Thursday, October 18, 2007

Triangle home sales drop 24%

Sales of existing homes in the Triangle dropped 24 percent in September as woes in the national housing market continued to chip at the local economy.

Data released by the Triangle Multiple Listing Service show that 2,347 homes were sold in September, down from 3,098 in September 2006.

Local home sales had been trending down for months, most recently dropping 8 percent in August and 11 percent in July. But the area hadn't yet seen such a sharp downturn equivalent to those in other markets, where declining home costs and troubles with sub-prime mortgage markets have embroiled economies. The time of year coupled with the media’s gloom and doom predictions has finally begun to impact the Triangle real estate market.

Prices weren't the culprit. The average closing price on a home rose 6 percent year-over-year to $242,885.

But as foreclosures grow locally and the national economy slows, local home inventory rises. It continued to rise in September, when there were 17,929 active listings - up 22 percent from the year prior. Real estate markets that have not lost value are Williamsburg Real Estate, Williamsburg Realtor, Realtor Williamsburg, Realtor in Williamsburg, Realtor Williamsburg VA, and buyers agent in Williamsburg.

And unlike in recent months, when wealthier ZIP codes dominated home sales, the top three ZIPs for sales all came in areas that have seen high foreclosure activity. Fuquay-Varina's 27526 topped the list with 96 home sales, while southeast Raleigh's 27610 was No. 2 with 90 and Wake Forest's 27587 was No. 3 with 88.

Friday, October 12, 2007

Great Time to Buy a Home is NOW!

In our opinion at FOR HomeBUYERS, Inc., this is the best time of year for you to purchase a new home. With the "mortgage crisis" looming and foreclosures on the rise, it makes the next few months a great time to purchase a home. Typically, October through April the market slows a bit and that gives you, as the buyer, more leverage to negotiate a better price. Also, if the home is on the market during these months the seller is usually very motivated to sell.

New construction home builders and the large national builders are offering some very big discounts and other incentives. Because their inventories are larger than they like to carry and their end of year projections are down, there is room to do some serious negotiating with home builders.

While the Triangle (Raleigh, Cary, Durham, Chapel Hill, Wake Forest) Real Estate Market has remained strong when other markets have stalled, we are beginning to feel the trickle down affect as many potential buyers cannot sell their homes in other areas of the country. Slowing sales in other real estate markets, is leading to an increase in the inventory of homes on the market in the Triangle. Also, a larger inventory of homes and a longer "time on market" is to the buyer's advantage, as this helps the prices to level off instead of continuing to increase.

The best months to purchase are November – January. So if you are considering purchasing a home in the next 9 months, you may want to move your timetable up slightly to take advantage of the present real estate market conditions. Give FOR HomeBUYERS, Inc. a call at 919-878-1110 or 800-333-2893 or visit for an appointment to discuss your family’s needs in a home and how to get started.

There is No Additional Charge to have someone working ONLY for YOU because we are compensated through the transaction. Why risk "Dual Agency" with an agent working with a listing company and trying to represent both you and the seller at the same time? Why not use the oldest and most experienced Exclusive Buyer Only Realtors in the Triangle, FOR HomeBUYERS, Inc.?

Thursday, October 11, 2007

Buying Foreclosures: Deal or No Deal?

RISMEDIA, Oct. 1, 2007- Buyers and would-be investors often look to foreclosure sales to find real estate bargains. But newcomers to this market could find some unpleasant surprises if they go in blind. All homes should be thoroughly inspected by a professional home inspector before sealing the deal.

Why inspect if you can’t negotiate?

Foreclosure homes are usually “as-is” sales. This means that buyers cannot negotiate for the cost of needed repairs, as they may do in a traditional home purchase. Buyers must absorb repair costs themselves and consider this in their purchase offer at auction. So why get a professional inspection on a foreclosure property?

Too many foreclosure buyers think they’re getting a deal when, in fact, they might be purchasing a property with substantial and costly defects. The repair of these major issues could exceed the savings gained in buying a foreclosed property.

Sellers at foreclosure auctions are not usually obligated to disclose defects. But buyers can empower themselves by getting a professional property inspection before the auction that will provide valuable insights about the condition of the home. If pre-auction property inspections are not permitted at the foreclosure sale, buyers will need to weigh that risk carefully.

Knowledge is power

Even with a significant influx of newly foreclosed properties due to the sub prime mortgage mess, the foreclosure market can be competitive, and it is often dominated by experienced real estate investors. Armed with the right information you can make informed bids and find the best home at the best deal. After all, a bargain isn’t a bargain if it costs more than expected down the line.

Remember, buying foreclosed properties can be a risky business, so be certain to consult with needed professionals, including a reputable, certified home inspector, to address questions about specific issues.