Category Archives: Real Estate Trends

Raleigh Ranch Sold Quickly, Multiple Offers


Sold!  4620 Landover Crest

Sold! 4620 Landover Crest

Raleigh, NC.  4620 Landover Crest Drive sold in 3 days with multiple offers received. This beautiful ranch with unfinished bonus space went under contract very quickly.   I’ve had many successful transactions and other listings to sell quickly, but almost from the moment the sign was put up, the showings and offers came in.

I’ve been a real estate agent since 2008.  During that time the market was heading in a downward spiral and I began to question my choice of profession. Nonetheless, I rode out the rocky market, and I’m glad I did.  Over the past year I can attest to the fact that things have turned around and multiple offers are coming back.  Not only have I received multiple offers with this ranch, but with some of my other listings as well.

However, I must say that multiple offers are coming back with caution.  Not all real estate markets are experiencing the same activity, but from my experience in other local markets,  MOST, if not all markets, are seeing increase in valuation.  My real estate blue print covers the entire Greater Raleigh area, some areas in particular include Wake Forest, Northeast Raleigh, North Raleigh, Southwest Raleigh, Southeast Raleigh, Rolesville, and Zebulon.  I’m only naming a few that I’ve worked within to make my point that each of these areas, though in close proximity to one another, are different.  The main factors that make a listing very appealing to multiple buyers are location, style or type, price point, and amenities.

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Buyers’ or Sellers’ Market in the Carolinas?


Buy Sell Scale_Can StockWhat exactly is a buyer’s market?  A Buyer’s Market is when we have more homes for sale than buyers.  In this market buyers can leverage the over-supply of homes to their advantage and get very favorable terms such as lower prices, receive closing costs and can take their time with selection.  Buyer’s markets are often identified with a depressed market or declining market and the obvious signs are very few offers in a buyer’s market – best offer is the only offer you received and it’s really low.

So what exactly is seller’s market?  A Seller’s Market is when we have fewer homes for sale than buyers.  In this market sellers can leverage the under-supply of homes to their advantage and get very favorable terms such as higher prices, pay little to no closing costs for the buyers and get quick turnarounds.  Seller’s markets are often identified with a real estate market that is improving and/or getting hot, with multiple offers in a seller’s market – pick the best of many offers received and often they are over the asking price as buyers are competing.

Another way we track whether we are in a buyer’s or seller’s market is our current monthly supply of inventory.  This market statistic demonstrates how many months of supply would be left if no other seller placed his house on the market.  The breakdown would be the following:

1 to 5 months = seller’s market – price is appreciating

5 to 8 months = balanced or normal market – price is stable

8 months and more = buyer’s market – price is depreciating

So how are we doing in North and South Carolina?  Reviewing the last 12 months ending October, 2013 for single-family homes and condo/townhomes for a few areas in NC and SC:

  • Charlotte, NC = 5.5 months with our best month in 2013 of 4.4 months
  • Triad Region, NC (Asheboro, Burlington, Greensboro, High Point, and Winston-Salem) = 9.5 months with our best month in 2013 of 6.3 months
  • Triangle Region, NC (Raleigh area) = 4.8 months with best month in 2013 of 3.8 months
  • Greenville, SC = 6.7 months with our best month in 2013 of 5.6 months
  • Piedmont Regional SC (York, Lancaster County, Lake Wylie) = 6.9 monthswith our best month in 2013 of 5.4 months

As you can see from these numbers across the Carolinas, our trending for the last 12 months demonstrates we are moving out of a buyer’s market and into a healthy/balanced market, which means a great equilibrium for both sides of the transaction.  The monthly supply inventory numbers of 2009 thru 2012 were often double-digit numbers of 10 months and more indicating a strong buyer’s market for many years, with falling prices.  Now with these monthly supply inventory numbers decreasing into single-digit numbers, we are starting to see price appreciation in all of our markets.  A few of our markets are even starting to evolve into a seller’s market!

So what does all of this mean to you?  It means the NC and SC residential real estate market in 2013 showed solid improvement throughout the year and continues to build strength.  If you are thinking of buying a home, low interest rates and good pricing results in high affordability.  If you are thinking of selling your house, the improving market means more activity and better chances of market-value returns for your equity investment.

Reposted from Allen Tate Blog by Tony Jarrett


Real Estate’s Black Friday


(Photo Source: Google Image)

We all know the biggest shopping day of  the year is the day after Thanksgiving.  I’m no stranger to Black Friday deals and lines.  I do believe that when great opportunities come along, I must pursue them.  The same is true for most of us.  We like to invest wisely.

Well, the same can be said about the housing market this time of year.  Now is a great time to buy or sell.  Generally around the holidays and winter months, real estate sales are down; however, I’m finding that in my neck of the woods, our real estate market in and around Raleigh, NC is remaining steady.

FOR SELLERS

If you’re considering to put your house on the market, now is a great time.  Buyers are still out there ready to invest.  Also, inventory is down (less competition) so that elevates your chances of selling and getting more attention.  Interest rates are low so buyers are looking to take advantage of great rates.  Just like Black Friday deals, the holiday season is a prime time to market  incentives on your listing, such as a home warranty, allowances, or closing cost assistance.

FOR BUYERS

Just like there are incentives for sellers to sell, there are terrific opportunities for buyers still.  Interest rates – I cannot stress how low they are!!  Interest rates for me are incentive enough!  But there’s more that I would like to mention.  When considering buying versus renting, buying is the better way to go in most instances because the price of rentals are rising.  Also, I’m seeing great incentives for buyers from  sellers – allowances, closing cost assistance, home warranty, upgrades, just to name a few.  Moreover, new home construction sites are offering cash and prizes as incentives to agents and their buyers for investments before the end of the year.

BOTTOM LINE

As with retail sales, real estate has incentives as well during this time of year!  Fortunately enough, the housing market offers excellent opportunities not limited to just a day, but trends that have been consistent and will hold steady for the days and months ahead.


Home Prices on the Rise


Home Prices on the Rise

National Association of Realtors (NAR) reports that home prices are slowly on the rise as of October 2012.

 


Simply Thankful


Real Estate

Real Estate (Photo credit: wvhomes)

It feels wonderful to be back blogging again. I’ve been on hiatus from a very busy year, in which I’m simply thankful for, and I haven’t had the time to post.

It has been a very prosperous year for  my clients.  My sellers have been able to have their home values preserved, buyers have been enjoying low rates and lots of inventory, and I’ve been active in quite a few bidding wars and multiple offers.

It’s great to report that business has been good, homes have been selling, and buyers have been buying.  For this and so many other things, I am truly grateful.

Even with the approach of the holiday season, the real estate market in Raleigh, NC and surrounding areas  remain promising and steady.  Home values are increasing, rates are still at an all-time low, inventory is shrinking, and the cost to rent is climbing.

Yep!  I’ve decided that my hiatus is over.  Even though things have picked up for me tremendously,  I need to get back to sharing my experiences as a  professional real estate agent, licensed in the state of NC who works deep in trenches, with all who will listen.  Please feel free to visit my website!


The Investments Cycle


This image was taken from the KCM Blog. I believe it speaks for itself.


No Down Payment Product for Rural Buyers – USDA Loans


Logo of the USDA Rural Development office, par...

Image via Wikipedia

This is a repost from The Raleigh Mortgage Guy.  Please see another related blog from him at the bottom of this post.

USDA RURAL DEVELOPMENT GUARANTEED RURAL HOUSING NEWS

From the National Office in Washington DC

June 15, 2011

GUARANTEED LOAN FUNDING UPDATE:  SUMMER SIZZLES! 

GUARANTEED LOAN VOLUME UP!  PLENTY OF FUNDING AVAILABLE! 

The Single Family Housing Guaranteed Loan Program (SFHGLP) has $24 billion dollars of funding available for lenders, but it will expire on September 30, 2011!

SUMMER TIME IS HOME-BUYING TIME!  When temperatures rise, homebuyers arrive!  Summer is a perfect time to buy a new home!  Guaranteed loans offer eligible rural homebuyers tremendous benefits including, no down-payment required, flexible credit and qualifying ratios, and fixed thirty year interest rates.

SHOP WITH CONFIDENCE!  Congress has ensured ample guaranteed loan funding will be available throughout FY 2011!

As of June 15, 2011:

TOTAL $ OBLIGATED:      $9.96 BILLION

TOTAL # LOANS:                 78,075 

OVER $14 BILLION REMAINS TO

SERVE RURAL HOMEBUYERS! 

Related article:

Thanks for reading.  Interested?  More information?  Contact me today!


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