| Dear Blogger, This is a reminder that on October 26, Sara Chorba sent you an invitation to become part of their professional network at LinkedIn. Your invitation will expire soon! Follow this link to accept Sara Chorba's invitation. https://www.linkedin.com/e/isd/822131607/nL36En1i/ Signing up is free and takes less than a minute. This is a reminder that on October 26, Sara Chorba sent you an invitation to become part of their professional network at LinkedIn. The only way to get access to Sara Chorba's professional network is through the following link: https://www.linkedin.com/e/isd/822131607/nL36En1i/ You can remove yourself from Sara Chorba's network at any time. -------------- The pending expiration of your invitation is an automatic process triggered by system maintenance. This is the last email message you will receive from LinkedIn about the expiration of this invitation from Sara Chorba. © 2009, LinkedIn Corporation Monday, November 23Gains in local real estate trends...Our local housing market may be headed in the right direction - with 17.6 percent more homes were sold in the Triangle residential market during October compared to the year prior! The Triangle MLS (multiple listing service) tracks new and existing home sales data in Wake, Durham, Orange and Johnston counties and in October 2,009 homes were sold compared to 1,709 the year prior. Data from the Triangle Area Residential Real Estate report also indicated that the dollar volume of homes sold last month also grew, by 8.3 percent, to $441.8 million in October compared to $407.9 million in homes sold the year prior. That’s the first gain in sales volume since October 2008. Much of this change can be contributed to the federal $8,000 first-time home buyer tax credit program and the new tax credit program for move up buyers will help continue this trend. This program extends the first time homebuyer tax credit and offers a $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000. Another important contributing factor is that home sales in the Triangle started declining in late 2008, so the market today is in comparison to one of the slowest housing markets in decades. If you are a seller, keep in mind that overall, the average Triangle home sale price was down by 8 percent in October compared to October 2008, and it took four more days on market to sell than the year prior. The positive news is that the inventory of homes for sale has declined by 13 percent which means there is less competition for the homes on the market for sale. To look at this information by County: · In Wake County, 1,141 homes sold in October compared to 967 home sales the year before, which is an 18 percent increase. Total dollar volume of homes sold in the county was $270 million, which was up by 5.5 percent from the year prior. · In Durham County, 269 homes sold in October compared to 210 homes sold the year before, which is a 28 percent increase. Total dollar volume of homes sold in the county was $52 million, which was up by 23.4 percent from the year prior. · In Orange County, 91 homes sold in October compared to 62 homes sold the year before, or a 47 percent increase. The total dollar volume of homes sold in the county was $28.3 million, which was up 43 percent from the year prior. · In Johnston County, 193 homes sold in October compared to 176 homes the year before, or a 9.7 percent increase. Total dollar volume of homes sold in the county was $32 million, which was up by 5 percent from the year prior. Monday, November 16Home buyer tax credit extension and potential expansionEveryone’s been asking about the home buyer tax credit extension and potential expansion so I thought I would give you an update. “The new compromise which will be part of the unemployment extension bill would extend the existing credit and create a new $6,500 credit for move-up buyers. Both types of buyers must sign a binding contract to purchase a new or existing primary residence between December 1, 2009 and April 30, 2010. Buyers would have until June 30 to close the deal. Move-up buyers will be eligible if the home they are leaving has been their principal residence for five years or more. The cost of the newly purchased home may not exceed $800,000 for new or move-up buyers. There is no partial credit for homes over $800,000. Home buyers would not have to repay the credit as long as they live in the home as their principal residence for at least 36 months. The income limits for all buyers would rise to $125,000 for single returns and $225,000 for joint returns, up from $75,000 and $150,000 respectively, under the current program. The full Senate will probably vote on the unemployment extension bill, which includes the home buyer credit, next week. If it is approved, it will move to the Assembly”, which "could agree to the amendment or disagree and send it to a conference committee." I will keep everyone updated on the progress of this bill, you can check the story out here. New data is out from the National Association of Realtors...Existing home sales bounced back strongly in September with much of the increase being attributed to the rush of first-time buyers trying to claim the tax credit before the end of this month. Sales jumped 9.4 percent to 5.57 million units over August sales of 5.09 million, marking five gains in the past six months and is 9.2 percent above levels seen last year. Sales activity is at the highest level since July 2007 when sales hit 5.73 million. The current housing supply is the lowest seen in two and a half years. Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, representing an 7.8-month supply at the current sales pace, down 16.1 percent from August’s 9.3-month supply. Compared to a year ago, there are now 15 percent fewer homes on the market. According to Lawrence Yun, NAR chief economist, “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.” Mortgage Rates for 30-year fixed loans continue to hover around 5 percent. While having risen above the ultra-low 4.78 percent reached in the spring, rates remain at attractive levels for people looking to buy a home or refinance. As an economic recovery is underway and concerns over inflation come back, experts expect mortgage rates will likely go up. (NAR, Oct 23-09 Report) My advice based on the current economic climate and local market conditions is as follows:
Believe it or not, it’s a great time to buy and sell real estate! If you or someone you know is considering making a move, I would love to help. Call today for a confidential consultation and find out if you can afford your dreams. Make it a great week! Monday, October 26What is a short sale?
What is a short sale? A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Why is the number of short sales rising? Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially. If you or someone you know may is having trouble paying their mortgage, they may be 90 days away from foreclosure. Have them call Sara at 919-757-4321 for a confidential consultation to discuss options today before it's too late. Thursday, October 8Cheap Condos Anyone?If any of you have been contemplating Investment property, I might be able to help! There is a condominium project downtown that is up for auction and the same units that were selling for $200,000+ over the last 2 years will be up for auction on Nov. 15th with bids beginning at $75,000!!! I took a look at the units and various floor plans and have summarized the following for your consideration:
I took a few photos of the units and summarized them in the attachment. I have analyzed the units that sold over the last few years and run the numbers on the project - if you have an interest in learning more about this opportunity, please give me a call and I can explain more or click here for the project overview. Make it a great week! Sunday, October 4The Clock is Ticking... $8,000 Tax Credit, Anyone?
I know I keep harping on the $8,000 Tax Credit... but TIME IS RUNNING OUT! Do you know of someone who would like to buy a home that is a 1st time home buyer OR hasn't owned their own primary residence in the last 3 years? Let them know that they may qualify for the $8,000 tax credit. Forward this email accordingly - they must be under contract by November 1st.
They can learn more details from attending a seminar in Morrisville this Saturday, October 10th, 9:30 AM being held by a local mortgage lender and tax credit expert! What You Will Learn by Attending: • Why Buying Today Will Put $8,000 in Your Pocket • Why There Has Never Been a Better Time to Buy a Home • How Renting Kills Your Net Worth • How Buying a Home Will Increase Your Net Worth Where: Country Inn and Suites 201 Airgate Drive, Morrisville, NC 27650 Next to the Capital City Chophouse www.YourTriangleLender.
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