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.

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

Today’s News and Observer is reporting that, “The Commerce Department reported today that sales of new homes rose by 4.8 percent during September to a seasonally adjusted annual rate of 770,000 units.”

I don’t want to be a pessimist, but I don’t believe the government has it right. The National Association of Home Builders is questioning the numbers as well. Here is what they said today:

“Given the substantial downward revisions to home sales numbers for June, July and August, it must be said that this is still a fundamentally weak report”, noted NAHB Chief Economist David Seiders. “Moreover, the large sales gains reported in the West region are highly suspicious, given the results of our own builder surveys and large downward movements in existing-home sales in that region. On the positive side, builders do seem to be making progress on reducing the substantial overhang of unsold units on the market, according to the latest figures.”

Sales of new construction homes in the main four county area of the Triangle, NC declined by 23.8% according to statistics from the Triangle Multiple Listing service (TMLS.)

You can see the new home sales data and a Real Estate Market Update on the Poling Team website. Take a look: Raleigh, NC Real Estate Market Update

It’s important to understand the numbers as we have entered a mixed market when it comes to home sales in the Raleigh real estate marketplace. While we have shifted to a buyers market in some areas and some price points, there are still markets in the Triangle where there is an undersupply of homes in certain price points.

Contact Us if you are interested in buying or selling a home and we will provide helpful professional advice so you can make intelligent decisions.

I fully expect that you might see something similar to the above headline in the News and Observer (if it hasn’t been there already). Today’s N&O had an article titled, “Housing construction dips to lowest level in 14 years”.

The California Building Industry Association reported that new-home sales statewide dropped 44.7 percent in August compared to the same month last year.

So there is no doubt that some areas of the country are hurting. But there is another perspective that should be presented.

What is not being reported in most of the media is that there are areas of the country that are doing relatively well. The Triangle, NC area is one of them. Our market is began in July to show signs of a market shift from a seller’s to a buyers market, but there is about 20% of our market where there is still an undersupply of homes in certain price points.

I have just posted new home sales data and a Real Estate Market Update on the Poling Team website. Take a look:  Raleigh, NC Real Estate Market Update

Contact Us if you are interested in buying or selling a home and we will provide professional advice so you can make informed decisions and we’ll give you a high level of professional service as well.
 

One of the many questions a Raleigh, NC home buyer must answer is, “should I buy a “new” (new construction) home or should I buy a home that is “new” (re-sale home) to me?

Let’s consider a few pros and cons:

New home: You can design the landscape and other items to your own taste. If you purchase new construction before it is too far along, the buyer can usually negotiate to choose the paint colors, the grade of carpet, cabinets, etc.

Existing home: The landscaping is mature and established. With the large inventory of re-sale homes now listed in the Raleigh market, you probably can find a home that fits your taste.

New home: You can enjoy the new feeling. It may take longer to get into a “new” home if construction is not complete.

Existing home: Move in time is often shorter – as soon as the sellers can move out. Also, an existing home will already have settled. Foundation problems aside, if a home is not showing significant cracks, there is less chance of future cracking.

So if you are planning to buy a Raleigh, NC home, contact us and we’ll be happy to help find you a home that will be just right for your family’s needs.

You can search for Raleigh, NC homes at:  Raleigh, NC Home Finder Search

 

 

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.

 
 

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.

We work in all these areas and our experience can help.
 
As brokers who specialize in helping buyers, The Poling Team are often asked about the advantages and disadvantages of buying a brand-new home. Our standard answer is that it’s just too difficult – and even risky – to generalize.
 
In every case a lot of research should be done before you buy a new home. For while it’s tempting to assume that the home is well constructed, that’s not always the case, as many people unfortunately find out. In addition, a new home just might come with some hidden costs that you didn’t bargain for.
 
So if you ever consider purchasing a new construction home, please contact me any time. Through experience, I’ve have come to know what to look for and what questions to ask. I can also help you make all the important calculations that could influence your final decision. I look forward to hearing from you when the time is right.

You can use your mouse to find your house on our website by clicking Raleigh Home Finder.

Not all new home builders list homes in the MLS and not all new homes are listed, but this search should give you some idea of what is available.

Let us know your criteria and we’ll help you find your next home.

 

What is Construction to Permanent Financing?
Construction to perm is a type of financing that allows the borrower the ability to potentially save thousands of dollars when you build or remodel your home. These homes are structured to work with your selected builder to provide cash throughout the construction process. Once the construction phase is complete, the construction loan is modified into permanent financing.

The benefits of using this type of loan are that it can save you time and money. In one transaction, the lot is financed, construction of the new home or remodeling project is paid for and then it moves to a permanent mortgage.

If you own the lot, you can use the equity in it as all or a part of your down payment. The interest rate that you as the home owner will receive is usually lower than a builder would receive.

Savings occur by avoiding multiple sets of closing costs and you receive substantial savings on interest carrying costs. Also, depending upon your financial position, you can deduct the interest payments on your taxes.

If you are thinking of building a new home in the Triangle area of NC, you 4might want to consider one of the lots the Poling Team has listed in the Wake Forest, NC Area.

Take a look at  http://www.2004monthaven.com/ or our Featured Property page on www.PolingTeam.com .

 
 

Despite the often negative news lately regarding the US Housing market, the Triangle Area of North Carolina has had a great year for buying and selling real estate. Over the last several years the Triangle area did not experience the speculative double digit price increases that were seen in a number of areas of the country.

The total number of home sales during the first six months of 2007 in the combined four counties is up 1.3% over the same time period during 2006.  The average sales price increased 4.8% to $294,766. This price includes new construction sales and resale home sales. The average resale home price over for the first six months of 2007 was $241,627.

See the complete market update at:  Triangle Real Estate Market Update

If you are thinking of buying or selling a home in the Triangle area of NC, Contact Us and we will be happy to provide market sales information to help you make an informed decision.