Hasentree is by far one of the premier communities in Wake County.  And as you may have been aware, the development was foreclosed on last year by SunTrust bank.  Well, good news… Toll Brothers has purchased Hasentree and they are saying they have big plans for the community.

Hasentree is actually located in Wake Forest, just north of highway 98 and occupies over 800 acres. It is home to a Tom Fazio designed golf course and a 13,000 square foot community center.  I toured the community center a few months back and it is absolutely amazing. And of course, the golf course is beautiful too.

When you drive into Hasentree you know you are somewhere special.  The homesites in this gated community are large and the views are spectacular. And the homes are pretty awesome too.  The architectural detail is very pleasing to the eye and the current homes were built by some of the best custom builders around.

The obvious question is what changes now with regards to the look and feel of the homes.  The neighborhood layout is probably pretty well set in stone.  But Toll Brothers is a large national builder and the former builders were relatively smaller custom builders.  It will be interesting to see what they do as they move forward at Hasentree.  I’ll do my best to see what I can find and follow up with another article.

Toll Brothers also developed and built homes at Brier Creek Country Club and it has been one of the most successful developments of its kind in this area.  They have a good tract record with projects of this scope and scale, so the future could have very well just become a little brighter for Hasentree.

Prices in the past have ranged from about $700K to about $3 Million.  Quite the range and definitely in the high end of our market.  If Hasentree sounds like the kind of neighborhood you would be interested in, contact me for more information and to arrange a private tour.

Homes For Sale in Hasentree

The most wired city in the United States is Raleigh, North Carolina.  No, that doesn’t mean we drink the most coffee, although that wouldn’t be a bad honor either.  According to Forbes’ just released list of Most Wired Cities, Raleigh ranks number one!

So what exactly is the most wired city?  The Most Wired City list was compiled based on three factors:  1) broadband penetration 2) broadband access 3) number of wi-fi hot spots.  Our top position on the list means we rank consistently high in all three measures.

Having lived here all my life, this really comes as no surprise.  The reason I say this is the fact that we are home to a large concentration of high tech companies and some major universities.  Tech giants like Cisco, IBM and Lenovo have major operations in nearby Research Triangle Park.  And NC State University, Duke and the University of North Carolina are all located in the Raleigh area.  How can we help but be the most wired city?

Raleigh has a free wi-fi network that covers the downtown area, and Sprint recently chose us as one of the test markets to launch its 4G next generation mobile network. We were chosen by Sprint for the 4G roll out ahead of major metropolises such as New York, Washington DC and Boston.  I think this says something about how technology companies view our population.

An obvious benefit of being the most wired city is that residents have easy access to high speed data connections.  Mobile and wireline.  Another possible benefit of being the most wired city is that we may be first in line as even faster broadband technologies are deployed.

Google recently announced an initiative to test a new ultra-fast network technology that runs over 100 times faster than today’s broadband.  They just might favor America’s most wired city as fertile ground to deploy such technology.  How cool would it be to live where the Internet runs without any noticeable delay?

So, if you want to move to a happening, tech-savvy place, be sure to keep Raleigh at the top of your list too!

I’ve always been an advocate for getting a survey whenever you buy a home.  I always do whenever I buy a home.  I’ve written about getting a survey before on this blog.  Doesn’t matter if it’s a new home or a home that’s 50 years old, you still need a survey.  Here’s a quote from an addendum to the NC Standard Offer to Purchase And Contract that states it well:

*NOTE REGARDING SURVEYS: Situations arise all too often that could have been avoided if the buyer had obtained a new survey from a NC registered surveyor. A survey will normally reveal such things as encroachments on the Property from adjacent properties (fences, driveways, etc.); encroachments from the Property onto adjacent properties; road or utility easements crossing the Property;violations of set-back lines; lack of legal access to a public right-of-way; and indefinite or erroneous legal descriptions in previous deeds to the Property. Although title insurance companies may provide lender coverage without a new survey, the owner’s policy contains an exception for easements, set-backs and other matters which would have been shown on a survey. Many such matters are not public record and would not be included in an attorney’s title examination. In addition, if the buyer does not obtain their own survey, they would have no claim against a surveyor for inaccuracies in a prior survey.

It’s kind of like insurance.  If you never need it, its easy to question the value.  If you ever do need it, and don’t have it, your life could end up a real mess.

Looking to buy a home in North Raleigh where you can literally move right in?  Then look no further!  All the work has already been done for you in this immaculate home.

This great 3 bedroom home is located on a quiet cul-de-sac in the popular Neuse Crossing neighborhood.   Nestled under just the right amount of trees, this home provides that sought after shady yard that so many here in Raleigh, NC appreciate on a hot summer afternoon.

Inside this amazing home no expense has been spared with regards to upgrades. Hardwood floors in the living area, tile floors in the kitchen and bathrooms.  Granite counters, custom cherry cabinets, stainless under-counter-mount sink, custom lighting, and stainless steel appliances complete the gorgeous kitchen.

Every switch plate, water faucet, light fixture, flooring surface, and even the bathroom mirrors have been beautifully upgraded!

There is a real wood burning fireplace in the living room and a vaulted ceiling in the spacious master suite.  Watch the visual tour below and then give me a call for a private tour of your next home!

Here are the basics:

• Price: $175,000
• Square Feet: 1518
• Bedrooms: 3
• Bathrooms: 2.5

A nice bonus awaits many home buyers in this new year.  The Home Buyer Tax Credit has been extended and expanded to include many more potential home buyers.

The Home Buyer Tax Credit actually began back in 2008 as a $7,500 credit only available for first time home buyers.  And it had to be paid back at the rate of $500 each year over 15 years, or in total upon the sale of the home.

In 2009 the amount was increased to $8,000 and there was no requirement to repay the money as long as the buyer lived in the home for at least three years.  However, it still applied only to first time home buyers.

For 2010 our federal government has pulled out all the stops and is offering a greatly enhanced program that is open to many more home buyers.  Including folks who currently own a home.

What is the time frame?

Just in time for the seasonal increase in home buying that occurs each year, the Home Buyer Tax Credit basically runs for the first half of 2010.  The deadlines are that you must be under contract by April 30, and you must close by June 30.

How much is the tax credit?

First time home buyers can claim $8,000, just like in 2009.  And now for the first time, current home owners looking to move up or downsize can claim a $6,500 tax credit.

Who is a first time home buyer?

The same as in 2009, a first time home buyer is anyone who has not owned a primary residence in the past three years.  If you happen to own income properties, but have not lived in any of them for the past three years, you still qualify.

Are there income limits?

Yes.  Single home buyers’ incomes must be below $125,000 and married home buyers’ incomes must be below $225,000 to receive the full credit.  The tax credit decreases for single home buyers with incomes over $125,000 and phases out completely at $145,000.  Married couples can claim a decreased tax credit at incomes between $225,000 and $245,000.

Does the tax credit need to be repaid?

In most cases, no.  As long as the home buyer occupies and does not sell the home for a period of three years, the money is yours to keep!  There is also a provision for active military who receive orders that require them to move which waives the payback requirement during the three year period.

Is there any limit on the price of the home?

Well, there is, but it hardly matters.  Homes that sell for over $800,000 do not qualify.  There are a whole bunch of excellent choices in homes in the real estate markets of Raleigh, Wake Forest, Cary and surrounding areas for under $800,000.  So far, this has not been an issue here.

Ahhh.  The new year is here.  Have you seen all the articles out there calling the past 10 years the lost decade?  From a personal perspective I’m not sure I would go quite that far.  There’s something unsettling about the idea that the last 10 years were wasted.  But I do know quite a few home sellers who are ready for something different than what 2009 offered.

So what will 2010 look like for the real estate markets?  Here’s what I know and then a little about what I believe.

Interest Rates Will Increase

I’m calling this something I know rather that something I believe.  The Federal Reserve spent all of 2009, and about one trillion dollars, buying mortgage backed securities.  That translates to about 80% of all mortgage backed securities.

The Fed’s activity in this market is the reason you were able to get a sub 5% mortgage last year.  They budgeted $1.25 trillion and it has almost run out.  Not sure they could extend this program even if they wanted to.  The money that was spent really did not exist and was added to the national debt.

The pace of the Fed’s purchases of mortgage backed securities slowed recently and rates responded by rising about 1/2 point.  It’s pretty clear that when they stop the purchases rates will rise.  How much rates go up depends on the confidence of the free market as investors step in to purchase mortgage backed securities, or not.

Tax Credit For First Half 2010

The First Time Home Buyer Tax Credit was extended and expanded late last year.  The first time buyer part was extended to cover homes under contract by April 30 and closed by June 30.

And the tax credit was expanded to cover move-up (or downsizing) buyers who have owned their current home for five consecutive years of the last eight.

There is evidence that the First Time Home Buyer Tax Credit stimulated home sales last year, so it is expected this extended program will do the same in the first half of 2010.

Pent Up Demand To Move

Here’s the what I believe part.  When people desire to move, they find a way to make it happen.  If you don’t have a job and find one in a new city, you move.  If your family just increased to the point where there is not enough room for everyone, you move.  If there has been a death or divorce that changes your economic situation, you move.

The problem is that many people who have valid reasons to move have put it off because of the market.  This is most apparent in cases where someone had a home to sell in a market where prices declined.

Well, we’ve had the current market conditions for several years now and most economists think it may take a while for prices to recover.  And the pressures of the reasons to move I listed above are not going to subside.

I believe this will be the year people accept the fact that  selling a house at a reduced price and buying another house at a reduced price is not necessarily a bad thing. As a matter of fact, if you are buying a more expensive house, this could actually be a golden opportunity to make money in the long run.

This is my favorite time of the year!  And for lots of really good reasons.  Here are 7 of my top reasons that I love Christmas:

Christmas Decorations

Doesn’t everything look nice all decorated for the holiday?  And it seems to happen earlier every year.  I’ll have to admit that we put up our tree a week before Thanksgiving this year.  And I have some friends who beat me by two weeks!  We seem to leave the tree and decorations up a little longer for the past few years too.  I know some folks don’t like it so much, but I’m glad to see the season get expanded a little bit.

Holiday Food

I love to eat, so this reason is at the top of my list!  It starts with the Thanksgiving meal and continues right up through Christmas.  My wife likes to bake, so there is a non-stop supply of cookies, cakes and pies.

Christmas Parties

Woohoo!  Everyone loves a party, right?  There’s always at least 3-4 decent Christmas parties every year.  And plenty of good food at these too.  It’s just great to have more opportunities to slow down a bit and spend some time with some of the people you’re around on a daily basis, but might not really know all that well.  You know, the work colleagues, the folks in your Sunday school class, a client and their friends, or maybe a vendor and a group of their clients.

Whatever the group, it’s always nice to have a chance to fellowship with others.

Christmas Music

Call me old fashioned, call me boring, call me whatever you like, but I absolutely love Christmas music.  Andy Williams, Bing Crosby, Nat King Cole… any of the classics will do just fine.  These are the songs I remember as a kid who was all excited about the season.  Most of us can sing every word.  Sure, by New Years Day we may be ready to put these tunes away, but the memories and cheer that Christmas music brings about are priceless.

Christmas Movies

Well, you might have guessed from the artists that I mentioned above that the classic Christmas movies are some of my favorites.  White Christmas, Holiday Inn, Miracle on 34th Street, It’s a Wonderful Life, and Beyond Christmas are at the top of my list.

Christmas Spirit and Cheer

I believe that people are just friendlier this time of year.  Folks are more likely to let things go that might be a big deal to them any other time.  There is just a spirit of giving and generosity that fills the air and the souls of men and women from all walks of life.  Maybe it’s because of the commercial aspect of Christmas and the gift giving that goes on in most families.  Maybe it’s because of the charitable acts that many of us get involved in each year.  But I think there may be something more to it.

Jesus Christ

The real reason Christmas is my favorite time of the year is because of the one for whom it was named.  Every year I am reminded of a love so pure that it is almost impossible to put into words.

Can you imagine what it must have been like for God to step out of heaven in the form of a man and take on all our sins; past, present and future… and to ultimately die for us… just so we may be forgiven?

He did this because He loved us that much.  He loved us enough to pay a terrible debt for us so that we could spend eternity with Him.
That’s Christmas to me.

If you have time, give me a call or drop me a note and let me know your top reasons you love Christmas.  Merry Christmas to you all!

When buying a home one very important component of the decision making process for most people is the mortgage rate.  Lower rates mean you can afford more house for your money.  As rates increase, typically home buyers must scale back their expectations and settle for less size and/or amenities in their home.  Some home buyers are shut out of the market altogether as rates continue to rise.

We haven’t had to worry about mortgage rates limiting, or eliminating potential home buyers for quite a while.  But the reason rates have been low during 2009 may be cause for concern next year.

About a year ago the Federal Reserve announced it would begin to buy mortgage backed securities.  At that time there seemed to be no other alternative if we wanted to avoid a serious collapse of the housing market.  If you think what actually happened was bad, try to imagine the national real estate market in 2009  with interest rates on home loans at 8% or above.  That would have been really ugly.

The original plan called for the Fed to buy $500 Billion in mortgage backed securities.  Later that figure was expanded to $1.25 Trillion.  Just for effect, here’s what that figure looks like fully expressed numerically.

$1,250,000,000,000.00

That’s a whole bunch of mortgage backed securities!  As a matter of fact, the Fed purchased about 80% of all mortgage backed securities in 2009.  That’s right… your government now owns most home mortgages.  And the really scary part is they purchased all of this with printed money.  They grew the deficit.  The Fed probably owns your mortgage and they bought it with borrowed money… but that’s another story.

The purpose for this drastic move was of course to attempt to bring stability to an already shaken housing market.  As the Fed buys mortgage backed securities, the price of those investment products go up.  As the price of mortgage backed securities go up, the street prices on home loans go down.  Simple macro economics 101, right?

Well, maybe it’s simple and maybe it’s not.  My question is what happens when the Fed stops this program?  They stated that they wanted to end it by March 2010.  Since Jan 2009 the Fed has averaged about $19 Billion each week in purchases of mortgage backed securities.  It peaked at $25 Billion per week in May and seems to have tapered to about $14 Billion in November.

Here’s a few questions to ponder.  Is our economy and national housing market strong enough to withstand the effects of stopping this program?  Will the Fed pull the plug, or ramp things down?   Will private investors step up to the plate and purchase the mortgage backed securities once the Fed walks away?

One thing seems clear to me.  Interest rates on home mortgages will likely go up about mid 2010.  About the time that real estate markets are at their seasonal peak.  2010 should be a very interesting year indeed.

In today’s real estate market, pricing a home has become more important and at the same time more difficult.  When selling your home, price it too high and no one will even look at it.  Price it at the current market level and you still have to deal with the oversupply of homes for sale that exists.  And with all the foreclosures and short sales out there, market prices are becoming more and more distorted.

Some neighborhoods are easier than others to get the price right.  When I look at comparable properties to do a market analysis, I need enough “normal” arms length transactions to support the listing price.   If there are distressed home sales in the neighborhood, it’s easy enough to disregard them if we have at least 3 homes that have sold under more traditional circumstances.  But we have to be careful.

The appraiser will not always disregard distressed property sales.  The appraiser also may not use the same comparable home sales I used either.  If you don’t consider these things, the appraisal can be the unanticipated problem that suddenly appears at the 11th hour.

Because of new rules for how lenders order appraisals, the appraiser might end up being someone who is not so familiar with a given neighborhood.  And there is more pressure now to do appraisals that consider prices might be lower in the future, rather than higher.  There are lots of reasons that an appraiser, in today’s market, might turn in an appraisal that is lower than the sell price.

Home sellers should be prepared for this possibility when selling their home.  Pricing a home at it’s maximum value and letting the market tell you if adjustments are needed is a good strategy.  Just make sure that maximum value is realistic, or you could loose valuable marketing time that you will never get back.

If you do sell your home at the high end of its price range, be prepared to deal with the possibility of a relatively low appraisal.  The standard offer to purchase and contract says that the buyer can terminate the contract and that all earnest monies shall be returned if the home does not appraise at or above the purchase price.  In these cases, the seller may be able to salvage the sale by lowering the price to match the appraisal.

Just remember that the appraisal is typically done a few weeks before closing.  Make sure your agent is aware of when it is completed and if it came in at or above the purchase price.  Usually this is one of the last contingencies that must be cleared before closing.   Being prepared to quickly offer an alternative price, if you run into appraisal issues,  just might keep your deal alive and get you to closing on schedule.

A 1,600 square foot, 3 bedroom townhome in Apex for under $160,000.  The living area features high quality laminate floors, a ceiling fan, gas log fireplace and sliding glass doors that lead out to a private patio area that overlooks a small pond.  The kitchen has lots of cabinet and counter space and there is room for a table as well.  There is a separate dining room and three generous sized bedrooms, including a master suite.

This unique home is in a fantastic neighborhood that features a community pool, tennis courts, and basketball courts.  It is also conveniently located near the Beaver Creek Commons shopping complex with movie theaters, tons of restaurants, and just about any store you will ever need.

It’s just a short drive down Hwy 55 to Research Triangle Park and the RDU airport.  This great townhome offers lots of space, neighborhood amenities,  and a great location at an affordable price.

• Price:  $159,900
• Square Feet:  1,600
• Bedrooms:  3
• Bathrooms:  2.5

Be sure to check out the visual tour below.