Durham, Chapel Hill Home Sales Led Triangle in February

Real Estate Inc. Report: Durham, Chapel Hill home sales led in growth of Triangle in February

With spring and summer buying season around the corner, Raleigh, Durham, Chapel Hill home sales in the Triangle are revving up earlier than usual.

Homes sales in February were up 11 percent compared to the year prior with 2,047 homes sales recorded within the the 16-county region tracked by Triangle Multiple Listing Service.

It was the strongest February sales month since 2008.

The bulk of the new home sales growth was in Durham and Orange counties where 275 homes and 92 homes sold in the month, respectively. For Durham, it was a 34 percent increase over the year prior. For Orange County, it was an 18 percent increase over the year prior.

Home sales in Wake County, where more than half of the region’s home sales occur, was up 4 percent with 1,098 homes sold in February.

The price of new and existing homes sold in the Triangle also continues to escalate with the change in median sales price up 9.4 percent to around $216,450 in February and the change in average price up 6 percent to $252,342.

That will probably be the lowest price rates of the year, though, since January and February are usually among the slowest sales months of the year. In 2015, the median sales price for a home sold in the Triangle peaked at around $231,000 in June. The average home price for that month almost topped $270,000.

At the same time, the inventory of homes listed for sale in the Triangle is still way below normal with only a 2.8-month supply of inventory available in February, according to MLS, meaning that potential buyers have fewer options from which to choose.

Amanda Hoyle covers commercial and residential real estate for Triangle Business Journal. Follow her on Twitter @TBJrealestate

If you are considering a relocation to the Raleigh, Durham, Chapel Hill, Triangle area of North Carolina, consider using an Exclusive Buyers Agent. One who will have only your interests, needs and desires in mind. Exclusive Buyer Only Agents never take listings or work for a listing company, therefore, no conflict of interest can occur. FOR HomeBUYERS has represented Home Buyers exclusively since 1991 and pioneered Exclusive Buyer Representation in Wake County.
To contact us call or text 919-219-9878 today for a no obligation private consultation about our services. You may email Allen@ForHomeBuyers.com.

 

Raleigh-Durham is No. 4 ‘Best Places to Live’

The Raleigh-Durham area is No. 4 on U.S. News’ 2016 “Best Places to Live.”

Rankings of the 100 most populous U.S. cities, released Wednesday, are based on five factors: job market, value, quality of life, desirability and net migration. Data was derived from the U.S. Census Bureau, the FBI, the Bureau of Labor Statistics, previous U.S. News rankings on best schools and best hospitals, and a public survey of “thousands” of individuals across the U.S.

The Raleigh-Durham area is No. 4 on U.S. News’ 2016 “Best Places to Live.”

Raleigh-Durham’s highest scores are in desirability and net migration.

About two-thirds of the U.S. population resides in one of the metro areas on the list. The top five “best places” are Denver; Austin, Texas; Fayetteville, Arkansas; Raleigh; and Colorado Springs, Colorado.

Rebecca Troyer manages the day-to-day process of delivering the daily digital content and the weekly print edition. Troyer also handles inquiries on news coverage and newspaper deadlines. triangle/bio/17801/Rebecca+TroyerRebecca Troyer Managing EditorTriangle Business Journal.

If you are considering a relocation to the Raleigh-Durham-Triangle area of North Carolina, consider using an Exclusive Buyers Agent. One who will have only your interests, needs and desires in mind. Exclusive Buyer Only Agents never take listings or work for a listing company, therefore, no conflict of interest can occur. FOR HomeBUYERS has represented Home Buyers exclusively since 1991 and pioneered Exclusive Buyer Representation in Wake County.
To contact us call or text 919-219-9878 today for a no obligation private consultation about our services.

Wake County, NC is No. 8 for Millennial Home Buyers

Report: Wake County among top 10 national markets for prospective Millennial homebuyers

Wake County is one of the top 10 markets where Millennials are most likely to purchase homes in the next six months, according to a new report by real estate and financial research firm CoreLogic.

It is no surprise that Wake County, NC is No.8 for Millennial home buyers. Wake County includes some of the most desirable neighborhoods in NC: Raleigh, Cary, Apex, Morrisville, Wake Forest in North Carolina. All of these towns are conveniently located near Research Triangle Park which is an area for jobs, especially in the high tech fields.

“Markets that have a lower unemployment rate, lower foreclosures/delinquency rates and a higher year-over-year GDP increase are the most attractive to this younger demographic,” writes CoreLogic.

The report notes a shift from where Millennials are currently buying, “from cheaper areas that border the improving counties to the heart of the improving counties in which the housing market is more expensive.”

The top 10 markets for Millennials in the next six months:

  1. Douglas County, Colorado
  2. Prince William County, Virginia
  3. Fairfax County, Virginia
  4. Loudoun County, Virginia
  5. Hamilton County, Indiana
  6. Forsyth County, Georgia
  7. Placer County, California
  8. Wake County, North Carolina
  9. Boulder County, Colorado
  10. Williamson County, Tennessee

Rebecca Troyer manages the day-to-day process of delivering the daily digital content and the weekly print edition for the Triangle Business Journal.

If you are considering a relocation to the Raleigh-Triangle area of North Carolina, consider using an Exclusive Buyers Agent. One who will have only your interests, needs and desires in mind. Exclusive Buyer Only agents never take listings or work for a listing company, therefore, no conflict of interest can occur. FOR HomeBUYERS has represented Home Buyers exclusively since 1991 and pioneered Exclusive Buyer Representation in Wake County. To contact us call or text 919-219-9878 today for a no obligation private consultation about our services.

Hottest Neighborhoods with Homes for Sale in Raleigh & Cary

That these three neighborhoods have been chosen as the hottest neighborhoods comes as no surprise to FOR HomeBUYERS, an exclusive Buyer Only Agency. We have shown and helped many Buyers purchase homes in these communities. The locations, the amenities, the schools and much more are very appealing to families and singles alike. For more detailed information or to preview homes for s in any of these neighborhoods contact us at 919-219-9878.

Cary Park, Umstead and Stonehenge are the hottest neighborhoods in the Raleigh-Cary market, according to real estate data and brokerage company Redfin.

Redfin’s predictions of the three hottest residential areas in each of the largest U.S. metros are based purely on the number of clicks and marked “favorites” by interested visitors to its website.

In Cary Park, located in the 27519 ZIP code in west Cary, the median sale price is $245,000, the median number of days on the market is 21 and the average percentage of sale-to-list price is 98.1 percent.

In Umstead, located in the Brier Creek area of west Raleigh, primarily in the 27617 ZIP code, the median sale price is $243,400, the median number of days on the market is 19 and the average percentage of sale-to-list price is 98.7 percent.

In Stonehenge, located in the 27613 ZIP code off Creedmoor Road in north Raleigh, the median sale price is $293,500, the median number of days on the market is 13 and the average percentage of sale-to-list price is 98.6 percent.

Rebecca Troyer manages the day-to-day process of delivering the daily digital content and the weekly print edition for Triangle Business Journal. Troyer also handles inquiries on news coverage and newspaper deadlines.

http://newsleads.bizjournals.com/profile?mkt=triangle&id=3311142&

 

Pulte, Triangle, NC’s, Largest Builder Just Got Bigger

As one of the largest Raleigh-Triangle-NC home builders, FOR HomeBUYERS, an Exclusive Buyer Agency, has sold many of this Builder’s New Home Construction. We are very familiar with their procedures and building methods.

When visiting a New Home Building Site, it is important to know the person with whom you are talking is working for the Builder NOT You. Therefore, it is imperative that you bring your own Buyer’s Agent when you visit with the intention of building or buying one of their new homes.

PulteGroup Inc. (NYSE: PHM) in January finalized its acquisition of about 7,000 new homes and home lots owned by move-up builder John Wieland Homes in five Southeastern metro areas, including the Triangle, in a deal that was valued at more than $430 million.

For the Triangle, the acquisition means that Pulte Homes has added 700 more home lots and land parcels owned by John Wieland Homes in Wake County at a value of more than $34.9 million, according to a review of county deed records. Sales data for the company’s lot acquisitions in Chapel Hill was not yet available.

Atlanta-based John Wieland Homes has been actively building in five neighborhood communities in Wake County, including two neighborhoods at Traditions at Wake Forest, another in Holding Village in Wake Forest, Woodcreek in Holly Springs, River Run in Raleigh and another at South Grove in Chapel Hill.

A spokeswoman for Pulte says the John Wieland sales and operations office in Morrisville remains open and staffed by John Wieland employees, and that the brand will continue to be used in many of Pulte’s high-end communities that were part of the acquisition.

PulteGroup ranked as the largest home building company in the Triangle in 2014 with nearly $170 million in sales, according to Triangle Business Journal’s 2016 Book of Lists. John Wieland Homes did not respond to requests for annual report numbers from TBJ’s research team.

Amanda Hoyle covers commercial and residential real estate for Triangle Business Journal. Follow her on Twitter @TBJrealestate

 

Triangle Real Estate Inventory Low – Good Sellers’ Market

Triangle home sales edged up 1 percent in January but the market continues to give little indication that inventory levels are finally poised to rise.

There were 6,018 homes on the market in Durham, Johnston, Orange and Wake counties at the end of January, down 12 percent from the same period a year ago, Triangle Multiple Listing Services data show. The number of existing homes on the market declined 17 percent, while the number of new homes for sale increased 3 percent.

January was the sixth consecutive month that the Triangle inventory levels declined on a year-over-year basis.

“Inventory’s just very, very tight,” said Frank DeRonja, owner of Frank DeRonja Real Estate in Raleigh. “The list of people who are looking, for me and my folks, is getting longer and longer. There are buyers out there who are just waiting for the houses to come.”

DeRonja said multiple offers on properties in desirable neighborhoods of the Triangle have become fairly commonplace. He’s even started to see more backup offers, where a seller negotiates a second contract with a second buyer in case something happens and the primary deal falls through.

“It’s great for the sellers, but the sellers may or may not let the primary contract know that they’ve got a backup,” he said. “It gives the seller a lot of leverage in negotiating repairs and the contract-to-close.”

“The reality of it is I can only imagine we will see more of this unless there’s a huge influx of listings coming on the market.”

Agents hope that rising home prices will eventually entice more owners to list their properties for sale, though some assumed that would have happened by now. Many homeowners who bought during the boom have yet to see prices recover enough to where they can sell.

The average sales price of the homes that sold in January was $244,000, down from $250,000 during the same period in 2014.

As expected, showings began to pick up in January as the spring selling season gets closer. Showings were up 14 percent in January compared with January 2014, and up 58 percent compared with the prior month.

FOR HomeBUYERS, a Triangle Real Estate Exclusive Buyer Agency, will be happy to answer any questions about the homes for sale in the Raleigh, Durham, Chapel Hill Real Estate market. Call us at 919-878-1110 or text 919-219-9878.

Triangle home sales rise 4% in 2014, but inventory levels keep falling

The Triangle residential real estate industry enters 2015 facing the same question it faced at the beginning of last year.  Will this be the year when a substantial number of homeowners finally put their homes on the market?

 

The 2014 Triangle home sales ended with just 6,145 homes for sale, a 7 percent decline from the end of the previous year, Triangle Multiple Listing Services data show. Inventory levels are now 43 percent below the record high reached in June 2010.

There has been some modest appreciation two or three years in a row, which hopefully will bring more sellers into the market and increase inventory levels.

The average sales price of the homes that sold last year was $255,900, a 4 percent increase over sales in 2013, according to MLS. According to data analysis provider CoreLogic, home prices increased 3.7 percent in November in Raleigh but fell 2.2 percent in the Durham-Chapel Hill area compared with the same period last year.

That inventory levels have remained so low for so long is a sign that many homeowners who bought during the boom have yet to see prices recover enough to where they can sell. The levels also reflect the current rate of new home construction, which has picked up in the Triangle but remains below previous levels.

Buyers’ preferences in the years since the housing bust have also shifted, with many now expecting homes to be “move-in ready.” Many sellers are reluctant to spend the tens of thousands of dollars needed to update their homes.

Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents, said the health of the region’s housing market – and its inventory levels – will be tied to job growth.

Home sales spiked 24 percent in 2013, but that surge appeared to be tied to pent-up demand, as it occurred despite there being no significant increase in new jobs. In 2014, the market leveled off, with sales rising 4 percent last year.

Anfindsen has a hard time seeing where the Triangle’s additional inventory will come from this year, which means the strange dynamic now playing out in the housing market may be here to stay for a bit longer.

With competition being so strong for the homes that are on the market, it is important that you have the best representation when competing to purchase your new home. FOR HomeBUYERS can help your negotiation position because we are on your side 100% and will not convey any of your confidential information during negotiations that could compromise your chances of getting the best price and conditions. If you are working with a buyer’s agent in a listing company and especially if the home is with the same company that has the home listed your confidentiality could be compromised. As Exclusive Buyer’s Agents, FOR HomeBUYERS has no conflict of interest and are working only for you.

 

 

Mortgage Market Guide Weekly Report for week of September 15

In housing news, the National Association of Home Builders report

This report is provided to you by FOR HomeBUYERS, an Exclusive Buyer only real estate agency. We feel it is important for you, the Buyer, to understand the broad financial picture before you purchase a home and to assist in making your decision to move forward with your purchase. It is hoped you find this article helpful.

The Fed pulled no punches after its regularly scheduled meeting of the Federal Open Market Committee, once again tapering its big Bond-purchase program. The Fed will now purchase $5 billion in Mortgage Backed Securities and $10 billion in Treasury securities each month, which is down from the $85 billion in purchases the Fed was making each month when the program first began. The Fed is expected to fully wind down the program at the end of October, and the question remains: How will home loan rates, which are tied to Mortgage Bonds, be impacted?

In housing news, the National Association of Home Builders reported that its Housing Market Index rose by four points in September to 59, its highest level since November 2005. The index measures home builder confidence in the newly built single home sector of the market, so this is a good sign for the housing industry. However, on a disappointing note, both Housing Starts and Building Permits declined in August from the previous month.

Also of importance—inflation at both the wholesale and consumer levels remains tame, as evidenced by the Producer Price Index and Consumer Price Index, respectively. This news is friendly to Bonds (and also to home loan rates), as inflation reduces the value of fixed investments like Bonds and any hint of inflation can cause Bonds and home loan rates to worsen.

The bottom line is that home loan rates remain near some of their best levels of the year, and now is a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.

Christofer Roberts
Senior Mortgage Loan Officer
Regions Mortgage
Office: 919-784-8268
Cell: 919-434-4190
E-Mail: chris.roberts@regions.com
Website: www.regionsmortgage.com/chrisroberts

Triangle MLS August Home Sales Report

Monthly Indicators for August 2014

This report is brought to you by FOR HomeBUYERS, an Exclusive Buyer Only Real Estate Agency. Call us if you would like to view any of the homes you might find on TMLS or any home you find in the Triangle area at 919-878-1110.

Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it’s been so long since we’ve seen one that we’re watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months’ supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.

New Listings in the Triangle region decreased 4.8 percent to 3,579. Pending Sales were up 3.2 percent to 2,846. Inventory levels fell 1.9 percent to 14,029 units.

Prices were fairly stable. The Median Sales Price decreased 0.4 percent to $207,205. Days on Market was up 2.2 percent to 94 days. Sellers were encouraged as Months Supply of Inventory was down 8.4 percent to 5.6 months.

Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it’s encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.

Click here to access the TMLS Monthly Indicators report for August 2014.