Raleigh North Carolina Real Estate Articles and Local Market News http://www.raleigh-real-estate.biz Sat, 31 Jul 2010 09:16:30 +0100 FeedCreator 1.7.2 http://www.raleigh-real-estate.biz/Welcome-Message/Welcome-To-Raleigh-Real-Estate.html (MLS-Home-Search.html) Whether you're buying a home, selling a home, or relocating to the Raleigh, Durham, or Wake County North Carolina areas (including Cary, RTP, Chapel Hill, Morrisville, Apex, Holly Springs, Fuquay Varina, Garner, Clayton, Knightdale, Wendell, Rolesville, Wake Forest, or Zebulon), you can trust us with your real estate needs. As real estate professionals, our value is defined by the investment that we make in each and every client. That is because we are about the full experience of buying, selling and owning a piece of the American Dream. Our hope is that the relationship does not end when the... Website Articles - Welcome Message Wed, 01 Oct 2008 18:53:31 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/Extended-Home-Buyer-Tax-Credit-2009-2010.html As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that: Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Website Articles - Buyer Information Tue, 15 Dec 2009 09:18:05 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/What-Is-APR-and-Why-Should-You-Careu.html The annual percentage rate or APR is required by the Federal Truth in Lending Law in an effort to present borrowers with an accurate depiction of the cost of a loan. It is designed to aid consumers in their selection of a loan when comparing the various types and terms that are offered by lenders. In essence, the annual percentage rate should reflect the actual cost of obtaining a loan on an annual or yearly basis. It expresses the relationship between the amount of money that is borrowed and the cost of obtaining this sum of money as a loan. The... Website Articles - Buyer Information Sat, 26 Sep 2009 17:58:07 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/2009-Home-Buyer-Tax-Credit.html The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, please feel free to contact me and I also encourage you to consult a qualified tax advisor or legal professional about your situation. Who is eligible to claim the tax credit? First-time home buyers purchasing any kind of home, new or resale, are eligible for the tax... Website Articles - Buyer Information Wed, 20 May 2009 10:42:23 +0100 http://www.raleigh-real-estate.biz/General-Information/Raleigh-Housing-Market-Healthy.html The home building industry new website, BuilderOnline http://www.builderonline.com (http://www.builderonline.com), has ranked Raleigh as the 6th healthiest housing market in the United States. According the article, Another state capital with multiple universities, Raleigh was still adding jobs at a 2.6 percent rate last year. With a population of more than 1 million, it also has one of the highest rates of population growth of any top metro market in the country over the last five years: nearly 5 percent annually. Though the price of a median home here, $223,400, is above the national average, it is well below other cities in... Website Articles - General Information Sun, 05 Apr 2009 17:41:46 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/How-To-Buy-HUD-Foreclosure-Homes.html Here is an overview of the HUD Foreclosure buying process as well as some helpful tips for success. What is a HUD Home? A HUD home is a home or vacant land that was purchased with an FHA loan (government insured). When the homeowner defaulted on their mortgage, the FHA paid off the mortgage lender and took possession of the home and is relisting it for sale. Where can I find HUD Homes for sale? While there are lots of sites that try to sell you this information, there are only two free websites you need to access: For homes in North Carolina, visit... Website Articles - Buyer Information Sun, 01 Mar 2009 11:28:17 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/USDA-No-Money-Down-100-Financing-Mortgage.html The Rural Economic Development Fund is what it use to be called, now it’s just a part of the USDA, and the goal is to provide mortgages, and incentives for the purchae of homes in less “densly” populated areas. Although 100% financing with conventional mortgages is out and FHA with down payment assistance is no longer available, you can get 100% financing through a USDA loan. Just about the only 100% options area VA and USDA. There are certain eligibility requirements that must be met in order to obtain a USDA loan. Some of the eligibility standards... Website Articles - Buyer Information Tue, 13 Jan 2009 09:49:59 +0100 http://www.raleigh-real-estate.biz/General-Information/What-is-a-Short-Sale-u.html As foreclosure rates hit record levels and property values have decreased in many areas, more sellers are turning to short sales as a way to avoid foreclosure. So, what is a short sale and how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender may agree to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount,... Website Articles - General Information Fri, 19 Dec 2008 09:30:21 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/North-Carolina-Real-Estate-Buying-Process.html For first-time home buyers, or those unfamiliar with North Carolina real estate, here is a general guideline for the home-buying process. YOUR BUYER'S AGENT - First, you are entitled to your own real estate agent. On any listing (which is not our personal listing), we can represent you as your Realtor. Typically, the seller pays the commission, so our services are at no cost to you. LENDER - A Pre-Approval letter is becoming an industry standard when making an offer on a home. Sellers will have more confidence in an offer that includes a pre-approval letter, and in multiple offer... Website Articles - Buyer Information Fri, 05 Dec 2008 09:44:47 +0100 http://www.raleigh-real-estate.biz/General-Information/Moving-Expense-Deductions.html Moving expenses related to a change in employment present excellent tax-savings opportunities. However, three types of tests need to be met to take advantage of moving related expense deductions: a couple of distance tests, a “time to start work” test, and a weeks worked test . And, of course, in typical government fashion, a different set of rules can apply to members of the armed services and retirees. For now, lets keep things simple and work on the first tests mentioned. Website Articles - General Information Wed, 19 Nov 2008 09:37:53 +0100 http://www.raleigh-real-estate.biz/General-Information/FHA-Loan-Changes-and-HR-3221.html In the past few months, FHA loans have seen quite a few changes, many with the passage of the newly-signed housing bill, HR 3221. Effective for FHA case numbers issued October 1, 2008 and later: FHA mortgage insurance increase. First FHA mortgage insurance was going to have risked based pricing, then HR 3221 came along and put a moratorium in effect until September 30, 2009. Until then, for a FHA purchase 30 year fixed mortgage, upfront mortgage insurance has increased to 1.75% and monthly mortgage insurance is 0.55% for loan amounts over 95% LTV and 0.50%... Website Articles - General Information Mon, 10 Nov 2008 09:58:29 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/FHA-Changes-Mean-More-Downmpayment.html Are you planning on buying a home in the Raleigh area and obtaining a Federal Housing Administration (FHA) loan? FHA loans are one of the few mortgage products still available with relatively modest down payment requirements. That will change somewhat on January 1, 2009. Currently, FHA regulations require a borower to make a 3% total investment in a home purchase. A little more than 2% is required to go toward down payment and the balance can go towards closing costs. After January 1, the minimum required investment will be 3.5% and the whole amount must go towards down payment.... Website Articles - Buyer Information Mon, 10 Nov 2008 09:39:08 +0100 http://www.raleigh-real-estate.biz/Seller-Information/Closing-Costs-To-Expect.html Selling a home in the Raleigh, Durham, or Wake County and surrounding communities is tougher in today's market. Getting your home sold in today’s challenging market means pricing it correctly and then having a good marketing plan. With the need for a competitive price from the start, and the possible expense involved with preparing your home for sale, it is more important than ever to get a clear understanding of the costs of closing on your home. Website Articles - Seller Information Mon, 10 Nov 2008 09:18:36 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/Credit-Score-Truths-and-Myths.html Your credit score is the single biggest factor in getting a new home loan! If your score is above 720, you can possibly qualify for a $1 million home with very little money down. If your score is below 500 and you have $1 million in the bank, you may have trouble qualifying for this exact same home. Your interest rate will certainly be different. Credit scores are central to the loan process. Nearly every lender uses them. The better your credit, the lower the risk to the bank, the lower your interest rate. Most lenders use your FICO score... Website Articles - Buyer Information Fri, 17 Oct 2008 10:15:31 +0100 http://www.raleigh-real-estate.biz/Seller-Information/North-Carolina-Listing-Selling-Process.html For first-time sellers or those unfamiliar with the real estate selling process, here is a general guideline of what to expect in the marketing and selling process. This guide will walk through the selling process, from the pre-listing market analysis to closing. Once you have made the decision to sell your home, you want the best agent possible to list and market your home - We work hard to meet and exceed your expectations. Website Articles - Seller Information Thu, 16 Oct 2008 10:51:23 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/Prequalified-vs-Preapproved.html Pre-Qualified, Pre-Approved, and Approved are terms you will likely hear while seeking and securing financing for your new home. Although these terms are similar in meaning, the commitment level behind the meaning of each is very different. In essence they indicate the stage a borrower’s loan is to being “Cleared For Closing”. Unfortunately many realtors don’t know the differences and many loan officers don’t take the time to explain them. A misunderstanding can lead to disappointment, closing day stress, confusion, and unexpected delays to closing. Website Articles - Buyer Information Thu, 16 Oct 2008 10:02:10 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/A-Few-Tips-For-First-Time-Home-Buyers.html Buying your first home can be an exciting, yet often overwhelming, experience. These tips will help you through the process. 1. Clean up your credit. If you have poor credit, you are a bigger risk in the eyes of lenders. You’ll pay the price in the form of higher interest rates. Higher rates can reduce the amount of home you can afford or keep you out of the housing market altogether. Make a point of paying auto loans, credit card bills, and other payments on time and in full. If you want help developing a plan, you can contact a... Website Articles - Buyer Information Wed, 15 Oct 2008 09:44:54 +0100 http://www.raleigh-real-estate.biz/Seller-Information/Seller-s-Disclosure.html North Carolina General Statute 47E requires you to fill out a property disclosure statement when you sell your property. Click on the Property Disclosure Statement link to review the information needed and download a copy of the form in PDF format before you put your home on the market for sale: Property Disclosure Statement (images/stories/ncpropertydisclosurestatement.pdf) You must provide a disclosure statement to all potential purchasers in connection with the sale (unless the tenant is already occupying or intends to occupy the dwelling), even if you are selling your home on your own. Except in cases of:... Website Articles - Seller Information Mon, 20 Oct 2008 12:56:14 +0100 http://www.raleigh-real-estate.biz/General-Information/The-Greater-Raleigh-RTP-Real-Estate-Market-Place.html Here are eight tips about the Raleigh, RTP, and surrounding communities real estate market place. 1. THERE’S NO SUCH THING AS A NATIONAL REAL ESTATE MARKET If you read the newspapers, it’s easy to get the idea that real estate markets are the same everywhere. If conditions are bad in Las Vegas, most of Florida, California, and New York, they must be bad everywhere, right? Wrong! All real estate is local. When you’re looking to buy or sell, pay attention first to sales price trends, volume and inventory in your target market or region, rather than to... Website Articles - General Information Mon, 13 Oct 2008 19:51:09 +0100 http://www.raleigh-real-estate.biz/General-Information/Five-Common-Credit-Repair-Mistakes.html When people find issues with their credit and try to act to make repairs, they can often make the situation worse by not understanding what variables go into their credit score. Although the exact formulas for calculating credit scores are not disclosed to the public, Fair Isaac has disclosed the following components with the approximate weighted contribution of each: 35%,- payment history 30% - the amount of debt, expressed as the ratio of current revolving debt (credit card balances) to total available revolving credit (credit limits) 15% - length of credit history 10% - types of credit used (installment, revolving, consumer finance) 10% -... Website Articles - General Information Mon, 13 Oct 2008 17:29:55 +0100 http://www.raleigh-real-estate.biz/Seller-Information/How-well-do-Limited-Services-Brokerages-Performu.html How does limited service representation affect a property's time on the market and selling price? Research Limited Service Brokerage Resultssponsored by the Texas Real Estate Center revealed that limited service representation can indeed have significant impacts. Limited service representation and discount brokerages in single-family residential markets have been widely scrutinized by the real estate industry. The Internet portal Yahoo! moved from the sixth most visited real estate website to second (behind realtor.com) through its series of partnerships with limited service and discount brokerages. Some of these brokerages offer consumers menu-based pricing, with fees for specific services, such as listing the property... Website Articles - Seller Information Sat, 04 Oct 2008 12:18:22 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/Why-do-I-need-a-Home-Inspectionu.html What is a home inspection? A home inspection is an objective, visual examination of a home’s structure, systems and mechanical systems. Think of it like having a personal physical check-up that includes blood pressure, reflexes, temperature, etc., only on the home. What does an inspection include? The home inspector is required to observe readily visible and accessible installed systems which include: structural components, exterior, roofing, plumbing, electrical, heating, central air conditioning, interiors, built-in kitchen appliances, insulation and ventilation. The home inspector shall operate the mechanical systems using normal operating controls except when conditions or other circumstances may cause equipment damage. The minimum standards for home inspections in North Carolina are established by the... Website Articles - Buyer Information Tue, 30 Sep 2008 00:00:00 +0100 http://www.raleigh-real-estate.biz/Seller-Information/Charm-Pricing-and-Real-Estate.html Charm pricing is very prevalent in our society. A product is advertised at $9.99 rather than $10 or $97.50 rather than $100. When sellers back off the rounded number by a few cents or few dollars to make something look less expensive, it's referred to as charm pricing. Such pricing make sense for items sold at retail for a set price. But what about real estate pricing? Does a seller gain anything by setting the listing price to seem lower than it actually is, such as $149,900 instead of $150,000? Website Articles - Seller Information Sat, 04 Oct 2008 12:08:09 +0100 http://www.raleigh-real-estate.biz/Buyer-Information/Things-Not-to-Do-Before-Purchasing-a-Home.html No Major Purchase of Any Kind Review the article titled, Why You Should Not Buy a Car, and apply it to any major purchase that would create debt of any kind. This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings, and automobiles, of course. Don't Move Money Around When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets.... Website Articles - Buyer Information Sat, 15 Mar 2008 00:00:00 +0100 http://www.raleigh-real-estate.biz/General-Information/How-Subprime-Lender-Failures-Could-Impact-You.html Subprime loans are high-interest rate loans that are offered to people who do not qualify for market rate mortgages. Often, traditional lenders have turned these borrowers away because of low credit ratings or other factors that suggest to traditional lenders that borrowers could default on their loans. Since the start of 2007, foreclosures of subprime mortgages has risen rapidly leading to more than 36 subprime mortgage companies failing. The subprime lending market's woes will impact all home buyers, not just those with subprime credit scores. Underwriting guidelines are tightening and we are seeing decent rates for the... Website Articles - General Information Fri, 01 Feb 2008 00:00:00 +0100