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 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

What!!!! You Are a REALTOR and You Talk Some People Out of Selling Their Home?

As I type this blog post 8 out of 10 property listings currently on the market are failing to sell.  Every home seller in the Greater Raleigh Area is in a beauty contest and a pricing war.

As I met with one such home seller who lived in Bedford at Falls River, I showed him all the homes for sale in Bedford, days on market, staging and upgrades his competition had made to prepare for a sale. I also showed him list price to final sales price and what how many seller’s paid buyer mortgage closing cost to consummate the sale.  He said: “Boy what you are showing me and saying to me is a lot more negative than the other REALTORS  I’ve talked to”.

My answer was: “Sometimes it’s hard for people to tell the truth when they know the truth is going to  hurt.  And, sometimes REALTORS  lack experience with listing and marketing homes so they do not know the truth”.

My “tough love” advice comes from experiencing four down markets in my 24 year real estate career and from constantly carrying a large listing inventory.

Before You List Your Home For Sale Make Sure You Are Getting All of the Facts

No one can make a good business decision with bad information. Every home seller needs to know what they are getting into upfront to avoid costly surprises. After carefully reviewing all the data from multiple angles if the numbers work for you to sell now then list your property. But, if the numbers make no sense and you do not really need to sell your home don’t list now–wait to a better time. Real Estate changes almost everyday.

Every home seller feels their home is special because it is. Your life and emotion has been experienced in it. Because of this many real estate owners have unrealistic home selling expectations and say: “Well let’s just try my price  and see what happens” and many REALTORS will say “ok” to get a listing. Do you want your home listed or do you want your home sold? If you want your home sold focus on sold and closed properties not what your neighbors home is listed for.  If your price is not a good value to the buyer all you are are doing is wasting your time and energy, stagnating your home on the market and helping your competition sell.  The only home that is going to sell right now in the Greater Raleigh real estate market is the home that is priced right and in excellent condition. In this current buyers market everything matters. Staging, marketing, pricing, follow up and watching your competition daily to make sure your home is in the best position possible to attract the next buyer.

Quick Advice About Hiring The Right REALTOR To Sell Your Home

If you are talking to REALTORS who are scared to practice “tough love” beware. Selling a home in a buyers market takes skills, analysis and truth.  As you interview local real estate agents ask how many homes they have listed for sale now and how many they have listed, sold and closed in the past 12 months. REALTORS that specialize in working with sellers have experience from all of their previous listings to guide you through a down market to a successful sale.

Linda

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

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

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