Where to go in the Triangle, NC for Fireworks & Fun!

CELEBRATE OUR COUNTRY’S BIRTHDAY!

Where to go in Apex, Cary, Chapel Hill, Durham, Fuquay Varina, Garner, Holly Springs and Raleigh NC for family fun & fireworks this July 4^th.  Have fun -- be safe!

APEX – Olde Fashioned Fourth of July in Downtown Apex 7:00am – 2:00pm – Downtown streets are closed.  Thursday July 4. Games, inflatables, bicycle parade (no fireworks).

CARY – Koka Booth Ampitheatre – 3:00 pm – 11:00 pm on July 4  - music and fireworks.  Koka Kids Club fun: Scavenger Hunt, Happy Dan the Magic Man, Face Painters and more from 3 to 7 PM.  The Ferris Wheel overlooking Symphony Lake ($5 for two riders, $3 for single riders)

CHAPEL HILL – Fireworks at Kenan Stadium.  Join us and radio personality Ron Stutts from WCHL at Kenan Memorial Stadium on Thursday, July 4, to celebrate our nation’s rich history of freedom and independence.  Live Music, Fireworks and Family Fun! Gates open at 7pm with family fun activities planned throughout the evening.

DURHAM- Durham Bulls Baseball Durham Bulls are playing a home game on July 4th and 5th. The baseball games start at 6:05pm. Lots of fun and festivities at the Durham Bulls Athletic Park and American Tobacco Complex within walking distance.  The Durham Bulls will have fireworks after each of the July 4th and July 5th games.

DURHAM- Pinhook’s Firework Party – Come watch the fireworks at Bulls Stadium from Pinhook’s back patio.  Best view in town.  Free fun all night long with tunes from DJ Dusty Tech.

FUQUAY VARINA – music, kid’s games and fireworks at Fuquay Varina’s South Park – 820 N. Main Street. July 3rd, gates open at 6 PM.

GARNER - July 3 (not July 4). Lake Benson Park – NC Symphony will perform. Gates open at 5pm with children’s inflatables from 5 to 8 PM.  Fireworks show following the North Carolina Symphony performance.

HOLLY SPRINGS - July 5.  Sugg Farm Park - The former working farm is a new addition to the parks and recreation system. It’s located at the end of Grigsby Avenue, adjacent to Bass Lake Park. Festivities begin at 5 p.m. on July 5.

RALEIGH- Joel Lane Museum House – 11:00 am – 4:00pm –  July 4 – Old Fashioned Celebration including reenactments of Colonial Life  (no fireworks)

RALEIGH – The “Works!: July 4th, 2013 from Noon to 11 PM on Fayetteville Street and the Red Hat Ampitheatre in Downtown Raleigh, NC.  – Events all day long and 2 Fireworks Shows in the Evening!

Independence Day Celebration during the day with live music, Beer/Wine tent, kids rides and games, Circus Maximus, street performers, eating contests, food and art vendors, Picnic on Fayetteville Street and much more! Fireworks will light up the sky over The Duke Energy Center for the Performing Arts starting at around 9:15pm.

Fireworks at 9:15 pm:  The earlier Fayetteville Street show will be for everyone’s enjoyment.. The Fayetteville Street fireworks will be launched from the surface parking lot bounded by South, Wilmington, Lenoir and Salisbury streets directly across from the Duke Energy Center for the Performing Arts

Fireworks at 10:15 pm:  The 10:15 p.m. fireworks will be best viewed west of Fayetteville Street, in the Red Hat Amphitheater vicinity. Music begins at 6 PM.  More details here.

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Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com

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Home Sales and Home Prices for April, 2013

Home Sales and Home Prices April 2013 in the Triangle NC

Things are really picking up.  Here in the Triangle area of North Carolina, we continue to see home sales and home prices trending upwards and inventory trending downward as we slowly continue our march toward a sellers market.  Here are the numbers:

Average Number of Days on Market:  Sellers are more willing to price homes based on market value, rather than conjecture.  This means that homes are moving more quickly. 

Average Sale Price:  Going up!

 Number of closed sales:  Going up!

 Can I say, “Wow!!”?  Well, it’s my blog and I’m going to.  You can, too!

Now that we’ve looked at the numbers for year over year in the Triangle area, let’s compare numbers from March, 2013 to April 2013:

• Showings up 2%.  This may not sound like much, but consider that historically March has the highest number of showings in our area.  April topped that.
• Pending sales up 12%
• Closed sales up 16%

Closed prices vs asking price:  We all know the old adage, “Your home is only really worth what someone is willing to pay for it”.  So, how are actual sales prices comparing to asking prices?

• March, 2013:  66% of homes sold at or above asking price
• April, 2013:  70% of homes sold at or above asking price

In April, 2010, 58% of home sellers had to drop their asking price; in April, 2011, only 35% had to drop price.  Note:  Historic norm is 30% -- it is never zero.   There are always some homes that require price adjustments for various reasons.

Homes are now selling at 96% of asking price.  If you want to low-ball your offer, be prepared to be turned away and lose the home as it’s snatched up by someone else who understands the true value.

Here is this month’s take away:

• If you’ve been sitting on the sidelines, waiting for a sign to sell your home, consider this your sign. 
• Likewise, if you’re still waiting to buy that 4-bedroom, with bonus, and all updated home under $300K, your days are numbered.  Even foreclosures  and short sales are being priced close to market value.

Oh, and by the way, we are now at 5.2 months supply of homes.  Anything under a 6-month supply is considered a sellers market.  

Put down that lemonade and get off that porch rocker – it’s time to call the SMART REALTOR for all the information and help you need to get your home sold.  

BE SAVVY...CALL THE SMART REALTOR

Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com

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5 HOME SELLER TRENDS - SPRING 2013

5 Home Seller Trends -- Spring 2013

It’s all good news!  Homeowners who endured years of declining home values will discover that the game has changed in their favor.

With low mortgage rates and home prices gaining momentum, an increasing number of buyers are out and buying this spring. The good news for sellers: The inventory of homes for sale is shrinking, so they have less competition and more control of the situation. 

FACT:  Recent month-over-month homes sales in the Triangle increased 3.85%

  

As more distressed homeowners regain equity in the coming months, many with high-interest loans will be able to refinance and perhaps cash out some equity. If you fell behind on your mortgage payments, you might get a second chance to modify your loan.

Homebuyers are losing bargaining power as the market shifts in favor of sellers. But home prices remain attractive for the most part, and low mortgage rates should stay on their side for a little longer.

Here are five selling trends you should expect to see this spring.

1: Fewer Home Options, Higher Prices and Bidding Wars

·   Demand -- from homebuyers is growing faster than the supply of homes for sale, according to data from the National Association of Realtors.

·   Competition -- Buyers are encountering bidding wars in the Triangle – I have negotiated several in the past month alone! 

2: Loan Modifications Made Easier -- For Some

·   Homeowners who are behind on their mortgages may get a hassle-free opportunity to reduce their monthly payments.  The Federal Housing Finance Agency will require mortgage servicers to offer a streamlined modification program to borrowers with loans owned or guaranteed by Fannie Mae and Freddie Mac, starting in July. The offers will be sent to homeowners who are at least 90 days behind on their loans but no more than two years behind. To qualify, borrowers must owe at least 80% of the home's value.

For more information on these loans:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/faqlm

3: Equity Loans and Cash-Out Refis Are Back -- Sort Of

·   Nationwide, about 1.7 million homeowners regained equity in their homes last year, and an additional 1.8 million are close to it, according to a recent study by CoreLogic. All they need is home values to go up by another 5%.

·   Home as ATM: Lenders remain somewhat reluctant because these types of loans contributed to the mortgage meltdown as homeowners turned their homes into ATMs. But borrowers who have good credit scores and sufficient equity should be able to find lenders willing to do cash-out refis and home equity loans this spring.

4: Mortgage Rates Rise at a Snail's Pace

·   Mortgage rates are expected to creep up this spring but should remain low.  This will continue to bring more buyers out.

·   Up just a little: The Mortgage Bankers Association estimates the 30-year fixed rate will reach 3.9% by the end of the first quarter this year. 

5: Short Sales and Foreclosures

·       Sellers are more willing to venture into this territory in order to corral their finances and move forward with their lives.

·   Shadow inventory: I’m sure you’ve heard this term – the ominous, looming & dooming glut of distressed homes that were going to flood the market and ruin it for everyone. 

***NEVER HAPPENED – NOT GOING TO HAPPEN***

·   These types of homes currently on the market are priced accurately – there is no acceptance of bids thousands less than asking.

I have an excellent team of lenders and attorneys who are expert in short sales and foreclosures.  My clients have been surprised at the wonderful help & support they received.  If you would like to explore any of these options, give me a call. 

THINKING OF SELLING?  Now’s the time!  I’ll be happy to meet with you and show you what’s going on in your neighborhood.  Together we will develop a successful strategy to help you sell quickly and for a great price.

BE SAVVY...CALL THE SMART REALTOR

Elizabeth Scott, Realtor®, Broker

e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com

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Are You in Danger of Losing Your Home Equity?

Are You in Danger of Losing Your Home Equity?

New Tax Code Changes being discussed in North Carolina will have serious repercussions for homeowners

I’ve heard the word “tax” defined as the action of taking the money that people have earned and giving it to institutions that may not have earned it.  Are you aware of what’s currently going on with regard to potential tax code changes here in North Carolina?  Here’s a brief overview.

In 2012, the state of North Carolina collected $10.27 billion in personal income taxes; over $1 billion from corporate income taxes, and over $5 billion from sales and use taxes.  New plans being discussed by elected leaders would either reduce or remove personal and income taxes.  In place of the personal and corporate income tax could be a series of new taxes to make up the difference.

Currently there are four bills filed in the NC Senate, with more likely to come.

• Senate Bill 677 – Reduces and reforms the corporate income tax.
• Senate Bill 669 – Scales down personal income taxes over a three year period.
• Senate Bill 394 – A major overhaul of the state’s tax code. This bill includes eliminating the mortgage interest deduction, along with the property tax deduction.
• Senate Bill 363 – Repeals most state and local privilege taxes and replaces them with a simplified business privilege tax.

Tax Reform and the Mortgage Interest Deduction (MID).

The MID saves the average homeowner thousands of dollars—each year—on their income tax return.  More than 60% of the families who claim the mortgage interest deduction have household incomes between $60,000 and $200,000, according to the NATIONAL ASSOCIATION OF REALTORS®.  Homeowners already pay 80% to 90% of the income tax in our country, and among those who claim the mortgage interest deduction, almost two-thirds are middle-income earners.

Tax Reform and Sale of Property— A Suggested “Transfer Tax” or “Home Tax”

Various tax reform plans have suggested imposing an additional “transfer-tax” on the sale of land or a home, using the term “conveyance fee”.  But it’s really just a home tax.  This is the same tax that voters and homeowners fought hard against in 2007 and was defeated 24 times on 24 local ballots with an average 78% margin against the tax.  It’s the same tax that would strip people of their hard-earned equity:  the equity many people plan to use for their children’s education or for their own retirement. 

Tax Reform and Services: What’s it mean for homeowners and property owners?

 In order for the state to lower or eliminate the personal and corporate income tax, some of the proposals include imposing a sales tax on services.  An 8 percent tax on services would have a detrimental impact on homeowners trying to sell their homes.  Imagine an 8% tax on the services provided by an attorney; an 8% tax on the appraiser; an 8 % tax on the home inspector; and an 8% tax on the services for using a REALTOR®.  It would add thousands to the cost of a typical home. 

Yes, you can make a difference!  Let your representative know how you feel.  
Here’s how to find out who they are & how to contact them:

How to Contact My Senator

How to Contact My Congressman

Are you looking to relocate, buy or sell a home here in the Triangle, NC?  Give me a call!  I have all the Real Estate information & resources you need.

BE SAVVY...CALL THE SMART REALTOR

Elizabeth Scott, Realtor®, Broker

e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com

Search for Homes Now

Great Info on our Local Real Estate Market

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Six Steps To Buying a Home in 2013

STEP SIX:  Closing on Your New Home – It’s the Big Day!

HOW DOES A REAL ESTATE CLOSING – SETTLEMENT – WORK IN NORTH CAROLINA?

Before closing on your property, you and your agent will make a final walk through and inspection to ensure that all terms of the contract have been met.  This inspection is generally made on the day before or the day of closing.

Here in NC, you will be provided with a Preliminary Settlement Statement (also called the HUD) a day or so prior to the closing for you & your agent to review & make sure that all credits & expenses have been allocated properly.  All costs involved with the purchase of the home will be included, even those you may have paid already (e.g., the home inspection).  Be sure to go over this with your agent to be sure you understand each line item.

I (or a representative from my office) is always there with you at the closing.  Most often the sellers and their agent are also present.  It is a great opportunity for you to meet & ask any questions about the home from the buyer.  At that time, your attorney will again review the HUD Statement with you.  Don’t hesitate to ask any questions you may have.

You will be asked to sign multiple copies of documents as originals are required.  These documents may include such things as your Deed of Trust and/or Mortgage Note, lender requirements, pay-back schedules, and other items that will be specific to your transaction.  Each item will be explained and, again, don’t hesitate to ask questions.

After signing all the paperwork, you will provide a cashier’s/bank/certified check for the balance due (you will be told that amount prior to the Settlement Date when you review the Preliminary HUD).  Now, the last step necessary is the recording of the deed. 

You may be given the keys to your new home, but the home does not belong to you until the deed is officially recorded at the town courthouse.  Often, I take my clients to lunch while we wait for word that the deed has been recorded.  Once we get word, you are free to head on over to your new home & start decorating & moving your things in.

Congratulations!  You are a Home Owner!

I am really enjoying hearing from you all on where you are in your process and learning how I can help you better understand the home buyer process.  Give me a call right now & I’ll get you started on your path to owning a home.

Elizabeth Scott, Realtor®, Broker

BE SAVVY...CALL THE SMART REALTOR

e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699 theSmartRealtorNC@gmail.com

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