Raleigh Residential Real Estate Blog

Raleigh Residential Real Estate - Information for North Carolina Real Estate Brokers - Mandatory  CE Available Tomorrow

If you are a licensed real estate broker in North Carolina and are still needing to take your required 4 hour update course, I am teaching the course tomorrow afternoon at Legacy Real Estate School. Class size is small and the session will be interactive.

Costs is only $55 and we provide the materials.

Class will begin promptly at 1:30 PM.  Walk ins are welcome or you can register on-line at Legacy Real Estate School.

Legacy Real Estate School
2431 Spring Forest Road, Suite 175
Raleigh, North Carolina 27615
919-861-6500

Raleigh Residential Real Estate – New Home Sale Statistics and Real Estate Market Analysis available for the Raleigh, North Carolina Area

The Sky is Falling, the Sky is Falling! Or at least so said Chicken Little. If one listens to the main stream news organizations one might conclude the same about the real estate market – even in the Triangle area of North Carolina.

Don’t get me wrong, Raleigh area home sales have been dramatically impacted by the national real estate marketplace and the national economy. Wake County home sales continued to decline in September 2008 as compared to September of last year. Yet, Triangle Area homes appreciated an average of 4.8% this year.

While this is not the double digit gains of the past California boom times, the rate is significant when compared to the national average appreciation which is a negative 4.8% for this year.

Read my Raleigh real estate market update and check out the statistics for each of the four major counties by clicking here: Raleigh Real Estate Market Update

While I will not attempt to “predict” the future, everyone understands that one wants to purchase low and sell high. Now is a great time to purchase a home in the Raleigh, NC area.

Contact The PolingTeam or email me to learn what opportunities there are to invest in Raleigh residential real estate.

Raleigh Residential Real Estate - Good news for Raleigh, NC Home Buyers and Sellers - The bailout of Fannie Mae and Freddie Mac could mean lower interest rates …

The bailout of Fannie Mae and Freddie Mac has already brought lower interest rates, but it may not be as large a benefit to the real estate marketplace as one might expect. Because of the tightening credit requirements (which are absolutely justified - non conforming loans were how we got into the mortgage crisis) there are fewer buyers who can qualify for a mortgage loan.

Speaking of home mortgage rates, one of our recommended lenders has a 30 year fixed conventional loan rate of 5.75% with no origination fee and 0 points. Their 30 year fixed FHA loan is at 6.0%. This is good news for home buyers and home sellers who may need to refinance their homes.

Many of the first time home buyer assistance programs are going away as of October 1^st. There are some that will still be available but the PolingTeam recommends that you have an experienced lender help you navigate the process.

Since interest rates are low and there is plenty of homes on the market, it is a great time to buy a home. Contact Us and we will be glad to help. We love first time home buyers!

You can search all active listings in the Triangle Multiple Listing Service on our website at Find Your House with Your Mouse

Raleigh Residential Real Estate – Looking to invest in Residential Real Estate? Raleigh, NC was named #2 by Money Magazine in its list of Best Cities for Bargain House-Hunters

If you are thinking of snapping up a bargain buy in the current real estate market downturn you should recognize that timing a market is risky and prices alone may not be the best way to determine a good opportunity.

Money magazine recommends that you consider the market where you purchase. “They’d be smart to look for markets where job growth is strong, foreclosures are relatively low and inventory is high. With these factors in place, buyers can still dictate terms of sale and negotiate prices, but aren’t as exposed to the economic and lending risk problems that have sunk many markets around the country.” Then they say, “What you need is a buyers’ market, where there is healthy job growth and more houses available than people to buy them. This is not due to foreclosures and economic downturn, but to overbuilding that should balance out in time.”

Read the full article: Best Cities for Bargin House Hunters

The current Raleigh, NC residential real estate market matches these criteria and it is a good time to purchase a home. Interested in investing in a home? Give the PolingTeam a call and we will help you through the process of identifying and finding a good investment.

Raleigh Residential Real Estate - Home selling strategies should always be carefully tailored to meet the current Raleigh, NC area market realities. Here are 7 things to keep in mind if you’re planning on selling your Raleigh area home in 2008.

1. Get a Home Inspection: In a buyer’s market, it pays to be pro-active. Home defects or outdated systems can hold up a sale or result in price reductions later on. By getting a home inspection before putting your home on the market, you’ll be able to address problems that might otherwise turn off knowledgeable buyers. Contact us about our free home warranty program that may help with the cost of repairs.
2. Set Pricing Accurate to the local Market. Setting a realistic asking price is the best way to ensure a timely sale. It’s no longer enough to simply check current comparable listings in your area and match their asking prices. It is necessary to research both the price and the time on the market of the current comparable listings. It is important to study the absorption rate (comparing the number of homes on the market verses the number of homes sold in the last year).
3. The PolingTeam pays close attention to any properties that have sat unsold for an extended period of time and we study statistical data on local home buying trends.
4. Depending upon the location, the PolingTeam might even recommend hiring a professional appraiser to give you more definite idea of your home’s value.
5. Keep your mind open to the possibility of a future price reduction should your initial listing not generate the kind of response you desire. You do not want to constantly be behind the market. In a strong buyers market, it is important not to make the price reduction too small if the market prices are dropping.
6. Consider waiting on listing your home if you are in an area with high inventory and if you have the time to wait. Yes, I really did say potentially wait - even if it means we don’t have the opportunity to list your home now. We always recommend what is best for our clients.
7. Call the PolingTeam to obtain our professional advice with absolutely no obligation.

Raleigh Residential Real Estate – More Positive News for Raleigh, NC area home buyers and sellers.

Two reports today offer some positive news for the future of this year’s real estate marketplace. Since the major news media often is negative news, I thought it important to report good news in our blog. The first comes from the Jumbo lender Thornburg Mortgage Inc. reported Tuesday that the company bounced back from a billion-dollar third-quarter loss to return to profitability in the final quarter of 2007. In the company press release, the company states, “that we expect our portfolio margins and spreads to continue to improve in the near term.”

In addition, according to a release from Business Week yesterday, the Shares of Thornburg Mortgage Inc. rose Wednesday after Jefferies & Co. analyst Richard Shane Jr. upgraded the stock to “Buy” from “Hold,” saying the lender’s liquidity position has improved.

Also today, the National Association of Realtors® reported that it expects “A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased.” They also reported, “Areas with a high prevalence of subprime lending will continue to feel downward price pressure. Where builders have cut construction sharply, and in most areas with improving affordability conditions, we’ll generally see moderately higher home prices,”

Try out our new home search tool BestHome Pro on our website at http://www.PolingTeam.com

Raleigh Residential Real Estate – Good news for Raleigh, NC area home owners – Taxes may be less than expected.

The News and Observer reported on Saturday that the property tax rate could drop below the anticipated rate of 53 cents per $100 home valuation to a “revenue-neutral” rate of 50.8 cents per $100 valuation.

“If commissioners do not lower the property tax rate to make the revaluation revenue-neutral, property tax bills will jump sharply. Last week, county commissioners voted to lower the tax rate to the revenue-neutral amount for upcoming tax bills. The current rate is 67.8 cents per $100 of value.”

The reason for the consideration in rate change is because fewer appeals were made to the average 43% increase in tax value of Wake County properties. The increase brought the total value of all Wake County real estate and personal property that is taxed to $116 billion.

The PolingTeam encourages you to contact your county commissioners to request a revenue-neutral rate. It will help all of us.

Raleigh Residential Real Estate – Important Information for Raleigh, NC home buyers – Beazer Homes is closing its mortgage unit and exiting 5 markets

Market Watch reported today that Beazer Homes is quitting the mortgage-origination business and that the embattled builder is closing its mortgage unit, exiting several housing markets.

While they are not currently planning on leaving the Raleigh, NC area, they are quitting the home building business in Charlotte, NC. It plans to complete all homes that it is currently building in those five cities and will determine how to dispose of its land holdings in those markets.

In addition, Market Watch reported,” The builder said it found evidence that workers in its mortgage business violated Housing and Urban Development regulations. Its probe also uncovered evidence of other accounting irregularities that will lead to expected restatements. It has negotiated waivers of default from its lenders due to its failure to report financial results on time.” Read the article: Beazer Homes

This is disturbing news, but represents the challenges faces by new construction home buyers that do not have the assistance of an experienced real estate agent.  It is important that home buyers understand that Builders & Developers have agents on site who represent the Builders & Developers and many times these representatives are not licensed real estate agents. Builder representatives by definition represent the seller or developer. As a real estate professional we recommend that every buyer have their own professional representation when purchasing any real estate property. 

Check out The Poling Team Realtor® Services for New Construction Home Buyers by clicking here: Services for New Construction Home Buyers

Raleigh Residential Real Estate - Real Estate Market Update for January 2008

It is hard for me to believe that I have been gone from my Raleigh Residential Real Estate blog for so long. Linda and I (The PolingTeam) had a wonderful holiday season with family and friends. Then our youngest son was married in Tennessee on January 5.

So with all those activities and keeping up with several year end home sales and a closing on January 8 for a California relocation home buyer, I have not taken the time to write.

However, I trust you will be interested to see what I have been working on for the last several weeks in regards to the status of the Raleigh, NC area real estate marketplace.

I have posted a fairly comprehensive report and a series of graphics that show a summary of the Triangle’s four main counties real estate sales for 2007 and predictions for the upcoming year. Even with all the mortgage turmoil and the declining sales numbers for the last half of the year, it still can be said that the Raleigh Area of North Carolina had a great year in 2007 for buying and selling real estate.

In the upcoming days, I will be sharing more about why it is a good time to buy a home in the Raleigh, NC area. For now take a look at my real estate market update at: Raleigh, NC Real Estate Market Update

Raleigh Residential Real Estate – An interesting Raleigh Real Estate Market Indicator - The Consumer Confidence Index

One of indicators that those who are involved in investing in the stock market, the buying and selling of real estate or other kinds of investments is the Consumer Confidence Index. The Consumer Confidence Survey that determines the index is based on a representative sample of 5,000 U.S. households. This index is not based upon any kind of reality or scientific measurement of how the economy is actually performing; rather it is based upon the opinions of a random group of 5000 people.

If you read the reports the index has been declining since the summer, but consumers have not lost their holiday spirit and anticipate spending more on gifts this season than they did last Christmas. So despite how they feel about the direction of the economy, at least those surveyed are going to do the opposite. They are going to spend more.

Another facet of the survey covered what consumers are thinking about future jobs. “The outlook for the labor market was also more pessimistic. The percent of consumers expecting more jobs in the months ahead fell to 10.8 percent from 13.3 percent, while those anticipating fewer jobs rose to 23.1 percent from 20.2 percent.”

Again, this is based upon the feelings of these 5,000 people who were surveyed. It is not based upon any scientific evidence. The recent job numbers came in better than anticipated and last months figures were adjusted upward.

So one of the indicators that is used to help in day-to-day decision-making and long-term planning in based upon how 5,000 people feel about things. And those feelings are quite fickle and as we have seen their actions are inconsistent with their thinking.

You can read the November 27 Press Release here: The Consumer Confidence Press Release