Raleigh Residential Real Estate Blog

A Quarterly Comparison of New Construction Closed Home Sales in Each of the Four Main Counties in Raleigh, NC Market Area

The third quarter sales report for New Home Construction from the Triangle Multiple Listing Service (TMLS) has recently become available.

It is important to note that data on closed new home sales are based upon subdivisions in the Triangle market and includes only new home housing listed in Triangle Multiple Listing Service (TMLS). In addition, not all subdivisions or builders list their homes (or all their homes) in the TMLS so these numbers should just serve as an indicator.

Supply

At the end of the 3^rd quarter there were 4,918 new home listings which was an increase of 20% compared to 2006 new home inventory levels. The average list price of a new home is currently $381,500. This is a 7% increase from the average list price in 10/06.

Sales

The first three quarters of 2007 showed a 6.9% decrease in sales of new homes in the four county markets. However, sales for all four counties were 1.2% above 2005 levels.

Durham County showed a 4.1% increase in sales for this time period, while the other three counties declined.

There were 6,481 closed sales of new homes in the four county markets during the first nine months. This is a decrease of 6% compared to the 6,960 closed sales during the first nine months of 2006.

Current Supply

The current supply of new homes within the four main counties is 7 months. The current supply at the end of September, 2006 was 5 months.

All information in this report is deemed reliable but is not guaranteed.

The Poling Team - Keller Williams Realty

Raleigh Residential Real Estate –
Hot Real Estate Topic Affecting Raleigh Area Home Owners – New Home Revaluation Letters on the way.

Monday of this week updated tax values were placed on-line on the Wake County Register of Deeds website. Mailings went out to 312,000 property owners and Wake Count Officials expect about 10% of the property values will be appealed.

In North Carolina, property values are re-evaluated every 8 years, but the tax rate can be adjusted every year. The last revaluation was done in 2000 and under the new revaluation; home values will increase an average of 43%.

Durham County also sent out letters with the new property values to 97,000 property owners and so far about 400 people have made appointments for an informal review according to the News and Observer.

The Poling Team’s home in Knightdale, NC was valued at $198,529. The letter we received this week says that our Knightdale home is now valued at $258,981. That’s a 30.5% increase. It’s amazing how much difference a day makes.

You can read the full News and Observer article here: Wake Property Value Notices Go Out
 

Raleigh Residential Real Estate – Local Property Taxes on your Raleigh, NC home may be going up – Remember to VOTE –   TOMORROW October 9, 2007!!  There are 3 Bond Issues on the Wake County Election Ballot

In the last several blogs, I reviewed the upcoming bond referenda to help you decide how to vote on October 9. Click on each of the following to read about each bond from past blogs.

Public Libraries  $45 million
Wake Technical College  $92 million
Wake County Open Space  $50 million

I personally believe each of these bonds are important to maintaining the quality of life of our area and will help maintain the value of our Raleigh area homes. I am personally going to vote for each of these bonds and would recommend that you do the same.

If you would like to know your homes present tax value, The Poling Team would be happy to find it for you just click  Contact Us

We would also be happy to provide a free market analysis of your home. Find Your Homes Value

Raleigh Residential Real Estate – Local Property Taxes on your Raleigh, NC home may be going up – More Information on the Bond Issues are on the October 9, 2007 Wake County Election Ballot – What are they and are they worth it? 3rd Bond is for Wake Technical Community College.

The third of the three bond issues to consider is a $92 million bond for the Wake Technical Community College.

The bond will be used for:

• A new building at the Northern Wake Campus. This building will be used to offer classes in financial services, pervasive computing and information.
• Expand Health Sciences Campus to train more nurses, radiology/MRI technicians and other allied health professionals.
• Renovate Public Safety facility for law enforcement, EMS and fire safety officer training.
• Acquire property and design for a permanent Western Wake Campus.
• Repair and renovate several builings on the Main Wake Community College Campus.

You can read more on the Wake County website: What’s on the ballot

All three bonds will raise your Raleigh, NC homes’ taxes approximately 2.25 cents per $100 of valuation. This is the tax valuation of your home, not the current market value.

If you would like to know your homes present tax value, The Poling Team would be happy to find it for you just click  Contact Us

We would also be happy to provide a free market analysis of your home. Find Your Home’s Value

 

Raleigh Residential Real Estate – Local Property Taxes May be going up – More Information on the Bond Issues are on the October 9, 2007 Wake County Election Ballot – What are they and are they worth it? 2nd Bond is for Libraries.

The second of the three bond issues to consider a $45 million bond for the Wake County Libraries.

The Library bonds will be used for:

New branch libraries

• Middle Creek
• Morrisville
• North Hills

Expand or replace existing branch libraries

• Cary
• Fuquay-Varina
• Wake Forest

Repairs and/or renovations:

• East Regional (Knightdale)
• Southeast Regional (Garner)
• Green Road, Olivia Ramey, Richard B. Harrison, Wendell and Zebulon branches.

 

You can read more on the Wake County website: What’s on the ballot

We have lots of helpful local Raleigh, area information on our website: The Poling Team
 

Raleigh Residential Real Estate – The reasons home buyers purchase a home depends upon experience and age. Here are some results of National Association of Realtors® 2006 study.

According to a 2006 study of home buyers*, first time home buyers most often purchase their home due to a desire to establish their own household. This reason accounted for 74% of first time home buyer purchases.

For repeat home buyers the greatest reported reason for the home purchase was a desire for a larger home – 20% of repeat home buyers. This was followed by relocation or a job related move as the motivation for a repeat home purchase – 16% of repeat home buyers.
 
Whatever your reason to purchase a home may be, the Poling Team can help make the move easier. Contact us to learn how.

*Source: The 2006 National Association of Realtors® Profile of Home Buyers and Sellers.

Raleigh Residential Real Estate – Major Raleigh, NC Upcoming Housing Event – Save the dates! 2007 Parade of Homes – Raleigh’s Biggest OPEN HOUSE!

The 2007 Parade of Homes is coming for three weekends - September 29-30, October 5-7, and October 12-14, from Noon – 5:00 p.m. 

This event is the year’s largest Open House. So if you are interested in purchasing a new home, thinking of building your own home or just looking for ideas to remodel your existing home, the Parade of Homes is a good way to see what the Raleigh NC areas builders are doing.

This event is sponsored by The Home Builders Association of Raleigh-Wake County and this is the 42nd year. The Home Builders Association of Raleigh-Wake County currently has over 2,400 members and they endeavor to “represent the interest of the homebuilder on issues that affect the ability to provide affordable housing for all citizens of Wake County.” 

The Home Builders Association of Raleigh-Wake County is the 3rd largest Home Builders Association in the United States, and last year they featured over 360 homes in all price ranges. While I don’t have the inside scoop on how many homes will be open this year, I am sure there will be a large variety of floor plans with features that will be attractive to the needs of any lifestyle.

Contact the Poling Team if you would like to obtain a copy of this year’s Parade Book.

 
 

Raleigh Residential Real Estate – Another tip on How to Avoid Foreclosure on your Raleigh, NC Home?

Yesterday I discussed 3 Tips on How to Avoid Foreclosure on your Raleigh, NC Home
1. Don’t ignore the issue
2. As soon as you have a problem paying, give your lender a call..
3. Respond to all mail from your lender.

The next tip is to Know Your Rights. The first place to look is the loan papers you received at the time you purchased your home. Yes, you may have to dig for them, but you may already have some options available.

Next spend some time to learn about foreclosure laws in North Carolina or the state where you have the home or second home.

One place to look is the government website for the Department of Housing and Urban Development - HUD  Avoiding Foreclosure: North Carolina
Another website that has a good overview of NC Foreclosure law is stopforeclosure.com Here’s a link: North Carolina Foreclosure Law Summary

As always, if the Poling Team can help in any way, don’t hesitate to contact us. We’re also happy to give you a free no obligation market analysis of what your home is currently worth, just click here: What’s My Home’s Value?

 

Raleigh Residential Real Estate – Relocating? Another reason to considering relocating and buying a home in Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forrest,  Wendell or Zebulon, North Carolina – Trader Joes.

I visited Trader Joes in Cary today. I had to be on Kildaire Farm Road for a closing, so it was convenient to stop in. As I toured the isles with their unique offerings, I was reminded of one of the our recent relocation home buyer clients.

They were relocating to the Raleigh, NC area from California. The fact that Cary has a relatively new Trader Joes was a major consideration for their home purchase.

They actually ended up purchasing a home in North Raleigh, but the lady of the house was happy that she could still shop at a Trader Joes.

Incidentally, our closing today was for our listing -  Lot 3 in the Hillcrest Farm subdivision outside Wake Forest. 

Now we have only one lot left where you can build your own home or bring your own builder. Lot 22 is a unique lot that has spectacular views of a pond and a farm. You can view our listing on our website at Featured Property or at the website I have built for this listing at http://www.2004Monthaven.com
 
You can use your mouse to find your house or other properties on our website by clicking Raleigh Home Finder.
 

Raleigh Residential Real Estate – Relocating? Are you considering relocating and buying a home in Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forrest,  Wendell or Zebulon, North Carolina?

The Poling Team works in all these areas and our experience can help.
 
We have a free relocation handbook that we would be happy to send to you. It helps with information on how to start the moving process, how and when to break the news to the kids, a moving scheduling guide, and information about getting settled.

We also have a free Triangle Area, NC Relocation Package – just click here:  Free Relocation Package Remember to include your current mailing address.
 
You can use your mouse to find your house on our website by clicking Raleigh Home Finder.