The Raleigh Red Spotlight

North #Raleigh NC Real Estate Market Report - May 2013

The Real Estate Market Statistics are out for May 2013 and once again there are many positive trends. 

For North Raleigh the number of Closed Sales was up +33.1% when compared to the same time period in the year 2012.  The total number of Closed Sales was 398.  The inventory of homes for sale was down -10.3% however.  The total number of homes for sale in North Raleigh in May 2013 was 1304.

 

The Absorption Rate for North Raleigh pretty much held steady at 5.3 which indicated a Sellers Market.  This statistic shows a -29.5% drop from the same time period last year.  Please keep in mind this statistic is ONLY for North Raleigh and different areas of the Triangle are experiencing different markets.  For more information regarding the Absorption Rate, what it means and how it effects both buying and selling please visit What Is An Absorption Rate?

 

Finally, the Average Days on the Market is down -29.4% from the same time period last year.  For May 2013 the Average Days on Market was 84.

 

If you have any questions regarding the statistics for North Raleigh or are interested in another area of Raleigh NC please give me a call or send me an email - I would be happy to help!

Life is About Choices So Why Not Choose Your Real Estate Services?

RED Properties is all about a tailor made experience for it's sellers.  In the past, we have provided top notch real estate services for home sellers all over the Raleigh NC area at competitive rates. 

Recently, after evaluating our services, the needs and wants of sellers and the cost of value we have decided to offer multiple pricing plans for home sellers.  With the wide range of services that we offer we have found that some sellers were using (and wanting) them all while others, whether for financial reasons or personal individual reasons, were seeking a less formal relationship with a real estate company.

After much consideration, we are thrilled to now offer several pricing plans that will fit ANY home sellers needs!  For the first time, we are introducing our pricing and packages here:

•  RaleighRed Mini Package

• A great alternative for the budget conscience seller that wants to take control of their own home sale

• RaleighRed Upgrade Package

  • Same great services as the RaleighRed Mini Package with a few more extras to help your listing stand out.

• RaleighRed Premium Package

  • A phenomenal value for those seeking "full service" at a fraction of the cost of other firms.

Our new real estate strategies start at only $599.00!  For a more indepth look at what each package offers please visit Sell My House!

Regardless of which package you choose you can be sure that you are receiving top quality service, speed and efficiency and that you are contracting with a N.C. Licensed Realtor®.

Call us today to let us answer any questions that you might have - we'd be happy to help you determine which choice is best for you and your situation.

Cool Showing Tips for the Hot Summer Months

If your home is currently on the market then this is a post for YOU!  While I am SURE your Realtor® prepared you for what to do when you have scheduled showings like lights on, soft music, etc there are some special touches that you can do for a showing in the summer that just might make your home stand out!

Summer conjures up memories of cookouts, swimming pools, lemonade and fireflies......so, why not get the buyer that will be previewing your home in the right frame of mind?

• Be sure you have some "punched up" flower power for when the buyer first shows up!  Whether it be some fresh new plantings around the mailbox or some bright potted flowers on the porch you just can't ignore the visual of flowers!
• Is your doormat fresh and clean?  If you have one that indicates you have pets - remove it.  Instead, opt for a crisp, clean straw mat in perhaps a summer color that coordinates well with other attributes of your exterior.  (shutter colors, front door color, etc)
• Open all the blinds so that buyers have a clear view of the front and back yards.  Let the sun shine in!  (don't forget to clean your windows!)
• Make sure your air conditioner is set to a very cool temperature!  You want it CHILLY in your home for showings!
• If you have scents in your home you may want to go for a summer scent such as a citrus smell, a crisp herb smell such as basil or even a light honeysuckle scent.
• Offering a light snack?  Many sellers do!  If so, opt for a lighter snack such as a lemon cookie (instead of chocolate chip) and some small bottled waters or a pitcher of lemonade!  Don't forget to offer some napkins as well!
  
• Show off your deck and grilling area!  If you have a table on your deck be sure to have the umbrella opened and the table staged.  Yes, stage the table on the deck!  Outdoor serverware is perfect for getting the buyer to visualize what it might be like to sit on the deck and have a late summer afternoon dinner.
  
• Have a large yard?  Show it off!  You may want to consider a soccer net or a Bocce Ball area.  
• Do you have a swimming pool?  If so, make sure it is crystal clear and stage the decking area with clean and well maintained chairs!
• Choose your music wisely.  It's always wonderful to have soft music playing in the background when your home is being shown.  Light jazz or blues is always a safe choice!

Show off your homes BEST assets and how comfortable it is in the hot summer months!  The more you can get a buyer in the mood and "living in your home" the better the chance you have that it will stand out when compared against others they have seen!

PRICE REDUCED! Amazing $30,000 Reduction Now only $389,000!

Woodcroft, Youngsville  -  Announcing a price reduction on 425 Longwood Drive, a 3,168 sq. ft., 2 bath, 3 bdrm 2 story. Now MLS $389,000 - .

Property information

 

 

 

▪ First Floor Owners Suite with Triple Trey Ceiling. Harwood floors and beautiful views of the rear yard.	▪ Owners Ensuite has oversized soaker tub with jets, a separate shower, his and her sinks, a private water closet and a large Walk in Closet
▪ Gorgeous kitchen has beautiful neutral colored granite counters, hickory cabinets (some glass front) a center island and a workspace	▪ Large Breakfast Room has an unobstructed 3 sided view of the back yard.
▪ Dramatic Family Room has 2-story ceilings, an embelished chandelier, and a striking focal point fireplace with gas logs.	▪ The formal dining room has crown moulding, wainscoting, gorgeous columns and easy access to the kitchen
▪ Secondary bedrooms are large and share a wonderful 4 piece secondary bath	▪ Bonus Room on second floor has two closets and two skylights -- bright and sunny space/
▪ Detached 2 bay garage also has tremendous workspace and a complete upstairs that is partially finished - loads of opportunity!	▪ In-home studio is ideal for a photography shop or hair boutique. There is a private entrance and is fully finished.

The 5 Steps To Buying a House - Steps 3 thru 5

So, you've moved passed Steps 1 and 2 - you've picked your lender and found the Realtor® that is going to help you find that perfect home.......  What?  You missed Steps 1 and 2?  No worries - you can catch up at "The 5 Steps to Buying a House".  Go ahead, catch up, I'll wait!  (hint: click the link)

The next 3 Steps in Buying a House are very time sensitive and will take careful coordination.  ** It is important to note that Steps 3 - 5 may differ from state to state and what I am outlining here is specific to North Carolina.

Step 3: The Offer To Purchase 

Congratulations!  You have found "the" home and are ready for the next step - Making an Offer.  Don't be scared!  The lender and Realtor® that you chose in Steps 1 and 2 are there to help guide your through this process.  Your Realtor® will prepare a CMA (Comparative Market Analysis) that will "show the story" of the homes that have recently sold in the neighborhood you are interested in as well as other homes that are currently for sale in the neighborhood.  This CMA will assist you in making an informed, fair and solid offer.  Keep in mind, YOU want to get the best deal possible in your new home AND the seller wants to get the best offer possible for their home which may result in counter offers.  

Your initial offer will set forth the terms that you are willing to abide by for the purchase of the home.  They include (but are not limited to):

• Purchase Price
• Due Diligence Fee and Due Diligence Timeframe
• Earnest Money
• Closing Date
• Any personal items or fixtures that you are requesting
• Any other terms such as requesting closing costs, a home warranty, etc

You're Realtor® will walk you through the contract.  It's 10 pages in North Carolina and can be a bit overwhelming but take your time, have your Realtor® explain point by point what you are getting ready to sign.  As I mentioned, there may be a counter offer from the seller.  If there is, it is important to review their terms before accepting.  You can also counter their counter!  Once the offer has been accepted by both parties and executed (meaning both parties have signed) you are on your way...... 

Step 4: Due Diligence Period 

The Due Diligence period is the time that you get to do any and all inspections of the property such as:

• Physical Property Inspection by a licensed inspector
• Pest Inspection (Wood Destroying Insects)
• Septic and Well Inspections (if applicable)

The Due Diligence Period is also the time when you will need to:

• Review of Documents such as the HOA Restrictive Covenants, the NC Residential Disclosure (hint: click the link)
• Procure Homeowners Insurance
• Appraisal
• Survey
• Repair Negotiations (if any)

It is CRITICAL that all of this be done DURING your Due Diligence period.

Step 5 - Settlement and Closing

North Carolina is an Attorney State.  What does that mean?  I'm glad you asked!  Real Estate Closings in North Carolina are handled by a Real Estate Attorney.  In many states they are not. 

Wait.....  I thought settlement and closing were the same thing?  They are not.

Settlement: The settlement is when all of the documents necessary to complete the transaction are signed such as deed, settlement statement, deed of trust (if applicable) and the closing attorney's receipt of funds to complete the transaction.

Closing:  The closing is when the Settlement (above) has been completed, there has been satisfactory title update to the property, the attorney's receipt of funds and authorization to disburse funds AND recordation in the appropriate county register of deeds and deed of trust (if applicable).

Let's say you have your settlement scheduled for late afternoon on a Friday (after 2pm).  There is a high probability that the Closing Attorney may not record the deed until Monday which means technically you still do not "own" the home.  By law, you are not to receive the keys to the home until that deed has been recorded.

Thought to ponder:  You "settle" late on a Friday afternoon and you get the keys to the home.  The deed will NOT be recorded with the Register of Deeds until Monday (Closing).  You do NOT own that home over the weekend in between and by law you should have signed a "Buyer Possession Before Closing" Agreement.

So, to recap....

Step 1 - Find a Lender

Step 2 - Find a Realtor®

Step 3 - The Offer To Purchase

Step 4 - Due Diligence

Step 5 - Settlement and Closing

I hope that I have shown you a valuable overview of the home buying process and that you'll feel a bit more comfortable in starting the process.  Just keep in mind, your Realtor® is there for you as is your entire Home Buying Team - rely on them!  (Hint: click the link)

If you are thinking that now is the time for you to purchase your 1st home or 5th - give me a call!  I would love to help you through the process.

Wake Forest NC Real Estate Market Report - April 2013

The Wake Forest Real Estate statistics are out for April 2013 and we continue to see improvement in the market!  Both the Average Sales Price and the Median Sales Price have increased since the same time last year.  The average Days on Market has slightly increased. 

Closed Sales for April have increased by +19.8% compared with the same time in 2012.  However, inventory is tight and continuing to tighten - current inventory has decreased -3.1% when compared with the same time in 2012.

 

 

 

The Absorption Rate in Wake Forest NC has remained stable at what is considered a "balanced" market - neither a seller's market nor a buyer's market.  It is important to note that this is just for Wake Forest - the Absorption Rate varies in the different areas of Raleigh.

 

 

The average Days on Market has remained the relatively the same since February 2013 however compared with the same time in 2012 the DOMs have increased +1.8%.  

 

 

If you are interested in learning a bit more about Wake Forest Real Estate Statistic or you would like statistics for another area of Raleigh NC please feel free to email me or call me - I'd be happy to help!

 

Don't forget!  You can also find me on Twitter and Facebook

The 5 Steps To Buying a House

Whether you are a first time homebuyer or a seasoned buyer a home purchase can be a little scary!  Even if you have rode this bike before things change.  Let #RaleighRed help you understand the home buying process step by step and get you on your way to that home of your dreams.

Did you know that when buying a home you need a team?  Do you know who's on your team?  Here is a more in-depth look at who you need on your team and what role each will play in your purchase.  (hint: click the link!) 

Step 1:  First and MOST important?  A Mortgage Lender!

A mortgage lender will be able to tell you how much home you can afford.  It really isn't as easy as just thinking, "Well, I pay X now so I am looking for a mortgage payment about the same."  A mortgage lender will do an in-depth analysis of your financials including

• your credit report,
• credit score and
• your ratios of income vs. expenses. 

There are strict guidelines as to what a borrower can borrow and depending on the outcome of the above different programs (FHA, Conventional, USDA, DPA programs, etc) may be better for you than another.  As you can see, a Mortgage Lender is a critical first step in the home buying process.  It would be so disheartening for you to start looking at homes, find "the" one only to find out that you can't qualify.  Trust me, I've seen it happen and it isn't pretty.  You will also find that many Realtors®, including myself, will simply not work with you until you have been pre-qualified.  We don't want to waste your time or ours.

Don't forget - shop around for your lender!  Compare rates, compare programs and most importantly find a lender that "speaks your language" and that you are comfortable with. 

So, you've got that pre-qualification letter in hand from your trusted lender - now what?

Step 2:  Find your Realtor®

It seems that almost everyone has a real estate license these days.  I am sure you may even have a friend or family member that holds a license but do they "practice" real estate?  Just like your lender (Step 1), you should shop around for a Realtor® that aligns with your core beliefs, understands what you want and need and one that you are comfortable with.  A well-versed, well-educated and "practicing" Realtor® is going to be able to help you understand the local real estate market and guide you through your wants vs. needs. 

When you have found the Realtor® that you feel best fits what you are looking for in a professional you will want to discuss Agency with them.  Did you know that in the state of North Carolina ALL agents work for the seller?  Yes, indeed!  Until Agency is established be careful what you say and do..... Why?  (Hint: click the link!)

Once you have found your Realtor® and established Agency with them you are on your way to Steps 3 - 5.  What are they?  Hold tight.......more in the series coming soon!

It would be silly of me not to mention that if you are looking for a Realtor® in the Raleigh area I would be happy to discuss your options with you.  I can help you find the right lender for you by providing contacts that I work with closely for you to interview.  I also practice Buyer Agency so I would be happy to review the Agency Agreement with you and explain how I can help you through the home buying process.  I'll even share Steps 3-5 with you early - consider yourself moved to the head of the class!  

Feel free to email me or call me at 919-410-8722.  You can also find me on Facebook and Twitter!  (hint: click the links!)  I would love to see you there!!

North Raleigh NC Real Estate Market Report - April 2013

The N. Raleigh Real Estate statistics are out for April 2013 and we continue to see improvement in the market!  Both the Average Sales Price and the Median Sales Price have increased since the same time last year and the average Days on Market has decreased. 

Both Closed Sales and the Inventory of Homes for Sale in North Raleigh has increased steadily since February.  

 

 

 

The Absorption Rate in North Raleigh has remained stable at what is considered a "balanced" market - neither a seller's market nor a buyer's market.  It is important to note that this is just for North Raleigh - the Absorption Rate varies in the different areas of Raleigh.

 

 

 

The average Days on Market has seen a slight decline since February 2013.  

 

 

 

If you are interested in learning a bit more about North Raleigh Real Estate Statistic or you would like statistics for another area of Raleigh NC please feel free to email me or call me - I'd be happy to help!

Don't forget!  You can also find me on Twitter and Facebook at http://www.facebook.com/LeesaFinleyREALTOR

 

Price Adjustment on 2956 Berkeley Springs Place in Greenbrier Townhomes - WOW!

Greenbrier Townhomes, Raleigh  -  Announcing a price reduction on 2956 Berkeley Springs Place, a 1,392 sq. ft., 2 bath, 2 bdrm 2 story. Now MLS $128,000.00.

Property information

Fantastic Ranch Home on .97a Lot - NO CITY TAXES! Easy Country Living was Never Better!

Ranch Home - 1 Acre

• 1,491 sq. ft., 2 bath, 3 bdrm single story - MLS $159,900 - Home Warranty

Allen's Landing, Clayton  -  Fantastic ranch home on a .97acre lot in a private, peaceful location in Clayton.

This fabulous ranch home welcomes you with a full frontal rocking chair front porch AND a 12x12 side porch that is so perfect for afternoon entertaining. Once inside you are greated with a large family room that has vaulted ceilings, a ceiling fan, and loads of sunlight from multiple windows. The family room also has a stone faced fireplace with a raised hearth, mantle and gas logs for when the evenings get just a bit chilly. The family room has easy, breezy laminate floors that are easy to clean and have a rich, dark tone. The kitchen is a dream! There are so many cabinets that I dare you to fill them. The counterspace is just as plentiful! The kitchen has neutral tile flooring and shares space with a 15x12 breakfast area - no, that is not a typo! Large bay windows look out over the side yard and a pond. There is a 13x10 screened in porch off the kitchen with a ceiling fan and access to your fenced in yard.

The Master Bedroom has vaulted ceilings, a ceiling fan, a walk-in closet and a huge paladium window that allows tremendous sunlight which just fills the room. The master bath has his and her sinks, a soaker tub and a separate shower.

The secondary bedrooms are nice sized and share a 4 piece bath. The laundry is conveniently located near the bedrooms in a closet with plenty of shelving for storing cleaning supplies.

This property has a 1 year home warranty for the buyer. What a great way to have peace of mind in your investment.

Property taxes for 2012 were ONLY $1,192.00 and there are NO CITY TAXES! Come take a look at all that 104 George WIlton Drive has to offer!

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#RaleighRed April Promotion - FREE Home Warranty!

Note that this information is outdated.

WOW! For all signed listings in April 2013 I will provide an AHS Home Warranty at NO cost to you! This spectacular Home Warranty will cover the buyer for one year after purchase and YOU, the seller, while your home is on the market.

Read More

A Home Warranty is a fantastic incentive when your home is for sale.  And, there is added piece of mind for YOU so you can have confidence should a problem arise it will be taken care of.  Besides, we have other things to focus on - like your next home you want to purchase! 

The Spring market is definitely upon us so call me or email me today so I can get your home SOLD!

Is Your Home For Sale? When Did You Last Check On Your Competition?

In the Raleigh NC Real Estate market, both commercial AND residential inventory and sales are fluid!  Fluid as in moving like a rushing river and changing course!  What may have been considered a reasonable price point a few months ago for a property has most likely changed.

I can promise that no Realtor® will argue the point that if you want to sell your home you must price it properly.  But, even well priced homes will, at times, linger on the market for a little longer and there may be certain factors that play into that.

• If you are in an area where you have strong competition chances are the other Realtors® and sellers are just as savvy and priced their properties properly.  With that, not every home, regardless of price, is going to be the perfect "fit" for every buyer.  
• Maybe you are in an area where you are comparing RED apples to RED apples.  If that is the case have you considered staging your property?  Staging your home might be that one little touch that sets you apart from the rest of the competition.
• Is anything else moving in your neighborhood?  That brings me to really the point of this post.

You and your Realtor® must continually re-evaluate your local real estate market.  Review your local market competition on a regular basis - depending on your area you may consider doing this every two weeks.  See what has sold in your neighborhood or perhaps what properties may have gone under contract.  More importantly, have any of the properties adjusted their price and possibly added financial incentives to buyers such as paid closing costs, agent bonuses, warranties, etc. 

And one important reminder, don't rely on information from your neighbors.  Especially those that also have their homes on the market.  Trust that your Realtor® will give you the most up to date information and accurate information.  They have a vested interest in your home selling, too! 

If your home is currently on the market and you do NOT have this open and continual communication with your Realtor® you may want to reconsider your expectations and if you and your Realtor® are a good fit.  NO Realtor® should ever scoff at having to "check in" with you or be too busy to provide you with the information you need to get your home sold! 

For more information on selling your home please call me, email me or visit RaleighRed.

 

What Does the Raleigh NC Real Estate Absorption Rate Mean Today?

Many times when I create the monthly market reports I reference the Absorption Rate.  On listing appointments I mention the Absorption Rate and even use it to assist me with my Competitive Market Analysis.  An Absorption Rate is a great indicator of what is happening in a local real estate market.

An Absorption Rate quite simply is the supply of homes that are on the market.  For instance, if there is an Absorption Rate of 8 is would mean that should NO other homes be listed it would take 8 months for the currently listed homes to sell or to be "absorbed" back into the market.

Typically, a balanced market has an Absorption Rate of 6.  That means that it is neither a Sellers Market nor a Buyers Market.  When you see the Absorption Rate go above 6 then you have entered into a Buyers Market (more homes on the market) and conversely when you see an Absorption Rate dip below a 6 the you are in a Sellers Market (less homes on the market).

A buyer's market means that there are more homes on the market which then in turn means more variety and most likely lower prices due to the competition among the listings.

A seller's market means that there are less homes on the market which then means that prices are most likely higher because there is now a demand for properties.

There have been some wide swings in the Absorption Rate and it would seem that the pendulum has now swung into a Sellers Market.   In the Raleigh NC area we are seeing an Absorption Rate of 4.9.  (February 2013)  This same time period in 2012 had an Absorption Rate of 7.4.  What was considered a Buyers Market in 2012 has now turned into a Sellers Market.  While the numbers may indicate a Sellers Market that in no way gives carte blanche to sellers in wanting to price high, etc.  The local Raleigh resl estate market is still fragile and, while indicators point to strengthening, we must all be careful to recognize our buyers ability to purchase.  The mortgage guidelines have changed as well over the last few years so the process and time between contract to close is somewhat daunting to navigate.

While we may be considering this a Sellers Market, I can not emphasize enough; the most critical thing a home seller can do if they are putting their home on the market is to PRICE IT CORRECTLY.  If you want your home SOLD the key elements are STILL pricing competitively, top shape both inside and out and flexibility. 

If you are considering selling your home I would be happy to review the current real estate trends in your immediate area. With a proper pre-marketing meeting I can devise a plan that will get your home SOLD!  Selling your home is a huge endeavor and it takes a professional that understands the local real estate market and its nuances as well as someone that is a fierce negotiator.  As your REALTOR I will guide your through this process and represent YOUR best interests! 

If you are considering buying a home please call me!  Real Estate Buyers simply MUST have an advocate on their side.  As your Buyers Agent I can help you find the home that not only meets your expectations but exceeds them!  There are many homes to choose from in all shapes, sizes and price ranges.  Don't let it overwhelm you - ask for help!  I would be happy to meet with you and discuss your needs and wants as well as work with your Mortgage Lender to be sure we are maximizing your buyiing power to get you the most home for your money. 

Don't forget, you can always search for ALL the homes for sale in Raleigh NC and the surrounding area at RaleighRed.com.  

      

North Raleigh NC Real Estate Market Report - Nov 2012 - Jan 2013

The Raleigh Real Estate Market is vibrant and ever changing.......that's for sure!  Following are the latest market statistics for North Raleigh.  The first chart represents the number of active listings as well as the SOLD listings.  Inventory for North Raleigh is down - we need listings!

 

 

The next chart shows the trend for homes Days on Market.  

 

 

And, lastly, here is the chart for the Absorption Rate in North Raleigh NC.  If you aren't quite sure what an Absorption Rate is then by all means check out What Is An Absorption Rate and How Does It Affect YOU?

 

 

 

If you have any questions regarding the latest North Raleigh Real Estate statistics please email me of give me a call.  I'd be happy to answer any questions you have!

Don't forget, You can find me on Facebook and Twitter as well - come say hi!  

Price Adjustment! Gorgeous Ranch Home on Large, Culdesac Lot! Come see!

Williamston Ridge, Youngsville  -  Announcing a price reduction on 20 Linnett Court, a 1,498 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $144,900 - USDA Financing Available.

Property information