Boomerang Buyers: Why a Past Foreclosure Shouldn’t Stop You from Buying Again

Facing a foreclosure can be traumatic. Putting all of that hard work and hard-earned money into buying a home, only to have it fall through in the end, is the worst-case scenario for many buyers—enough that it may prevent them from buying again.

While it’s hard to imagine the impact that a foreclosure has, it doesn’t mean that your home-owning dreams are over. In fact, many “boomerang buyers” are gearing up to give it another go!

What is a Boomerang Buyer?

A woman on her laptop.

Following the housing crisis—from 2006 to 2014—there were 7.3 million foreclosures and 1.9 million short sales, according to CoreLogic. After going through the foreclosure process, buyers must wait about seven years before applying for mortgage again, although that timeline may be shorter if you qualify for an FHA loan.

Those buyers who have previously undergone a foreclosure but have chosen to buy a home once again have been coined as “boomerang buyers”—and now that a few years have passed, there are more and more entering the market!

The Latest Numbers

Women looking at a laptop.

The NerdWallet‘s 2019 Home Buyer Report sheds some light on the latest trends for boomerang buyers. Out of the 13% of Americans who lost a home in the past ten years, around 60% have not re-entered the market, and around 20% say they’ll never buy a home again. Those numbers are certainly cautious, and also a tad bit grim.

The good news, though? The numbers are starting to look up.

In January 2016, 2.8 million people who experienced foreclosures, short sales, or bankruptcies had those incidents dropped off of their credit report. Since then, 11.5% of them have successfully obtained a new mortgage!

Not only that, but of the 13% Americans who lost a home, 39% say they plan on buying within the next three years, and a staggering 58% say they plan to buy within the next five.

The bottom line? There’s still hope, despite past foreclosures!

Know Your Options

A family in a brightly lit room.

The most important thing for boomerang buyers going forward is to be prepared. In fact, 74% of formerly foreclosed buyers say that they will be more cautious about choosing a lender, agent, or loan.

When it comes to knowing and working with the top trusted lenders in the area, the Linda Craft & Team REALTORS® has a vast network of options. Since we’ve been working around the Raleigh area for years, we can leverage our unique expertise to ensure that you’re matched with the best possible experts in the area.

Buying a home—especially for boomerang buyers—is intimidating. But when you work with our team, we’re dedicated to laying out all of your options and helping you select the most prudent choice.

Ready to Buy Again?

Then we’re here to help. Team up with Linda Craft & Team REALTORS®, and let us help you buy your next home. With our resources, expertise, and local knowledge, we’ll ensure that your buying journey is both successful and seamless.

Give us a call today to begin exploring all your Raleigh home-buying options!

Home Seller Perspective: The 3 Most Common Reasons for Selling

Two older adults holding hands.

Selling your home is a big decision. After all, it involves pricing your home, staging it to perfection, negotiating with the buyers, and executing the perfect sale. Plus, once you finish all of that, you’re tasked with relocating!

While moving can be challenging, it’s not impossible. And, oftentimes, a sellers’ reasons for listing their home far outweigh any of the stresses involved with selling and relocating.

Interested in knowing why so many homeowners are choosing to sell? Here are the top three reasons for selling a home, broken down by age.

Upsizing

According to the National Association of Realtors’ Generational Trends Report, younger homeowners (aged 29 to 53) cited needing more space as a reason for selling their home.

Eventually, your needs outgrow the size of your “starter home.” Whether you want to add in a home office, plan for a growth in your household, or adopt a dog, needing more space in your home as you get older is a common reason for selling.

Relocating for Work

Two adults shaking hands.

Finally, after years of applying and working, you’ve finally landed your dream job! The only catch: it’s in another state or city. For homeowners aged 54 to 63, this is the most common reasoning for selling one’s home.

Relocating for your dream job can be tricky. Let us know if you’d like help planning your upcoming move, or searching for homes in your new area!

Moving to Be Closer to Friends and Family

For homeowners over the age of 64, moving “to be closer to friends and family” is the most common reason for selling a home. Oftentimes, as homeowners grow older and enter retirement, they find that they don’t need quite as much space as they once did.

This, combined with the desire to be closer to extended family and friends, is a highly compelling reason to sell your home and relocate.

Tips for Selling Your Home

Interested in selling your Raleigh home? No matter your reasons, Linda Craft & Team REALTORS® is here to help. Give us a call today to learn more about our unique home-selling programs.

Need to sell in a hurry? We can help with that as well! Browse our site and check out our free home-selling resources today to learn more.

3 Reasons Why the Raleigh Area is a Great Place to Relocate

Relocate To Raleigh North Carolina

There’s a lot of buzz about “Best Places to Live” flying around the internet. Without a doubt if you Google “Hottest Housing Markets” you will see Raleigh, NC positioned in the top 10 on most lists depending on what criteria is used. So a safe bet (since you are reading this blog) is that if you are looking to relocate, Raleigh is one of the places you are considering.

What’s so great about the City of Oaks? Well, let’s take a look at why Raleigh continues to be a such great value. Most of these online rankings are based on things like employment opportunities, unemployment rates, average income estimates, housing values, and population growth. Some even take a look at lifestyle factors such as outdoor recreation, restaurants and entertainment, and higher education. So what does it all mean, really?

 

First, You Have to Bring Home the Bacon

Work In Raleigh

Let’s get serious. First and foremost you have to pay the bills, so employment opportunities rank highest on everyone’s list when it comes to relocating. The Triangle area has a reputation worldwide as one of the most progressive, hi-tech, finance, and healthcare hubs. IBM, Cisco, SAS, and Glaxo, Fidelity Investments, Wells Fargo, Lenovo are some of the largest employers in the area. The Triangle also boasts one of the largest entrepreneurial networks in the world with a 30-year track record of successfully nurturing startup companies. These are a few reasons why the unemployment rate is 3.6% – .5% under the national average.

 

Second, Can I Afford a Home in the Triangle?

Can I afford a home?

Yes, housing is tight all over the country. Median home values in the Raleigh area is around $266,000 according to Forbes. So much more affordable than the western part of the country and definitely cheaper than the northeastern part of the US.

Raleigh saw an appreciation rate of 5.9% last year but that’s estimated to level off to 3.7% this year keeping prices from skyrocketing as they have in other parts of the country. With a median household income of $84,288, the American Dream of owning a home is very achievable in Raleigh and the surrounding areas.

 

Third, Will I Enjoy Living in the Triangle?

Fun in the park.

Well, that all depends on your tastes and interests. If you like to be outdoors, enjoy moderate temperatures most of the year, like the beach or the mountains, then you will definitely enjoy this area. Here’s a link to things to do in NC which will help you connect with area offerings.

Raleigh, Durham, and Chapel Hill each house top-ranked universities – NC State University, Duke, and the University of North Carolina. So what? Well, having three college towns means loads of restaurants, entertainment, and SPORTS!!! Where else can you enjoy all the benefits of THREE major universities all within 30 minutes of each other.


Need Help Relocating?

One of the favorite things our agents love about working here is being able to help people relocate to this area. Many have lived here for years; some have lived here all their lives and they have raised their own families here. Wouldn’t a person like that be someone you would trust to share their knowledge of the area with you; helping you to find just the right neighborhood and the right home for you and your family? Give us a call and talk to one of our relocation specialists today!

Raleigh Typhoon Scavenger Hunt

typhoon

Raleigh Typhoon Returns!

On June 27th, the great urban adventure and scavenger hunt based in Raleigh begins again! This adventure race (similar to the reality show The Amazing Race) is open to teams both competitive & relaxed. All money raised stays local, benefiting Activate Good housed here in Raleigh. To learn more about this great organization, read more about their mission and purpose.

Typhoon Details

Teams can be formed from any groups of 2-8 people and participants must be at least 21 years old. For those wanting a more competitive and fast pace race, the Extreme Challenge begins at 11am. For those wanting a slower more relaxed pace, the Pub Crawl begins at 3pm. The starting point is Tir Na Nog in downtown Raleigh. Please register for the Typhoon as soon as you have your team in place!

Linda Craft & Team is a locally owned real estate company where every dollar earned proudly stays in the community. Our Team is celebrating its’ 30th Anniversary and leading the Triangle in 2014 as the #1 Team for previously owned homes SOLD! We would love to help you too! Please call our office today to set up a free consultation with one of our expert team members.

 

Craft Beer and Breweries in North Raleigh

beer

Beer in the Triangle

Our in house beer geek, Steve Kruger, is the founder of TriBeer, a local beer lovers’ group in the Triangle. According to Steve, North Raleigh was once a barren wasteland for quality craft beer, but that is no longer the case. As the craft beer revolution heats up, it has spread out to all areas of the Triangle and there are plenty of great options for the craft beer enthusiast. Here are some of his suggestions:

Bottle Shops

Bottle shops also serve draught beer. These are great places to purchase beer to take home, but also enjoy a pint while you’re there. Most of these places will also fill growlers (typically a glass jug) with the beers they have on draught for you to take home.

The Hop Yard
D’s Bottle Shop
Crafty Beer Shop
Lincoln Brewing and Bottle Co.
Bottle Revolution
Bottle Mixx

Raleigh Breweries

There haven’t been any breweries in North Raleigh until now. Compass Rose Brewery located off Gresham Lake Road recently opened its doors and has a beautiful tasting area. They also have frequent visits from food trucks and a family friendly vibe going on. Check out their Facebook page for updates.

Another craft beer establishment worth mentioning is Sawmill Taproom on Leadmine Road. For many years this was the only place in North Raleigh for quality craft beer and they still have a nice lineup of craft beers on tap and good food for your enjoyment as well.  They deserve a lot of love for being at the forefront of this glorious revolution. Cheers!

Linda Craft & Team is a locally owned real estate company where every dollar earned proudly stays in the community. Our Team is celebrating its’ 30th Anniversary and leading the Triangle in 2014 as the #1 Team for previously owned homes SOLD! We would love to help you too! Please call our office today to set up a free consultation with one of our expert team members.

Public, Private, and “Mini” Golf Courses in the Triangle

Golf

Based on “The List” from the Triangle Business Journal here are the best mini-golf, private, semi-private, and public golf courses in the Raleigh, Wake Forest, and Cary area. Where is your favorite? Are there others that we are missing?

Mini Golf (Putt Putt) 
Adventure Landing – Just north of the beltline
Frankie’s Fun Park – Brier Creek area

Public and Semi-Private Golf Courses (all in Raleigh)
Lonnie Poole Golf Course -Raleigh
Eagle Ridge Golf Club -Raleigh
River Ridge Golf Club – Raleigh
Wildwood Green Golf Course– Raleigh
Riverwood Golf Club – Clayton
Heritage Golf Club – Wake Forest

Private Golf Courses
North Ridge Country Club – Raleigh
Raleigh Country Club – Raleigh
Prestonwood Country Club – Cary
The Hasentree Club – Wake Forest
Wakefield Plantation – Raleigh

Linda Craft & Team is a locally owned real estate company where every dollar earned proudly stays in the community. Our Team is celebrating its’ 30th Anniversary and leading the Triangle in 2014 as the #1 Team for previously owned homes SOLD! We would love to help you too! Please call our office today to set up a free consultation with one of our expert team members.

 

 

RTP – The Frontier

AU-BunkerResearch Triangle Park – RTP
The “Park” is managed by the Research Triangle Foundation of NC, which is a private nonprofit with a very public mission of serving, supporting education, creating meaningful work and jobs through economic development and lifting up the people in the state of NC. Research Triangle Park is a place to live, work, play, and collaborate.

The Frontier
“The Frontier” center at RTP is still under construction, but will have 5 levels with the first floor serving as a public convening space. Anyone will be welcome to come to The Frontier and work, host a meeting, or have a conference call. They will have different work areas and various setups. Free conference rooms will be open to the public with free coffee, internet, and sometimes free beer. The other floors will have more space and be open to tenants needing 5000 square feet or more. Short leases, variety of sizes, and affordable flat fee rent will allow networking and easy interaction among new companies. It will be a great way to become a part of the RTP community.

Learn more about RTP or The Frontier
Work at The Frontier
Drop-In Space
Events at The Frontier

Quick facts about RTP

  • started in 1959, it borders Wake & Durham Counties
  • geographical size is 7000 acres (MAP)
  • 190-200 businesses are located in RTP
  • 40,000 to 50,000 employees work in RTP
  • more than half of the companies in RTP have 25 employees or less
  • Chemstrand was the first company to locate to RTP, in February 1961

*Details taken for this blog post from the 919 Magazine Spring 2015 article, “Inspiring the Future” – an interview with Mason Ailstock, VP for Business Development

Linda Craft & Team is a locally owned real estate company where every dollar earned proudly stays in the community. Our Team is celebrating its’ 30th Anniversary and leading the Triangle in 2014 as the #1 Team for previously owned homes SOLD! We would love to help you too! Please call our office today to set up a free consultation with one of our expert team members.

Top 5 Reasons You Should NOT For Sale By Owner : Raleigh Real Estate Blog

untitledIt is no secret that we are big fans of the real estate site, Keeping Current Matters. They have hit it out of the park again with the top 5 reasons that for sale by owner is not the best idea.

“In today’s market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value

2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.”

 

Here at Linda Craft & Team, Realtors we have over 30 years experience helping sellers list, market and sell their homes quickly and for more money. We have met with many sellers who started out trying to FSBO on their own, who quickly realized how much they needed a professional to take the reigns. Save your time and money by calling us today for a free market analysis and let us help you get your home sold now. Call us today 919.235.0007

 

Slide the City – Glenwood Avenue on May 30

color-me-rad-details-4Slide The City – coming to Glenwood Avenue

Slide the City” is a fun way to slide down our favorite hill in Raleigh – Glenwood Avenue! This is the first year that Raleigh has hosted this fun and very cool event. It will be on Saturday, May 30th. The length of the slide is over 3 football fields long!!

How many times can you slide? What’s the cost?

You can choose different types of packages – a single slider, triple slider, or a VIP slider. Prices range from $15 to $65 depending on how soon you purchase and the frequency of how many slides you want to make. If you wait until the day of the event, you’ll pay more. They have a great FAQ section on their website where you can learn more about what’s required. For example, every slider must have an inflatable tube and must sign a waiver to participate.

Learn more here by watching their video on their Facebook page!

Learn more about Glenwood South area restaurants and more close by to where the Slide will be taking place.

Linda Craft & Team is a locally owned real estate company where every dollar earned proudly stays in the community. Our Team is celebrating its’ 30th Anniversary and leading the Triangle in 2014 as the #1 Team for previously owned homes SOLD! We would love to help you too! Please call our office today to set up a free consultation with one of our expert team members.

 

Raleigh Real Estate : 919 Music Fest on May 31

10888750_903927806307258_1572567989853290852_nSupporting the community through music
We are excited to be a sponsor for the 919 Musicfest  on Sunday, May 31st with six bands scheduled to perform rain or shine! While you’re there, stop by and meet the team from Linda Craft. The event has FREE admission, FREE parking, and begins at 11am and goes until 7pm that evening. It’s held on Glenwood Avenue behind Kirk Imports, next to Sir Walter Chevrolet. The proceeds will benefit the 200 Club of Wake County which provide financial assistant to the families of those in the NC State Highway Patrol who lose their life in the line of duty.

What to expect at 919 Musicfest
In addition to six live bands, there will also be multiple food vendors, a Kid Zone, and Pet Zone, beer garden, and fire trucks for the kids. Bring a blanket, some chairs, and possibly a raincoat because the event will be held rain or shine.

919 Musicfest Bands scheduled to perform
Gimme Shelter
Four Founders
Idlewild South
Penni & The Squirrel
The Swang Brothers
Night Shift

Linda Craft & Team is a locally owned real estate company where every dollar earned proudly stays in the community. Our Team is celebrating its’ 30th Anniversary and leading the Triangle in 2014 as the #1 Team for previously owned homes SOLD! We would love to help you too! Please call our office today to set up a free consultation with one of our expert team members.