Raleigh Residential Real Estate Blog

Raleigh Residential Real Estate - Good news for the Raleigh, NC Housing and Mortgage Markets - the Federal Reserve lowers its target for Federal funds to 4.5% and the Economy Grew by 3.9%

Here is what the Federal Reserve said in their press release today:

“Economic growth was solid in the third quarter, and strains in financial markets have eased somewhat on balance.  However, the pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction. Today’s action, combined with the policy action taken in September, should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and promote moderate growth over time.”

You can read the press release here: Federal Reserve lowers its target rate

In addition to this good news, the Economy beat most analysts’ expectations with a third quarter growth of 3.9% on an annual basis. This represents the fastest growth rate since the first quarter of 2006.

However, investors and analysts remain wary that problems in the troubled housing market will spill over into the broader economy and suppress fourth-quarter growth. Read the full New York Times article here: Economy Grew 3.9% in 3rd Quarter.

The good news will not bring an immediate return to the Raleigh, NC housing marketplace, but it does offer hope that the mortgage and financial markets may continue to settle down and clear up some of the uncertainty.

This may help those considering buying or selling a home to more forward with their plans. I believe many potential buyers have been sidelined by recent events.

Be sure to take a look at the 3rd quarter home sales data and a Real Estate Market Update on the Poling Team website. Raleigh, NC Housing Market Update

Raleigh Residential Real Estate - The Raleigh, NC shifting real estate market is still a good time for real estate investors. Third Quarter national housing vacancy rates were not statistically different from the same period last year.

U.S. Census Bureau reported today that the national vacancy rates in the third quarter 2007 were 9.8 (+ 0.4) percent for rental housing and 2.7 (+ 0.1) percent for homeowner housing, the Department of Commerce’s Census Bureau announced today. The Census Bureau said the rental vacancy rate was not statistically different from the third quarter rate last year (9.9 percent), or the rate last quarter (9.5 percent).

Rental vacancy rates in the south averaged 11.9% in the 3rd quarter of 2006. This year they averaged 12.1% for the 3rd quarter. Homeowner vacancy rates edged up to 3.1% vs. 2.8% last year.

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

Looking to understand the numbers? We have entered a mixed market when it comes to home sales in the Raleigh real estate marketplace. We can help, visit our website to see recent home sales data for Durham, Johnson, Orange and Wake counties. Raleigh, NC Home Sale Statistics

Are you interested in buying or selling a home? Want to make an intelligent decision? Contact US and we will provide helpful professional advice. We would like to be your Raleigh, NC realtor of choice.

Raleigh Residential Real Estate - New Home Sales rise in September?This is certainly not true of new home sales in Raleigh, Durham and the rest of the Triangle area of North Carolina.

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.

Raleigh Residential Real Estate – Home Sales are down! The sky is falling, the sky is falling!! Durham, Johnson, Orange and Wake County the number of new homes sold fell 25.4% in September 2007.

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.
 

Raleigh Residential Real Estate – Cary and Raleigh, North Carolina Housing Markets to have the strongest growth in the US in the next 3 quarters!

According to an article from today’s Inman News, the housing market in Cary and Raleigh, NC will be the strongest in the US in terms of price growth from the third quarter of 2007 to the second quarter of 2008.

While there is still a lot of instability in other parts of the country, Veros Real Estate Solutions predicts the Cary- Raleigh, NC area will have a 7 percent annual growth rate.

Our area is followed by Austin-Round Rock, Texas, at 6 percent; Charlotte-Gastonia-Concord, N.C.-S.C., at 6 percent; Salt Lake City, Utah, at 6 percent; and Albuquerque, N.M., at 5 percent.

National statistics continue to show an overall slowdown in home sales and a drop in home prices, but the Cary and Raleigh, NC real estate market  is bucking the trend.

If you are interested in buying or selling a home in the Cary, Raleigh, Knightdale, NC area, Contact Us and we can provide more professional advice and a high level of professional service as well.
 

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