With more than one in seven mortgages currently not being paid, the financial crisis is affecting millions of homeowners across the country, even here in the Greater Raleigh Area. Read the rest of this entry

Ever wonder what exactly a short sale is?  How is a short sale different from a foreclosure?  Does a homeowner have options?   I am asked these questions many times through out my week whether it is in a listing appointment, at the gym, networking events, or just hanging out with my friends.  I recently recorded a brief video explaining why a short sale can save homeowners from foreclosure Read the rest of this entry

It is now reported that 1 out 8 home mortgages in the United States are in default. Default occurs anytime a house payment is 30 days past the due date. This means many Raleigh area home owners are struggling financially and with rising interest rates we know there is another wave of foreclosures on the horizon for North Carolina. As a Certified Distressed Property Expert (CDPE) I have negotiated many successful short sales for my clients over the past two years and the process is long and tedious. Read the rest of this entry

Many people are hearing the word “short sale” and sometimes it can be confusing as to what that word really means.   I thought I would share with you my perspective as Certified Distressed Property Expert here in the Greater Raleigh, North Carolina area.

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

Just before Thanksgiving I met with 11 of the Top Real Estate Agents in the greater Raleigh area. We are all members of the Triangle Area Luxury Home Marketing Group. This group represents several real estate offices throughout the Wake County area. We meet once a month to tour each others homes for sale that are priced $750,000 and up. I have been a member of the group since it began in Raleigh back in 2004 and we always share what we are seeing in the market place.  

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!

Over the last several months many people have asked me if home sales have been picking up for the Raleigh real estate market.   While we have seen an increase in appointments scheduled to view our current inventory of  Triangle area homes for sale, we have not seen them turn into equal sales.  Home sales around the Raleigh region are still very sluggish and the luxury market  has been hit the hardest. 

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   Read the rest of this entry

Every day in the Raleigh  area I meet with perspective home sellers.  However, in the current real estate market I find myself practicing “tough love” and being more of a counselor and consultant. I try to educate my home sellers to make sure they have realistic expectations so they do not end up with regrets in the end. Many times during the initial consultation I talk sellers out of putting their homes on the market and encourage them to wait until a better time. I show Raleigh area sellers the absorption rates for their location, age, square feet, architectural style, features and price range. I explain experimenting just to see what happens in a buyers market is another real estate listing about to fail.

Read the rest of this entry

Raeigh home owners facing foreclosure or short sale go through a tremendous amount of stress in the process of losing their home. Prior to December 2007, if a homeowner lost his home due to a bank forclosure or short sale, and the bank forgave any difference between the price it was sold for and what was owed, the Raleigh home seller would owe additional income tax on the portion that was forgiven. Yes, it is hard to believe that a Raleigh homeowner in distress could be taxed but, it’s true.

Let’s say the Raleigh homeowner owed $350,000 on the mortgage, but the foreclosure sale only brought in $300,000. The bank agreed to forgive the shortfall of $50,000 in the sale. The Raleigh homeowner would have been liable for the income tax on the $50,000 forgiven debt.

Now, because of the unbearable stress in the housing industry and economy, Raleigh real estate has a window of opportunity to sell distressed homes without being taxed. In December 2007, Congress stepped into provide temporary relief in the form of forgiving this debt from 2007- 2012.  After that, the old rule applies again.

To be eligible for this Raleigh home tax relief, the mortgage must be for your principal residence. It does not apply to vacation, investment or other properties and no more than $2 million of forgiven debt can be excluded from taxable income.

If you are struggling making your Raleigh home payment consult a qualified accountant or REALTOR before considering foreclosure or short sale. Although the Mortgage Forgiveness Debt Relief Act will help many Raleigh homeowners there are situations where tax relief will not be granted. For example;  equity lines used for Raleigh home purchase or improvements fall under this act. Equity lines used for vacation can still be taxed.

If you know of anyone falling behind in their mortgage payments as a Certified Distressed Property Expert (CDPE), I can help.   Please call me at (919) 235-0007. 

Have a great day-

Linda

Good news for all of us who live and love Raleigh, NC. Forbes.com ranked Raleigh #1 March 25th, 2009, as the best place for business and careers. Durham ranked #3.

With wonderful publicity such as this, PLUS  UNC and Carolina Hurricanes both in the play offs for championships the Raleigh real estate market is getting a nice media boost.

As predicted the Raleigh real estate market is bouncing back faster than other areas around the country. Sales in all price ranges have increased. I have had multiple offers on several properties and other Raleigh REALTORS have reported this as well.

Many people are still waiting and trying to time the Raleigh Real Estate bottom. In the lower price points $300,000 and below, those that are waiting have missed it.

Inflation will drive up interest rates so if owning a piece of Raleigh real estate is in your future I would take action now. Rates are low today and Raleigh home prices are stabilizing and on the rise in some areas.

Please don’t be one of the people who look back 2 years from now with regret that you didn’t buy a Raleigh home or investment property when you had this incredible opportunity. It is really a great time to buy.

If you or any of your friends, families or co-workers have have questions about the the current Raleigh homes market, I am available by email or at (919) 235.0007.

Have a great day-

Linda

It Takes Four Things For Every Homeowner to Sell a Raleigh Home:

1.   A Compelling Price

2.   Condition

3.   Access

4.   A good marketing agent

Many sellers today feel very beat up and out of control in this challenging and competitive Raleigh real estate market. Many Raleigh home sellers get mad at their real estate agents when their homes do not sell but, the truth is the REALTOR has very little control. As a seller you decide the list price, how easy or difficult you’re going to ake it for us to show; you decide whether or not you are going to put it in good showing condition; you decide whether or not you’re going to be cooperative on financing options and closing cost. Your REALTOR does not decide any of that and neither does the buyer. You’re in 100% control. Additionally, your REALTOR can’t make the buyer pay what you might want, any more than your REALTOR can make you take what they buyer offers. You’re in control- you have the final say over the sale of the house. Your REALTOR’S  job is to advise you, give you the truth about current market conditions, market your home aggressively to generate leads and follow up on every lead to create opportunities for an offer.

If you have any questions or would like to discuss strategies in this current real estate market, please give me a call at 919.235.0007 or send me an email.

Linda