One Big Advantages to Living in the Raleigh, NC area: Our Schools – Parents – Sign up for a specific calendar or Magnet School ends March 4

One Big Advantage to Living in the Raleigh, NC area: Our Schools. Parents, remember to sign up for a specific calendar or Magnet School – the March 4 deadline is approaching!

I am sure you are aware that when it comes to real estate the most important thing in determining a home or property value is location, location, and location. One very important factor that contributes to the value of a particular location (neighborhood, community, municipality, etc.) is the quality of the school system.

For those who own real estate in the Raleigh, NC area, we are blessed with an excellent public school system. The Wake County Public School System receives a 7 out of 10 rating based on student test scores from GreatSchools. This is a well recognized organization that is funded nationally by such organizations as Bill & Melinda Gates Foundation, the Robertson Foundation and the Walton Family Foundation.

You can check out the ratings of the Raleigh area schools here: Top-Rated Raleigh Public Schools
Another good source of information regarding Raleigh area schools is the NC Report Card website. The reports here include important information about student performance, class size, school safety, and teacher quality in the schools of North Carolina.

The following example chart shows the results for West Lake Middle School.

This and other website reports are available for every school in the State of North Carolina. Visit the website here: Education First NC School Report Cards

If you are newcomer to the Raleigh area or have moved to a new home, you will want to visit the Wake County Public School System website: Newcomer One-Stop Info Center

Important reminder for parents and students: the application period for the Wake County Public School System calendar and magnet schools will opened on Feburary 21 and continues through March 7. Don’t miss the deadline!

Apply here: Application for a Magnet and/or Calendar Choice

Are you new to the Raleigh, NC? Home buying may be different than other areas of the country. What is the difference between a condo and a townhome?

The major difference is in what is owned. Condominium owners in North Carolina actually own the “air space” inside the unit. It is the ownership of one unit in a multiunit development while at the same time having an undivided interest in the common areas used by all the unit owners. These common areas would include hallways, lobbies and the grounds (which could also include pools, tennis courts, clubhouse, etc.). Maintenance of the exterior of the development buildings, the common areas and amenities is usually controlled by the Homeowners Association and are paid for by HOA dues.

Townhome owners own the whole unit which would include the exterior walls, roof and surface materials as well as the land below the unit (sometimes the land extends a few feet outside the unit as well). The common areas of a townhome community are owned by the Homeowners Association (HOA) for the benefit of all townhome owners and they are maintained through the payment of HOA dues.

Both condominium and townhome developments are usually subject to protective or restrictive covenants which are usually recorded in the County Register of Deeds office and in the Counties of the Triangle area they can be found on-line (the on-line search can be somewhat tedious). These are deed restrictions that can be enforced and they are conveyed and recorded as a part of the deed of each unit at the time of transfer of the property.

Under the new Offer to Purchase and Contract the home seller is now required by contract to provide the completed Owners’ Association Disclosure and Addendum (Standard Form 2A12-T) to Buyer on or before the Effective Date of the contract and to pay for any costs required to obtain the disclosure.

These covenants describe the character of the development and control the use of the units and the common areas. Typically covenants do the following:

Set forth that governance of the HOA and voting rights of the unit owners.
Deal with annual expenses and special assessments.
Restrict the use of the property – this is usually single family residential but it varies.
Deal with what is maintained.
Make the entire set of covenants binding on successors and assigns of the original owners.
State the time the covenants will be in effect and how they will be renewed.

Interested in a particular Raleigh Condo or Townhome Community? Give the Marti Hampton team a call and will gladly help you find out what you need to know.

With the new NC Offer to Purchase and Contract I understand that there is no longer a repair contingency in the contract. Do I still need to inspect?

With the new NC Offer to Purchase and Contract I understand that there is no longer a repair contingency in the contract. Do I still need to have a home inspection done before purchasing a home in the Raleigh area?

It is true that the new NC Offer to Purchase and Contract does not have a repair clause anymore, but a Home Inspection is just as important as ever. The new form that is used by most Realtors in not only our area but all of the state of North Carolina has a new due diligence period that is very similar to the due diligence in commercial real estate transactions.

The Due Diligence Period allows the home buyer time to investigate the Property that is being purchased for a specific length of time that is negotiated between the buyer and home seller. The buyer may pay a fee (Due Diligence Fee) for this due diligence time frame (or not again depending upon the negotiations between the home buyer and seller) and during this time, the buyer can decide whether they, in Buyer’s sole discretion, will proceed with or terminate the transaction. If they decide to terminate, they are entitled to receive their earnest money back as long as they provide written notice to the seller before 5 PM on the last day of the due diligence period.

During the Due Diligence Period, the Buyer (or Buyer’s agents or representatives) can conduct all desired home inspections, tests, surveys, appraisals, investigations, examinations and inspections of the Property. All of these are paid for by the Buyer.

Still have questions? The North Carolina Real Estate Commission publishes a brochure on this topic. You can read it on-line here: Questions and Answers on Home Inspections

Or you can download the brochure in PDF format – it’s free! Questions and Answers on Home Inspections

As always feel free to contact the Marti Hampton team – we can recommend some great home inspectors and help you through the home buying process.

What is there for kids to do in Raleigh, NC? Raleigh is family friendly city with lots to do.

The Raleigh IMAX theater and Marbles Kids Museum are located in the near the center of downtown Raleigh in the Moore Square district. The Raleigh IMAX is the only 3D-capable giant screen IMAX Theatre in North Carolina.

The Marbles Museum is an exciting hands-on museum for children 10-and-under, and The Corner Store features a mixture of toys, games, and gadgets. In addition to galleries and exhibits, the museum provides a variety of camps for children from 3 – 13 years of age including summer camps, School’s Out Camps, First Friday’s Camps, and Group Camp in.

The Marbles Museum is a great place for birthday parties and special events.

There are lots of activities for families. Check out: What’s Happening

Find out what’s happening at the IMAX: Raleigh IMAX Theater

Raleigh is known as a family friendly city and there are many museums, parks, lakes, live performances and festivals. There is the North Carolina Museum of Art, North Carolina Museum of Natural Science, North Carolina Museum of History, the North Carolina Railroad Museum and others.

One example is Blue Jay Point County Park, which is a 236-acre park located on the shores of Falls Lake in northern Wake County that features environmental education programs with demonstration areas and exhibits. It is but one of a number of environmental education parks in the Raleigh area.

The arts are exemplified in the Raleigh Little Theater. It has been providing enriching, educational and entertaining community theater for over 75 years. It also offers summer camp programs for children ages 4–12 and teenagers with comprehensive theatrical training. Check out the upcoming shows and events on the website: http://www.raleighlittletheatre.org/

Raleigh Real Estate Market Update - February 2011

I know we had snow this week, but springtime is just around the corner. Springtime in Raleigh is a beautiful time of year and if the weather forecasts are right, we will begin having warmer weather next week. Maybe your thoughts will turn to buying a home?

Spring is the most popular time to purchase a home in the Raleigh area. Most sales occur in the March to May time frame because home buyers want to be settled into their new home before the start of the school year at the end of summer.

The home sales numbers for 2010 were shocking – both from a national and a local perspective. CoreLogic Home Price Index that was just released on February 8, 2011 revealed that home prices in the U.S. declined for the fifth month in a row. Distressed properties contributed to this decline in December as they accounted for 36% of all home sales.

While the number of home sales was down in 2010, it was a fantastic year for home buyers – great interest rates were available and there were lots of choices available.

The numbers for the real estate market in Raleigh, NC are not something that home sellers would want to applaud, but they are healthier than many other areas of the U.S.

In Wake County both the average and median home price increased when compared to the previous December. The number of closed home sales was down for all of 2010 by 8 % when compared to 2009, but sales in the month of December 2010 were up 1.2% over the previous December.

Is there any reason for optimism regarding the real estate marketplace in 2011? Actually there is. Fannie Mae and the Mortgage Bankers Association forecast that the new-home market will begin a rebound in 2011 that will last through at least 2012.

According to the median forecast of 30 economists at a Federal Reserve Bank of Chicago symposium in December 2010 residential investment probably will increase 9.6 percent in 2011. And the National Association of Home Builders is projecting that housing starts will increase by 17 % in 2011.

Want more specifics? Give Marti Hampton a call today.

I am purchasing a home in Raleigh, NC. Should I consider a home warranty?

Home Warranties are just about always a good idea for the first time home buyer. They are also a really good idea for any home buyer who is buying a home that is not new construction or for the home buyer who does not have readily available cash to make unexpected repairs.

According to a 2004 report cited by American Home Shield, there is a 68% chance that a major system or appliance will break down in the first year you live in your home. With the protection of a home warranty, a breakdown or repair won’t break your budget.

New home builders generally supply a one year limited warranty and a longer structural home warranty, but it is important to verify what is included.

What is a home warranty? It is a contract that is generally renewable that covers the repair or replacement of many of the major home systems and appliances in the home. Exactly what is covered varies by the home warranty company and the options they provide.

What are the benefits to a seller for purchasing a home warranty?

First of all, if a system fails during the listing period when a home warranty is purchased with seller coverage, the repair will be covered by the home warranty.

A home warranty is an excellent marketing tool. Potential home buyers appreciate a home that is covered knowing that they will be protected from unexpected home repairs that are covered.

Studies show that 76% of Realtors® recommend a home warranty.

According to a study done by Marshall & Swift LP, in 2005, homes with warranties sell up to 15% faster and they sell for a price that is 2.2 % higher.

It is important to understand that generally there is a trade service fee each time a service call is made but it is usually very reasonable and the fee can often be reduced by paying a slightly higher up front fee.

Home warranties typically have limitations and conditions to the coverage. Refer specific questions to the home warranty company.

Contact the Marti Hampton team for a list of Home Warranty Companies that we recommend.

Rental protocal in Raleigh, NC

Thinking of renting a home in Raleigh, NC while you get ready to purchase a home? Are you having trouble selling your home and thinking of renting it? Here are some answers to some questions that you might have about leasing NC real estate:

When I find a house to purchase, can I terminate my lease with 30 days notice? It depends upon the lease agreement. Usually you are obligated for the whole lease term, even if you have a good or “valid” reason for leaving like a job transfer, major illness, etc. Only military relocations are excused in North Carolina. If you know you are going to purchase a home within 6 months, then you should consider looking for a place that will give you a 6 month lease or a month to month lease.

What happens if I walk away from my lease? If you leave early, the landlord and the landlord is not able to find someone to re-rent your place, he has the right to sue you for all the unpaid rent and court and other associated costs. In addition, the landlord may file a negative report to the credit bureaus.

Can the landlord charge me more because I have a pet? Yes and that fee can be a non-refundable fee serving as a security deposit to cover the cost of cleaning, etc. The landlord can have different charges or rules governing different breeds and sizes of pets and can even prohibit pets. Any agreement you have with the landlord should be in writing to avoid problems in the future.

Does the landlord have to paint the apartment or home before the tenant moves in? There is not automatic requirement for painting. The landlord is responsible to only rent premises that are fit and habitable. This means that the landlord cannot offer a discount on the rent to accept the premises in less that fit and habitable condition.

As always, the Marti Hampton team is happy to help with any real estate questions you might have. Give us a call.

Considering buying a short sale home in Raleigh, NC?

What is a short sale? What are the advantages, if any, are there for a home buyer?

First of all, let’s consider how a short sale is defined here in Raleigh, NC.

A short sale indicates a real estate sale where there is more debt owed on the property than the property is worth. This is a home sale where the amount of the sale price is less than amount owed to all those who have an interest in the property, with lender or lenders accepting the sale proceeds as payment in full. The home seller thus needs the lender(s) and all lien holders to accept a payment that is less than the amount that is owed. There may be other parties that have to approve the home sale as well. These include those who insured the loans (like PMI), bankruptcy trustees, and taxing authorities.

According to the North Carolina Association of REALTORS® standard form 104 that is used along with the offer to purchase a short sale is where:

· The purchase price is or may be insufficient to enable Seller to pay the costs of sale, which include but are not limited to the Seller’s closing costs and payment in full of all loans or debts secured by deeds of trust on the Property due and owing to one or more lender(s) and/or other lienholders
· Seller does not have sufficient liquid assets to pay any deficiencies and
· The Lienholders agree to release or discharge their liens upon payment of an amount less than the amount owed, with or without the Seller being released from any further liability.
* STANDARD FORM 104 Revised 11/2010 ©2011

The obvious advantage to a home buyer in regards to the purchase of a short sale is the possibility of getting a significantly reduced price and this does happen. However, the timeline for the home purchase is anything but short. The short sale purchase is also significantly more complex than the standard home purchase.

Another advantage to the buyer is that often due diligence fees are lower and earnest money deposits are often not required until the lenders have approved the transaction.

We highly recommend that you have buyer representation in the process. The lenders usually do pay the buyer’s agent fee. Still interested? Give us a call today.

Tryon Place Townhomes

One of the great new Raleigh, NC townhome communities is Tryon Place Townhomes. This new subdivision is located off Tryon Road near Gorman Street, which is close to NCSU, I-40 and just about everything.

Let’s review a few of the special features of this new subdivision.

Tryon Place Townhomes is a 71 classy 2-story townhome community with garages, master suites, 2-3 bedrooms, 9’ ceilings and front and back covered porches. They range from 1342sq.ft. to 1700sq.ft. Some of the interior features are: a gas log fireplace, smooth finished ceilings, cascading kitchen cabinets, walk in closets in the master bedrooms (and in other bedrooms on some of the floor plans), a security system pre-wire, cable outlets in the family room and all bedrooms, and pedestal sink in the first floor powder room.

The townhome community offers easy access to interstate travel, to city and NC State campus bus lines, to the RDU airport and to the Amtrak station. Tryon Place Townhomes is just 1 ½ miles from the fishing, walking and biking at Johnson Lake; and just 2 ½ miles from the oldest public golf course in Raleigh, now redesigned, the RGA Golf Course. Are you a student or professor at NC State University? The main campus is just 3 miles from Tryon Place Townhomes. You can catch the city bus right around the corner and connect to the Wolfline.

The builder for Tryon Place Townhomes is the award winning builder Ross Construction, Inc, a company known for their concern for the details in the building process, for their customer service, and for bringing a good deal financially home to the buyer. They have built similar award winning townhomes off of I-540 near Buffalo in Townes at Landover, which we’d be happy to show you if you would like to see them.

With new Lower base prices ranging from $149,900 to $164,942, we believe these townhomes and this community are wonderful place to call home and offered at excellent value. Want to see more? Follow the link below for a virtual tour of a Tryon Place Townhome.

There is much more to tell about Tryon Place Townhomes, so if this sounds like the new Raleigh townhome that you are looking for- call Paul at (919) 880-3271. If I am not available, I will return your call at my earliest opportunity.

Feel free to access to search on our website for this subdivision, Marti Hampton Search for Raleigh Townhomes and find out more information about available floor plans and lots.

Looking to buy a real estate deal in Raleigh, NC?

Looking to buy a Raleigh, NC home that already has built in value? Here are two tips to help you find the perfect home at a bargain price:

Tip #1 – Hire a real estate professional. Yes, we would love for you to consider the Marti Hampton team, but we highly recommend that you have a real estate agent represent you even if we aren’t your first choice. Maybe we can be your second?

Your agent needs to be very familiar not only with the Raleigh real estate market, but also the very specialized market of Foreclosures, Real Estate Owned properties (REO’s), short sales and Government Owned properties. These are often referred to as distressed properties. This is a great time to look for value in a home, not only these, but others as well.

Everyone knows about fixer uppers – like you see on HGTV – where a little sweat and effort can bring a large return. Not every real estate bargain or distressed property is a fixer upper. Many of the above foreclosures, REO homes and Government properties that are available from HUD, or the VA are a fixer upper.

There are also other types of homes that are offered at below market value. These include estate sales, auctions, divorce sales and builder close outs.

Tip #2 – Determine the true condition of the property. Most fixer uppers and distressed homes are sold “As Is” meaning that the home owner, whether it is the lender, government or individual home owner, is not willing to fix anything. There are exceptions to this, but they are rare and it is important to find the major issues that need to be addressed and how much the repairs will cost. This is where the new NCAR offer to purchase and contract can be helpful. It includes a due diligence period where the buyer has time to investigate the home for a negotiated period of time and can walk away from the sale with a refund of the earnest money during that time frame depending upon what is found. Again, this is where a real estate professional can help you avoid the pitfalls and dangers in this type of purchase.

The Marti Hampton team is a HUD Registered Broker and we can help with all the types of properties as well. Call us today to get started in finding a great buy!