Buying a Home in Raleigh NC

Raleigh Teaches How to Buy a Home

Classes on Mortgages, Home Buying, Making Good Decisions

I just found out that there are some great classes available through RADA, the Raleigh Area Development Authority!

There are 10 classes altogether, with about 12 hours worth of great learning time.

Potential homebuyers can learn about

- Qualifying for a mortgage

- Shopping for a home

- Applying for a loan

- Closing on a home

There are also other programs for employer-assisted homebuyer education, mortgage assistance, senior computer literacy, and financial literacy. 

One of RADA's primary goals is to help turn renters (especially those in low-income areas of Raleigh) into homeowners.  Another goal is to cooperate with lenders to find affordable loans for qualifying homebuyers. 

Credit counseling can become part of the process, and homebuyers with good credit can move quickly towards other phases of homebuying. 

RADA works with local employers like WakeMed, the Raleigh Police Department, Gregory Poole Equipment Co and Harris Wholesalers to offer these kinds of homebuyer education classes.

Find out more at www.rada-nc.com, or call 919-807-8400.  It's important to make good decisions when purchasing a home, so if your employer doesn't offer these kinds of classes, let them know you're interested!

 

 

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Raleigh Weekend

Home Shows in the Raleigh Area - Spring 2009

Great Ideas for Remodeling or your New Home!

Spring is already just around the corner and you know what that means. Spring cleaning, remodeling, new home ideas and more!! For those of you whom have been thinking that now is the time to start looking for home ideas, or would like to start shopping for your dream home, here are some local events that can help.

Raleigh Spring Home Show - Downtown Raleigh - February 20, 21, 22

Raleigh Spring Home Show, sponsored by American Consumer Shows, will be held at the Raleigh Convention Center on Friday, February 20, 11am - 10pm, Saturday, February 21, 10am - 8pm and
Sunday, February 22, 10am - 6pm.

The Home Show is designed for all homeowners of all levels. Whether you are just beginning the search for a new home, want remodeling ideas, landscaping advice or are looking to see what's new, this is the place to be.

Be prepared to meet with hundreds of exhibitors, learn about new products, get ideas for your home and talk to experts about questions you have been waiting to ask.

There will be builders, architects, landscapers, interior designers, contractors and more on hand to speak with you.

Admission is $9.00 at the door or you can click here for a discount ticket.  Kids 16 and under are free.

For a very limited time, you can receive complimentary tickets from Stanton Homes. Please ask for more details.

16th Annual Home Buyers Fair - Durham - February 28

Sponsered by the Durham Regional Associations of Realtors, the 16^th annual Home Buyers Fair will be held at The Streets at Southpoint mall in Durham on February 28^th from 11am until 8pm.

Meet with realtors, builders, insurance agents, new home communities, suppliers and more!

There will be "Let's Talk" sessions every half hour on a variety of topics to help you answer questions about your home. Come join the fun!                                                         

Southern Ideal Home Show - Raleigh - April 3, 4, 5

The Southern Ideal Home Show in Raleigh is a fabulous twice a year event. The spring show will run April 3-5 Friday 12 pm - 9 pm, Saturday 10am - 8pm (NEW HOURS) and Sunday 10am - 5pm.

Be prepared to view, compare, learn about and buy the newest products and services.

There are three buildings, each with its own experts, and vendors.

Looking to remodel landscape or decorate? The Jim Graham Building is where you will find information on new homes, windows, flooring, heating & air, decorative hardware, siding, mortgages, decks, patios, pools and spas and  much more.

Have you been trying to get the perfect outdoor look but not gotten the results you hoped for? Check out the Dorton Arena where you will find landscape experts with the answers you need. You can also find lawn and garden equipment, stone, mulch, outdoor furniture and accessories, lighting and more.

Are you more interested in redoing the interior of your home? Does your kitchen or bath need something new? Visit the Interiors Showplace and Kitchen and Bath sections of the show. You will find window treatments, rugs, art, furniture, cabinets, granite, fixtures, tile and more. Stop in and talk to experts to find just what you are looking for.

Don't forget to stop by the Hebitat ReStore Center Yard Sale. Located in the Jim Graham Building, you can shop for all your remodeling needs and support a good cause. All proceeds go directly to Habitat for Humanity.

Admission is $9.00 per adult and kids 15 and under are free with adult admission. Seniors 55 and over are only $8.00 on Friday April 3^rd. For more information, a list of exhibitors and to enter a $500 shopping spree contest, click here.

 

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Raleigh Real Estate Reports

Raleigh Resales On the Rise?

Home Resales Increase Dramatically, Inventory Decreases in Wake County NC

December 2008 numbers show that Wake County real estate market is starting to trend back up.  After being down significantly to last year over a slow fall season, Raleigh NC resales are picking up - and inventory is dropping.

The Raleigh, NC real estate market hasn't seen anything like the picture on the national level.  As a matter of fact, appreciation is still 4%, that's a positive 4%, for 2008!

However, sales have been slower than the past couple of boom years.  But it looks like that trend is starting to turn.

Wake County Real Estate Resales - 2008 vs 2007

November took a significant dip, but over the past six months resale numbers were down to 2007.  Even the expiration of the first time homebuyer assistance programs at the end of September didn't bring sales up to 2007 levels. 

But December 2008 showed a significant increase, as buyers across the board took advantage of lower interest rates.  Sales were down only 5% to last year. 

Does this mean these homes were given away?

Let's look at price trends.

Average Resale Price Wake County NC 2008 vs 2007

As you can see, the average resales price has been UP to 2007 in most months, and saw a significant increase in December 2008 (5.79%).  

So it doesn't look the increase in sales is due to deep discounts.  Since appreciation is also up, this could mean a trending towards sales of higher priced resale homes.  

What about inventory?  Are there a ton of homes on the market? 

Not really.

Inventory has been decreasing throughout 2008, and December 2008 inventory was up only 2.45% to 2007.

Total Available Homes for Sale Wake County NC 2008 vs 2007

In December 2008, total available inventory (new homes, resale homes, townhomes) was down to only 2.45% above total available inventory the previous year.  As you can see, this is a significant downtrend in available inventory.

Why is inventory decreasing?

Increased sales, and less new construction.  Permits have been down.  Instead of lots of spec homes to choose from, builders are opting for presales and custom projects. 

Homebuyers can still find some bargains - and we have yet to see January 2009 sales. 

Current months of supply in Wake County, NC is 6 months, with some variation by area.  This is a fairly balanced market. 

But overall, it looks like a number of homebuyers that were waiting for great interest rates have decided to buy, and there's no question that there are fewer homes on the market to look at than there were 6 months ago.

Information from TARR Reports, an independent analysis of Triangle real estate.

 

Want to see the most recent Raleigh area market reports?

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Raleigh New Construction On the Rise?

New Home Sales Increase, Inventory Decreases in Wake County NC

December 2008 numbers show that Wake County new construction is starting to trend back up.  After being down significantly to last year over a slow fall season, Raleigh NC new home sales are picking up - and inventory is dropping.

New Home Sales in Wake County NC 2008 Versus 2007

December 2008 new home sales were down 18.74% to December of 2007.  This is an upward trend from new construction sales over the past six months.  Only in September were new home sales at this level - and in September, many sales were pushed forward because the Down Payment Assistance programs expired at the end of that month. 

Resales have an even brighter picture - click here for more information.

Not only that, inventory is decreasing:

Total Available Homes for Sale Wake County NC 2008 vs 2007

In December 2008, total available inventory (new homes, resale homes, townhomes) was down to only 2.45% above total available inventory the previous year.  As you can see, this is a significant downtrend in available inventory.

Why is inventory decreasing?

Increased sales, and less new construction.  Permits have been down.  Presales are becoming a much more popular option than spec homes.  Builders don't want to hold onto homes that don't necessarily have buyers up front, and banks don't want them to do that either! 

Do the higher sales and lower inventory mean that prices are dropping? 

Not necessarily.

Average New Home Sales Prices 2008 vs 2007

In December 2008, the average new home sales price was up 15.59% versus December 2007.

The only month that saw a decrease in average sales price was September (remember, that was the month that first time homebuyer sales increased significantly due to the end of the buyer downpayment assistance program).

This represents average prices - which could mean that more higher priced homes are selling, or that homes are selling for more on average than last year, or a combination of both. 

Since current appreciation rates for Wake County are still at 4.5%, it's most likely a combination of both.

There are still some deals to be found - and we have yet to see January 2009 sales. 

But overall, it looks like a number of homebuyers that were waiting for great interest rates have decided to buy, and there are fewer choices to be found today than there were 6 months ago.

Information from TARR Reports, an independent analysis of Triangle real estate.

Want to see the most recent Raleigh area market reports? 

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Raleigh NC Relocation

Trying to escape the snow up north?  North Carolina is basking in the glow of our once-a-year snow storm!  Last year we got less than an inch, ditto for the year before. 

But today, oh, today my 4 year old gets to sit and watch the flakes come down, and in a tiny bit we'll go out and make actual snow angels!

The snow is supposed to last for the rest of the day, so we should have time to rewarm the hands at least a couple of times.  Somehow I doubt we have much in the way of gloves....  oh well, socks on the hands always did the trick when I was a kid and we'd soaked the first couple of pairs of mittens!

We'll enjoy the day at home, because Raleigh does tend to shut down (or at least slow down CONSIDERABLY) when we get our rare snow storms.  It's only once a year, after all.  SNOW DAY, anyone?

 

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New Homes Raleigh NC

If it sounds too good to be true, it probably is! 

Check carefully into any "free money" offers for new homes - and it sure doesn't hurt to get a second opinion before you sign on the dotted line.  The newspaper and internet ads seem to leave off the fact that you're still paying, just in a different way!

Raleigh Relocation Package

North Carolina State University Takes Top Rank in USA Today/Princeton Review

NCSU Rated 6th Best School in US

Anyone interested in the Raleigh area knows that they're going to find some of the nation's top schools here, like UNC Chapel Hill, Duke University, Elon University, and Meredith College.  But they may be surprised to find that one of the nation's top schools is also one of the best bargains for higher education.

The Princeton Review and USA Today just issued their "Best Colleges for 2009" lists - and NCSU ranked 6th in the country for public universities.

Here's what made NCSU, located in Raleigh, NC, stand out:

-  Science and Technology

Nationally recognized programs in architecture, design, textiles, management, engineering, agriculture, humanities and social sciences, education, physical & mathematical sciences, natural resources, and veterinary medicine helped NCSU stand out.

- Cooperative Education Program

Students should be prepared to work outside the classroom as well as in it - the cooperative education program allows real world work for college credit.

- First Year College

NCSU guides first year students towards selecting a major.

- Sports

NCSU competes in 23 intercollegiate varsity sports, including Atlantic Coast Conference sports.  Wolfpack logos are common, and basketball, football, and other events have huge attendance.

- Campus Life

Hillsborough Street is a center of social life for NCSU students, with lots of local music and entertainment.

- Students with a Plan

7% of graduates go on to medical school, 31% go to grad school, 19% to business school, and 7% to law school.  Incoming GPA is 4.12

- Research University

NCSU is ranked 16th in the nation for universities conducting non-Federally funded research. 

- Affordability

NCSU works hard to stay affordable, particularly for "in-state" students.  If you're considering a move to Raleigh, NC, keep residency requirements in mind.  NCSU Tuition Rates

Universities in or Near the Triangle, NC

NCSU took the highest ranking in NC, but other top rated schools in the Triangle area include Duke University, Elon University, and the University of North Carolina at Greensboro.

 

 

 

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Top 9 New Home Features in '09

Recommended Renovation Projects Important in New Homes Too

Buying a home with long-lasting value is always important.  A recent article focused on the top recommended home improvement and renovation projects for 2009. 

When buying a home, you'll want to consider each of these factors.  They may be features you'll need to consider renovating yourself.  Or if you're leaning towards a new home, you'll want to know how many of these Top Features are included!

1.   Siding and Windows

The quality of the siding and windows in your home are both important.  North Carolina now requires low-E windows, or more energy efficient windows, so a home built even a few years ago may require more energy to heat and cool. 

The three main kinds of siding in the Raleigh area are vinyl (or a vinyl siding and vinyl shakes combination), Hardiboard, or brick, with or without stone accents, depending on the price point.  Ask about the warranty and maintenance required for the type of siding on your new home. 

2.  Energy Efficiency and Green Features

Most energy efficiency programs should be integrated into the home during construction, for maximum effectiveness and minimum cost.

The most common energy efficiency program in North Carolina is Energy Star.  An Energy Star certified home usually costs only 1% more than a standard home - but is 15% more energy efficient than a home built to minimum codes, and qualifies Triangle area buyers for a 5% monthly discount from Progress Energy.

An EnergyWise home is another great energy option.  EnergyWise technology has been time tested to provide a guaranteed 50 to 70% savings on heating and cooling costs.  Not all builders are EnergyWise certified, so ask about this program. 

A new home can be green certified (must happen during the construction process), or can incorporate greener features like tankless hot water heaters, solar hot water heaters, low flow faucets and toilets, energy efficient appliances, or a multitude of other options.

3.  Decks

 

Having an area in the backyard to retreat during the many Carolina seasons is an added benefit. 

Consider a patio, deck, or screen porch, depending on your budget. 

 

 

 

 

4.  Cosmetics - Paint, Carpet, Tile, and Hardwood

When comparing several homes, look at the features of each home.  It's becoming expected over a certain price point to see hardwood floors in at least a couple of rooms, a great full tile master bath, quality carpeting with 8 lb padding (instead of basic 6 lb), and a paint scheme that includes a coordinating accent color in a key room like the formal dining or the master bedroom. 

5.  Pizzaz Factor - The Extras

A home with extensive crown moulding and multi-tiered trey ceilings will stand out dramatically next to their simpler cousins. 

Same for rounded corners in the living areas, archways, built-in plant shelves and display shelves, and barrel vault ceilings. 

 

 

 

6.  Kitchens That Count

A home with a ten year old kitchen will contrast vividly with today's kitchen. 

Cabinetry colors are lighter now, with many homebuyers opting for maple or painted maple.  Extra details go far here too. 

Bright brass fixtures were very popular fifteen years ago, but today, classic chrome or brushed nickel are the way to go. 

Countertop options have changed too - today's Corian has tremendous depth and color, as well as integrated, one piece sinks. 

For the green customer, pressed paper countertops have increased in popularity, but are still pricier than granite. 

 Look closely at quality and the overall package before focusing on a single feature. 

7.  Bathrooms - Bold Retreats without Breaking the Bank

 

Master baths with the best resale value tend to have a great soaking tub and a separate shower, ideally a custom tile shower with some detail work and a full glass enclosure. 

Lots of tile work makes the difference here, as do lighting, ceiling treatments, and choice of fixtures. 

Laminate countertops in bathrooms have become less popular, except at entry level price points. 

8.  Reinventing Space

For some homebuyers, a formal dining room and a breakfast room are redundant.  A formal dining can easily be converted in the early construction stages to a downstairs office, often with full French doors or other details. 

Great rooms and open living areas are more important, and smaller formal living rooms are becoming less popular.  Experienced builders can work to expand living areas or rearrange space to offer a more ideal arrangement. 

9.  Electric Radiant Heat

This isn't something commonly requested in the Raleigh area - we're more likely to need some extra cooling power!  But anyone intent on radiant heat should definitely request it early in the building process, so that it can be integrated into the structure. 

  

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Top Rated High Schools in the Triangle

Best Places for Your Kids to Learn in Raleigh/Durham/Chapel Hill NC

It's time for Raleigh NC to stand out yet again - US News and World Reports  has published their list of top 100 High Schools in the United States. US News analyzed over 21,000 high schools, ranking them by Gold, Silver and Bronze standings.

Gold Standard High Schools in the Triangle - US News and World Reports

Raleigh Charter High Raleigh, NC

East Chapel Hill High Chapel Hill, NC

Silver Standard High Schools in the Triangle

Green Hope High
Wake County, Cary, NC

Bronze Standard High Schools in the Triangle

Jack Britt High School
Cumberland County, Fayetteville, NC

J.F. Webb School
Granville County, Oxford, NC

North Johnston High
Johnston County, Kenly, NC

Honorable Mention High Schools in the Triangle

Chapel Hill High
Orange County, Chapel Hill, NC

Durham School of the Arts
Durham County, Durham, NC

Woods Charter
Chatham County, Chapel Hill, NC

Chapel Hill, NC stands out with three schools on the list!  A total of 1942 schools across the nation were awarded one of the four designations, out of 21,000 high schools studied.  Results are based on reading and math scores as well as college placement exams. 

 

 

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As home builders in the Raleigh, NC area, we are often asked for advice on what to include in a new home.

Ceiling Height in New Homes - 8 Ft or 9 Ft?

What Ceiling Height is Considered Standard?

"Which is better in the long run, 8 ft or 9 ft ceilings?  Many builders charge to increase ceiling height from 8 ft to 9 ft on the first floor.  Is it worth the investment, or am I better off spending that money elsewhere in my new home?"

 

Increased Ceiling Height is Worth the Investment

An 8 ft ceiling on the first floor has become outdated in today's market.

It's still common to see this ceiling height in entry-level homes, but most homes incorporate a more spacious 9 ft ceiling, and many popular plans also include at least one vaulted room.

A 9 ft ceiling also allows for unique ceiling treatments, like coffered or trey ceilings, that can even be added later if not included in the budget at the initial time of construction.

 

Don't Assume Ceiling Height - Ask For It In Writing

Most builders will assume 9 ft ceilings on the first floor, and 8 ft ceilings on the second floor, unless you request something else - but don't take that for granted.

If you don't see a height specified in your bid or other documents, be sure to ask that it be included in the written information. 

A full, written package of what is and is not included will help you better compare builders - and understand what exactly will be included in your new Raleigh custom home. 

And of course, be sure to walk through homes containing the same set of standards as is included in your quoted package BEFORE committing to a particular builder.  Model homes often have many, many options not included in "standard" packages, and these options can create a completely different home than the one you've been quoted. 

 

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