Raleigh Residential Real Estate Blog

Raleigh Residential Real Estate Thinking of selling your Apex, Cary, Knightdale, or any other Raleigh area home? Concerned about listing during the holidays? There are 11 reasons why you should put your home on the market now.

Thinking of selling your Apex, Cary, Knightdale, Raleigh or Wake Forest home? Concerned about listing during the holidays? The Poling Team has 11 reasons why you should put your home on the market now. In yesterday’s blog I covered No. 11 through no. 6 and today I will finish with the top 5 reasons.

No. 5 Buyers are more emotional during the Holidays, so they are more likely to pay your price.

No. 4 Houses show better when decorated for the Holidays.

No. 3 Since the supply of listings will increase in January; there will be less demand for your particular home. Less demand means less money for you.

No. 2 Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

And the Number One Reason Sellers Should List During the Holidays…

No. 1 People who look for homes during the holidays are serious buyers!

Raleigh Residential Real Estate Thinking of selling your Apex, Cary, Knightdale, or any other Raleigh area home? Concerned about listing during the holidays? There are 11 reasons why you should put your home on the market now.

Thinking of selling your Apex, Cary, Knightdale, Raleigh or Wake Forest home? Concerned about listing during the holidays? The Poling Team has 11 reasons why you should put your home on the market now.

No. 11 – By selling now, you may be able to be a non-contingent buyer in the spring.

No. 10 – You can sell now for more money now and we can arrange for delayed closing or extended occupancy until early next year.

No. 9 – Even though your house will be on the market, you still have the option to restrict showings for the six or seven days around the Holidays.

No. 8 – January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until the spring to buy, you need to have your home listed during the holidays in order to capture that market!

No. 7 – Some people must buy before the end of the year for tax reasons.

No. 6 – Buyers have more time to look for a home during the holidays than during the regular work week.

In, tomorrow’s blog I will have the top 5 reasons for listing your home during the holidays.
 

Raleigh Residential Real Estate - Bill stalled in the Senate may help the Raleigh Housing Market

There is a bill moving through Congress that will help the ailing mortgage industry and the housing market – including the Raleigh, NC housing market. It will also correct predatory lending practices that help cause the subprime mortgage meltdown that occurred this past summer.

The House of Representatives passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, on Nov. 15 in an effort to address the turbulence in the mortgage market.

Under the new law, lenders would require borrowers to have a reasonable ability to pay back a loan, bring mortgage brokers under a nationwide licensing registry, expand some limits on high-cost mortgages and establish some legal liability standards for the mortgage industry.

The bill, which seeks to curb abusive mortgage lending practices, would require lenders to make sure borrowers have a reasonable ability to pay back a loan, bring mortgage brokers under a nationwide licensing registry, expand some limits on high-cost mortgages and establish some legal liability standards.

The bill would also establish federal standards for appraisers and require certain borrowers to open escrow accounts along with their mortgages to protect against unexpected taxes and insurance premiums.

The bill has not passed the Senate

I believe the bill or some form of it is a good idea. If you would like to support the passage of the bill, I recommend you read the bill for yourself before contacting your Senator.

You can read the proposed bill at FHA Modernization Act of 2007
 
If you need to know how to contact your Senator, click here: Senators of the 110th Congress

A Quarterly Comparison of New Construction Closed Home Sales in Each of the Four Main Counties in Raleigh, NC Market Area

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

Raleigh Residential Real Estate –
Hot Real Estate Topic Affecting Raleigh Area Home Owners – New Home Revaluation Letters on the way.

Monday of this week updated tax values were placed on-line on the Wake County Register of Deeds website. Mailings went out to 312,000 property owners and Wake Count Officials expect about 10% of the property values will be appealed.

In North Carolina, property values are re-evaluated every 8 years, but the tax rate can be adjusted every year. The last revaluation was done in 2000 and under the new revaluation; home values will increase an average of 43%.

Durham County also sent out letters with the new property values to 97,000 property owners and so far about 400 people have made appointments for an informal review according to the News and Observer.

The Poling Team’s home in Knightdale, NC was valued at $198,529. The letter we received this week says that our Knightdale home is now valued at $258,981. That’s a 30.5% increase. It’s amazing how much difference a day makes.

You can read the full News and Observer article here: Wake Property Value Notices Go Out
 

Raleigh Residential Real Estate - Just Listed in Raleigh, NC - Best Home Buy in Riverside Subdivision!

At just $249,900, this 2573 square foot home offers great value in an ultra convenient location.  Just minutes from I-540, this home is easily accessible to just about everything.

You can also access me and more information about the home on our website:  www.PolingTeam.com. 

Watch Now:

 5933 Myakka Court Podcast - wmv [1:47m]: Play Now | Play in Popup | Download
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Raleigh Residential Real Estate - Just Listed in Raleigh, NC - Best Home Buy in Riverside Subdivision!

The Poling Team just listed this wonderful home in the popular Riverside subdivision in North Raleigh.

Located in Riverside Subdivision, 5933 Myakka Court is an elegant 2-story transitional with a brick front and 2-car garage. It’s proximity to I-540 makes traveling anywhere in the Raleigh, NC area easily assessable.

• Transitional with 2-story foyer
• Brick front and vinyl siding
• 2573 square feet
• 4 bedrooms, 3 full baths
• Formal living spaces with crown molding and chair rail
• Upgraded kitchen cabinets and gas stove
• Hardwood floors through much of the first floor
• Sizeable bonus opens to office or sitting room
• Low HOA dues include community pool and tennis
• Master bath with whirlpool tub and separate shower
• Great schools!  Great neighborhood! Quality craftsmanship!

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Raleigh Residential Real Estate  Looking at Homes in the Raleigh, NC Area this weekend or just traveling around Raleigh, NC? Road work on I-40 could cause you some delays.

In an effort to help Raleigh visitors,  real estate agents, realtors and home buyers looking for a home in Raleigh, NC area this weekend, I thought I would share this travel alert.

Travelers heading east from Durham, RDU and Cary, NC can expect big delays this weekend in Raleigh on Interstate 40. Traffic will be squeezed into a single lane all weekend for pavement repairs near the Gorman Street interchange.

From 8 p.m. Friday to 6 a.m. Monday, two of the three eastbound lanes will be closed between Exit 293 (U.S. 1/64) and Exit 295 (Gorman Street).  Traffic backups of up to a mile are predicted by Andy Barry, the state Department of Transportation engineer in charge of the work.

I would anticipate that this is an optimistic forecast as this is a very busy section of road. An alternative route if you are coming east from Durham, is to take the I-540 Outer Loop all the way around North Raleigh to U.S. 64/264 at Knightdale, then head west on I-440 to Exit 301 (I-40 East). This adds about 10 miles to the trip, but it could save a 20 or 30 minute construction delay.

Travel westbound is not affected except for the potential of “rubber neckers”.

Read this mornings News and Observer Article   I-40 work could cause delays

So if you are looking for homes in Raleigh, NC this weekend (take a look at our Cary, NC Listing) or just traveling around the south side, the Poling Team suggests that you plan a few extra moments and consider your route.

Since the Poling Team currently has a Cary, NC home for sale, I thought it would be fun to highlight the City of Cary in today’s blog.

Cary, NC is located about 20 minutes from downtown Raleigh and consistently been rated by Money Magazine as of the best places to live in the U.S.

Cary is also recognized as on the Safest Places To Live, one of the Best Places To Retire and one of the Best Places To Raise a Family.

As to recreation, there are 27 greenway trails in Cary that provide over 26 miles of recreation in a natural setting. In addition, Cary has 25 parks and the Town of Cary provides a number of events that bring friends and families together. These include the Cary Road Race, the Spring Daze Arts & Crafts Festival, the Dinali Indian Festival of Lights and the Heart of the Holidays Celebration.

Downtown Cary is a happening place with a variety of specialty shops and restaurants that cater to virtually every taste.

If all this appeals to you and you are thinking of relocating to Cary, take a look at the Cary home we have listed at http://www.103mantlecourt.com/

The number of current listings in Apex, NC is 86% above the 3rd quarter of 2006. Cary has 15% more homes in the TMLS than last year and Morrisville has 5 % more homes on the market.

So with all this increase in inventory how has this affected the absorption rate? Absorption rate is the number of months it will take to sell all the homes currently on the market at the current years’ selling rate.

Morrisville’s supply for all residential property types is just under 3 months. Cary has a 3.2 month supply and Apex has a 4 month supply of homes for sale. When one examines just detached single family homes, Cary’s absorption rate stays about the same and Morrisville moves out to about 4 months.

There is an oversupply in the upper price points in Cary and Morrisville (1 mil.+) and there in an oversupply in Apex for homes priced at $500,000 and above.

The average list price in Cary is increasing somewhat, while it is decreasing in Apex and Morrisville.