HOME SALES AND PRICES IN THE TRIANGLE, NC – 2nd QUARTER 2013

HOME SALES AND PRICES IN THE TRIANGLE, NC - 2^nd QUARTER 2013

Here's all the information on residential real estate in the Triangle, NC for the 2^nd quarter, 2013

Interest rates

The national average for the following products comparing June, 2013 v June, 2012 are:

• 15 year fixed rate mortgage is 3.4% v 3.3%,
• 30 year fixed rate mortgage is 4.3% v 3.9%
• 1 year ARM is 2.8% v 3.1%.

Jobs

Based upon May, 2013 figures released by the Employment Security Commission of North Carolina, the combined workforce in the Durham and Raleigh/Cary MSA’s was 861,849. This was a 1% increase from the workforce seen at the end of 5/12. The unemployment rate in the MSA’s decreased to 7.3% from 7.8%.

Home Showings

June showings increased 18% and second quarter showings increased 21%.  The buyers are out!

Inventory

• There were 7,691 active listings at quarter end within the four main counties:  a decrease of 19% compared to 2Q, 2012 inventory levels. 
• New home inventory decreased 8% and re-sale inventory decreased 16%.
• 10,122 new listings entered into during the quarter. This was a 17% increase compared to new listings entered into the system during 2Q 2012.

Distressed Inventory

Listings that were marked with a special conditions category related to financial issues accounted for 7% of quarter end inventory. The percentage was 9% at the end of 2Q 2012.  The number of short sales and foreclosures is going down.

NUMBER OF HOMES SOLD

Closed Sales

• June closed sales increased 19%, second quarter closings increased 30% and year to date closings increased 28%.  
• Average sales price of the second quarter closed sales was $249,300, an increase of 3%.
• Average resale sale price of the second quarter closed sales was $238,300, an increase of 3%.   

                                                                  AVERAGE SALE PRICE                 

·        The average days on market for the sales was 97, a welcome change from the 115 day average for 2Q, 2012.

                                                        AVERAGE DAYS ON MARKET

• Cash closings accounted for 19% of second quarter closed sales compared to 15% of 2Q/12 closed sales.
• 51% of second quarter closed sales had reported financial concessions, down from 55% seen during 2Q/12.

Months of Supply

The months of supply of all housing is 3 months, a decrease from the 5 month supply at the end of 2Q, 2012.

Sales to Original List Price

Homes sold for an average of 98% of original asking price

Homes that had undergone several price reductions sold for an average of 91% of original list and in an average of 175 days.  Bottom line:  Price it right at the beginning & sell quicker!

Thinking of selling?  I have all the information & services you need for a quick, painless, and successful transaction.  

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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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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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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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

Search for Homes Now

Great Info on our Local Real Estate Market

My LinkedIn Profile

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

Search for Homes Now

Great Info on our Local Real Estate Market

My LinkedIn Profile