amenities are to the neighborhood. I'm certain the Villages of Apex will score well in terms of a central location near the library, grocery stores, coffee shops, gas stations, and downtown Apex!
Here is an idea of the custom builder team that will be building at The Villages of Apex:
Sep. 27, 2008 - Halle Cultural Arts Center Receives Preservation Award
Downtown Apex has been going through a major transformation in the past few years with the intent of developing businesses in the area and also creating a great destination point for residents. One area the Town of Apex focused on was the development of a world class cultural arts center. We now have that in the heart of Apex - the Halle Cultural Arts Center.
The recently renovated Halle Cultural Arts Center in Apex is gorgeous. If you haven't stopped by make sure you do the next time you are in downtown Apex. I'm not the only one that recognizes the success of the recent updates. This month the Arts Center received the 2008 Anthemion Award from Capital Area Preservation.
I asked myself, what is an Anthemion Award?
The Anthemion Award recognizes outstanding dedication and committment to excellence in historic preservation in Wake County. An "anthemion" is a classical design element dating from Ancient Greece that is inspired by the fan-shaped leaves of a palm tree. "Anthemion" is the Greek word for "flower." Aww!
Way to go Apex! Just another reason to call Apex, NC home.
Sep. 25, 2008 - Thinking of relocating to Cary, NC?
Relocating to a new town can be scary for just about anyone. New friends, new Doctors, new grocery stores, new schools, a new routine all together. I know that if I was thinking of moving to a new town I would get on the internet and do research on the different areas. Many of my clients have done just that and found out about Cary, North Carolinaon the web. They heard it was a great town and decided to check it out online before taking the big plunge to make the move.
Here are some important questions that buyers ask me on a regular basis that I thought I'd share with you on relocating to Cary, North Carolina.
What are the schools like?
Cary schools are a part of the Wake County Public School System and continue to rank as some of the highest rated schools in Wake County. Many are still on the traditional school calendar also. The Triangle area is also home to several major universities and colleges.
What's the weather like?
I grew up in Dallas, TX and I always talk about the Four Seasons here in North Carolina. I love the outdoors and, year round there's always something blooming in Cary. Our temperatures are seasonal, but moderate. We are lucky enough to escape the extreme cold winters characteristic of the North, and does avoid the drastic heat in places like Texas and Florida.
Winters are short and mild, arriving in mid-December and ending by early March. Snow and sleet are recorded once or twice a year, but seldom to the extent that it accumulates. Children are known to get very excited when snow is in the forecast, anticipating a day off from school.
Because I love to garden, Spring is one of my favorite times of year. The weather is moderate and all of the flowers begin to bloom. Some of my favorites include dogwoods, redbuds, azaleas, daffodils, and tulips to name a few. Spring continues through April with temperatures in the high 60's and low 70's.
July can get a bit hot and sticky. As a result many residents flock to the beaches of the mountains. There are days where temperatures reach well into the high 90's.
Fallis my favorite time of year. The leaves change, the weather cools off, and it really gives families time to enjoy the great outdoors.
What is the job growth like in the area?
The National economy is currently in a state of turmoil, and, although job growth has slowed, the Raleigh-Cary area is No. 2 on a new list of metropolitan areas that are creating and sustaining jobs and economic growth. Raleigh-Cary came in No. 1 for job growth between March 2007 and March 2008. In the past five years the Research Triangle Regional Partnershipset a five year goal to create 100,000 jobs in the area and they are on track to succeed. Their next project to sustain growth is being touted at "Staying on Top 2" with the intent of continuing the success achieved in the past five years. Although corporate growth has slowed since April there are 44 new potential businesses that would generate $1.6 Billion in revenue and another 15,000 jobs.
What is the cost of living like and how much can I expect to earn?
Many clients that visit the area expect to get a lot more for their money than where they are coming from. In most cases this is true, however, the popularity, national exposure, and Cary, NC's proximity to RTP home prices in Cary, NChave continued to steadily appreciate even with the current real estate market conditions. Most of my clients also want to know about taxes and insurance. Real estate taxes are reasonable right at 1% of the assessed tax value. In Cary real estate assessments are done every eight years. North Carolina Income Tax varies based on income with the maximum rate for incomes over $120,000 at 8%. North Carolina Sales Tax is currently 4.5%. CNN Money has a great calculator that compares one cities cost of living to another. It's a great way to compare where you're living today vs. Cary, NC. Cary, NC has the highest median household income in Wake County ($89,623) and more than two-thirds of Cary residents hold a college degree.
What will my commute be like?
In most cities if you live in the suburbs you will commute from your hometown into the "big city". In my area that would be Raleigh. In the Triangle area residents commute into the RTP (Research Triangle Park) area rather than downtown Raleigh. Now that the widening of two major alternative routes to I-540 (HWY 55 and Davis Drive) has been completed the commute into RTP is a quick 10-15 minute drive to the major employers in the area. Cary is also a quick commute to the RDU Airport and the 3 Major Universities in the area.
There are a number of other considerations to think about when moving to new town. Thank you for stopping by and taking a look at Why I love Cary, NC! If you would like more information on the area view a longer video on Cary here with actual interviews with Cary residents or visit my websitefor more information.
Sep. 24, 2008 - Foreclosure help in North Carolina - Gov. Easley Signs 3 New Bills
But The North Carolina Foreclosure Prevention Project will help struggling families keep their homes.
In an effort to reduce the number of foreclosure filings in the state, North Carolina Governor Mike Easley signed into law three bills that will give homeowners a chance to win their struggles with foreclosure. The first bill established the North Carolina Foreclosure Prevention Project, a program under which homeowners as well as the bank commissioner of the state will enjoy a 45-day notice before the foreclosure filing. In addition, the bank commissioner can extend the notice by another 30 days if the case warrants.
During such time, the state will assist in the negotiations between the lender and the homeowner until a new payment arrangement and mortgage interest rate have been established. The said legislation will be able to provide help to over 25,000 homeowners.
The other bill tackled the issue of yield spread premiums, which it permanently eliminates after critics considered it as an incentive for mortgage brokers to charge borrowers with higher fees. The last bill requires all loan servicers in the state to register and submit reports to the bank commissioner.
All these new legislation will certainly help fight the spreading problems brought about by the foreclosure crisis. Considering that one of the reasons for the present mortgage mess in predatory lending practices, it will help that loan servicers are being monitored and regulated. Aside from this, many homeowners will benefit from the assistance since majority of them are not aware of the foreclosure process and can not make informed decisions because of this.
With the North Carolina state government extending its hand to these struggling homeowners, many families will be able to stay in their homes.
If you live in the Cary NC Real Estate area and are facing foreclosure please send me a private email or call me for a consultation. There are ways that Realtors can contact the banks to make private arrangements rather than go directly into foreclosure.
Sep. 16, 2008 - Wake County Market Conditions - September 2008
It's that time of year again - the time when the market slows down a bit, the kids are back in school, and we get to take a look at where the market has been and where it's headed.
What is going on with the real estate market in general?
Gas prices are at an all time high, lending institutions are in total disarray (most recently we can point to the bankruptcy of Lehman Brothers, aquisition of Merrill Lynch), the US housing market is in serious trouble in a number of areas in the country, and the stock market itself was expected to recover with the housing market and that just hasn't happened. Our residential real estate market depends upon the free flow of buyers and sellers. Our market is currently stuck as many inbound transferees cannot sell their out of state residences, many of our outbound transferees cannot sell their local residences and there is a crisis of confidence among a large portion of potential buyers which is playing a role in the ability to sell. While we continue to be praised nationally for strong job growth and a healthy economy the most recent update is that our market, especially in the high price ranges, has taken a beating.
How do sales this year compare to the banner years?
2006 was a banner year in Wake County. Sales were at an all time high. I thought I'd include numbers from the MLS that indicate the change in the market year over year for your reference. Comparing August 2006 numbers with August of 2008 numbers the changes are quite dramatic:
Supply of homes on the market is up 28%
Number of homes under contract is down 41%
Number of homes closed is down 44%
Average Days on Market are up 27% (83 DOM vs 65 DOM in '06)
Time Period
For Sale
Under Contract
Sold
August 2008
11,899
1,084
1,151
August 2007
10,861
1,474
1,022
August 2006
9,328
1,851
2,073
What about the supply of inventory for Wake County in particular?
The average supply in the Wake County area is running at 8.7 months supply. This is a significant change from the 3.7 months that we saw back in August 2006 - up 138% during this timeframe.
What about market appreciation?
Fortunately, in this area, we have not had the run up in prices experienced around the rest of the country which has helped maintain some stability in sales and pricing. And, appreciation rates have remained stable in Wake County at 4.5% vs. -4.8%% for the rest of the US in 2008.
Here are some additional market variables that a seller must consider before selling in the current market:
Higher inventory and fewer closings have produced an oversupply of inventory in all price points above $450k
Price reductions are up: There has been a 73% increase of sellers taking price reductions
Is there any good news in this segment?
As you can see from the change in price reducations recently it's clear that sellers are finally realizing that Wake County Real Estate is now a buyers market. Up until this fall I had a hard time convincing my sellers that the market had shifted and that, to be competitive in this market, you have to be priced in the Top 3 along with having all of the other wonderful attributes and updates needed to sell a home today. Hopefully the bailout of Freddie Mac and Fannie Mae and the competitive mortgage interest rates will help more Wake County home buyers step up and buy a few homes! Now is a great time to buy in Wake County.
Visit my website or Email me at Tracy@TracySantrock.com for more information on Cary NC Real Estate or the Triangle Market in general.
Sep. 14, 2008 - Community Ratings? Are they important?
Do they really mean anything?
What do they tell you about a community?
I believe Ratings are important and do give you a real sense of what's going on in the area. I've written several posts on the Raleigh-Cary, NC area because I absolutely love where I live, work, and play. Just last month I wrote about Why I love Cary, NC. And, here is a post I wrote earlier this year called 2008 Triangle Accolades - The list keeps growingabout the many accolades that have been bestowed upon the Triangle.
It looks like I'm not the only one singing the Triangle praises. The secret is out and the Raleigh - Cary area has been discovered. There are over 18,000 people moving into this area on a year-to-year basis. I decided to write this post today because The Milken Institute just released their Best Cities for 2008 and the Raleigh-Cary area came out #2!!! I'm not sure why they chose Provo, Utah as number 1 but I'll get over it. The list also puts Wilmington at No. 6 and Durham at No. 21. Among other North Carolina metros, Charlotte ranks No. 26, with Asheville No. 46, Winston-Salem No. 99 and Greensboro No. 141.
In my next post I'm going to write about the many things that my clients look for when they are moving to the area. I truly believe this area has it all. So, if you are considering a move to North Carolina or the Triangle area give me a call - we have a lot to talk about!
Welcome to my blog on Raleigh-Cary and the Triangle area of NC Real Estate. Here you can read current information on the Triangle area including neighborhood profiles, school information, taxes, market conditions, and even find things to do in the Triangle.
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Last year I set out to complete my 
including the shopping cart, QMA, and other ideas. Coach Jackie calls them "Jackieisms".
someone who has not "written off" mortgage interest in the last 3 years) for homes purchased on or after April 9, 2008 and before July 1, 2009. The credit begins to phase out for taxpayers with adjusted gross income in excess of $75k for individuals & $150k for joint return. The IRS is NOT giving the $7500 credit as cash at closing. The individual must claim the credit on a '08 or '09 tax return. However, a buyer who purchases a principal residence in '09 after filing a 2008 return has the option of filing an amended '08 return to claim the credit.
owned a home in the past three years, and the price of the home.
happen, we are so excited to celebrate the day and remember it in all its glory. On this very day 4 years ago we had an ice storm that paralized the Triangle. This year, the DOT and the Highway Patrol did a great job in preparing for the snow and getting the word out to the community. 
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that is one of the reasons that we purchased one. 
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townhomes there really wasn't a whole lot to see. The custom home section had yet to get started and the project was just getting underway. The neighborhood has really progressed since then and it is shaping up to be one of the most charming neighborhoods in Apex. As a result, this planned community received a well deserved award as the 2008 North Carolina Homebuilders Association Parade of Homes Community of the Year. .gif)
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and we get to take a look at where the market has been and where it's headed. 
It looks like I'm not the only one singing the Triangle praises. The secret is out and the Raleigh - Cary area has been discovered. There are over 18,000 people moving into this area on a year-to-year basis. I decided to write this post today because 