Many people have asked me recently “What is going on with the Raleigh real estate market?”  Last month I created a Raleigh real estate market update video and I thought I would share it with you today.   Read the rest of this entry

Raleigh’s Hedingham Subdivision will be hosting their annual open house event this Sunday, May 16, from 1:00 to 3:00 pm.   Approximately 40  homes will be open to the public and it is a great opportunity to see many  of the Hedingham homes for sale  in one quick trip.  Read the rest of this entry

It is April in Raleigh where everything is in full bloom including sellers who want to take advantage of the spring market when their yards look the best and the school season is drawing to an end. I have sold over 5,000 homes in my 25 year career and in the past 3 months have met with approximately 100 sellers who either “want or need” to sell their home. I believe those numbers qualify me as an expert to share mistakes I see sellers make as they Read the rest of this entry

Tuesday is a special day for the Linda Craft Real Estate Team.  I fondly call it Team Tuesday. It is the day we all pile into our wrapped passenger van and ride around the Triangle area previewing our new listings in the Greater Raleigh, Cary, Wake Forest, Garner, Clayton, Apex and Holly Springs areas.  We sharpen our  Triangle Real Estate market knowledge,  share ideas and information for approxiamtely 3 hours every week.   A think tank of top professionals sharing their best practices. 

This past week one of my buyer agents,  JV Lavery, mentioned that prices on large tracks of land had dropped significantly and what a great time it was to buy land and hold it. He is so right but, I don’t know many developers  with $500,000 to a million dollars cash in the bank to buy land in these tight economical times. We all know land has always been a great investment and everyone I know is looking for something to buy cheap and hold onto for high profits later so we started brainstorming who could buy this well priced land.

Here Are Some Ideas On How To Buy Land:

1.   A group of individuals could buy the land to use as a hunt club. For the price of a yearly membership they could own acreage together. Use it to hunt now and hold it for a later sale when the value increases. Now that is a great real estate investment with no risk.

2.  A church could buy land now to hold for a future church plant

3.  A group of individuals could buy land to hold for future development or to sell when the next housing boom hits

4.  A family could buy land and put it into a family trust which would benefit their children

What are some other ideas you may have?  If you are interested in finding out about the best tracts of land for sale in the Greater Raleigh area please contact my team, JV Lavery or myself.  We would love the opportunity to work with you.

Have a great weekend,

Linda

News concerning USDA is fast circulating however this year’s exhaustion of mortgage funds may in fact be quite a bit different than the past.  USDA mortgages allow qualifed home buyers to purchase homes with zero money down in certain parts of the county. USDA and VA are the only 100% financing programs still available for home purchases. USDA is important to the Raleigh Real Estate Market and if they run out of money in April as expected it will push many home buyers out of the market and may leave sellers in a contract that is delayed for months or may never close!  

First Let Me Explain The TWO Types Of USDA Approvals:

 Approval with “GUARANTEE OF FUNDS” 

1. This approval type states that funds are available and have been guaranteed for a specific loan.
2. The loan can close.

Approval With “CONDITIONAL COMMITMENT – SUBJECT TO RECIEPT OF APPROPRIATED FUNDS”

1. This OCCURS WHEN USDA RUNS OUT OF FUNDS
2. It is an approved loan.
3. It states that “WHEN FUNDS ARE AVAILABLE (appropriated from Congress) IT WILL AUTOMATICALLY RECEIVE A GUARANTEEE”
4. The loan can close however it is up to the lender.
5. Funds are NOT available to be guaranteed – Increased risk to the lender.

 With regard to Approval #2 above:  Some lenders WILL go ahead and close the loan with a conditional commitment from USDA while others choose NOT to.  It is typical that USDA runs out of funds in September/October time frame as October is their fiscal year end.  We have all experienced in the past!

 What Is Different RIGHT NOW?  Read the rest of this entry

Congratulations, Raleigh! You have beat Atlanta, Chicago, New York City, Washington and many other cities in the Most Wired Cities list published by Forbes’ Magazine.   Moving to the number 1 position was quite a jump from last year’s 15th spot.   Special thanks to our city planners, private business owners and developers who have installed wireless connections in downtown Raleigh and the Greater Raleigh Area. 

Raleigh Rankings Include:

Raleigh Housing Ranks First

Raleigh Ranks in Best Colleges List

Raleigh’s Charter Schools

Raleigh Ranks Tops Jobs Growth

If you are interested in hearing more about relocating to the Greater Raleigh Area, including Cary, Apex, Holly Springs, Wake Forest, Garner and Clayton, please feel free to call me at (919) 235.007.  My Raleigh Real Estate Team is here to help you.

Linda

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

Every week my team provides a weekly report to all of our current sellers.  The report covers where we market their home, how many showings they have received, what the feedback is from their real estate home showings, etc.   We also include a report on what their local competition is from a buyer’s perspective here in the Greater Raleigh Area Real Estate Market.  I thought you might have a question on this too so I thought I would share.

Linda,

The location of the houses you sent and used in my weekly home competition report concerns me. I am actually familiar with this subdivision off of Rock Quarry Road. Yes, the houses are similar, but the area is not.

Bob

Hi Bob,

I understand your analysis of different locations as well as your concern. However, please note that my search comes direct from MLS and it pulls only your MLS area which is about a 5 mile radius. It also pulls your price bracket. The way this search was created for you is Read the rest of this entry

Over the past two years I have met with many Raleigh area home sellers who wanted to sell and buy a new home. However, the declining Raleigh real estate market wasn’t going to allow them to net enough money from the sale to be able to purchase a new home. The Government  has now stepped up and is helping Raleigh area move up buyers by giving them a $6,500 tax credit if they buy before April 30, 2010.  

How Will A Raleigh Homeowner Benefit?

The $6,500 tax credit will really help many sellers offset any depreciation they may have experienced in the Raleigh Real Estate market and will give them the extra funds they need to buy a new home. When selling a home you have to deduct the mortgage pay off, property taxes, real estate commissions, revenue stamps and other miscellaneous charges for selling a home. The remainder after everything is paid is the net proceeds. Or better described the check the seller gets at closing to spend on their new house. The Government is giving them an additional $6,500 tax credit to help home sellers in Raleigh buy new homes. This is pretty exciting especially when you consider mortgage interest rates are still around 5% for a 30 years fixed rate mortgage. The low interest rates and the tax credit will help many homeowners get into better houses than they ever dreamed.

Raleigh Mortgage Lending Guidelines Have Changed

Today in order to buy a home most lenders require a minimum of 5% down. We can usually negotiated to get the mortgage closing cost paid by the seller but, when the Raleigh housing market hasn’t appreciated over the past several years it makes it really hard to sell and be able to net enough money from the sale for the down payment on a new home. The $6,500 tax credit will put many home buyers in the market now that could only sit and wait before. Here are some details:

Who is Eligible   Read the rest of this entry

Linda Craft’s Raleigh Real Estate office is a bustle of activity today as she and her team pass out a truckload of Apple and Pumpkin Thanksgiving Pies to their past clients.   Linda and the team wish everyone a Happy Thanksgiving and a safe holiday weekend.