Posts Tagged ‘raleigh real estate’

Real Estate’s Reality Of Unemployment

Wednesday, May 26th, 2010

Here’s more timely information about Raleigh real estate from Rick Freeman and Amy Davis, the Freeman/Davis Home Team at Allen Tate in the Triangle.

Here’s what’s happening in real estate and it’s all about J-O-B-s!  The statewide unemployment rate dropped to 10.8% in April, down from the all-time high of 11.2%.  This is the lowest the state has seen since unemployment was at 10.7 percent in April 2009.  It’s an encouraging trend but for people trying to sell their homes and others with neighborhoods full of “for sale” signs, lets it into perspective.  In April of 2007, our unemployment rate was 4.4%.  Yes…a jump of over 6.5% in just 3 years.  It’s no wonder why homes are on the market for so long.  People without jobs can’t purchase homes and when people lose their jobs, they have a higher potential to fall behind in payments which leads to more distressed properties. 

High unemployment results in less demand and more supply, which in real estate means downward pressure on prices.  The forecast for the 2nd half of 2010 is for higher interest rates and more foreclosures. As for Washington, the only thing government is involved in is loan modification programs which to date have had little impact and historically have had little effect on speeding recovery.  It appears that the current economic situation will result in home prices continuing to decline as demand wanes and supply increases.

The silver lining in this news is if you are a prospective home buyer.  Almost 90% of the workforce is employed and with home prices declining and interest rates about to rise, now is an excellent time to consider a home purchase.  If you or someone you know is ready to start the process, give us a call.  Remember, your glass is “half full” so don’t be discouraged!  We love helping people like you and your friends make the best of these economic times and encourage you to let people know about us.  Friends who know us and our integrity telling others about the confidence they can place in our services.  We do appreciate it.

The Freeman/Davis Home Team welcomes your comments on any of our blog entries.  If you have a question about Raleigh Homes, Raleigh Real Estate or Life In The Triangle, please contact Rick Freeman and Amy Davis!

Search For Homes in the Triangle on our Raleigh MLS VOW (Virtual Office Website), the most advanced home search tool online.

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Economy Grows at 5.7 Pct Pace, Fastest Since 2003

Friday, January 29th, 2010

The economy grew faster than expected at the end of last year, though the engine of that growth, companies replenishing stockpiles, is likely to weaken as consumers keep a lid on spending.

The 5.7 percent annual growth rate in the fourth quarter was the fastest pace since 2003. The Commerce Department report Friday is the strongest evidence to date that the worst recession since the 1930s ended last year, though an academic panel that dates recessions has yet to declare an end to it.

The two straight quarters of growth followed a record four quarters of decline. Still, the expansion in the fourth quarter was fueled by companies refilling depleted stockpiles, a trend that will eventually fade. Some economists worry that when that happens, the recovery could

Growth exceeded expectations mainly because business spending on equipment and software jumped 13.3 percent — much more than forecast. It’s the second quarter in a row that business spending has increased, after six quarters of decline.

Hopefully, this is good news for the Raleigh real estate market.  We’re seeing signs of growth here in the Triangle area of North Carolina and the homebuyer tax credits have been extended.  Call the Freeman/Davis Team at Coldwell Banker and we can review your real estate goals and form a plan that will aid you in attaining those goals.  Visit us online at www.HomeSearchRALEIGH.com and www.FreemanDavisHomeTeam.com for more details. Find us on Facebook at www.HomeSearchRALEIGH.info.

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LOCATION: The Most Important Questions Every Buyer Should Ask

Wednesday, September 2nd, 2009

It’s a maxim in real estate that the three most crucial factors in selecting a house are “location, location, location.” It’s also true! No matter how wonderful the house is, the location is key to how well you’ll like living in it and how well it sells when you’re ready to move on. Before you buy, carefully check the following factors to be sure the house you like is really the one you want to live in. 

Consider destinations
Where will family members go most often from this new location? How easy is it to reach those places from the house? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls and emergency services?
Be sure rooms have a view
What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road or commercial development planned?
Check around the clock
 Is rush hour traffic a problem? What will be the impact of special events such as local high-school games or church picnics? Crash test the driveway. How easy is it to get into and out of the driveway?
Be service conscious
What utilities serve the property? Are the rates competitive? Do you want an all-electric house, or do you want gas or oil heat? Where will you get your mail? Are there any easements?
Dig below the surface
Is the soil stable? Is part of the property on a flood plain? If so, what is the history of floods on the property and what would flood insurance cost?
Visit the neighbors
How will you fit in with the neighbors? Do people seem to be friendly? Are houses well-maintained?
Read the fine print
If the community has special by-laws or architectural controls over changes to a house, what are the pros and cons?

Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the house’s location. If you have questions about a home’s location, we can help.

Call 919-649-6638 or visit www.FreemanDavisHomeTeam.com or www.HomeSearchRALEIGH.com and click the “Contact Us” button.  We are here as your TRUSTED ADVISORS and to help you make GOOD DECISIONS!  Rick Freeman and Amy Davis, award-winning Coldwell Banker / HPW Real Estate Brokers.

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Raleigh Real Estate Rebound!

Wednesday, May 20th, 2009

Barbara Corcoran, founder of the New York real estate firm The Corcoran Group, has come out with the top 5 markets on the verge of recovering from the housing downturn.

Corcoran said on NBC’s Today Show that her list factors included overbuilding, population and job growth, demand from first-time home buyers, vital downtowns, and well-educated populations. She also said she looked for places that had early waves of foreclosures because those places might now be coming out of that cycle.

Corcoran lists Denver at the top but the great news for those of us in the Triangle area is that Raleigh takes the second spot.  As far as I’m concerned, there is no problem being a bridesmaid when you’re talking about just missing the top spot in the country for real estate rebounds.

For more details about the Raleigh area and the great real estate on the market, talk with the Freeman/Davis Team at Coldwell Banker/HPW.  We’re here to help you learn all about the area and all it has to offer.  Ask about the $8,000 First Time Buyer Tax Credit and see every home listed in the area’s multiple listing service (MLS) with a visit to www.HomeSearchTRIANGLE.com, www.HomeSearchRALEIGH.com and www.FreemanDavisHomeTeam.com.  As long time residents of the Raleigh/Durham area, we’ll make you feel right at home and help you make good real estate decisions.

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This Week is a HUGE Financial Week – Here’s The Forecast

Tuesday, March 31st, 2009

A very important week is in store, with two important announcements due toward the end of the week. As you know, the “mark-to-market” accounting issue has been discussed in this newsletter many times, and this Thursday should be a big day on that front. The Financial Accounting Standards Board (FASB) is set to announce their ruling on whether to modify mark-to-market, and perhaps allow cash flow analysis to determine valuation of financial assets. Not a coincidence, the strength we have seen in Stocks over the past couple of weeks has been fueled by speculation that mark-to-market will be modified, thereby helping reinvigorate the financial system of our country. I will be watching very closely to see what happens and how the markets respond.

On Friday, the Labor Department will release their Jobs Report for March. Last month’s report showed that 651,000 US jobs were lost in February, while revisions for the prior two months showed that an additional 161,000 jobs were lost between December and January. Given that last week’s Initial Jobless Claims report showed that the number of people collecting state unemployment benefits has reached a record high – jumping to a seasonally adjusted 5.56 Million – it will be important to see what Friday’s report reveals.

As you can see in the chart below, Bonds are currently trading between key technical levels, with a ceiling of resistance overhead, and a floor of support underfoot. But remember: Strong economic news – such as a positive change in the “mark-to-market” situation – will likely cause Stocks to rally, and Bonds and home loan rates may worsen in response.

Call the Freeman/Davis Home Team at 919-649-6638 and let us put you in contact with our premiere Lending Manager, Beth Prochaska.  Together, we can find you the home of your dreams at financing terms that you will find favorable now and in the many years to come.  Let us be your “Trusted Advisors” in real estate and mortgage finances.  Visit us online at www.HomeSearchRALEIGH.com and www.FreemanDavisHomeTeam.com.  You can comment on our blogs anytime and we would love to hear what you have to say at www.iRaleighBlog.com and www.HomeSearchRaleighBlog.com.

Chart: Fannie Mae 4.5% Mortgage Bond (Friday Mar 27, 2009)

Japanese Candlestick Chart

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So Much For That $15,000 Homebuyer Credit

Thursday, February 12th, 2009

Well, it was a nice idea while it lasted.  Yesterday, lawmakers in Congress reached a swift compromise on a $790 billion stimulus package but the proposed $15,000 credit for new home purchases has been removed from the bill in an effort to reduce its cost. The compromised bill whacks an item that’s generated a lot of excitement in home-selling circles in recent days.

The measure would have cost an estimated $35 billion.  Realtors such as myself and home-builders had given it their full-throated support calling it the the most effective way to stop the downward spiral of home prices.  Many of us in the Raleigh real estate general brokerage business have potential buyers who have been waiting to see whether the credit went through before purchasing a home.

While some economists were skeptical, saying it would artificially prop up the housing industry and do little to help people most in need, the majority of us have said the incentive would be a strong boon to the housing market. What was proposed and cut from the stimulus package yesterday, would have been a much more effective measure than the $7,500 credit enacted last year, which is required to be paid back in subsequent tax years. The $15,000 credit would not have had to be paid back, and would have been effective for one year after the bill was enacted.

Either way, it looks like history.  While many of us are disappointed at the outcome, there are many excellent reasons to purchase now rather than wait.  Many homes on the market have cut their list prices, there is a large number of listings to choose from and interest rates are at historically low levels.  Contact us at www.HomeSearchRALEIGH.com and we can begin your search online.  Also visit www.FreemanDavisHomeTeam.com to get started!

What do you think about this outcome?  Leave your comments below!

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