Wake Forest: A Vibrant Raleigh Suburb
Posted by RealEstate_Guru
Wake Forest is located just north of Raleigh and has a population of about 25,000 people. The town was listed by Forbes Magazine as the 20th fastest growing suburb in the United States. Here’s an example: between the years 2000 and 2006, the population increased by about 73%. The median age in the area is about 33 and the median income is about $66,000. Nearly 90% of the population has completed high school or higher and 43% has a bachelor’s degree of higher. The length of a typical commute to major employment centers is about 30 minutes. The population is divided equally between males and females and 67% of the population is married. 58% of the population owns homes.
The Wake Forest real estate market is quite active. For example, in May 2009, there were over 800 existing homes for sale with a median price of about $310,000. New home prices are slightly higher at about $313,000. A typical home in the region has 3 to 4 bedrooms and 2.5 to 3.5 baths. Square footage is highly variable, but most single family homes homes average from about 2,000 to about 2,800. Prices are highly variable as well, but a home priced in the $200,000s is likely to have 3 to 4 bedrooms with a possible bonus room. Formal dining rooms are common and many have features like French doors and chair rail. Kitchens typically have an eating area and many open to a family room. Expect to find stainless steel appliances and even granite counter tops in this price range. Patios and decks are common as are master suites with vaulted ceilings and garden tubs. All these factors converge to make real estate in Wake Forest both attractive and affordable.
Fuquay Varina: A Great Place to Live
Posted by RealEstate_Guru
Fuquay Varina is a rapidly growing town located just 30 miles from Raleigh, North Carolina. In recent years, the population has doubled, making this community the 26th fastest growing in the state. Fuquay Varina is just a short commute to most of the significant employment centers in the region, including Research Triangle Park. Unlike the city of Raleigh and its sprawling first-ring suburbs, Fuquay Varina still has plenty of open space for young families, professionals and retirees alike. All these factors converge to make Fuquay Varina real estate highly desirable.
The town is located in Wake County and has plenty of educational opportunities for families with children. From pre-school to nearby colleges and universities like Duke and UNC at Chapel Hill, education in the region is top-rate. The public education system is well-regarded and well-funded, making it very attractive. Fuquay Varina has maintained its small-town character while not neglecting to provide amenities, many of which are associated with larger metropolitan areas.
The population of Fuquay Varina is divided equally between males and females. Since the year 2000, the population has increased about 75% but is still under 20,000 residents. The median age is about 33 years and the median income is about $50,000, substantially higher than the North Carolina average. Median home value for real estate in Fuquay Varina is about $160,000, about $5,000 higher than the state as a whole. The median price of a single family home is somewhat higher at about $191,000.
Fuquay Varina hasn’t forgotten its roots, though. Many of the irreplaceable older homes have been lovingly preserved. The town has an attractive melange of structures from the Victorian, Craftsman and Colonial Revival periods. There are also 2 historic districts that are on the national registers of historic homes and commercial structures. There’s even a historic park that contains the town’s historic springs.
Many NC Builders Adopt Traditional Neighborhood Design Philosophy
Posted by RealEstate_Guru
If you’re looking for a home in the southeast US, NC real estate in Cary is highly recomded. More and more developers and builders in this area are adopting a unique and individualized approach to community development. By using a concept known as “traditional neighborhood design,” many subdivisions in the area contain elements that keep their scale and tone approachable and integrated. In such communities, for example, the streets are designed to be walkable as well as driveable. This, along with touches like cozy front porches that harken back to an earlier time when communities were the support and strength of the residents, invites them to mix, mingle and create a unique neighborhood ambience.
Amenities in these communities are located in their centers, rather than on the periphery or near the main entrance. This accessibility encourages residents to make better use of facilities like club houses and swimming pools. Another important aspect of traditional neighborhood design is it’s emphasis on greenspace. Parks and walking trails abound in these communities, giving them a rural look and feel without sacrificing modern conveniences. While not exactly utopian, such neighborhoods have an engaging, open atmosphere that sets them apart from other developments that are clearly not so thoughtfully conceived.
This design philosophy is, in reality, a return to community building practices that worked well in earlier times. It represents a recognition that such practices can help reverse the negative aspects of over-development and urban sprawl. In this way, the developers and builders who adopt this model are creating communities that make social and environmental sense. In addition, aspects of traditional neighborhood design are becoming the law in many communities, as town planners and officials recognize the need to stem the tide of monotonous “cookie cutter” developments. This trend is one of the most positive aspects of North Carolina real estate in Cary.
Why Not Consider A Beautiful Townhouse in the Cary, NC Area?
Posted by RealEstate_Guru
The state of North Carolina region is one of the most vibrant and fast-growing areas of the United States. Real estate for sale in Cary, North Carolina varies considerably depending on a number of factors such as location, number of bedrooms and price. One of the most attractive housing options in this region is the townhouse. Here’s what buyers can expect to find in real estate for sale in Cary, NC as far as townhouses are concerned.
Like other types of developments, townhouse communities are often conveniently located near major highways like I-40 and employment centers like Research Triangle Park. When considering a townhouse, be sure you investigate the area thoroughly. The ideal location will be near shopping venues, restaurants, medical facilities, schools and parks. Additional amenities such as parks, walking trails and green space are highly desirable. Some communities also have bird sanctuaries and preserved wildlife habitats.
Inside, high-end townhouses have everything a buyer would expect in luxury housing. First floor master suites are common. Interior touches can include crown molding and wainscoting. Also look for solid core doors, granite counter tops and vanities and ceramic tile in bathrooms and kitchens. Floor plans for townhouses are very flexible. You can find up 3+ bedrooms and 2.5 baths. Some floor plans include bonus rooms and lofts. Although square footage tends to be modest, the best townhouses are designed to take advantage of natural light and have plenty of storage space. Expect a 1- or 2-car garage with a door that may be embellished with raised panels. The architecture of many townhouse communities hearkens back to earlier times, so you’re likely to find touches like lanterns that give the area a charming “period” look.
Interior amenities in a luxury townhouse include hardwood floors, fireplaces with gas logs and cathedral ceilings. Name brand, premuium kitchen appliances are the rule and whirlpool tubs are common (and popular) option. Master bedrooms typically feature walk-in closets. Outside, these communities are often landscaped by prize-winning landscape architects. Prices for luxury townhouse real estate for sale in Cary, North Carolina start in the mid-200,000s.
May 14, 2009: Breaking Real Estate News – Tax Credit Can Be Used for Down Payment
Posted by RealEstate_Guru
In a move that’s sure to have positive reverberations throughout the housing market, the FHA (Federal Housing Administration) is set to allow home buyers to use their $8000 tax credit toward their down payments. This is a significant change from the past rule that delayed receipt of the credit until after buyers filed their federal income tax returns.
According to Shaun Donovan, secretary of the US Department of Housing and Urban Development, the change, long supported by the National Association of Realtors, will “enable FHA consumers to access the home buyer tax credit funds when they close on their home loans.” Donovan announced the policy change at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, DC.
Under the change, FHA-approved lenders are now permitted to monetize the tax credit with short-term bridge loans. These loans will give eligible home buyers the ability to use the funds at the time the loan closes.
There is some fine print, however. Buyers must not have owned a home in the past 3 years to be considered first time buyers under the terms of the rule. In addition, buyers who sell homes purchased under the policy will have to repay the credit if the sale occurs before 3 years have elapsed.
In order to receive the full $8000 tax credit, the value of the home has to exceed $80,000. If you’re single, the adjusted gross income on your federal tax return must be less than $75,000. The credit reduces in steps as income increases. Singles with an adjusted gross income over $95,000 are not eligible for the credit. For married couples filing a joint federal return, their adjusted gross income must be less than $150,000. Again, the credit is reduced in steps until couples who earn over $170,000 are not eligible.
This is great news for home buyers. The boost in income gained from the credit will enable many of them to afford homes they previously couldn’t.
Short Sales – What Mortgage Companies don’t what you to know
Posted by Cary_Agent
If a home is being sold for below what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale.
A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
Short sales are becomming an increasingly common sight in our struggling economy and, if handled correctly, can be a win-win-win situation.
Short Sale Sellers, what you need to know:
The Mortgage Investor can avoid the costly foreclosure process; the seller’s credit rating takes a much smaller hit, if any, and the patient buyer can come away with a great deal on a home.
What most people consider thier mortgage company may actually be just the Mortgage Servicer. Commonly they bundle and sell most of thier loans to mortgage inverstors (i.e. Fannie Mae and Freddie Mac) so they can originate more loans.
These mortgage servicers may need to be difficult to deal with as they have little no financial incentive route people though their loss mitigation department to process short sales. They simply want the loan paid off or off thier books and sent to foreclosure.
So sellers may need to call their mortgage servicer and before giving thier account number, ask to be transferred to the “loss mitigation dept.” If this doesnt work, contact the mortgage investor directly. they will gladly work with you. Also if you have a mortgage insurance premium on your loan, call this company directly. They’ll also gladly work with you and can give you some leverage with your mortgage servicer.
Short Sale Buyers, arm yourself with the following:
- Patience. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale, and could possibly not close at all.
- Financing. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
- “Pounceability”. If you have a home to sell before you can close on the purchase of the short-sale property-or you need to be in your new home by a certain time-a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.
- A Kick Butt Realtor. Uncle Fred who keeps a real estate license may not be your best choice to handle a short sale. An experienced Realtor, specifically trained in short sales, (*cough* like myself ) can guide you through the short sale jungle, knowing the key people to contact and how to work the mortgage lenders to bring
Key North Carolina Real Estate Trends
Posted by RealEstate_Guru
In today’s uncertain economy, the real estate market can be highly volatile. Here are some key trends that both buyers and sellers should heed when looking to buy or sell real estate in North Carolina.
Trend #1: Smaller homes. Builders and developers have seen a continuing trend toward smaller homes. More and more buyers are opting for less square footage in their homes. Smaller homes mean more affordable homes with lower monthly payments. But smaller doesn’t mean stark and utilitarian. Many buyers use the money they save on a smaller home to add significant upgrades, such as gourmet kitchens and spa-type baths, saunas and whirlpool tubs. Buyers are also attentive to energy efficiency and environmental issues, choosing smaller homes that are less expensive to heat and cool. In these cases, less really is more.
Trend #2: Integrated communities. It used to be that moving out of city centers and into suburban areas meant having to settle for a cookie-cutter home in a cookie-cutter development in a cookie-cutter suburb. These days, however, developers are taking the long view. Their focus has shifted from building homes to building communities that include residential, retail, restaurants, entertainment and shopping centers clustered together. These mixed-used developments often include a central “village green” for community events like concerts and farmers market. Offices, shops and homes blend seamlessly into a pedestrian-friendly environment with plenty of green space.
Trend #3: Internet tools. More and more buyers are finding and researching properties on the Internet. It’s thought that nearly 85% of buyers use the Internet to search for properties, funding options and information about homes for sale. More and more real estate agents and brokers are creating vibrant web sites full of tools to help buyers find the perfect property. Such sites have advanced search features, pricing information, pictures and even virtual tours. There’s also plenty of information on North Carolina cities and neighborhoods, shopping districts, schools, parks, population data, economic statistics and tax information.
Federal Government Offers $8000 Tax Credit
Posted by RealEstate_Guru
Curious about the $8,000 Home Buyer Tax Credit?
We’re fielding lots of questions about the newly revised federal home buyer tax credit. The numbers of buyers looking for homes in Cary, North Carolina is definitely on the increase under the new terms of the tax credit. Read on to find out how to take advantage of this important government program.
What it is: A gift! An $8,000 tax credit for first-time home buyers.
What it means: If you purchase a home before December 1, 2009, you’ll be able to take advantage of this significant tax break. In other words, you’ll either pay $8,000 less in income taxes or receive an additional $8,000 in your tax refund. Either way, it’s a true $8,000 benefit that’s there for the taking! You can even elect to have the $8,000 applied to your 2008 or 2009 tax bill.
Who qualifies: For the purposes of this program, a first-time home buyer is defined as someone who has not owned a home in the previous 3 years. You should also know that if you sell a home you purchase under this program within that 3 year period, you will be required to repay the credit to the government.
The details: In order to receive the full $8,000, the home you purchase must cost over $80,000. Also, if you’re a single (unmarried) home buyer, the adjusted gross income on your federal tax return must be less than $75,000 for you to receive the full $8,000 benefit. The benefit decreases for incomes over $75,000 and single tax payers who earn over $95,000 do not qualify.
For married couples who file their federal income tax jointly, their adjusted gross income must be less than $150,000 to qualify for the full benefit. The benefit decreases for incomes over $150,000 and married couples who earn over $170,000 do not qualify.