Triangle Real Estate – Forecast for 2008
Posted by Cary_Agent
Before we look at our the local Triangle Real Estate Market (Raleigh, Cary, Durham, Chapel Hill & Durham) for 2008, lets take a quick look at what’s going on nationally.In 2007 Home prices across the nation (5-10%) The consensus of expert opinion believes 2008 will mark a bottoming out of declines nationally.
Nationally, mortgage rates will embark on a volatile roller coaster ride. Rates are predicted to move sharply up and down for 2008 with the bottom around 5.25% and the top around 7.00% for 30 year fixed home financing. Locally, the triangle real estate market has slowed down some, though homes priced 175k to 450k are selling briskly. Here we have only a 3 month supply of homes in this range and the average “time on the market is 76 days.
The luxury home market (450k & up) in the triangle is a completely different story. There is currently an 11 month supply of luxury homes on the market. This luxury home market is soft right now and is decidedly a buyer’s market. Luxury homes are selling for an average of 89% of list price (compared to medium income homes at 97%).
THE BIG NEWS: right now in the triangle, new home construction is remarkable affordable. Typically new construction is 15 to 30% more than comparable re-sale homes. Currently New construction is on par with re-sale prices.Locally, job growth has slowed from 5% to 2% and this has stalled demand for homes and builders are really hurting. They are offering steep discounts to just keep afloat, in some cases. This is an unique situation and I don’t expect it to last much longer.
To summarize, if you’re in the market to upgrade to a new home in the triangle, this is fantastic time to do it. Rates are very low (5.5% 30Yr. Fixed) and new home construction is truly a bargain.
Cary Real Estate10 Questions to Ask a Home Inspector
Posted by Cary_Agent
When looking for a home inspector it is best to be prepared with questions that you want to ask them. You want to make sure that they are qualified to do the job right. Home inspections are necessary for the purchase of the house, as well as deciding the price so you want to make sure you have a reputable professional that you are dealing with.
Here are 10 questions to help you get started:
1. What kind of qualifications do you have? Are you a member of the American Society of Home Inspectors or the National Association of Home Inspectors?
2. Are you currently licensed in the state of North Carolina? Are you required to be licensed in this state?
3. How many inspections do you do each year, and are they similar to this house?
4. Can you provide references?
5. Do you have professional errors and omission insurance that I can have a copy of?
6. Do you provide a guarantee of any kind?
7. What will the inspection cover?
8. What type of report is produced after the inspection and how long will it take?
9. How long will the inspection take?
10. What are the costs involved in the inspection?
Buyer tips Home Inspection Real Estate5 Reasons You Need a REALTOR®
Posted by Cary_Agent
1. Real estate transactions can be very complicated. There is a lot of paperwork involved that you may not have knowledge of such as disclosure forms, inspection reports, insurance policies, deeds, mortgage documents, and multi-page government mandated settlement statements. A realtor can be a very knowledgeable guide to avoid the complexity of all these transactions. 
2. Even in this strong market, selling or buying a home can be very time consuming. Many homes stay on the market for many days or even months. It also takes an additional 60 days or so for the transaction to close after an offer is accepted.
3. The language of real estate is complex and difficult to understand if you have no experience. If you don’t know what a CMA or a PUD is then you can understand why it is important to work with someone who does.
4. REALTORS® have done it all before whereas you may have just bought and sold a house just a few times in your life. Also, because there are a few years in between each you may not be aware of new laws and regulations. Having an expert on your side to update you on these laws is crucial when you are making the biggest purchase of your life.
5. REALTORS® provide objectivity when you might not have any. A home purchase is often more than just four walls and the roof to you. It symbolizes family and security. It is more emotional for you whereas a third party such as a realtor can look at everything objectively and keep you focused on the business side of the deal.
Buyer tips