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!

Home prices around the country have dropped for the past 3 years straight and many people believe we have finally hit bottom. The median national home price today is about $169,000, down almost 14% from a year ago and down 30% from it’s peak. By comparison Raleigh area real estate values are only down 11% from it’s peak with a median home price of $232,000. Those of us living in the Triangle and RTP surrounding area can all be grateful we own real estate near Raleigh the North Carolina state capital instead of other parts of the United States.

Right Now I am Seeing Two Types of Home Buyers in the Raleigh Market

First time home buyers who are taking advantage of the $8,000 tax credit and smart investors. By the way the $8,000 home buyer tax credit ends the hour the court house closes on November 30th.

Distressed Home Sellers

“Cash is King” and wise investors are taking advanatage of distressed home sellers. Short sales, foreclosures, builders and other highly motivated sellers with equity are top on their home buying list. I am envious of all the money they are going to gain over the next decade for buying now.

The move up home buyer is still cautiously waiting for… who knows what. Perhaps they are afraid to sell now and do not understand they are selling low and buying low and that is still a win win.

Here Are a Few Great Reasons to Buy a Home in the Greater Raleigh Area Right Now

The interest rates are low, there are plenty of well priced homes for sale  and this opportunity, that could be once in a lifetime will pass by soon. When interest rates go up you may never be able to qualify for a mortgage to buy what you can buy right now with the low rates. The average national interest rate is 8%. We are still at 5% or below. If you wait to try and buy when your home price goes up 4% to 6% a year again the house you want to buy went up too. The waiting game never lets you win. Look at the math with me. If a $232,000 home goes up 4% in 12 months it equals a gain of $9,280 dollars. Let’s say the larger house you need to give your family all the space and comfort your desire is priced at $400,000. If you take todays price of $400,000 times 4% increase it equals a $16,000 increase costing you more money for the next 30 years. If interest rates go up along with home prices the increased difference you borrow will cost you 10% for every 1% increase in mortgage rate and may even push you out of being approved for the higher mortgage amount. It is a buyers market in most price points which means it is the right time to buy.

Where’s The Bottom

Raleigh Area homes priced $300,000 and below in certain locations are experiencing a sellers market. Many sellers in this price range are receiving multiple offers and bidding wars on their homes. $300,000 and above is soft and the bottom is still off in a distance. With another wave of option arm foreclosures coming, builders sitting on inventory going into winter and high absorption rates I see more price drops coming in the future for the higher price points in Raleigh. However, with that said, please keep in mind that the Raleigh area home bottom is not as low as other parts of the country so if it drops a little more you are still ahead. For example; if you buy now and home prices drop 2 to 4% next year you are still be way ahead of the money game. If interest rates go up 1% the same house you could buy today will cost you 10% more in house payment.  One thing we know for sure is interest rates are going to go up.

If you would like to explore you Raleigh home buying options please give me a call for a free consulation. I will be delighted to work the numbers with you on your specific financial situation to see if selling and buying right now is a wise business decision for you and your family.

Have a great Wednesday!

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

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