Helpful Articles For Buyers

Here is a collection of articles on what's happening in the real estate world. Many of these article can help you get a feel for the market, but please don't hesitate to call if you have any questions about the Fuquay Varina market, Foreclosures, Short Sales, or anything Real Estate related!

Now's the Time to Buy Your Dream House
According to one industry expert,  there’s an opportunity in residential real estate ownership unlike any we've seen in quite a long time. With home prices down, interest rates near historical lows, and inventory high, those with stable jobs and good credit can and should find their dream home.
http://www.businessweek.com/lifestyle/content/
jul2009/bw20090716_706309.htm

Buyers: Don’t Wait on Falling Prices
If you encounter potential buyers in the near future who are sitting on the fence because they are concerned that they will pay too much, there are some key factors that must be pointed out immediately.
http://www.realtor.org/RMODaily.nsf/pages/News2009072802?OpenDocument

Report: N.C. Banks Outperforming Peers on Real Estate Loans
Banks based in North Carolina lead the Southeast with $720 billion in real estate loans, about 15.3 percent of the nation’s total, according to a recently released report. http://www.bizjournals.com/charlotte/stories/2009/06/22/story16.html?b=1245643200^1847687

Pending Home Sales: Fourth Straight Monthly Gain
Pending home sales continued to increase in May, rising for the fourth consecutive month with very favorable housing affordability and a first-time homebuyer tax credit boosting activity.
http://www.realtor.org/press_room/news_releases/
2009/07/record_fourth?LID=RONav0021

N.C. Remains a Magnet for Newcomers
According to the U.S. Census Bureau, six N.C. cities ranked in the top 100 metros for growth in 2008, citing further proof that N.C. continues to attract newcomers despite the recession.
http://www.bizjournals.com/triad/stories/2009/06/29/daily51.html

Cary, Raleigh Among Top 10 Fastest Growing U.S. Cities
Even as the economy suffers through a recession, we’ve got official proof that N.C. cities remain a magnet for newcomers. Raleigh, Cary, Durham and Charlotte all ranked among the 25 fastest growing large cities in the nation. Only Texas – with seven cities – had more cities on the list than North Carolina.
http://www.bizjournals.com/triangle/stories/2009/06/29/daily26.html

SELLING A HOUSE THAT IS CASH FLOW POSITIVE?  
EXPECT PRICE WARS & MULTIPLE BIDS

    Residential inventories on the MLS continue to collapse across the country. But this is just the top line number. When you dig deeper into the numbers and look at housing price points, the story may become quite different. Now Inman News reports that multiple offers are becoming the new normal again for homes that promise investors positive cash flow! This is where the action is.

The July 2009 issue of www.REBizPeople.com carried a story "Western Digs & Eastern Dwells" about how investors are buying foreclosed homes.  Homes in higher price ranges are selling slowly as traditional buyers are reported to be staying in their current homes because they are waiting for the recession to. Also, jumbo financing often used to buy pricey houses is tough to get. Buyers with cash and credit can get high-end houses at good prices as sellers are willing to negotiate. This disparity between low- and high-end resale housing inventories is expected to continue for the near future as the market stabilizes. This market behavior is typical of major western markets.


    The Denver housing market appears balanced with a 6.68 month supply of houses at the end of April, but when calculating the current sales rate by price points, the story changes.
    Housing less than $300,000 in Denver has healthy market inventory numbers. Great news, right? Unless you are asking $460,000 or more where there is a 16 month supply. Homes with an asking price of $1 million or more are at a five-year inventory. However inventory of homes priced less than $85,000 had less than a 30-day supply (per Denver based MLS Metrolist data), with some homes selling for more than listed asking price. Houses for sale in lower price ranges in metro Denver, including foreclosures, have a low inventory partly because investors are buying them to use as rental properties and because of the $8,000 federal stimulus tax credit for first-time homebuyers. Gary Bauer, an independent Littleton residential broker and Metrolist analyst reports "the hot price range is $150,000 to $300,000." (Source - American Business Journals)
    In the south Denver suburbs, where Bill Donovan sells homes, values have held steady. While many buyers approach him expecting significant discounts, houses in certain neighborhoods draw multiple offers in short order. "There's so much crap out there that's overpriced, when they finally see one that's priced right, they jump all over it," says Donovan, who in recent weeks sold a townhouse after three buyers approached him as soon as it hit the market.
    Few real estate professionals are willing to speculate that renewed buying activity means their markets have hit bottom, or that values may begin to increase. Buyers are finding cash flow properties in most areas and seem to have found prices they needed to make a deal work.  In major Western and Sunbelt markets it is becoming a rule for homes to be cash flow positive.

Andrew Waite
Publisher
Personal Real Estate Investor Magazine
REBizPeople.com

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