HERE COMES THE TRIANGLE EXPRESSWAY!

HERE'S ALL THE INFO YOU NEED TO NAVIGATE THIS NEW ROAD

Phase Two of North Carolina’s first toll road – the Triangle Expressway -- will be opening next Wednesday, August 1st and tolling will begin the following day, August 2nd.  This addition will be a six-lane, 6.6-mile extension of the 540 Outer Loop south from NC 55 to RTP to US 64 in Apex.  The third leg of the Triangle Expressway (or TriEx as some are calling it) opens in December of this year and will extend the road another 6 miles south to Holly Springs.

Many folks will rejoice that they now have another option to crowded, traffic-light-filled 55 as they travel to RTP and other places in that popular area.  According to figures from the NCDOT, Route 55 groans under the load of 30,000 cars and trucks each day.  Speed limits are inconsistent & there are traffic signals every half-mile, bringing the rush-hour pace to a crawl.  A solution is very  much needed.

A brief history of the TriEx – in 2007, state & federal agencies agreed to convert the existing part of 540 into toll-road that will eventually circumnavigate the entire Triangle area with Raleigh in the center and connect Durham, Cary, Apex, Morrisville, Holly Springs, Fuquay-Varina, Garner & Knightdale.   

There will be two ways to pay the tolls on this road.  What?  Did you think all this improvement would come with no cost?  Silly driver!  Method one is a pre-paid account; method 2 is a pay as you go.  Here’s the scoop:

Method One will require you to use the NC Quick Pass.  You can obtain this pass in one of two ways:

• 1.      Sign up online at http://www.ncquickpass.com and your transponder will be mailed to you in 5-7 business days. 
• 2.      Or -- Go to their customer service center at 200 Sorrell Grove Church Road in Morrisville (1-877-469-7277) and you can set up your account and receive your transponder there immediately.
• 3.      Place the QuickPass transponder on the front windshield of your car and payments are deducted from your pre-paid account as you pass through the toll zones

NOTE 1:  There is a charge for the transponder –

Sticker Transponder:        $5

Hardcase Transponder:   $20

Exterior Transponder:     $25

NOTE 2:  None of these transponders will work with other states’ toll roads yet, nor will their transponders work in NC at this time.  Why?  Only heaven knows!! 

NOTE 3:  Some makes & models of cars require an exterior transponder and those are listed on their website.

 MY NOTE:  Am I the only one who is perplexed as to why I have to pay this agency separately for a transponder which will enable me to pay them again?  But, I digress…

Method Two operates with a camera taking a picture of your license plate as you pass through the toll zone & a bill is mailed to you.  This method will cost you 35% more, and it probably better suited to folks who do not plan to use this road much.

Here a link to find out more on where the tolls are located and what the cost will be:

https://www.myncquickpass.com/en/about/expressway_toll_guide.pdf

To the best of my knowledge, they are still haggling over exactly where the proposed Southeast Extension (connecting Holly Springs, Garner & Knightdale) will end up, so that will have to be a topic for a future conversation. 

What do you think about the addition of toll roads to our area here in North Carolina?

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What a Half-Year It's Been!

June 2012 Triangle Quick Real Estate Trends and Facts

We’re halfway through 2012, and what a half-year it’s been! Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there's real reason to believe that market turnaround awaits us. A head fake is a term for when the market appears to be moving in one direction but ends up moving in the opposite one.  I’m sure you’ve also seen this in the stock market (Facebook anyone?)

While my clients are always interested in the bottom line -- price – my job is to bring you the whole picture so you can see the trend.  Beyond home prices, key metrics to watch include Days

on Market, Percent of List Price Received and Months Supply of Inventory.

Locally, several indicators showed improvement. Let's see what the rest of the local data has to say:

·        New Listings in the Triangle region increased 0.3 percent to 3,380.

·        Pending sales were up 26.7 percent to 2,497.

·        Inventory levels shrank 27.4 percent to 13,691 units.

·        Prices moved higher.  The Median Sales Price increased 3.0 percent to $198,718.

·        Days on Market was down 2.5 percent to 115 days.

·        The supply demand balance stabilized as Months Supply of Inventory was down 36.3

percent to 7.7 months.  I know you’ve been paying attention and that the tipping point that turns us into a buyers market is 6 months.  We’re getting there --  buyers be aware!

You can pick any one of those faces to illustrate our employment situation!   We seem to be at a critical inflection point in our search for more employment opportunities.  That’s fancy math-talk for the point on a curve at which the upward or downward curve changes from plus to minus or minus to plus.  I’m likening it to that point on the roller coaster where you feel like you are standing still…holding your breath for the next breathtaking up or down.

Job growth provides the dual benefit of stimulating new household growth as well as relieving distressed homeowners. There's also the positive feedback loop of housing creating jobs and jobs creating housing.  Keeping the affordability picture afloat, the Fed has vowed to keep interest rates around 4.0 percent through mid-2013.

The Housing Affordability Index at 186 is 4 percent higher than last year, another positive sign for our market. This index measures housing affordability for the region. An index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.  We still rank among the top-ten best places to live and work in our nation.

Questions, comments, sugestions?  I love a dialogue.

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5 REAL ESTATE FORECLOSURE MYTHS

Your Real Estate Myth Buster is on the job!  Recently one of my buyers asked me where are all the foreclosures that she is hearing about on the news.   Have you been asking the same question?  Let the truth-telling begin.

MYTH #1: There is going to be a flood of new foreclosures to the market.

This rumor has appeared every year since 2008 and has been routinely debunked.  However, the announcement that the Feds reached a settlement over the robo-signing scandal reignited speculation earlier this year. The idea is simple: Since the cork is now out of the foreclosure bottle, we’ll soon see another flood of REO’s inundating the marketplace.  (REO means Real Estate Owned = Bank or Lender Owned).

My personal opinion: don’t hold your breath.

Banks have learned that if they control inventory, they can affect local prices. By releasing homes in measured amounts, they realize higher prices than if they released a glut of homes. In addition, they’ve learned that if they can mitigate their losses by agreeing to a short sale, everyone wins. 

REALITY:  All real estate is local and some areas have been harder hit than others.  More than 50% of all foreclosures nationwide have occurred in only 4 states!

MYTH #2: You can go directly to a bank to buy a foreclosure.

Someone knows someone who is being foreclosed on and they want to step in and grab the house before it hits the market. 

Don’t we all? 

In reality, banks have a simple system – they first offer properties on the courthouse steps. The rest they assign to asset managers who then hire local real estate agents to put them on the market along with all the other homes. Want an REO property? Pay cash at the courthouse steps (if you really know what you’re doing) or get in line with everyone else when they hit the local MLS (Multiple Listing Service).

REALITY:  The process is complex.  Unless you are experienced, hire someone to help you.

MYTH #3: You can get a killer deal by submitting lowball offers on foreclosures.

And Elvis is still in the building!  Here’s the truth: Banks want REOs sold in 30 days or less, so they typically appear on the market priced slightly under comparable properties. If the property doesn’t sell quickly, the bank will lower the price after about 30 days.  

Lowball offers are most often ignored and are, frankly, a waste of everyone’s time and effort.  

You might get a good deal by offering a lower price on a foreclosure that’s been sitting on the market for more than 90 days, but remember that there are good reasons its gone unsold for so long. And even if you have cash, your lowball offer probably still won’t be accepted — really.

REALITY:  In our area, you will not get a $200K home in excellent condition for $100K or less in a foreclosure.  Lenders are hiring experts who are pricing homes competitively.  If a home is priced under $100K in our area, I can guarantee you that it needs work – serious work.

MYTH #4: You can’t use foreclosures when doing an appraisal.

Or short sales, for that matter. That is no longer true. In fact, in some neighborhoods, that’s all that’s there. Therefore, foreclosed or distressed sales represent the actual value of homes in the area and MUST be used to appraise other properties. Times have changed and the ways neighborhoods are valued have changed as well.

REALITY:  I hate having to tell my sellers this, but it is true.  A couple of short sales and/or foreclosures in a neighborhood during the past six months or so can and will affect the price you will get for your home.

MYTH #5: Foreclosures are only affecting the bottom end of the market.

This used to be true. However, while foreclosure rates on the lower end of the market have actually decreased, they’re actually increasing on the upper end.  According to Daren Blomquist, vice president of RealtyTrac, the market share of foreclosed homes under $1 million is shrinking, but those among properties valued over $1 million are rising – up 115% since 2007. And foreclosures on properties valued upwards of $2 million have increased by 273%.

While some well-known jet-setters have melted down and lost everything, others are choosing to strategically default.  They see it like liquidating a poorly performing portfolio – they have enough resources to cut their losses and move on. Historically, banks have been reticent to foreclose high-end homes and absorb a large loss, but defaulters are now forcing their hands and mansion foreclosure rates are moving on up.

REALTY:  See Reality #4 – you will not get a fabulous mansion for cheap, so be prepared with some significant cash if you are considering a high-end foreclosure property.

I work hard to educate my clients, debunk myths, explain market trends, and educate with solid facts.  This is only the tip of the iceberg with regard to foreclosures.  What questions can I answer for you?

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2.87 WHAT'S THAT NUMBER?

2.87 WHAT'S THAT NUMBER?

That's the interest rate my buyer got on his 15-year mortgage when he closed on his home yesterday!  We all just paused for a moment in awe.  

This means he’s paying $1800/month (including principle, interest, taxes, insurance) for a beautiful 3 Bedroom home in a great Cary neighborhood with all the upgrades - wood floors, stainless steel, granite.  The WORKS!  Still renting?  Still waiting?  Why?  Call me & I will match you up with the best home values & mortgage experts in our area!  I also know reputable & reliable credit repair specialists for those of us who may need a little credit tune up.

This is a once-in-a lifetime opportunity.  As that guy on the commercials says, "We can't do this all day, these deals won't last!"