As a CDPE-designated agent, I have specialized training in the financial hardships homeowners are facing today. I’ve created a free report to provide information on your options and answer questions you may have. To download this report, visit my other website:

http://www.raleighrealestateforeclosures.com/

I am providing this information free of charge, because not having it could come at a great price.

I’m here to help, so don’t hesitate to contact me.
Linda Craft
Linda Craft & Team, REALTORS
919.235.0007

Linda Craft & Team, REALTORS assumes no responsibility nor guarantees the accuracy of this informati
on and is not engaged in the practice of law nor gives legal or tax advice.
It is strongly recommended that you contact your own personal attorney.

If you have any questions or would like to talk with me further, please feel free to call me at 919.235.0007 or you may also receive detailed reports through my Raleigh Short Sale and Foreclosure Information Website:  www.raleighrealestateforeclosures.com

I hope you have a great week,

Linda

If you have any real estate questions please do not hesitate to contact me.

I hope that you have a great weekend,

Linda

If you have any further questions or would like schedule a private consultation about what is best for you and your property feel free to contact us at 919-235-0007.

Have a great Thursday!

Linda

If you, or anyone you know, has any further questions or if you would like a private, confidential analysis of your current real estate situation, please call me at (919) 235.0007.  I am here to help you.

Linda

What is Happening With Luxury Homes Here in Raleigh?

This past meeting I asked everyone what percent they believe real estate values have fallen in the Raleigh, Cary, Apex and Triangle area. We all agreed prices have dropped 15% to 20% in the upper end and at least 10% drop in other price ranges. This is so much better than other areas of our country but, still very painful to folks who need to sell now. 28% of American home owners are under water and that number is expected to be in the 45% by the end of 2010.

If you know of anyone who needs to sell and finds themselves in this negative situation have them call me or visit my web site to learn about some of the solutions available. Several years ago we all believed Raleigh homeowners would be mostly bullet proof when it came to declining real estate values.   Now we know different. Ouch it really hurts!

The Biggest Real Estate Problem We Have in the Raleigh Region

is that we are not seeing many move up buyers. This is causing many sellers to compete for a sold sign and has driven home prices down. The listing inventory of homes for sale is still high and many sellers have reduced their home prices several times and still are not sold. The average home list price to sales price is  96% if sold in the first 30 days and 89% if price reductions occur. With declining home values, low interest rates and tax credits you would think real estate here in the Greater Raleigh area would be booming but, it isn’t. Everyone is busy showing a lot of houses but, the truth is Triangle real estate home sales are still lower in 2009 than they were in 2008.  

Let’s Look At Some Contributing Housing Market Factors

1.  First Time Home Buyer and Tax Credit  

Raleigh area homes  under $300,000  have been driving the market as our first time home buyers are out looking for their dream home and an $8,000 free gift from the government. The $8,000 first time home buyer tax credit is due to expire in 102 days.   Many people who have been unsure about the economy and their jobs have decided to wait until the last minute to find a house.  Not a good idea. Every first time buyer needs to get busy now. Procrastination can cause you to loose your chance at $8,000 and pay more for a house. On July 31, 2009, new mortgage regulations went into effect that can extend a real estate closing to approximately 45 days.  This means in order for someone to use the credit they have to hire a REALTOR, find a house they want to own, negotiate an acceptable contract and apply for a loan by October 15 in order to be assured a closing before December 1st. I believe this fall we may see Raleigh real estate priced below $300,000 spike up in value as those that waited to the last minute are now in bidding wars over the best houses left in the market. 

2. Life Change

People in all walks of life have to have some place to call home.  Some of our Raleigh market activity comes from every day situations where people moving  are  merging households, downsizing, having kids and running out of room, relocating due to a job transfer, divorce, death or need a change due to health reasons.   This type of activity always happens in our Raleigh Real Estate Marketplace and will never change regardless of market conditions.

3.  Short Sales and Foreclosures in the Greater Raleigh Areas

Today’s investor loves our Raleigh real estate market. They know now is the time to see the highest returns on a home purchase. Raleigh is ranked in the top 10 cities to rebound fastest. Homes in the Raleigh, Cary, Apex, Holly Springs and Wake Forest real estate markets have about 20% distressed properties and cash is king. People who have patience, good credit, or cash in the bank are another segment in our Raleigh real estate market. If you want to invest in these type of properties look for an REALTOR with a CDPE designation. It is not a traditonal transaction and you will need someone with experience to guide you.

4.  Supply and Demand

Standing inventory is a real problem in the Greater Raleigh area.   The absorption rate is 10 months to 39 months in some price ranges and locations. In my recent blog posting “Home Sellers Need Tough Love in this Economy” I talk about how some Triangle Home Sellers are experimenting with the market.   As I said before, if you don’t need to sell your home right now, don’t list it.   Yes, I am a Top Producing Real Estate Agent in the Triangle area, however, I believe in helping people and not just closing a transaction.  Our real estate market is still over saturated with homes that are not selling.  It is a fabulous time to buy a home and one will find many great deals out there, but if you don’t have to sell, please wait.

If you have questions about the real estate market here in Raleigh or would like to receive new listing alerts, please don’t hesitate to contact us.   We are here to help you make wise decisions about your home.

Linda

This week I came across a video by the Federal Trade Commission that gives helpful advice about what you need to do if you see you are starting to fall behind in your mortgage payments.   It also tells what you need to look for if you are approached by people who may in turn be scammers.    If you are anyone you know of need help, please help them get the real facts about what options homeowners have.   Visit www.hopenow.com, www.raleighrealestateforeclosures.com or call 1-866-995-4673.

You are not alone and we are all here to help.

Linda

TAKE YOUR TEMPERATURE

Turn your hot water temperature down to 120 degrees and cut hot water heating energy compsumption

SWITCH THE LIGHTS

Compact fluorescent light bulbs use up to 75% less energy than traditional bulbs. Replace them in highly used fixtures such as porch lights, bathroom vanities, and office lights.

SAVE WATER

 Install low-flow shower heads and faucets to cut back on water flow or shorten your shower time and your water and heating bill

PLUG OUT

Use a power strip for your Raleigh home office or entertainment center. Even in standby mode, electronics account for 15% of the household electricity.

SWITCH OFF

Remember to turn off the light when you leave the room and to unplug your computer and other appliances when not in use. These small gestures will save you money and protect these items during bad weather. 5 to 10% of your energy cost goes towards lighting

ADJUST REFRIGERATORS

of all your appliances your refrigerators will use the most electricity in your Raleigh home.  Adjust the temperature to 37 degrees F and your freezer to 0 degrees F  and save.

WASH CLOTHES 

in cold water and save roughly 36 cents a load.

DRY CLOTHES OUTSIDE

Hang your heavy duty clothes and bed linens outside and get that fresh smell.  You’ll also be reducing the amount of  energy you use in your home.

SEAL IT

Search for hidden air leaks around doors, window, electric outlets and in your attic, basement or crawl space too. Seal them with caulk, spray foam or weather stripping. With four seasons in Raleigh sealing a  home can cut energy consumption by up to 10 percent.

NIGHT NIGHT

Lower your themostat at night and stay warm with a down comforter. For each degree you lower it, you’ll reduce heating cost 3% to 5%.

RATE IT

Look for Energy Star-rated products for your Raleigh home. They can save you a third of energy cost.

Going Green with Raleigh real estate can turn your home into an energy-efficient investment.

Have a great Memorial Day Weekend!

Linda

The ups and downs of Raleigh Real Estate Investing

Every investment has ups and downs but, over time owning a Raleigh home is a safe and prudent place to invest your money. Where else can you get a tax deduction, a place of YOUR OWN to express your pride of Raleigh home ownership and earn these kind of percentages on your investment?

National Home Appreciation Data

1970 – 1979 = 142% appreciation

1980 – 1989 = 52% appreciation

1990 – 1999 = 45% appreciation

2000 – 2008 = 42% appreciation

Data taken from RISMedia March 2009

Check out my daily best buy list at lindacraft.com

To learn about $8,000 tax credit click here.

Have a great day-

Linda