Raleigh Real Estate Report

9,155 total homes for sale in Wake County

1,340 total homes closed September 1, 2008 thru October 17, 2008

1,530 total homes under contract and pending closing

Data retrieved October 17, 2008 at 5:58 am from the Triangle Multiple Listing Service

Absorption rate is 5.98 month supply.

Kids in Community Foundation Was a Big Success in Cary, NC

Last Monday I had the special opportunity as a Carolina Hurricanes Corporate Sponsor to participate with Jo Ann Gardner, Muriel Bijeau and Brenda Miller from my team in the 11th Annual Kids in Community Foundation Golf Tournament.  This event is held in order to raise funds to help the Carolina Hurricanes be able to present grants to Communities in Schools, Boys and Girls Club, Durham Public Education Network, YMCA of the Triangle, Triangle Family Services, and the Danielle Karmanos’ Work It Out Program.

Our team was set up at the 18th hole at the beautiful Prestonwood Country Club in Cary.  Many of the Canes Players and staff paired up with the other tournament players.   Everyone seemed to have a great time- I know that we did.   To see pictures of the event, feel free to check it out on our website:  Linda Craft Kids in Community Photos.

Go Canes!

Linda

Raleigh Real Estate September 2008 Market Update

Hi Everyone,

Last week the Wall Street Journal economist reported that the bottom has been reached in the metropolitan cities and they predict a return to begin immediately in those cities. They also stated that other areas are expected to follow soon. The lowering of interest rates into the 5% range has helped give every area a spark.

I spoke to a top agent in Las Vegas, an area that was hit first and hit hard and she said from January until July she only had 4 sales. In August she had 8 sales and she reports the phones are ringing off the hook. Sounds like the economist nailed this one.

Other rural areas around the county are reporting that prices have fallen to where they were 5 to 10 years ago and they believe it will be next year before they hit their bottom and begin to see a return in their market.

In Raleigh, our real estate market continues to be one of the strongest in the nation. Our prices have fallen mainly by the amount of appreciation sellers hoped to receive. Most sellers price their homes by taking past sales and adding 8% to 10% appreciation. What we are experiencing is the homes that have closed have sold without “hopeful appreciation” added to them.

Many people have a false sense of our Raleigh reality because they see a lot of homes failing to sell or many sellers making numerous price reductions. This is only because the seller didn’t price their home in today’s market. They used old school thinking of adding appreciation to last years prices. This formula doesn’t work in a down market. I am rarely seeing sales price below their original investment. When I do see this it is because they purchased their home at the end of the peak or in the past 18 months. Most closed prices are equal to where homes were selling in 2006. According to our local TARR Report the closed sales in Raleigh have a 2% gain. People who purchased in 2006, 2007 and 2008 in Raleigh will see strong appreciation in the next couple of years. When the National real estate market returns to their full speed it will be light speed in the Raleigh real estate market. We have so many buyers sitting on the fence waiting for a sign. Don’t wait to long or you will miss the best buying season in history.

The News Media reports on the National Real Estate Market. You can’t judge what the temperature is in Raleigh by watching the weather report in Florida. In Raleigh, you need to buy now. We have a great market. Here are facts from (MLS) Multiple Listing Service.

Raleigh Homes For Sale ….4,473

Raleigh Homes Closed – Year to Date …. 5,181

Raleigh Pending Sales …967

Raleigh Absorption Rate …4.6 Months (A normal market is 4 to 6 months inventory)

If you have questions, or would like to see a copy of the Triangle’ s T.A.R.R. Report, feel free to call me at 919-235-0007.

I hope that you will enjoy this great weather we are having this weekend.  My team and I will be at the Caniac Carnival today with the other 20,000 fans celebrating the 2008-09 Carolina Hurricanes Season Opening Week.  This event is held at the RBC Center in Raleigh and runs from 10 am to 2 pm.  Our team will be there with a large inflatable slide and a drawing for a 5 day cruise for two.   At 3 pm the Carolina Hurricanes will offer a scrimmage game that is free to the public.  I hope you will come by to join us.

Linda

Raleigh Real Estate Market

Hi Friends,

The stock market fell 300 points yesterday which means mortgage interest rates will follow. It is now the perfect time to buy a new home or investment property. Many people feel they need to wait on a home purchase because of the war, fuel cost and the upcoming election. Actually, that is a huge mistake. There has never been a better time in Raleigh real estate history to buy than right now. Think about this…when would you rather buy a new home or investment property? When there are multiple buyers bidding the price up? Or now, when there is less competition in the market and more products available in Raleigh, NC than ever before?

Sellers fear tomorrow will be worse than today so they are negotiating 2% to 5% off of last years prices. This means you are saving 8% to 12% on every home out there. Call your lender and lock in a low rate and buy now is my advice. As soon as consumer confidence returns in our country prices will go up. There are so many people who want to buy and are just waiting for a good sign. All it will take to change our buyers market to a sellers market is a couple of days where the media changes its tune and speaks positively about our economy and the housing market and it will be a buying frenzy. Buy now and save. The sky is not falling you have a great opportunity right now don’t lose it. How many times have you said I wish I had bought land 25 years ago in Wake Forest? How about North Raleigh and Cary when it was farm country and cheap? Don’t you wish you had someone encouraging you to buy back then? Well then is now. Don’t look back on 2008 and have regret because you waited.

Hope you stay dry this weekend,

Linda

A Better Future For Children

Hi Friends,

Every year I attend a Real Estate Conference called Star Powers. Howard Brinton is the founder of this organization and he is an amazing man because he not only trains Real Estate Agents to grow as professionals he empowers them to make the world a better place too. At the conference this year in Orlando, he shared a great idea we can use with children to plant positive seeds in them so they have a better future. If there is a child in your life that is special you might want to try this.

Here’s an easy tip to give a child a bright future…

There is a little 5 year old boy that Howard sees regularly. He told the little boy that if every time he sees him the boy will come up to him and say  “I am the best” five times that he will give him $5,00 for his college fund. When the little boy sees Howard he says: “Hey Howard, I’m the best, I’m the best, I’m the best, I’m the best, I’m the best. They have a box marked college fund and Howard pulls $5.00 out of his pocket and puts it in the box. I have a feeling this little boy will grow up to be the best. What do you think of this idea?

Linda Craft

Raleigh Home Maintenance Tips

Over the past 24 years I have worked with a lot of first time home buyers and I find that most of them do not know anything about home maintenance and need a little coaching to protect their home and their investment. Many of the buyers are relocating from other areas and homes in Raleigh will have different needs than a home in another part of the country.

 

Here are some of the “must do’s” I tell my buyers to consider. I hope these Raleigh home maintenance tips will help you too.

 

  • Change your furnace filters monthly.  It is so easy, but also so important.  Clogged filters decrease furnace efficiency and can cause breakdowns.
  • Drain your water heater at least once a year.  Sediments will drain out along with the water from the water tank.  Removing sediment can prolong the heater’s useful life.
  • Clean the coils.  If you have baseboard heating units that use hot water, clear dust from the coils inside the units to maximize heating efficiency.  Clean dust whenever you see it accumulating.  If you have a hot water boiler/furnace you should also oil the pump inside the furnace twice a year, says Lesh.  Look for the three spots on the pump designated for oiling.
  • Check your circuits.  Test the performance of the circuit breakers in your electrical circuit box twice a year by flipping them off and back on.  If you have a circuit that keeps shutting off with normal daily electrical use, call an electrician.  A faulty circuit breaker could indicate a short in the wiring inside your walls.
  • Replace regularly.  Water heaters, furnaces, roofs, and other key components of your home should be replaced before they fail, based on their average useful lives.
  • Watch out for drips.  Check under sinks periodically to look for leaks or water stains that might indicate leaks.  Catching a small problem early can prevent water damage.  Use a plunger to clean out sinks and tubs whenever water doesn’t drain normally.
  • Keep the wet out.  Water is a major enemy of your house.  Check each season for signs of water damage to your home.  Flashing, the metal pieces used to seal the areas between roofs and chimneys and around doors and windows, are especially vulnerable to damage by wind or age.   Loose flashing can let water seep under a roof or inside walls, which in turn can cause mold.
  • Get to the bottom of things.  Check your home’s foundation for cracks or gaps that could let in water or varmints.  Also look at the ground around your house.  As homes age, they often sink slightly below the surrounding ground.  This settling lets water puddle against the foundation and possibly damage it, notes Manfredini.  Doing major landscaping work also can cause changes to the ground’s pitch that let water flow toward the house.
  • Look up.  Chimneys take a great deal of weather abuse.  Visually inspect them each year for signs of loose mortar or missing bricks.  Have the insides of chimneys cleaned every two to three years.  Also check your roof for loose shingles or dangling gutters.

 If you would like more tips, please feel free to contact our State Farm Agent, Danny Newton at 919.875.1955 and he would be happy to send you a free comprehensive guide for your home.

 

Have a great weekend!

Linda

New Home Raleigh

I flew into my birth town, Evansville, Indiana, to surprise my 77 year old mother for Mother’s Day this year. My brother picked me up at the airport on Saturday and he had invited Mother to meet him for dinner at 5 pm. (The time all elderly people seem to enjoy dining the most) I had sent her a card with a note stating that her present was coming in a separate delivery and to keep an eye out for it. She was totally surprised when she walked up to the table and saw me sitting there. It felt good to pull off such a big surprise and even better to see her so happy.. I spent all day Sunday “spoiling her” to quote my mom. We went to lunch on Sunday, shopping where we found several new outfits for her and then to dinner that evening where my brother joined us.. It was a wonderful 48 hour visit with her but, it was sad to see so many for sale signs and very few sold signs to go with them in my home town. I can’t help but, study real estate where ever I go. I love my mom but, real estate is my passion. Only 45 sales were reported in the local paper that week in Vanderburg, County. On the plane ride back to Raleigh, I sat next to a nice man from Michigan and he was sharing with me how bad the real estate market is in his area. It made me very thankful to live in Raleigh, NC where are market has only fallen a couple of percent and inventory is 3 months to 10 months in some zip codes with a great job market to absorb the over abundance quickly. Experts believe Raleigh will have the over abundance gone within 6 to 12 months and prices will remain relatively stable until then. I hope the experts are correct for Raleigh homes and that your area will bounce back soon too. New home construction has slowed down around the country and this will help re-sales have a better chance of selling faster.

 

I have some tips I tell my sellers to do to maximize buyer appeal and increase their chances of selling faster and for more money. Whenever you are trying to sell please email me and I would be happy to email them to you.  I hope my tips will help you too and that you had a great Mother’s Day as well.

Join Me In Supporting A Worthy Cause

Hi Everyone,

 

Many of you know one of my team members, David Toothaker.   He has been a valuable employee over the years and we have all agreed that we do not know how we could ever operate without him.  

 

David is very active in the community and is always helping people as he goes along.  One of the organizations he supports is the American Legion.  The local chapter of The American Legion Post One hosts a Memorial Day ceremony every year at the Raleigh National Cemetery.  Flags are used to decorate the cemetery and the legion is  looking for monetary donations to purchase new serviceable flags that are 5 X 9 1/2.  Many of the flags presently stored at the cemetery have become worn and must be replaced.   

 

The American Legion is one of our country’s truly great organizations and this fundraising effort will help renew one of our most patriotic ceremonies.  Please join me in supporting them if you can.  Donations can be mailed to American Legion Post One, P.O. Box 40097, Raleigh N.C. 27629.

 

Thank you for your support.

 

Linda

Free Fun This Weekend For Your Four Legged Friends

Hi,

I hope I will get to see you this coming weekend at Millbrook Exchange Park, 1905 Spring Forest Road. It is the 19th Annual Bark Around the Park event  Saturday April 26th 11 am to 3 pm. It is a lot of fun for the entire family. Including your 4 legged family members. You will see dog tricks, vendor booths, and Wake County Animal Care, Control and Adoption will be offering on site rabies vaccinations for $5.00 and micro-chipping for $10.00 beginning at 11am. There will be a lot of vendor booths where you can see the latest in pet care and pet spoiling. Something I know all dog lovers can do very well.

Our office,  Linda Craft and Team, REALTORS are one of the major sponsors every year. This year we have invited Stormy from the Carolina Hurricanes to be at our booth. We are also hosting 3 dog bone hunts where we will be giving out over 600 dog bones; setting up a DJ in the back of our moving van (in case of rain) and you can register at our booth for two Carolina Hurricane tickets in the Lexus Champions Club. The tickets include dinner and four drink vouchers. Our tent is the first one on the right as you enter the event. I hope you will stop by to say hello, register for the tickets and meet my two precious dogs Bandit and Katie.

Bandit is a 5 year old Shitzu and Katie is a rescue dog. We think she is around 13 years old. Katie is a Pitt Bull Staffordshire Terrier mix. She is as sweet as can be. Don’t let the Pitt Bull part scare you. Katie’s tail wags so hard her whole body wiggles. Years ago Katie was found eating out of garbage cans in Baltimore. She was skin and bones and very sick. Someone took her to a vet and had x-rays done. They found a bullet in her back hip and she also has a tattoo where she had been in the pound. Now she lives like a princess at my house. She gets groomed every week and has her toenails painted hot pink to match her bandana. Her bed came from Dogmopolitan (an animal print chase sofa just her size) Bandit was born in Smithfield, NC and he moved into my house as a puppy. I named him Bandit because one look at him and I knew he would steel my heart, take up my time and rob my bank account. He has lived up to his name because he has stolen my heart. I could tell you lots of Bandit stories but, I will save them for another time. I am sure if you are a dog lover like me, you have your own stories to tell. Please share them so people reading this blog will not think I am some sort of nut. Only dog lovers can relate and understand why a 53 year old successful business woman would spend time writing about how wonderful her dogs are. Help! Support me in telling the world how great it is to have a dog in their life.

 

Make it a great day!

Linda