Triangle Housing Situation Fairs Better Than Many Other Cities

Over 300 Triangle housing professionals last December filled the ballroom at the Briar Creek Country Club to attend a three hour long seminar in regards to the housing industry right here in the Triangle area. The results were more than positive and showed that the Triangle area is faring better than many other cities, and continues to improve throughout the beginning of 2010.

Mark Vitner, a senior economist from Wells Fargo who is well known on the national speaker’s circuit, addressed the crowd with his opinion on how the Triangle area was fairing during one of the toughest housing markets in history. Vitner felt that economy was better than it was a year ago, based on indicators such as third quarter of 2009’s Gross Domestic Product rising. The best place to find the least amount of unemployment are in areas with University towns and centers of government; Raleigh, Durham and Chapel Hill are great examples of this. Another sector of the economy that Vitner felt was growing strong was the mobile internet industry. Once again the Triangle area is the perfect place for this with the Research Triangle Park. The best news of all is that he feels the days of plummeting home prices is at an end, and now is the time to take advantage of low interest rates. It is estimated that by 2012 or 2013 interest rates will once again be up to 8%.

Now is the time to take advantage of the housing industries low interest rates and buy a home. Let Marti Hampton and Team Marti help find the Triangle home of your dreams.

Builders Have Confidence In The Raleigh Area

Over the past couple years, the recession has led big builders to delay in purchasing multiple parcels of land in the Raleigh area. Now that the housing market is reaching its bottom, two local Triangle home builder groups have announced plans to develop two new communities in the area, while purchasing large amounts of land at low prices. These deals prove that builders have confidence that the Triangle area still has plenty of room to grow and attract new residents.

While some of the larger local builders are in a place to buy land at rock bottom prices, other local builders are struggling to stay afloat and to sell their inventory. Many builders have been foreclosed on by their banks, which has also added to the low price of land in the Triangle area.

Lennar Corp, which is based out of Raleigh, is in the final stages of finishing up their model home in the West Lake community located in Cary, and focusing on finishing the building of homes on fifty-eight lots in the final phase of the community at The Park at West Lake. The West Lake community is already home to an aquatics center that comes complete with a competition swimming pool, water park, and playground. Lennar ranked number 11 as the largest residential builder according to the 2008 Triangle Business Journal book of lists.

Royal Oaks Builders also out of Raleigh have proven that they can continue to remain strong during the recent recession. Parker Point community located in Fuquay-Varina is set to have over 156 homes priced from the @170,000s, with their first home in this community just completed. Royal Oaks ranked number 15 as the largest residential builder in 2008 in the Triangle Business Journal book of lists.

If you want a new home,now is the time to jump. Builders are taking advantage of lower land prices, and passing the savings on to the buyers. Let Marti Hampton and Team Marti here are RE/MAX One Realty make your dream home become a reality.

P.S. For the next few days, the Home Buyer's Tax Credit is still in effect through April 30, so both first time buyers and longtime homeowners can receive federal dollars to buy your affordable home. Take advantage of rarely seen low interest rates and buy a home with me Marti Hampton and Team Marti here at RE/MAX One Realty. ACT NOW!

Family Fun In Your Triangle Home

In the Triangle area and across the country, more families are enjoying spending more time at home while not giving up the entertainment that they enjoy. The trend which spans game rooms to multimedia rooms is becoming more popular as it allow and allows families more time to bond together at home. This area in the home is very unique to each home owner and boasts their likes. It is not uncommon for sports enthusiasts to create a space decorated with their favorite team colors, accented by a large screen TV and to host numerous game day parties more economically than if everyone went to the stadium. Of course, with the advent of the Wii, people who like to watch sports can actually “participate.”

If professional sports are not what your family is into, you can still create a game room that is sure to keep the family happy at home for a long time to come. Cards, board games, pool, ping pong – all present a fun time for the family.

Here are some tips on creating your game room space:

• Ensure the space is well prepared: if the basement is where you would like to put your game room , make sure the humidity is controlled, and add extra insulation to the attic if that is the better game room choice in your home.

• Make the game room unique to your families likes by including games that your family will enjoy.

• If a pool table is in your future be sure to allow a 5 foot clearance on each side of the table.

• If poker is more your families game of sport, allow at least a three foot clearance around the table.

• If your game activities center around the Wii, make sure there is adequate room to dance, bowl, or sword fight to get the full effect.

Make the most out of your family’s space, and be sure to include a little something for everyone in the family. It is also becoming more of the norm to combine the TV room with a game room. Take the time to plan your entertainment room to best reflect the needs of your family.

Need more space to build the best entertainment room for your family? Contact Marti Hampton your Triangle home expert. Marti Hampton and Team Marti is here to help you find the home that best fits your family’s needs.

P.S. For the next few days, the Home Buyer's Tax Credit is still in effect through April 30, so both first time buyers and longtime homeowners can receive federal dollars to buy your affordable home. Take advantage of rarely seen low interest rates and buy a home with me Marti Hampton and Team Marti here at RE/MAX One Realty. ACT NOW!

Help for the Unemployed in the Triangle area

The last thing on someone’s mind when they are unemployed is to consider buying a new home. However, a local Triangle nonprofit organization Band Together NC is doing their part to help the unemployed find employment by teaming up with StepUp Ministry, so that they can once again consider purchasing a new home. Band Together was formed in 2001 after five friends came together after the tragic September 11th bombing of the World Trade Center wanting to do their part to help. Band Together hosts musical performances in order to raise money to help various charities. StepUp Ministry is their 2010 charity recipient.

Over 950 adults have gained employment through the StepUp Ministry job training program since 2004. The success rate of this job placement outreach is phenomenal with over 83% of graduates remaining employed longer than six months. StepUp Ministries main focus is to provide individuals and families with a second chance in life, by supporting their commitment to be independent and productive in the community. With the help of the job training program an unemployed Triangle resident can expect to receive one-on-one client mentoring along with employer support. The Triangle area is blessed to have a great agency to help support the areas unemployed, especially when Wake County’s unemployment rate just recently reached 9.2%.

When the time comes to purchase your new home in the Triangle area, take advantage of Marti Hampton’s knowledge of the area ,and let her help find you the home that is right for you. She and Team Marti are readily available to help you find just what you are looking for in Raleigh, Cary, Wake Forest, and other Wake county cities.

P.S. For the next 10 days, the homebuyer's tax credit is still in effect through April 30, so both first time buyers and longtime homeowners can receive federal dollars to buy your affordable home. Take advantage of rarely seen low interest rates and buy a home with me Marti Hampton and team Marti here at RE/MAX One Realty. ACT NOW!

Can't Afford Your First Home? A Foreclosed Home May Be Your Perfect Answer!

Mortgage Credit Certificate Can Be the Key to Your New Home!

Buy Smart Today to Sell Smart Tomorrow

If you hoping to wrap up a deal on your first Raleigh home by April 30, you may be obsessing over whether you have found the perfect house. While you want to buy a home you love, your chances of success are best if your accept this reality: the home you buy will probably not be your last. Statistically, the National Association of Realtors states that the average America moves every six years. Since that is true, when you buy any home, but especially your first, you should plan an exit strategy for the future. If you buy smart today, you will be better able to sell smart tomorrow.

That means, first of all, that you should buy with an eye to re-salability. Though there is no guarantee of future prices that your home might bring, you should have an eye on the quality of the schools, the location, and the condition.

Modest priced homes tend to sell more quickly than more costly ones. Since your first home is likely to eventually be someone else’s starter home, your price should on a par with other starter homes if you hope to sell it quickly. This will help you too, as buying your first home is not the time to exceed your comfort zone on price.

You might foresee doing a few projects for the enjoyment of your family and to make it more attractive to future buyers, but you should refrain from buying a place that needs loads of money overall. There’s nothing wrong with buying a fixer upper, but you might want to carefully consider what will add to the resale value when you anticipate the projects you want to tackle. Remodeling the kitchen and bathroom usually add to value but adding rooms or a pool can out price the home for the neighborhood. If you immediately need more space or have certain amenities on your must-have list, you are better off considering a different, slightly more up sale home.

You should also buy a home that will meet your needs now and for the next few years – not forever. Your family may grow, you may get transferred, you may want a bigger yard, but those are not cast in stone when you buy your first home. You can’t read your future – certainly your housing future is no exception.

Buying your first home is a wonderful, exciting experience. Buying with an eye to the future does not diminish that – it’s just smart business to plan for the future. Buy smart today so you can sell smart tomorrow.

P.S. For the next 10 days through April 30, the homebuyer's tax credit is still in effect, so both first time buyers and longtime homeowners can receive federal dollars to buy your affordable home. Take advantage of rarely seen low interest rates and buy a home with me Marti Hampton and team Marti here at RE/MAX One Realty. ACT NOW!

Can't Afford Your First Home? A Foreclosed Home May Be Your Perfect Answer!

Mortgage Credit Certificate Can Be the Key to Your New Home!

Home Affordable Foreclosure Alternative Program (HAFA)

The new Home Affordable Foreclosure Alternative Program (HAFA) guidelines took effect April 5, 2010. The program will terminate on December 31, 2012. HAFA is designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure by improving the process. The HAFA guidelines are voluntary, but major banks and servicers including Bank of America, Chase, Wells Fargo and Citimortgage, as well as many smaller lenders, have agreed to participate. All servicers participating must implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include such factors as severity of the loss involved, local market conditions, the timing of pending foreclosure actions, and borrower motivation and cooperation.

Loans that are eligible:

- Loans NOT owned or guaranteed by Fannie Mae or Freddie Mac (Those agencies are expected to release their own, similar guidelines).
- The property is the borrower’s principal residence.
- The mortgage loan is a first lien mortgage originated on or before January 1, 2009.
- The mortgage is delinquent or default is reasonably foreseeable.
- The current unpaid principal balance is equal to or less than $729,750.
- The borrower’s total monthly mortgage payment exceeds 31 percent of the borrower’s gross income.

Main Points:

- Allow borrowers to receive pre-approved short sale terms before listing the property (including the minimum acceptable net proceeds). Appraisals, review of financials, investor approvals, mortgage insurer approvals and second lien approvals can be done while the property is being marketed for sale.
- Servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions.
- Prohibit the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6%).
- Require borrowers to be fully released from future liability for the first mortgage debt and if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed).
- The amount of debt forgiven might be treated as income for tax purposes. Under the Mortgage Forgiveness Debt Relief Act of 2007 which expires at the end of 2012, however, the tax may not apply. Forgiven debt will not be taxed if the amount of the forgiven debt does not exceed the debt that was used to acquire, construct or rehabilitate a principal residence. (Check with a tax advisor.)
- Use standard processes, documents and timeframes/deadlines. Within 3 business days after receiving an offer, the lender must be sent a completed Request to Approve a Short Sale form, with the fully executed Contract, and buyer loan prequalification letter. Within 10 business days of the lender’s receipt of these documents, the lender will approve the sale if it is within the terms and conditions of the Short Sale Agreement and any other liens are released.
- Provide financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis; up to 3% of the unpaid principal balance of each subordinate loan).
- The deal must be “arms length”. Borrowers cannot list the property or sell it to a relative or anyone else with whom they have a close personal or business relationship.
- Buyers may not reconvey the property within 90 days after closing.

If the property has not sold by the end of the term of the Short Sale Program, the borrower can convey title to the property to the Lender by Deed in Lieu of Foreclosure. This will prevent the borrower from going through a foreclosure sale and will release the borrower from all responsibility to repay the mortgage debt. Additionally, the borrower will receive $3,000 to help with moving expenses.
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For a great selection of homes in Raleigh, Cary, Wake Forest, and the surrounding area, check out my Triangle website and meet the Marti Hampton Team. We can guide you through the home buying process and sell you previous home as well.

Big Spenders in Raleigh

Move over Los Angeles and New York City because there are more big spenders here in Raleigh! A recent survey shows that the Raleigh area ranks 6th in the nation for spending.

According to the latest Bundle report released last week on how America spends Raleigh came in higher than many larger cities such as New York City and Los Angeles. Bundle is backed by Citigroup which used its credit card data to evaluate the average American spending amount in the top 100 cities in the nation. The average Raleigh household spent a whopping $53,398 on shopping, dining, and travel in 2009 alone. The Bundle Report is unique in that it does not take into consideration the amount a household spends on rent or mortgage, which is one of the reasons that ranked Raleigh above larger cities such as Los Angeles. Even more surprising is that Raleigh ranked number one in shopping with the average Raleigh area household spending on average $15,800 a year.

This finding is interesting as North Carolina was included in the second round of states slated to receive funding from the Housing Finance Agency Hardest Hit Fund (HHF). North Carolina, Ohio, Oregon, Rhode Island and South Carolina are slated to receive a totat of $600 million diverted from Trouble Assets Relief Program (TSRP) funds to combat the results of foreclosures and unemployment in these state.

The figures indicate that many in Raleigh are in a good position to to take advantage of the lower priced real estate market compared to the bigger cities, and buy or sell a home in Wake County. For the next few weeks, the homebuyer’s tax credit is still in effect through April 30 so both first time buyers and longtime homeowners can receive federal dollars to buy your dream home. Take advantage of rarely seen low interest rates and buy a home with me Marti Hampton and team Marti here at RE/MAX One Realty.

Raleigh Homebuyers Race to the Finish Line As April 30 Nears

First time home and repeat buyers as well are racing to meet the April 30th deadline for tax credits. There is no better time to be a home buyer in the Raleigh area than now, with the combination of decreased home values, low interest rates, and tax credits of $8,000 for first timers and $6,500 for repeat buyers. The tax incentive is slowing the decline in home sales. Now more than ever, it is easier for first time home buyers as well as repeat buyers to purchase the home of their dreams.

According to Zillow, the online real estate service, median listing values in Raleigh are $204,900, down 5% since last year at this time last year, while the median sales price is $190,600. In Cary, there is a 6% decrease since last year, while in Wake Forest, the decrease is 10.1%. Though there was a slight decrease in snowy February, home sales have generally outpaced sales from the previous year in past months.

Economist Kevin Gillen, of Econsult, attributed to over 350,000 sales in 2009 to first time home buyers throughout the country. The National Association of Realtors® expects that March and Aprils statistics will show that the credit has improved sales figures during the extension period as well.

Determining if you qualify for a first time home buyer credit is simple. If you have not owned a primary residence in the last three years, you would qualify. However, if you file taxes jointly with your spouse, neither of you could have owned a primary residence in the past three years to meet the requirements of this tax credit.

For the repeat buyer’s credit, you must have occupied a home you owned for five consecutive years of the last eight. You do not have to sell your old home, not so you have to be living in it now, so this credit offers a lot of flexibility for repeat buyers.

It is important for first time home and repeat buyers to understand that the tax credit is very different than a tax deduction. This tax credit will essentially be like putting money in your hands, whereas a tax deduction will reduce your taxable income. If a Raleigh home buyer were to owe $8000 in income taxes and qualify for the max first time buyers credit, they would then essentially owe nothing. The same principle applies to repeat buyer credits.

Without the pressure of having to sell a home, first timers are ready to buy. This ready market allows owners who want to make a change to put their homes on the market with confidence. Do not let this rare opportunity pass you by put your dream home under contract by April 30th.

For a great selection of homes in Raleigh, Cary, Wake Forest, and the surrounding area, check out my Triangle website and meet the Marti Hampton Team. We can guide you through the home buying process and sell you previous home as well.

Hunting Homes for Easter?

Hello Bloggers – thanks for stopping by today. It’s very warm outside. It's also getting hotter by the day in the Raleigh real estate market. Two things to help you be in the 'know' about our current market if you are buying a home or selling a home.
First – the Federal Government ends their Mortgage Back security Program today. Rates are going to be sensitive and volatile.
Second – On April 5th, FHA will increase the up front mortgage insurance premium from 1.75% to 2.25%. In order to save this additional fee – all case numbers must be pulled before April 5th.
So if you are hunting houses instead of Easter eggs – Get –R- done! God Bless and Happy Easter. Marti