RALEIGH NC - New Home Sales Rise

Raleigh NC - New home sales rise according to Builder Local Market an On-Line Newsletter for local Builders.
Good news for our local Triangle Real Estate Market.  While home building has stopped in most parts of the country the Raleigh NC
market which included the ever popular Cary is growing.

Why?  We have thriving business base, Research Triangle Park, multiple large universities (NCSU, UNC, DUKE), and a growing Downtown, and quality schools.  This formula has made the Triangle a destination for families.

Market Share of Home Sales   In the Raleigh, NC market new home sales grew year-over-year in October, and the percentage hike was greater than September 2011, giving hints of improving market conditions. New home sales saw a hike of 15.9% from the year earlier to 371. This came after a 7.7% rise year-over-year in September. A total of 4,060 new homes were sold during the 12 months that ended in October, up from 4,009 for the year that ended in September. Of 1,152 total sales, 371 were of new homes. This is a surge from 28.2% of sales a year earlier. Sales of new and existing homes rose year-over-year in October after also rising in September year-over-year.

Pricing and Mortgage Trends The average per-unit price of new homes increased in October to $264,033, up by 1.3% from a year earlier. This is a reversal from the 2.0% decline in September from a year earlier. For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. In October 2011, there was a 9.2% decline in the average mortgage size on new homes to $222,679. Average mortgage size slid 11.7% in September 2011 from a year earlier. Of the overall sale price, the percentage that was being financed slipped 9.7 percentage points year-over-year to 84.3% in October 2011.

Finish reading this article and see an additional 15 charts and graphs on Raleigh-Cary, NC.

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Raleigh NC - New Home Sales Rise  was first published on CaryRealEstateBlogger.com  - a Blog by Linda Lohman

CARY NC Homes for Sale - Stats and Data - December 2011

Cary NC homes for sale are still stable.  The number of home for this time of year are expectedly low.  Inventory of homes for sale through the Holiday Season is always light.  Sales light too.
We are looking forward to an active spring season in Cary NC.  Sellers can expect to break even.  While Buyers can still expect to be in the "driver's seat".  

The Cary NC market continues to be a "price war and a beauty contest".  Meaning Sellers should, pre-inspect, make their home as desirable as possible, and price competitively.  Buyers are being very particular.

This summer I showed one Buyer 76 homes, another 62.  Buyers are eliminating homes because of smells, carpet color, and minor repairs.

CARY NC Homes for Sale - Stats and Data - December 2010   

was first published on CaryRealEtateBlogger.com - a Blog by Linda Lohman

 

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CARY  NC  Average Appreciation by Subdivision

CARY NC Average Appreciation by Subdivision looks like age is selling.  Its no surprise MacGregor Downs is "selling like hotcakes" as we say down south.  It was the first country club community in Cary NC.  It has aged gracefully over the years and folks are seeing its beauty and making renovations.

The same can be said for many of the other neighborhoods that are the top contenders in the area.  Cary is truly a community full of neighbors.  We are beginning to see a trend of original residents  downsizing after their kids have left for college.  This area went through a huge growth spurt in the mid-90's and those kids are now college-age and their parent are empty nesters with homes that are too big.

The chart below also shows the dominance of the $150-300,000 price point in our market.  Resonable housing makes Cary very attractive to those working in Research Triangle Park.

Average Appreciation CARY/APEX/MORRISVILLE PUD/SUBDIVISION Avg Years Avg PPY # of sales Avg Price MACGREGOR DOWNS 10 4.69% 13 $474,885 SILVERTON 7 2.72% 18 $201,000 OXXFORD HUNT 6 2.57% 28 $223,214 KILDAIRE FARMS 10 2.42% 74 $164,243 SPRINGBROOKE 6 2.4% 10 $224,950 MACARTHUR PARK 11 2.36% 11 $305,045 PEARSON FARMS 8 2.36% 11 $251,273 WALDEN CREEK 8 2.11% 18 $271,667 EDGEHILL FARMS 9 2.08% 12 $143,625 HOMESTEAD PARK 8 1.93% 15 $151,800 PRESTON 13 1.93% 15 $409,833 REGENCY PARK 8 1.89% 36 $576,083 RIGGSBEE FARM 7 1.85% 13 $367,769 WESTON POINTE 9 1.8% 10 $348,350 PERRY FARMS 7 1.7% 10 $180,100 SUNSET HILLS-APEX 7 1.67% 18 $161,194 HERITAGE PINES 6 1.64% 14 $273,536 SCOTTISH HILLS 12 1.62% 21 $197,095 SCOTTS MILL 6 1.58% 40 $240,325 PARK VILLAGE 7 1.48% 23 $220,957 UPCHURCH FARMS 4 1.46% 13 $272,577 WATERFORD GREEN 6 1.4% 10 $270,700 BRECKENRIDGE 7 1.25% 55 $200,764 KELLY WEST 6 1.2% 10 $217,850 CAMERON PARK-APEX 6 1.1% 10 $286,400 ABBINGTON 7 1.08% 12 $418,542 WELLSLEY 9 1% 11 $350,364 PRESTON 7 0.98% 58 $409,664 HAMLET IN THE PARK 5 0.92% 12 $144,583 CARPENTER PARK 6 0.91% 11 $161,500 Area Averages 8 1.80% 612 $270,663

 

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CARY NC  Average Appreciation by Subdivision was first published on CaryRealEstateBlogger.com by Linda Lohman

CARY NC  Housing Stats and Trends Februaby 2010-2011

CARY NC Housing Stats and Trends February 2010-2011 shows PENDING sales are up 15% over last month.  That's great news!  That means our Spring Market is in full swing.
Next month the 15% PENDING will turn in to 15% SOLD.  Our 6% increase in inventory will quicky turn to an increase in sales.  

Our Spring Market generally starts mid-February and is full swing my mid-March and is crazed until end of June, if were lucky until July.  This year if want to sell pricing must be close, if not at market.  Sellers are motivates and Buyers are being particular.  One issue to be aware of, Buyers from depressed markets are looking for deals, no matter what the numbers say!


 


CARY NC Housing Stats and Trends February 2010-2011 was first published on CaryRealEstateBlogger.com - blog by Linda Lohman

CARY NC  Single Family Homes from $400-300,000

CARY NC  Single family homes from $400-300,000 are the "sweet spot" of our market.  We have an abundance of inventory in this price point.  National builders and local custom builders have numerous floor plans to offer home buyers.

Single family home amenities in this price range include 2 car garages, 1/4 -1/5 acre, 4 bedrooms and a bonus room, usually a community pool.  Community Pools are not unique, however they are abundant in our area. Most communities have a pool, tennis courts, play area, and the lucky ones access to the County Greenway.  A community pool offers a unique social aspect to the neighborhood, not to mention a swim team.  

Neighborhoods compete against each other throughout the summer.  It truly is a wonder outlet outlet for the kids both physically and socially.  Years later in High School the kids remember each other from thier years on opposing teams.

Cary NC Single Family Homes from $400-300,000:

Amberly

Carolina Preserve

Carpenter Village

Cary Park

Devereaux

Highcroft

Lochmere

Preston

Rigsbee Farm

Twin Lakes

Upchurch Farms

Weatherstone

Wellsley

 

 

 

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Cary NC Single Family Homes from $400-300,000 was first published on CaryRealEstateBlogger.com -a blog by Linda Lohman

CARY NC What is a Due Diligence Fee?

CARY NC What is a Due Diligence Fee?  The state of North Carolina recently adopted a Due Diligence Contract.  Basically the buyer fully inspects the home before committing.

My experience has been that both Buyers and Seller are having had difficulty with the concept of a Due Diligence fee.

 

So what is a Due Diligence fee?

 

The contract states:

A negotiated amount, if any paid by Buyer to Seller with this Contract for Buyer’s right to conduct Due Diligence during the Due Diligence Period. It shall be the property of the Seller upon the Effective Date and shall be a credit to Buyer at Closing.

In southern terms:

The agent and clients negotiate a small amount of funds, usually about $100-300, depending on the value of the home. A check is written to the Seller from the Buyer.  The Buyer has a negotiated number of days to investigate the property.  If the Buyer decides to buy, the Due Diligence funds are credited at closing.  If the Buyer decides not to buy the Seller keeps the Due Diligence funds.  The home remains ON the market during the Due Diligence period.  It is marketed in the MLS as “Active-Due Diligence”.

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CARY NC What is a Due Diligence Fee? was first published on CaryRealEstateBlogger.com – a blog by Linda Lohman

 

 

 

CARY NC Is Pricing AT Market Value a Good or Bad Thing?

CARY NC  Is pricing at market value a good or bad thing?  I've been asking myself this because of the events of the past week.

Scenario:

I have a client for a depressed real estate market, who lost money on the sale of their home.  They are relocating to the Cary area where our market has remained fairly stable.  

Over the past two years our market has seen prices slip and days on market rise.  Sellers are frustrated.  Agents are hearing their frustration and are suggesting pricing homes AT market value.  Sellers are trading profit for a quick sale.

For Example:  

If a neighborhood is listing for an average of $107 per square foot.  Selling at an average of $95 per square foot, then list the home for $95/sq ft.

Agents brave enough to do so are seeing multiple offers in a few short days.  Yes, you heard me MULTIPLE OFFERS.  Boy that's something we haven't heard since, 2007.  

Problem:  

Buyers coming from depressed markets refuse to listen to the numbers and make adequate offers.  They lost money and no one is getting anywhere close to full price, even if it is market value.  I have a buyer who has lost two awesome homes because of this attitude.

Is it understandable? YES!

I tried to tell him that he is attracted to these AT market priced homes because of their great price.  Just like current gas prices, drivers will head to BJ's or Sam's Club to by gas at a discount instead of purchasing at the corner station.  Simple economics:  Everything else being equal, the lower price will sell first.

So I ask once again, Is pricing AT market value a good or bad thing?  


CARY NC  Is Pricing AT Market Value a Good or Bad thing?  was first published on CaryRealEstateBlogger.com  - a blog by Linda Lohman

CARY NC   Housing Trends and Stats - Jan 2010-2011

CARY NC   Housing trends and stats - Jan 2010-2011 are in and need some tranlation.  Is the market down form last year at this time?  Yes, BUT...2010 was an unusual year that will forever be skewed because of the Federal Tax Credit.  The $8000 tax credit truly did stimulate buyers that had been on the fence for a long time.

This year as we head toward our spring market the housing trends are predicted to trend upward.  Real Estate offices all around Cary are seeing an upswing in activity rivaling past that of last year.  Agents are gearig up for a strong spring market even without the assistance of the Federal Tax Credit.

It's an awesome time to buy! Sellers are realistic and willing to work with savvy buyers.

What does it take to buy or sell in the Cary NC area market?  Let me schedule a consultation for you!  
Linda Lohman 919-454-6720
LLohman@FMrealty.com

Are you looking for a REALTOR that is:

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CARY NC Housing Trends and Stats - Jan 2010-2011  was first published on CaryRealEstateBlogger.com - a blog by Linda Lohman

Cary NC   Housing Trends and Stats - DECEMBER 2009-2010

Cary NC Housing Trends and Stats -DECEMBER 2009-2010 is showing a steady market ready for a spring surge.  Homes SOLD in Cary NC for one year ago December are a statistically even.  This is really good news considering 2009 was driven by the $8000 Federal Tax Credit.  December held its own.  
The energy in the market is pointing to home sales increasing throughout the spring.  Cary is leading Wake County in single family building permits and has seen a 3% population growth.  Did I mention Cary also boasts the low unemployment rate of 7.2%.

Looking to a home in 2011?  I'll show you the deals!  





Are you looking for a REALTOR that is:

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• has lived in the area for over 15 years
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Cary NC Housing Trends and Stats-DECEMBER 2009-2010  was first published on CaryRealEstateBlogger.com- a blog by Linda Lohman

Cary NC Housing Trends and Stats DEC '09-DEC'10

Cary NC Housing Trends and Stats DEC '09 - DEC '10 at first glance looks a bit bleak, however let's not forget that in 2010 we had the Federal Tax Credit for motivation.  That tax credit motivated numerous first-time home buyers.  Homes in the $250,000 and below sold like snow shovels during the season's first snow.  (Couldn't help the Winter analogy, it's 28* and icy as I write this report.)

At a recent area Housing Trends seminars  The experts agreed that Cary NC market will continue to recover in 2011 even without a Federal Tax Credit. Our job market is strong, corporate relocation continue, and RTP is still attracting high-tech and biomedical companies.

Considering a move in the Cary NC area then Discover Cary at www.CaryRealEstateBlogger.com


 

Are you looking for a REALTOR that is:

• a former teacher that knows the schools system
  
• has lived in the area for over 15 years
• has the expertise to get the job done?

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  Cary NC Housing Trends and Stats DEC '09 - DEC '10 was first published on www.CaryRealEstateBlogger.com - a blog by Linda Lohman