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.

While it may not be a “politically correct” thing for a realtor® to support development fees, I do believe the mayor and several of the newly elected City Council members have it right. New construction should pay its fair share of the impact it will have on roads, parks, water and sewer facilities and other infrastructure. And Raleigh’s impact fees are too low.

The Poling Team was opposed to the recent actions of the General Assembly which gave the counties the right to ask voters to add a home tax as a part of the budget approval process this year. Read our Nov. 6 blog on this topic: Home Tax

This tax is in addition to the yearly property taxes. It is paid by the seller every time a home is sold. It hurts our state’s existing homeowners by arbitrarily singling them out to pay for more than their share. Fortunately, the issue was rejected by all 16 counties where it was put on the ballot.

Opponents have said that this will slow growth in the Raleigh, NC housing market which is feeling the effect the housing market slowdown and the recent mortgage industry problems. I am not favoring slowing our growth, but I believe it should be done with proper attention to the cities ability to pay for and to support the growth.

While it is true that everyone can benefit from growth, I do not believe the numbers have been equitable in Raleigh for some time. Developers and new home builders should pay more

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

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.

 
 

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.

 

Builder Closet Special -  4114 Wyrick Court, Raleigh, North Carolina

Give The Poling Team a call to find about the builder incentives can help with your closing costs or help you purchase a washer and dryer.

Visit the website that I have build for this listing at www.4114WyrickCourt.com and see lots of pictures or take a virtual tour.

This NAR profile reported that for-sale-by-owner home sales in recent years are on a sustained decline and are now at a record low.
 
The most recent cyclical peak in the for-sale-by-owner market was in 1997 where by-owner transactions accounted for 18% of all homes sold.  In 2005, only 13% of sellers conducted transactions without the assistance of a real estate professional, and 39% of those for-sale-by-owner transactions were “closely held” between parties who knew each other in advance. 
In other words, they were never placed on the open market.  The FSBO market share was at 14% in both 2003 and 2004. NAR began tracking the FSBO market in 1981; since 1981, the record for-sale-by-owner market share was 20% in 1987.

The median home price for homes sold by-owner was considerably less than agent-assisted home sales.  In 2005, agent assisted home sales brought 16% more money than a home sold directly by an owner and there were no significant differences between the types of homes sold.
Continued in my next blog.

 The Poling Team would love to be your Raleigh NC Realtor. Contact us to receive a high level of personalized service.

 

Today was the 2nd Day of  Raleigh, NC Largest Open House – The Parade of Homes

The 41st Annual Parade of Homes that continues over the next two weekends. There are more than 360 homes on display. Home prices range under $120,000 to a custom home listed at $2,965,000.

The homes are being shown in Apex, Cary, Durham, Fuquay Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forest, Wendell, Willow Spring and Zebulon.

Yesterday, I showed clients homes in Garner, Knightdale and Raleigh and I am looking forward to seeing more next weekend.

Learn more and see all the homes, search by community, price, awards, etc.:  Raleigh, NC Parade of Homes
 
You can search for other Raleigh residential real estate on the Poling Team website, here: Search Raleigh, NC Real Estate

 

The Home Builders Association of Raleigh-Wake County is sponsoring the 41st Annual Parade of Homes that occurs over the next three weekends. There will be more than 360 homes on display. Home prices range from town homes starting at under $120,000 to a custom home listed at $2,965,000.

Hours for the open homes are:

Saturday and Sunday, September 30 & October 1, 2006, 12:00pm-5:00pm
Friday, Saturday & Sunday, October 6 – 8, 2006, 12:00pm-5:00pm
Friday, Saturday & Sunday, October 13 – 15, 2006, 12:00pm-5:00pm

Learn more and see all the homes: Raleigh, NC Parade of Homes
 
Do you know someone who is looking to buy, sell or invest in Raleigh, NC residential real estate?  Have them Contact The Poling Team and we will give them a high level of personalized service in buying and selling a home.

 

There is still one more day to attend the Southern Ideal Home Show that is being held at the North Carolina State Fairgrounds.

You will find lots of ideas to improve your home or garden. Thinking of remodeling, redecorating or doing a fall landscaping project? Come to the Home Show for lots of ideas or you can shop for windows & doors, flooring, heating & air conditioning, hardware, garage doors, siding, decks, patios, pools and spas and even mortgages! You might even find a bargain.
Do you know someone who is looking to buy, sell or invest in Raleigh, NC residential real estate?  Have them Contact Us and we will give them a high level of personalized service in buying and selling a home.

Search Raleigh Residential Real Estate:   Search Raleigh Residential Real Estate