Status of the Raleigh, Triangle NC Real Estate Market

The Real Estate market today in the Triangle of North Carolina is very competitive. By the time the listing shows in MLS it is already sold. In other cases, the listing agents are putting homes in the MLS but not allowing showings for several days. When the day arrives, buyers are lined up down the street to get into the property. This, of course, is good for the sellers because it is creating a bidding war driving prices up higher than the list price. It is one of the most competitive markets FOR HomeBUYERS has ever experienced making it very difficult for our home buyers.

Inventory is very tight. New construction is priced over $400K almost exclusively. Lower priced resale homes are just not going on the market as fast as in the past, possibly because the move up price range is out of reach.

It is a Seller’s world in the Raleigh real estate market and throughout the Triangle of North Carolina.

For more information or assistance with purchasing a home text or call Allen Shaver at 919-219-9878.

Raleigh in Top Ten Cities for First-Time Homebuyers

Nick Wallace, Mar 18, 2015, Smart Asset
As we move into spring, many potential first-time homebuyers will be eyeing their local housing market and trying to decide if now is the time to make the leap to homeownership. For most, it is the financial decision of a lifetime—a home, after all, is not only a place to live, but a significant investment in the sometimes volatile housing market. New homeowners, who usually have shorter credit histories, smaller savings accounts and lower incomes, need to be especially sure that they are making a good decision.
Among the most important factors to consider when buying a first home, however, is location. Some markets provide the affordability, accessibility and stability that are so important for new entrants into the housing market, while others may be too risky or too expensive for first-time homebuyers.

The Raleigh real estate market which also encompasses Cary, Apex, Holly Springs, Wake Forest, Morrisville, Knightdale and Garner, NC has not only affordability but a very high quality of life, an abundance of jobs, good schools and universities and medical facilities. Raleigh First time home buyers have a relatively easy time in the Raleigh real estate market acquiring a loan to purchase their first home. FOR HomeBUYERS Realtors specialize in working with first time home buyers and spend time educating the buyer on the things to look for and the things to avoid when purchasing a new home. Contact Us at 919-878-1110 to learn how an Exclusive Buyer Agent will guide and protect you throughout the home buying process.

Raleigh placed #10 on the Top Ten List. To view the methodology and the list of Top Ten Cities for First-Time Homebuyers visit: https://smartasset.com/mortgage/top-ten-cities-first-time-homebuyers

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.

How to Begin your Home Search in Raleigh, Durham or Chapel Hill, NC

The best approach to finding a new home for sale in the Triangle NC Area

First try to narrow down the location you wish to live in. The areas within the Triangle Area of North Carolina are quite different in many respects and even within the county itself. Wake County has several very desirable communities but each may have its unique appeal to the different home buyers. Your realtor can be helpful in guiding you to the community that best fits your need.

You should already know your price range, so you might begin searching homes in the price range and location on the internet. You may want to drive by some of the homes before asking your Real Estate Agent to show you the homes, as pictures can be deceiving.

Be sure to look at several homes to make comparisons before making your final decision. If you fall in love with the first home you see, still view several others to be sure. Different areas may give you more home for your money, so you may want to broaden your location requirements.

First time buyers are many times surprised and disappointed in the amount of house you can get for your money. As first time home buyers, don’t expect to find your ultimate “dream home.” Your first home may need to be a starter home. If you are picturing your “dream” home you may have a difficult time finding a home. Your Agent can be a great help in advising you on the realities of the current Real Estate Market and what you might find in your price range.

If you are beginning to think about a new home as a first time home buyer or if you are considering a relocation to the Raleigh, Durham, Chapel Hill /Triangle Area of North Carolina, FOR HomeBUYERS offers a no obligation consultation in which they will explain the benefits of Exclusive Buyer Representation, evaluate your needs and guide you to the areas in the Triangle that might best fit your needs and desires, and show you homes that are for sale in those areas.

Call today 919-878-1110 and speak with Allen Shaver, Broker- in-charge, to schedule your no obligation consultation

Forbes names Raleigh No. 1 city in US for attracting families

Raleigh is the No. 1 city in the U.S. for attracting families, according to a recent analysis by Forbes.

The rankings are based on demographic data on the increase in the number of children aged 5 to 14 and the number of children aged 5-14 per capita.

“We picked this age range because it encompasses when parents often move due to such issues as school quality, the cost of housing and long-term economic security,” Forbes says.

The top 10 “Baby Boomtowns” are as follows:

  1. Raleigh
  2. Austin
  3. Las Vegas
  4. Charlotte
  5. Phoenix
  6. Dallas-Fort Worth
  7. Atlanta
  8. Houston
  9. Nashville
  10. Orlando

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

 

FOR HomeBUYERS’ comment: The entire Triangle area of North Carolina is a very family friendly area. The quality of living in Cary, Wake Forest, Apex, Chapel Hill an addition to Raleigh are great places to raise a family.

Relocating to the Triangle Area and the capital of North Carolina is a very positive move for any family. The job opportunities and educational experiences are very beneficial to anyone planning a relocation to Raleigh area.

For assistance in purchasing a home in this area, call FOR HomeBUYERS at 919-878-1110 and receive 100% buyer representation from an Exclusive Buyer Agency who has been representing Only Buyers since 1991.

Durham is #6 of the top 10 cheapest cities to live in according to Kiplinger

Durham is one of the “10 cheapest cities you’ll want to live in,” according to a recent report by Kiplinger.

The rankings are based on below-average living costs, high household incomes relative to the cost of living, an unemployment rate below the national average and access to fun, low-cost things to do. Only U.S. cities with populations of 50,000 or more are ranked.

Here are the top 10 most inexpensive (and desirable) cities, ranked according to median household income:

  1. Round Rock, Texas
  2. Cedar Rapids, Iowa
  3. Temple, Texas
  4. Lincoln, Nebraska
  5. Norman, Oklahoma
  6. Durham
  7. Denton, Texas
  8. St. George, Utah
  9. Corpus Christi, Texas
  10. Omaha, Nebraska

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

 

FOR HomeBUYERS’ comment: Relocating to Durham or anywhere in the Triangle Area and the capital of North Carolina is a very positive move for any family. The job opportunities and educational experiences are very beneficial to anyone planning a relocation to the Durham, North Carolina area.

For assistance in purchasing a home in this area, call FOR HomeBUYERS at 919-878-1110 and receive 100% buyer representation from an Exclusive Buyer Agency who has been representing Only Buyers since 1991.

Triangle Home Sales Up 1 percent in July 2014

Through the first seven months of the year, home sales in Durham, Johnston, Orange and Wake counties are up 2 percent compared with the same period last year, Triangle Multiple Listing Services data show. By comparison, home sales surged 24 percent last year.

Triangle home sales inched up 1 percent in July compared with the same period last year, as the housing market continued to level off after experiencing big year-over-year gains in 2013.

Through the first seven months of the year, home sales in Durham, Johnston, Orange and Wake counties are up 2 percent compared with the same period last year, Triangle Multiple Listing Services data show. By comparison, home sales surged 24 percent last year.

Most housing analysts expect the Triangle to post annual sales growth this year in the low single digits as the region is not experiencing the kind of robust job growth needed to sustain such double-digit increases.

“I think we’re going to flat line for the rest of the year,” said Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents. “It will just be 2 percent. We won’t see much movement in these numbers. The market we’ve had for the past six months will be the one we finish up with.”

The number of homes listed for sale continues to rise slowly, increasing 4 percent in July compared with the same month a year ago. The uptick in inventory is being driven largely by new home listings, which were up 23 percent while the number of existing homes on the market declined 1 percent.

The average price of the homes that sold in July was just over $260,000, up 4 percent. The average was the highest for July since 2010.

By David Bracken dbracken@newsobserver.com August 12, 2014

Orange County Housing Market Experienced a Decrease in Sales

Orange was the only one of the four counties that experienced a decrease in closed sales and an increase in both the months of housing supply and the average days on the market of the homes that sold.

The housing market in Orange County continues to struggle compared with other Triangle counties. Orange was the only one of the four counties that experienced a decrease in closed sales and an increase in both the months of housing supply and the average days on the market of the homes that sold.

Closings decreased 13 percent while the supply of homes on the market rose from 3 to 5 months. The average days on the market of the homes that sold rose from 98 days to 115.

A number of factors contribute to the struggles in Orange County, said Lynn Hayes, owner of Lynn Hayes Properties in Carrboro.

The biggest is that places like Chapel Hill and Carrboro now face a lot more competition from the housing markets in places such as Durham and Cary.

“A lot of the younger people are choosing to live in Durham now,” Hayes said. “Durham has so much going on; the whole revitalization of the downtown has really drawn the younger people over there.”

Meanwhile, the opening of the Triangle Expressway extension of Interstate 540 in western Wake has made the commute from Cary to Research Triangle Park much more appealing to buyers.

“The prices in Chapel Hill are so much higher than Cary, you can get so much more house for your money,” Hayes said. “And if you’re coming to work at RTP, then Cary is just as viable an option in terms of commuter time.”

The housing stock in Orange County is also much older than in other places in the Triangle. The average year built of the Orange County homes now listed in MLS is 1987, compared with 2004 in Wake Forest, 2000 in Chatham County and 2000 in northwest Wake County.

“There are still people who want a college town and still want what Chapel Hill and Carrboro has to offer,” Hayes said. “But we have a lot more competition than we did.”

By David Bracken dbracken@newsobserver.com August 12, 2014

 

FOR Home BUYERS is a member of the TMLS and can show you any home listed in the Raleigh, Durham, Chapel Hill, Triangle area of North Carolina. This is one of the strongest home markets in the USA. Our Exclusive Buyer Only Realtors are experiencing the market tightening and a lack of homes for sale on the market. When the market is tight, it is important for you, as a home buyer, to have the best possible representation so that you will be honestly informed and have someone to negotiate who is totally working for you.

Triangle Multiple Listing’s Monthly Indicators for July 2014

Buoyed by stable and continuously lower interest rates, housing affordability is still historically high yet below its all-time peak.

FOR HomeBUYERS, an Exclusive Buyer Only Real Estate Agency, is providing this article from the Triangle Multiple Listing Service that serves 16 counties around the Triangle North Carolina region. FOR HomeBUYERS represents only buyers throughout the 16 county TMLS area and can show you any home listed with TMLS.

Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen. Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak. Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane.
New Listings in the Triangle region increased 6.9 percent to 3,820. Pending Sales were up 5.9 percent to 3,049. Inventory levels fell 0.8 percent to 14,372 units.

Prices forged onward. The Median Sales Price increased 3.1 percent to $210,000. Days on Market was down 5.3 percent to 89 days. Absorption rates improved as Months Supply of Inventory was down 8.9 percent to 5.7 months.

The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the first quarter was less bad than previously thought. Consumer spending in the first quarter rose 2.5 percent, which is encouragingly in tandem with savings rates. Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for downpayments. With rates still low, rents still rising and private job growth accelerating, it’s becoming more and more difficult to side with the housing perma-bears.

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