Triangle third quarter market data good for buyers

The third quarter triangle area market statistics are now available and there is so much to say that I will likely blog on this all week.  The overall market data paints a somber picture for sellers.  Buyers, however, have cause for celebration and hopefully motivation to get out there and cash in.

The number of new listings is down about 20 percent for the past two years.  This might make you think that this equates to a low inventory but that is not the case.  Although less homes are being listed, the average days on market has increased 14% from 2008 to 2009 and a total of 30% increase over the past two years.  This means that there is now over 9 months  inventory.  Homes are taking longer to sell, with 102 average days on market, up from 78 average days on market in 2007.  Two years ago, buyers did not have the luxury of taking their time.  Mulitple offers and the chance of missing out has been replaced by choices for buyers.

Median sales price is down slightly over the past two years which is good news for sellers and buyers.  It indicates a stablility in the triangle market when compared with other cities that experienced the real estate bubble.  Prices are down almost 5% over 2008, negating the increases we saw for average home prices in 2007.  Sellers who have been in their home over the two years saw a very modest loss while 2009 season buyers are seeing a more favorable price structure.

We can still be thankful that we live in an area where the average home price is very affordable at $226,000.   This price is very workable for the average person with an average salary and very affordable for a two income family.  We can also be grateful that our market exemplifies, “what you see is what you get”.  Despite the slow market, sellers are still getting close to their asking price with 96+% of asking price payouts.  This makes shopping for a home a little easier.  Buyers can be comfortable knowing that there probably was not a $500,000 home that sold for $300,000 and they didn’t miss out on the deal of a lifetime.

What this all says about our market is that this is a desirable place to live on many levels.   For any of my readers who want to have the actual data and graphs that comprise this report, please send me a quick email request or give me a call.  If you want to know more, with speicifics for market areas, stay tuned and read on through this week.

2009 Could be the best year ever to buy a home

In my opinion, this is about as good as it will get for buyers.  If you are a first time buyer, the clock is ticking on the tax credit of $7500 that you will benefit from if you close by June 30th.  Note, the word close.  That means that you need to be under contract sometime in April to allow for unexpected delays. 

It is expected that interest rates will linger in and around 4.5%; a historic low.  I am a big fan of owning your home but with this interest rate out there, it is a good time to pay off other debts and put down a smaller down payment.  Buyers should also consider fifteen year terms instead of the more common 30.  Even if you don’t anticipate living in your home for more than a few years, you will pay down much more of the principle on a fifteen year note, increasing your equity value.

Consider adding green features.  There are great tax incentives for everything from a new, energy efficient furnace to solar panels.  These tax credits in some cases are so generous that when you factor in the energy savings, you will essentially get the improvements for free.  Keep in  mind, you will be putting the money out up front with a payback over time.  Adding green features and energy efficiency will also increase the value of your property. When you see that home that has the twenty year old HVAC, think opportunity.  Negotiate with the seller and take advantage of the creative ways to upgrade.

Lastly, there are special mortgage products that will allow you to finance improvements for home rehab or for addition of green features.  For the first time in a while, there is plenty of inventory property.

It is just my opinion, but I believe 2009 may be the best year ever to buy a home.  If you would like information on any of these programs or details on the tax credits, please contact me at 919-357-6064.

Furniture recycling offers an ecofriendly decorating option

Triangle Furniture Reclycers is a business that I was lucky to stumble upon that offers some ecofriendly options for decorating your home.  This fledgling business owner travels the state and shops for furniture for resale.  They do some furniture rehab when necessary.  Many of the pieces are high quality and in very good condition. 

The business owner offers a helpful website which has photos for internet shopping.  The great thing is that this is an entrepreneur who is saving our landfills and offering very affordable, quality furniture to his clients.  The owner has an eye for classic, timeless design.  I give him a thumbs up and predict that this business will continue to grow as he fills the need for a quality product that has little to no impact on the environment and responds to the need for people to pinch their pennies in the current state of our economy.  Check them out at www.trianglefurniturerecyclers.com.

RDU expansion opens this weekend

The triangle is finally getting the airport facility needed to support our growing population.  When I work with out of town clients, they are always surprised when I tell that them our airport is not a hub for any particular airline.  This is one of the very few airports that is served by many airlines.  RDU, Raleigh Durham University Airport, is a small outdated facility.  This weekend the triangle will see the unveiling of the much anticipated new terminal with new gates, shops and restaurants.  In my experience, traveling to and from RDU is typically easy.  Security lines are relatively short and flights usually run on time.  The new terminal should be just one more reason to love living here.

Join the Triangle Parade of Homes

Its not too late to tour the Triangle Parade of Homes.  The 47th annual event started last weekend but will continue into the next two weekends.  The Parade offers the public a chance to tour many homes, make comparisons and see what the latest and the greatest builders have to offer.  Even if you are not in the market for a new home, the parade can offer some insight into what renovations or upgrades you may want to add to an existing property.  You will also see what decorators are doing with furniture and color.  Visit the homebuilders association website for details and also to register to win one of the many prizes:  http://www.hbawake.com/

Solar power farm coming to the triangle

Teaming with Progress Energy and SunPower, SAS will supply renewable energy resources to the local community

CARY, NC (June 24, 2008) – SAS, the leader in business intelligence and analytics software, working with Progress Energy Carolinas (NYSE: PGN) and SunPower Corp. (Nasdaq: SPWR), will develop a solar electric power farm on the company’s Cary, NC, headquarters campus. Scheduled to go online in late 2008, the project is the latest in the company’s continuing sustainability efforts to conserve environmental resources.

Covering five acres, the 1-megawatt photovoltaic (PV) solar array will feature SunPower® Tracker solar tracking systems. The Tracker tilts toward the sun as it moves across the sky, increasing energy capture by up to 25 percent over fixed systems while reducing land-use requirements. SAS’ solar farm is estimated to generate 1.7 million kilowatt-hours (kWh) per year, reducing carbon dioxide emissions by over 1,600 tons annually. This is equivalent to the carbon dioxide emissions from the consumption of more than 167,000 gallons of gasoline.

(copied from the Progress Energy website) read more at http://www.progress-energy.com/aboutenergy/poweringthefuture_carolinas/index.asp

Farmer’s markets, good for you, good for the planet

If you live in the triangle, there is a farmer’s market somewhere every day of the week.  Downtown Durham, Downtown Raleigh, Chapel Hill at University Mall, Carrboro, Southern Village, Fearrington Village, and Pittsboro all offer farmer’s markets.  Buying local insures that the food you eat has had little impact on the environment (it hasn’t been shipped across the planet).  Not only do you help the planet, you will find some of the freshest, highest quality produce available.  Many of the farmer’s who come to market are farming on a small scale with organic practices.  Expect to pay about the same prices as you see at the grocery store, but expect to get more in the way of quality and freshness.