Raleigh Residential Real Estate Blog

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 and all other First Time Home Buyers

The Housing and Economic Recovery Act of 2008 which was passed this week provides a $7,500 tax credit to first time home buyers.

In addition, to a number of other goals the new housing act attempts to stimulate home buying, reduce excess supply in housing markets and shore up home prices. See the National Association of Home Builders article that gives more information on what is available to those looking to purchase their first home at:  First-Time Home Buyer Tax Credit

This tax credit is available only until June 30, 2009. So if you have been thinking about purchasing a new home this is another great reason to make your move now.

Interest rates are still low and there are a number of great mortgage programs for first time home buyers.

Want to know more? Contact the PolingTeam and we’ll help make your move easier!

Raleigh Residential Real Estate - Open House Sunday July 13, 2008 1106 Medlin Drive Cary, NC 27511

The Poling Team will be doing an open house tomorrow at this great home in Cary, NC.

Here’s a list of updates that have been done.

*All bathrooms with tile floors, new cabinets & solid surface counters with solid surface formed sink bowls – remodeled in 2001
*Kitchen remodeled in 1999 to include lots of select and choice solid light finished wood cabinets, wood trimmed laminate counters and a desk area with cabinets overhead
*New roof in 1996
*Dishwasher, stove and refrigerator – 4-5 years old
*Washer and dryer convey
*Vinyl tilt windows and storm doors – installed in 2002
*Gas hot water heater – 2002
 *New central forced air conditioning – installed 3-4 years ago
*Carpet installed 9-10 years old – extra thick pad
*New concrete driveway

All of this for only $199,000 –  COME AND SEE!

Raleigh Residential Real Estate – Well-cared for and updated split level home tucked away in the heart of Cary, NC

1106 Medlin Drive Cary, NC 27511

The Poling Team is excited to Offer this wonderful Cary, North Carolina Home for just $204,900!

The sellers are the original owners of this home, and they have watched over the details of its care with thoughtful concern through the years.  Since 2000, they have replaced the roof, remodeled three bathrooms, replaced the ac/heating and hot water units, replaced the windows and doors and built a deck.  The kitchen was remodeled in 1999.  Come live affordably in comfort and care with great accessibility in this wonderful 1709 sq. foot home in the heart of Cary!  Offered for $204,900.  MLS# 1001674

Raleigh Residential Real Estate – North Raleigh Open House  Saturday May 31, 2008   2 – 4 PM

136 Brereton Drive

The Poling Team will be doing an open house in North Raleigh, tomorrow afternoon and we would love to have you stop by and tour this lovely 3222 square foot brick home that located on a landscaped lot of almost an acre located close to I 540.

The home features a two story foyer with hardwoods that opens to large formal living room. The family room has gas log fireplace that opens to the breakfast area & kitchen. 1st floor laundry rm. Master has vaulted ceiling with a huge bathroom with whirlpool tub, separate shower and skylights. There are3 additional bedrooms each with generous closets. Deck overlooks garden and buffer.

Come and see!

Directions: North on Six Forks Road, cross over 540, take 1st right on to Brereton Dr., Home is on right..

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 – Some more good financial news for Raleigh, NC home owners

The main financial event of last week was the lowering of the Federal Funds Rate another .50%, on top of Federal Reserve’s surprise .75% cut just eight days before. This brings the Fed Funds Rate down to 3.00% and will lower rates for business and consumer loans as well as Home Equity Lines of Credit and Adjustable Rate Home Loans.

This is good news for Raleigh area home owners with those Home Equity Lines of credit. It is still uncertain how this will affect long term mortgage rates, but most of the lenders that we work with are recommending moving forward with a refinance or locking in a loan now.

Please give the PolingTeam a call or click Contact US to discuss how this may help you.

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