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)

• 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.

If you are moving to the Triangle from another area of the country you may not have heard of the company I work for Fonville Morisey.  Most of the time prospective clients have heard of Remax, Keller Williams, and Prudential, but not Fonville Morisey.  My clients come from all over the US and ask me, "Why did you choose to work for Fonville Morisey?"  I say, "I wouldn't even think of working for any other real estate company in the Triangle and I think you'll see why once we view a view properties".  Here is the way I see it-there is power to inventory and Fonville Morisey agents have more listings & are more productive than any of the other companies in the area.  In essence, strong inventory naturally creates a If you haven't made it to the Triangle yet, and you're still debating on an agent or a company to work with, I'd like to tell you why my company is the real estate agency of choice in the Triangle! strong pool of buyers.  Fonville Morisey's  market share and real estate philosophy are why I decided to work for Fonville Morisey.     

 For starters, where in the world did the name Fonville Morisey come from?  Back in the early ‘70s a couple of fraternity brothers saw the Triangle growing at a fast paced and decided to start a new firm in the area. The gentlemen that founded the company were Tommy Fonville, Johnny Morisey, and Frank Roebuck. Their vision was to create a "boutique" real estate organization that would specialize in the Triangle area and provide differentiated services unlike those of their competitors across the country. The vision, the integrity, and the reputation created by the founders led the company from a small privately held organization to the #41 ranked real estate firm in the country in 2006.  And, in 2007, Long and Foster purchased Fonville Morisey as a wholey owned subsidiary making our firm party to the #3 largest real estate company in the US.  As those from the Northeast know, Long & Foster is also privately held which was an important decision making factor for the companies' founders when selling the firm. 

More than just market share, Fonville Morisey has been the recipient of several awards that have been voted on by buyers and sellers in the community.  For example,  2006, 2008 Independent Awards for Best Real Estate Company in the Triangle.  And, Metro Magazine's 2006 Award for Best Real Estate Company in the Triangle.   

Clients choose agents for different reasons, usually based on interests, personal preferences,agent specialization,  and the need to work with an experienced/established agent.  The following links give you a glimpse about me and why clients have chosen Fonville Morisey & me as their agent: 

My website

About Tracy Santrock

Testimonials for Tracy Santrock

Fonville Morisey Buyer Agency - The Advantages of Using a Buyers Agent

Cary NC Real Estate>>1st Time Homebuyer's Online Toolkit

Listings & My Commitment to Internet Marketing - Updated

Why choose Cary NC for your next home? Letter to my prospective clients...

If you haven't been keeping up with what is going on in Pittsboro it's time you did. There are currently only 3,000 residents in the town of Pittsboro today but not for long.  There continues to be a lot of noise that Pittsboro will be the next likely hot spot in the Triangle.  Pittsboro has sparked a lot of interest due to its recent population boom, its proximity to other Triangle towns and the amount of available land in the area.   

Last fall I wrote a blog about the projected growth in Pittsboro and in March I wrote about the community of Pittsboro.  This small town isn't used to big developers coming in and trying to scoop up big chunks of land for residential and commercial projects.  Recently developers have proposed over a half a dozen projects that are causing controversy.  

Proposed and current development include:

1. Powell Place - A residential development with about 300 homes planned.
2. Outparcels near Lowe's - Three small sites in front of Lowe's Home Improvement store may become home to a KFC/Taco Bell and a pharmacy.
3. Pittsboro Commons- A 425,000-square-foot shopping center that will likely house a grocery store plus other shops and restaurants.  The developer is awaiting a ruling on its rezoning. 
4. Bellemont Point & Bellemont Station - Adjacent residential and commercial developments and about 100,000 square feet of commercial space, mostly offices.  So far, only the commercial space is under construction. 
5. Sixty-Four Crossing - Chatham Park Investors has filed for rezoning of 71 acres spanning both sides of Eubanks Road and has proposed a development with 310,000 square feet of retail shops, 130,000 square feet of offices and a 140-room hotel.  The planning board has recommended approval, and a public hearing is scheduled for August 27^th.

Other proposed developments include:

1. A 440,000-square-foot shopping center with a 140 room hotel on the east side of town
2. A grocery-anchored shopping center
3. Pittsboro Place- A rezoning project that would include a 120 Acre parcel and 1.3 million-square-foot office and shopping complex w/320 new homes.  They have even proposed a movie theatre and a bowling alley. This development is being funded by a group of Triangle investors headed by Raleigh resident Bill Jackson, who has been working in commercial development for almost four decades.   This mall would make Southpoint in Durham look like small potatoes if you can imagine that!!

Not all residents living in Pittsboro are exicted about the changes.  Several have even turned up at Town Hall to express their displeasure with the proposal.  Most families living in Pittsboro moved there because they wanted to live in the small town...

Stay tuned for the next chapter regarding the Chatham County Real Estate developments..

When clients are considering moving to Cary, NC there is so much I want to tell them about our wonderful town.  I moved to North Carolina in 1991 and have been able to see the area grow and mature into a wonderful community.  Several other agents within the Activerain network have written letters to their prospective relocation clients.  I thought I'd join in the fun.  This will help you get a better feel for the area in general. 

Hello Mr. & Mrs. Potential Client,

Thank you so much for contacting me and most importantly Welcome to the Triangle Region of North Carolina.

I think once you see what we have to offer, you'll fall in love with North Carolina and Cary in particular. I hope that I can help you take a closer look at our community and you will be able to see all of the merits of our wonderful community. 

I've included in this e-mail some links to articles that I have written about Cary NC and the surrounding areas as well as an all around description of the area.

As we discussed on the phone today I have gone ahead and set you up to receive automatic listings for the area so that when anything new enters the market that meets your criteria you will be notified automatically.  In addition to the homes available for sale it gives prospective buyers an idea of "What you get for your money in Cary, NC" along with a feel for the different styles and architectures of the homes in the area. 

You may also search all of the listings in the Triangle area by visiting my website and clicking on Search for Triangle Area Homes that will allow you to search all currently listed homes in Raleigh, Cary and the surrounding communities.

There is a lot of buzz around the United States about the growth of the Triangle area.  Our community continues to be praised on the quality of life, education, job growth, and affordability.  Click here to browse through the different accolades that have been bestowed on the Triangle.  Even National Geographic recognized the potential in an article they wrote back in 2001.     

In your inquiry you mentioned you were very concerned about the schools and wanted to make sure your children received the best education possible.  The Wake County Public School System is now the largest public school district in North Carolina and had 134,002 students enrolled as of the 2007/08 school year.  It ranks 19th largest nationwide. New schools are being built to handle the increase in student population and many of the schools have been converted to year-round programs.  In addition to the growth the school system has received numerous awards including #1 School District in the Nation for Certified Teachers and a Gold Rating from Expansion Management's Education Quotient. 

So, what should I tell you about my hometown of Cary, North Carolina?  When I first moved to Cary from Chapel Hill in 1994 the town had just started to take off in growth.  We really didn't even have grocery stores at the time.  Just a bunch of single family homes on cul-de-sac lots. 

Today Cary has grown to over 127,640 and is now the 8^th fastest growing city in the United States according to CNN.  One of the major reasons for Cary's popularity is the town's proximity to the Research Triangle Park and the proximity to the many biotech, pharmaceutical and high tech companies, making it an ideal location for people moving to the Research Triangle area for work.  As such, Cary has been known to be called "Technology Town of North Carolina".

Yet even with all of the growth Cary has maintained character and charm.  The town management in Cary developed PUDs (Planned Urban Developments) starting in the early ‘70s to create aesthetically pleasing neighborhoods.  By planning for the future developers were able to strictly monitor zoning and also map out churches, schools, and other community amenities. 

We also discussed your children's love for the outdoors and possible involvement in community activities.  One of Cary's strength is that the town's Parks, Recreation and Cultural Resources Department provides a massive offering of events and courses for kids and adults, everything from clown camp to ceramics to African drumming to first aid. In fact, the Robert V. Godbold Park is home to the 12,000-square-foot Sk8-Cary skate and BMX bike park. 

If the kids like the outdoors there is plenty of room for them to play.  Cary currently has 20 public parks, a greenway system of six park trails and ten greenway trails, three special use facilities and eight staffed facilities that provide a variety of programs and services for all ages. 

During the summertime most of the neighborhood communities have community swimming pools and swim teams for the kids to join in the neighborhood.   Since the weather is pretty mild in this area the pools are open from Memorial Day through Labor Day.  And, the long awaited Cary NC Real Estate - Triangle Aquatic Center(TAC) opens today in Cary, NC opened in October of 2007 and is a public facility opened year-round to the public. 

Cary's sports facilities are unique to those of most of the surrounding towns.  The tax dollars have really been put to great use and most of the facilities that have been built are quite new.  

WakeMed Soccer Park This 150-Acre soccer complex hosts professional, college, and high school tournaments.  

Cary Tennis Park Is a public tennis facility with 30 Championship courts and one stadium court and was voted the Top New Public Tennis Facility in the Nation in 2006.  

USA Baseball National Training Complex opened recently and is home to the UNC Baseball Team during the 2008/09 baseball season.   

Triangle Aquatics Center The new facility has 3 swimming pools - a 50-meter Competition Pool, a 25-yard Training Pool as well as a warm water Instructional Pool

Hockey - Raleigh is home to the Stanley Cup winning Carolina Hurricanes.  There are many private facilities in the area. 

Area Golf Courses - The Piedmont Region of North Carolina is well known for its abundance of lush green golf courses.  The Triangle Area alone has over 100 public courses.  Or, if your adventuresome, you may want to take the short one hour drive to Pinehurst to play some of the World's Greatest Golf Courses.   

What about cultural arts? Does Cary have an artistic community? Cary has The Cultural Arts Division encompasses the Jordan Hall Arts Center , the Page-Walker Arts & History Center Newly opened Halle Cultural Arts center in Apex, NC.  In addition, the Town of Cary has commissioned artwork that has been placed throughout the town which is aesthetically pleasing.  

There are many popular community wide events throughout the year for families to enjoy.  Some of the most popular include Lazy Daze in downtown Cary in the Fall and Spring Daze Arts and Crafts Festival at Bond Park in the Spring.  During the summer months there are weekly concerts with the NC Symphony at the Koka Booth Amphitheatre to a free July 4th fireworks celebration.   

The Cary NC Real Estate market has been incredibly stable relative to the rest of the US.  While markets were declining throughout the US last year Cary experienced its highest appreciation rate on record.  This year has slowed somewhat due to families having a difficult time selling where they are moving from.  However, the Cary real estate market has a higher rate of appreciation relative to the Triangle and lower inventory making it a desirable community for resale in the future.   

Cary's  ideal location in the Piedmont Region of North Carolina is just 15 to 30 minutes from just about everywhere including Raleigh, the Airport, Durham, and Chapel Hill.  It really couldn't get any better than the Piedmont Region where a two hour ride East will find you enjoying Wrightsville beach in Wilmington.  Travel five hours West of Cary and you'll be in the heart of the beautiful Mountain Region of NC.  Outdoor activities like camping  and boating at Jordan Lake  or golfing at one of the many renowned golf courses in the area are just minutes way.    

This is a fantastic time to buy in Cary.  Since inventory is up sellers are more willing to negotiate on the prices which was unheard of in last years market.  We have a great selection of existing homes and new construction available for you to see while you're here.  I've mailed you a relocation packet that includes a Cary Living Magazine, Maps of the Area, New Homes Magazine, and details regarding possible relocation(taxes, utility information, etc) that should come in handy. 

I look forward to our meeting when you make it to Cary, but in the interim please explore my website, read my blog and get to know both me and Cary, North Carolina at your leisure. There is a wealth of information available and I am but an e-mail or phone call away to answer any questions that you might have.

I hope you've enjoyed your brief tour of Cary, NC. I'm convinced that Cary, NC will surely be everything you're looking for in a community for your family.  Please feel free to call me with any questions you may have prior to our get together.

Regards,

Tracy