Tag Archives: harper tate homes

Triangle homes selling at ‘historically’ rapid rate

Home sales in the Triangle’s 16-county region were up nearly 4 percent in October, and the median sales price is 8 percent above the same time period last year. Meanwhile, the average number of days a home stays on the market sunk 10 percent to 44 on the year, compared to 49 at this point in 2016, according to Triangle Multiple Listing Service.

In a separate report for the month of October, appraiser Stacey Anfindsen found that within the four core counties of Wake, Orange, Durham and Chatham, a house stayed on the market for an average of just 36 days.

“That’s historically low,” says Anfindsen, whose publication is titled the Triangle Area Residential Realty report. “It’s gone down in increments. We’re kind of at the bottom of that now.”

While homebuyers are snapping up houses at record rates, housing supply also continues to narrow. In October, the Triangle’s four core counties had an average of two months of housing inventory available. Typically, market equilibrium for inventory is considered to be about 6 months of supply.

In particular, inventory is low for homes under $400,000, and that can stifle sales, Anfindsen says. These trends aren’t new – it’s been this way for the last two years. And they seem to be holding across the board for each of the Triangle’s core counties.

The story is slightly different in Wake County, where home sales inched up 1.5 percent in October and 2.5 percent on the year. Still, the median sale price is up 8.8 percent, at $284,000. In Orange County, home sales are more sluggish. They are down 2 percent on the year, and the median home price dipped slightly, by 0.3 percent, to $306,000.

By , Triangle Business Journal

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How to Find Your Perfect First Home

Here’s a few great tips!  I would add, take your time and don’t get discouraged – your house is out there!

Buying your first family home can be a monumental event, but it can also be stressful. After all, you may be focused on finding the perfect home to move into that is affordable for your budget. With many factors at play, it may seem challenging to find the ideal new space to call home; however, by using these tips, you could more easily locate the perfect starter home to move into.

Determine Your Budget
Your budget is a critical element that you do not want to overlook. There are two primary aspects of your budget to focus on: your down payment amount and your monthly housing payment. Both factors should be comfortable for you to manage without stressing your finances. Remember that you may want to estimate on the higher end and shoot for keeping expenses as low as possible. In many cases, expenses and payments may be higher than anticipated, so always aim for a lower figure when possible.

Define Needs and Wants
It is easy to let your mind wander as you imagine how grand your new home may be; however, when buying a starter home on a budget, you may need to carefully define the features that you absolutely need versus those that you want. This can help you to more quickly and easily find homes that meet your absolute needs within the budget you have in mind, and you may even benefit from having a few bonus items included in the home you firmly settle on.

Think About Suburban Communities
Many homebuyers who are looking for their first home may be turned off by homes located in the heart of urban areas or in otherwise expensive and high-end communities. If you are having trouble finding a desirable home that meets your needs in the confined search area you selected, consider expanding your search area to different suburban communities. In some cases, suburbs are much more affordable to live in.

Consider All Types of Properties
As beneficial as homeownership can be, remember that you do not necessarily have to buy a single-family home to enjoy these benefits. Another idea is to buy a condo. These may provide you with the space and features you need, but the cost may be much more affordable. In addition, maintenance on the outside of the condo and in your yard may be provided by your condo association.

The quest to find your family’s first home can be exciting, but it can also be demanding in many ways. Rather than get frustrated with your current situation, use these tips to more quickly and easily find the ideal property to move into.

By Hannah Whittenly, RISMedia’s Housecall

Should I Sell My Home Now or Wait Until the Spring?

Lots of good information here, and all true for the Triangle market.

There are many questions homeowners ask themselves during the selling process. “How much will my home sell for?”  “How much should I list my home for?”  “Who should I select as a real estate agent to sell my home?”  “What if the real estate agent overprices my home?”  Last but not least, “Is this a good time to be selling a home?” is also a very common question that real estate agents are asked.

As with every decision in life, there are pros and cons, and choosing when to sell a home is no different. There are many factors that need to be taken into consideration before deciding when to sell a home. Many homeowners believe selling a home during the fall or winter months is not a good idea and that the spring is the only time a house should be sold. This is the furthest from the truth. Certainly most real estate markets across the United States experience a “spring market rush” every year. There is no doubt that the “spring market” is a great time to be selling and buying real estate, however, the fall and winter seasons may be the best fit for you for many reasons.

Here are several reasons why choosing to sell your home now may be a better decision than waiting until the spring:

Less Competition
One way that you can tell the spring real estate market has arrived is by driving down a street in your local community. In all likelihood there will be For Sale signs up all over the neighborhood! One great reason to sell your home now and not wait until the spring market is there is sure to be less competition.  The fewer number of comparable homes for sale, the greater the probability that a buyer will look at your home.

Simply put, it’s the supply and demand theory. If there are less homes for sale, there are less homes that a potential buyer can choose from, therefore increasing the demand for your home. Not only will less competition increase the probability for showings, but it will also increase the probability that an offer will be received and you will get the maximum amount of money for your home.

Serious Buyers Are Out There
Homes are sold and bought 365 days a year, period!  Many homeowners believe that buyers aren’t out there during the fall and winter months. This simply is not the case. Serious buyers are always out there!  Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.

The fall and winter months are also a great time for a potential buyer to see what a specific neighborhood is like.  Do your neighbors have pumpkins on their front step?  Are there lots of Trick-or-Treaters wandering the neighborhood on Halloween?  Do any of your neighbors have any light displays for the holidays?  There are buyers out there who will look at these types of things when determining whether your home is in the right neighborhood for them or not.

The Best Agents Are Always Up To The Challenge
Any real estate agent who tells you that the fall or winter months are a bad time to sell is not someone you want selling your home! A great real estate agent will know how to adapt to the current season and market their listings to reflect that.  If a real estate agent doesn’t have any suggestions on making your home more desirable for the current season, you should be concerned about the creativity they are going to use when marketing your home.

Staging For The Holiday Season
Many sellers believe staging a home is the main reason a home sells.  While staging certainly helps sell homes, some buyers have a difficult time envisioning themselves in a home no matter what you do. However, there are some buyers who can easily be “sold” on a home because it is staged.  Simple “seasonal” staging such as adjusting the color of the decor or having an aroma in the air that is relative to the time of year can go a long way with some potential buyers and possibly be the difference between a home selling or not.

Mortgage Rates Are Low
If you’ve read about real estate in the past year, it’s likely you’ve read that the mortgage rates are very low.  You also probably read that there is an expectation that the rates will increase very soon. Since mortgage rates are so low right now, buyers are able to afford more expensive homes.  If mortgage rates increase over the fall and winter months while you’re waiting for the spring market, it could cost you thousands of dollars as it could eliminate many buyers from the real estate marketplace!  Less demand for your home will mean less money. Bottom line: take advantage of selling your home while the rates are this low.

Quicker Transactions
Right now, there are fewer real estate transactions than there will be in the spring.  The fewer number of transactions means the mortgage lenders have less loans to process, attorneys have less closings to do, and home inspectors have fewer inspections to do.  All of these factors should lead to a quicker transaction and closing for all the parties involved.  One of the most frustrating things for a seller to deal with while selling their home is not getting answers in a reasonable amount of time. A quicker transaction is going to be less stress for you.

By considering all of the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.

by: Kyle Hiscock, Nothnagle Realtors, NY