Merry Christmas From Raleigh
December 19th, 2008 Categories: Odds and Ends
I know. It’s been a while since I wrote anything. In case you’re worried, Raleigh Real Estate Talk isn’t going anywhere. I’m still here and going to be writing more than ever in 2009. But until then…
I thought I would offer my very best wishes to all my readers for Christmas. What makes Christmas special for you? The thing that makes it special for me is the birth of Christ. A celebration of the moment that Love so pure, almost beyond our ability to comprehend, entered our world.
Regardless of my circumstances, the world economy, the state of the real estate market, etc… the celebration of Christ’s birth always causes me to become overwhelmed with a feeling of gratitude. I’m glad he came. And I’m grateful for the blessings He pours out each and every day.
Merry Christmas to everyone!
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Radon and Home Inspection - Hot Issues For Realtors in 2009
November 22nd, 2008 Categories: Selling a Home
A home inspection and a radon test have always been something that I insist my buyers get done. A radon test costs a relatively small amount and could save you and your family’s life. A radon test is usually an option at your home inspection. The NC Real Estate Commission is making radon a top priority for agents in the most recent continuing education update course.
I went for my continuing education update last week and was pleased to hear that radon will be an even higher priority for agents and their clients in the future. From the first day I began my real estate business back in 2003, I have always made a habit of carefully educating my buyers and sellers about the dangers of radon gas.
Radon is a colorless, odorless radioactive gas which occurs naturally from decomposing uranium. It is found in soil in varying amounts around the planet. Since it cannot be detected without doing a radon test, the question of what an agent, and their sellers, should disclose regarding radon has always been somewhat of a gray area. The Real Estate Commission is making an effort to make the terms of this disclosure clear to everyone.
Testing is still optional, although highly recommended. However, if the agent has any reason to believe that a high level of radon gas could be present, they must ask the property owner to disclose. This includes “knowledge that other buildings in the area have unusually high radon levels.” Of course, the commission, the best I can tell, did not further define what “unusually high levels” are.
I would think that we should err on the side of safety and always ask. There is about an 18% occurance of homes with high radon levels in the Wake County area. If almost 1 out of every 5 homes could harm the lives of the owners if a radon test was not done, I would think we would want to ask. Aside from the legal requirement, there is a moral obligation to make sure no one is occupying a home that could harm their health and even result in death.
If you list your home for sell, be expecting the question about previous radon tests to come up. as a matter of fact, you should be very concerned if the agent you are speaking with does not ask. Not asking could open the door for possible issues with the transaction later on and even lead to legal action by an unhappy buyer.
Related Articles:
3 Reasons Why Everyone Needs A Radon Test
What You Should Do About Radon Levels Just Under 4.0
Making Offers Attending Walk Thrus and Home Inspections
If The Radon Levels Are High In Your Home Do Not Inhale
4 Reasons Why You Really Need A Buyer Agent When Buying A New Construction Home
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Raleigh Area Golf Course Communities
November 10th, 2008 Categories: Buying a Home
I get lots of calls from clients wanting to relocate to Raleigh who are looking for a golf course community. I love getting these calls because we have an abundance of golf course communities to choose from. And there are always lots of beautiful homes for sale in these golf neighborhoods.
I’ve put together a list of some of the more popular golf course communities that I actively sell in and thought I would publish it as a good starting place for people wanting to relocate to the Raleigh area. Here’s the list. Just some basic stats and info. For more information call me or email me and I’ll be glad to answer any specific questions and send out more info on the neighborhoods you’re most interested in.
Wakefield
The Course: Private - 18 hole (6,945 yards) and 9 hole (2,700 yards)
Homes For Sale: 188 active listings
Price Range: $133,950 - $3,699,950
Heritage
The Course: Private - 18 hole (6,970 yards)
Homes For Sale: 172 active listings
Price Range: $149,642 - $850,000
Brier Creek
The Course: Private - 18 hole (6,900 yards)
Homes For Sale: 95 active listings
Price Range: $209,000 - $2,082,150
Hasentree
The Course: Private - 18 hole (7,000+ yards)
Homes For Sale: 30 active listings
Price Range: $799,450 - $4,598,000
North Ridge
The Course: Private - 18 hole (6,614 yards) and 18 hole (6,763 yards)
Homes For Sale: 48 active listings
Price Range: $255,000 - $1,950,000
Wildwood Green
The Course: Public - 18 hole (6,500 yards)
Homes For Sale: 5 active listings
Price Range: $329,900 - 600,000
Prestonwood
The Course: Private - 18 hole (6,335 yards) and 18 hole (7,011 yards) and 18 hole (6,932 yards)
Homes For Sale: 63 active listings
Price Range: $116,500 - $2,650,000
MacGregor Downs
The Course: Private - 18 hole (6,860 yards)
Homes For Sale: 30 active listings
Price Range: $265,000 - $2,097,000
Lochmere
The Course: Public - 18 hole (6,627 yards)
Homes For Sale: 31 active listings
Price Range: $174,900 - 989,000
Sunset Ridge/Devil’s Ridge
The Course: Private - 18 hole (7,002 yards)
Homes For Sale: 56 active listings
Price Range: $197,500 - $675,000
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Highland Creek By Centex - North Raleigh Homes For Sale
October 27th, 2008 Categories: New Construction Homes, North Raleigh
The Highland Creek neighborhood is located in Northeast Raleigh at the intersection of Louisburg Road (Hwy 401N) and Forestville Road. This new community is one of Centex’s largest projects.
There is a home for sale in Highland Creek for just about any budget or lifestyle. This diverse community features Townhomes from the $130s, ranch homes from the $240s, and traditional single family homes from the $270s.
All homes are constructed from low maintenance building materials and feature lots of stone and brick accents. The attention to detail is obvious with upgrades like gourmet kitchens, large family rooms, grand master suites, custom trim packages, and much more.
An amazing 11,000 square foot Resident’s Lodge is under construction that will feature a fitness center and 2 pools, one junior olympic pool and a recreation pool. There will also be tennis courts, a soccer field and 11 miles of sidewalks and neighborhood trails.
For more information call Bob Fortner at 919-602-7000 or send me an email.
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Saturday Perspectives - The Real News Is Better Than You Think
October 25th, 2008 Categories: Odds and Ends
I hate to sound like a broken record. Actually, I don’t mind so much. But some of you might not be too crazy about it. What the heck. Here goes anyway.
The news is just too darn depressing and I can’t take it any more! I have not watched or listened to the news, or read the newspaper since last Wednesday. And I feel great. Before, when I was hooked on trying to be sure I was up to date with which political candidate said what about the other one, or how bad the economy was, or which company was laying off workers, I was getting pretty depressed.
During my little hiatus from the news, I find that I have been very productive. I’ve definitely had a better attitude. If all goes well, I will even sell a house tomorrow!
Do I feel disconnected? Not really. I run into plenty of people who are tuned in. I’m sure that if anything major happened, someone would tell me. If you’re worried about me, feel free to call or email me if you think I’ve missed something important.
Now don’t think that I’m not keeping up with what is going on in the local Raleigh area real estate scene, just because I have turned off the news. I live and breathe real estate in Raleigh, Cary, and Wake Forest every day. And guess what. The news here isn’t so bad.
For instance, did you know that…
…there are 9,172 homes for sale in Wake County
…there were 1,078 closings last month
…there are 1,503 homes under contract
Hey. That’s not too bad. If you are a buyer, the selection has never been better. And mortgage rates are under 6%. Did I mention that builders are offering deep discounts on finished inventory homes?
If you are a seller, remember that people are buying homes every single day. Lots of them. Yours could be next.
I’ll probably give in at some point and turn the news back on. I hope I can make it until after the election. Until then, I’m just going to enjoy the break and keep on selling houses.
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Friday Funny - Foreclosure Trick Or Treet
October 24th, 2008 Categories: Odds and Ends
Just couldn’t resist posting this. Sometimes it’s good to try to find a little humor in an otherwise not-too-funny situation.
Many thanks to fellow blogger Chad Lariscy at www.TheFrontPorchView.com for the original post on his blog.
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Typical Closing Costs For Raleigh, Wake Forest, Cary Home Sellers
October 23rd, 2008 Categories: Selling a Home
Selling a home in the greater Raleigh area is tougher these days than it used to be. No question about that. Getting your home sold in today’s challenging market takes getting the list price right and doing a good job of preparation. With the need for a competitive price from the start, and the possible expense involved with preparing your home for sale, it is more important than ever to get a clear understanding of the costs of closing on your home.
Pay-Off Existing Mortgage(s)
This will be the biggest expense for most people. You can get an idea of this cost from looking at your latest statement from your mortgage company, or by calling and asking for the information. As you make additional payments while your home is on the market, this number will continue to go down.
Transfer Tax
Cleverly disguised in North Carolina as “revenue stamps” this is basically the sales tax, paid by the seller, for selling the home. You can calculate this amount by dividing the sale price by 500. For example, $100,000/500 = $200. The transfer tax on a $100,000 sale would be $200.
Unpaid Property Taxes
The way taxes are handled can vary depending on the time of year and whether or not the tax bill has been paid. Basically, you are responsible for the portion of property taxes for the period you owned the home.
Sometimes the closing attorney will collect the proper amounts from both the seller and the buyer and pay the tax bill directly, if it is available. Tax bills are published at the end of July in Wake County.
If you sell before the bill is available, the attorney will do his best to estimate the amount of the bill and collect the prorated amount from the seller and credit the buyer. The buyer would then be responsible for paying the entire year’s tax bill. If the amount collected ends up being incorrect, once the actual bill is available in July, the buyer and seller can settle the difference after closing.
If your mortgage company collects a monthly escrow amount for taxes, the balance in the account will be refunded after closing.
HOA Dues
HOA dues are prorated as well. You are responsible for the portion for the period you owned the house. If you pay on an annual basis, there could be an amount collected from the buyer and credited to you for the unused portion.
Attorney Fees
This is typically a charge for the preparation of seller documents, including the deed. Most attorneys can get this done for about $125. You can always have your college buddy, or friend of the family, who happens to be an attorney, prepare these documents for you at a discounted price, but it is not recommended. You definitely don’t want to have closing delayed because there was some miscommunication between the two attorneys.
Repairs
The standard contract binds the seller to making any “necessary” repairs. There are limits of the scope of what is eligible for repair, but basically any major system that is broken must be fixed prior to closing.
For liability reasons it is a really good idea to make these repairs in good faith and to use a reputable professional where necessary. I usually advise my clients to budget $1,200 for repairs, if the home is fairly new and has been maintained well. Older homes can easily have repairs of 1% of the sell price, or even greater if thorough and regular maintenance has not been performed.
Realtor Compensation
This is typically a percentage of the sell price and is negotiable between seller and agent. From this amount, your Realtor will pay for all marketing and promotion expenses up front. If your house does not sell, or you change your mind about selling, the risk of loss of marketing expenses is typically on the agent. Or at least that’s how I work. Also, keep in mind that your listing agent will pay the buyer agent on the other side of the transaction from this amount.
Concessions For The Buyer
At the time of offer negotiations, there could be some concessions that the seller promises the buyer. Typical concession items are a home warranty or buyer closing costs paid by the seller.
I hope that helps you understand the usual costs involved with selling a home. If you would like to discuss your situation, and receive an estimate of the probable selling price of your home along with an estimate of your specific closing costs, just give me a call at 919-602-7000, or email me.
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WCPE FM - A Classical Respite From All The Noise
October 22nd, 2008 Categories: Local Businesses, Odds and Ends
Do you feel like there is just too much noise in your world sometimes? I certainly do. And sometimes I just want to turn it off. Take a peaceful little break.
For instance, I have not listened to the news for two days. Let’s just call it doom and gloom overload. I really don’t need another so called expert telling me how bad our economy is, or who they think I should vote for. I especially don’t need to hear or see a panel of experts arguing and talking all over each other trying to convince me that their opinion is the correct one to have.
If what I just described is you, try tuning to WCPE FM at 89.7 on your radio dial. WCPE broadcasts commercial free classical music 24 hours a day right here in Wake Forest. And an added bonus is they do not do the news! That’s right. Just beautiful classical music all day without commercials or news broadcasts. Ahhh, the answer to the noise problem!
In addition to the local Wake Forest, NC broadcast on 89.7 FM, WCPE is heard around the world on their internet stream. You can tune in from their website at www.theclassicalstation.org. I recommend WCPE to all of my clients relocating to Wake Forest, or nearby Raleigh or Cary. And I get lots of thank yous for turning newcomers on to such a great treasure.
Even if classical music isn’t your thing, I would like to encourage you to give WCPE a try. My wife wasn’t particularly interested at first, but WCPE has definitely grown on her. We listen together quite often now. This music allows you to enjoy conversation with someone while filling the background with wonderful soothing sounds. Be warned though, WCPE’s music is highly addictive!
And as you begin to listen, you will be amazed at how many tunes you will recognize. Great classical music has filled the soundtracks of many famous movies and makes up the theme songs of tons of events (the Olympics, etc) and even some commercials (the beef commercial). So you can have all this familiarity without the noise (think commercials) that sometimes accompanies these great musical pieces.
You are probably wondering how WCPE does all this without the support of commercial sponsors. They do it with a wonderful staff of volunteers and the financial contributions of listeners all over the world. Even the voices of the mostly volunteer announcers is soothing and relaxing. If you tune in and find WCPE to be a welcome relief from all the noise that surrounds all of us, please consider supporting what they do. No gift is too small or too large.
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3 Reasons Why Mortgage Pre-Approval Is A Winning Strategy
October 21st, 2008 Categories: Buying a Home, Mortgage and Finance
It doesn’t matter if you are relocating to Raleigh, Cary or Wake Forest and have bought many homes in the past, or if you are a local and are buying your first home. Getting the house you want, on your terms, takes careful planning and a time tested and proven strategy.
Pre-approval for your mortgage is a critical component of the winning strategy of all successful home buyers. Let’s take a look at 3 reasons you will want to be approved for your loan before you begin looking at homes.
You Will Get A Better Price
Home sellers are afraid that potential buyers will not be able to close because of financing. This has always been the case, and with recent changes in the qualifying rules for almost every loan product, sellers are more cautious than ever.
Presenting a well designed pre-approval package with your offer takes this concern off the table and allows your agent to negotiate from a position of financial strength. Your chances to get the seller to lower the price of the house increases greatly.
You Know Exactly How Much Any Given Home Will Cost
With mortgage pre-approval behind you, you will be armed with everything you need to know to find the most home you can comfortably afford. You will know what interest rate you qualify for, how much down payment and closing costs will be required, what the monthly payments will be, and what tax advantages you will enjoy as a result of your purchase.
Without the anxiety that comes from not knowing what your short term and long term financial exposure is, you will be able to relax and look at the best home for your given situation. Buying a home can be fun if you know and are comfortable with all the costs involved.
You Will Close On Time
Significant delays in closing, caused by the buyer, can result in financial penalties. In a worst case scenario, you could pay a delay penalty, the seller could terminate the contract and you would lose the house, and you could lose your earnest money.
Real estate contracts are binding and there are consequences to be paid for missing dates, especially the closing date. Mortgage pre-approval can prevent this from happening.
Know the difference between a real mortgage pre-approval and one that isn’t worth the paper it’s written on.
Real pre-approval may require you to submit documentation to the loan officer. Don’t be afraid of this. It is in your best interest.
The loan officer will pull a credit report, verify income and assets, and present you with a package that contains a pre-approval letter, terms and conditions of the loan product you are approved for, and a list of contingencies that must be met for final approval.
All of these things, when integrated into a well designed negotiation strategy, will go a long ways towards getting your offer accepted. On your terms. And it will also help to reduce your anxiety and make the home buying process fun. Just like it should be.
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Attention First Time Home Buyers - FHA Down Payment Rules Are Changing
October 20th, 2008 Categories: Buying a Home, Mortgage and Finance
Are you planning on buying a home in the Raleigh area and getting an FHA loan? FHA loans are one of the few mortgage products still available with relatively modest down payment requirements. That will change somewhat on January 1, 2009.
Currently, FHA regulations require a borower to make a 3% total investment in a home purchase. A little more that 2% is required to go toward down payment and the balance can go towards closing costs.
After January 1, the minimum required investment will be 3.5% and the whole amount must go towards down payment. This means that closing costs will be required in addition to the 3.5% down payment.
It has been my experience, especially in recent months, that an FHA loan is sometimes the best alternative for first time home buyers because of the low capital investment required. With this rule change, the amount required will increase by almost 1.5%. That’s a $3,000 capital investment increase on a $200,000 home purchase.
If are planning on buying a home in the Raleigh area in the near future, and have limited funds to invest, you may want to get closed before the end of the year. Selection is good right now and prices are soft, so this could be a good time to make your move.
Special thanks to Tom Deadmore at www.TomDeadmore.com for the tip on the rule change.
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