As of December 2008 the Raleigh real estate market has an average of 11 months absorption rate for homes in all price ranges. This means it is the absolute best time to buy because there are so many good homes to choose from. Right now Raleigh homes have very motivated sellers including: REO, short sales, foreclosures and builders sitting on a lot of inventory. Best of all the interest rates are very low and there is a $7,500 tax credit for first time home buyers. It just doesn’t get any better for buyers than right now.
If you are planning to buy a foreclosure or short sale keep in mind all offers are contingent upon bank approval and the process could take 90 days to get an answer from the banks. Also, the homes are sold “as is” and it is difficult to get REO companies to pay any mortgage closing cost for buyers. FHA short sales will not pay closing cost at all. It is important to know what type of mortgage the short sale seller has before you make an offer so you can structure your offer correctly. If you need closing cost paid you may want to negotiate on a builder inventory home or motivated seller to assist instead of shopping foreclosures and short sales. If you have questions give me a call. My office number is 919-235-0007. I have access to short sales, foreclosures, builder’s inventory and buyer incentives plus thousands of Raleigh homes for sale. It is a buyer’s market which means it is best to explore all of your options with a consultation first.
Have a great day-
I have gone to a lot of Christmas parties this season and I keep having people ask me; “when I think they should buy real estate. Should they buy now, wait till spring or wait until 2nd quarter”? My answer is if you have a steady job and can afford a mortgage payment now is the best time to buy real estate in Raleigh. There is plenty of money to lend and it is easy to get a mortgage if you have a job and average credit. I know with all the media hype it is scary trying to figure out when to pull the trigger. No one wants to make a mistake but, if you miss the “perfect time” you will not miss it more than $10 or $20 per month. I will explain this one later, please read on.
The daily news is enough to make everyone worry and second guess themselves. Keep in mind the one thing the media doesn’t makes clear is that Raleigh real estate is not Miami real estate. Our local market did not have the highs of other markets and we have not had the extreme lows either. But, the biggest thing no one is talking about is the number of millionaires made after the great depression and again after the Savings and Loans crisis of the 80’s. More millionaires followed that real estate crisis than any other time in history. I was selling real estate during the Savings and Loan crisis of the 80’s. I remember when Preston Country Club and many other developments went into foreclosure. Oh how I wish I had bought some of those homes back then. Our residential mortgage crisis that started in 2006 is just like the commercial Savings and Loan crisis of the 80’s. Ask Mr. Goodnight if he has any regrets about buying Preston out of the S&L foreclosure. That is why I am so passionate and absolutely convinced your then is now and you need to buy Raleigh real estate today. I guarantee you some savvy real estate investor is going to snag Hasentree up fast.
I watch so many people continue to sit on the home buying fence trying to figure out the perfect time. You have an opportunity now while history is repeating itself for you to be the beneficiary of this cycle. Your time to build wealth in real estate starts today and here are more reasons why: Raleigh residential real estate sales are off 40% from this time last year. This means there are a lot of very motivated sellers out there that are ready to deal. Interest rates are below 5% and there are mortgage companies that will lock your rate at 5% and re-lock your rate if it goes down before closing. So you do not need to worry about rates. Lock and go with peace of mind. Motivated sellers and low interest rates is the formula for incredible buying power right now. If rates go up or sellers start to see positive signs your buying power drops immediately.
You know what is really sad 98% of the people waiting will miss the bottom. Think about it….how does anyone really know when the bottom happens? The only way to know is when prices start going back up. So the questions to ask yourself is; “Would I rather buy one day too early or one day too late? Some people are waiting hoping the market will fall lower or interest rates will drop another fraction. Interest rates are so volatile right now they adjust 3 times a day. They could go up. They could go down but, how much money would you actually save if rates drop a quarter or half of a percent. Maybe $10.00 per month. Do you want to risk rates going up over $10.00? Or another way to look at it is, do you want to lose the best house for you and your family over $10.00 a month? When you do the math and consider all possibilities it just doesn’t make sense to wait.
Oh, but there is more…every seller I know believes the new year and especially this spring will mean higher prices for them. If sellers believe they will get higher prices they will not negotiate a bottom price with you. They will start waiting too. Right now prices have dropped because sellers believe the market is bad. The best time to buy real estate is when a seller fears that tomorrow will be worse than today. That time is now but, it won’t last long. I really believe you need to get off the fence and start buying now or you may end up regretting that you didn’t buy… in this fabulous buyers market.
I have the privilege through my Raleigh real estate career to meet the most interesting people. This year I was blessed with a family who purchased a home from my Team and is now bringing love into many Raleigh homes. This family has a heart for homeless old dogs and they formed The Grey Muzzle Organization to benefit homeless senior dogs. Senior dogs are abandoned for many reasons: families move, owner’s won’t or can’t provide needed medical care, or they just aren’t “fun” anymore. Their goal is to create a world where no old dog dies alone and afraid. They are placing homeless senior dogs into new homes all around Raleigh and the Triangle. To learn more about The Grey Muzzle Organization visit greymuzzle.org
I have an old rescue dog in my home named “Katie,” and when she goes to doggie heaven, I would love to have another old dog just like her. She’s the best!
Have a great day-
Last Sunday I was ask to be one of the judges for the Rex Healthcare 2nd annual celebrity chili cook off at the RBC center. This event is held to bring awareness to Rex Heartburn Center. A large percentage of the population suffers from heartburn and most do not know that Rex Healthcare has a local facility to help.
Ron the Ref, of the NHL and Mark Thomas, of 99.9 the fan were also judges. The three of us tasted chili and voted on ten area restaurants. They each had very distinctive flavors to appeal to many different pallets. At the end of the judging we unanimously voted for the top three best chili’s in Raleigh. So, with the chill in the air if you are craving a hot bowl of chili to warm you up, here’s the list of competitors and the winners:
Carolina Ale House
East Village Bar & Grill
Zely & Ritz
And the winners were: 3rd place, Bentleys – 2nd place Zely & Ritz – 1st place Bella Monica!
To learn more about Rex Heartburn Center call 919-784-BURN
Great news the mortgages rates have come down 1% which means you can buy 10% more home today. First time home buyers also receive a $7,500 tax credit. Tell your friends about this exciting news and call me before they go back up. It is a buyers market and there are a lot of great deals out there.
Cost of Home BUY NOW WAIT, and hope for a 10% drop in price
Loan Amount $320,000 $288,000
Interest Rate 6.375% 7.125%
Term (Months) 360 360
Monthly Payment $1996 $1,940
Renting at $1,000 per month, for 12 months, while waiting for the prices to maybe drop, is a $12,000 loss in one year. Unlike a mortgage where part of the payment is returned to you in a tax savings. Raleigh is slated to bounce back fast. It would be better to buy a day too soon than a day too late. Prices are going to go up with news like this.
Don’t wait buy. Buy now before rates and prices go up!
Have a great weekend.
Our team is excited to announce that Ronnie & Karen Allen of Durham, NC won the 5 day Open House Cruise Drawing! For every 50 entries our team receives at our open houses a cruise is given. For more information on how to register or to receive notifications about Open Houses through out the Triangle, please visit www.LindaCraft.com or email firstname.lastname@example.org
Halloween is tomorrow and if you are looking for fun stop by my house at 1641 Stannard Trail in Raleigh. My husband Jay goes all out for Halloween with a tent in the front yard housing flying witches, 10 foot spider and other crazy things that light up and move. The kids love seeing what he is going to do each year and the parents love the red and white corpuscle he serves them. Tomorrow night we will go through a lot of candy and several cases of Italian wine, I mean corpuscles. Jay loves his Italian food and wine and is a big kid at heart. Hope you can stop by. Would love to see you. Happy Halloween! Linda
P.S. To check out the pictures, go to my Raleigh real estate facebook page.
Linda Craft & Team, REALTORS:
Many thanks to you and the Linda Craft Team for allowing us to utilize the “moonwalk, jumpy house” for our 10/11/08 Feast of the Imagination fundraiser event to help Kidzu Museum in Chapel Hill. We had approximately 40 people throughout the 2.5 hour time period with most being children. They were able to play carnival games, jump, get their faces painted, have tattoos and eat carnival foods (hotdogs, chips, chili, popcorn, drinks, and fudge bars).
Many thanks again for your willingness to offer us use of the house – the kids had a great time!!!
Karen M. DeHart