We went looking at Parade of Homes houses over the weekend, and were pleased to see that of the more than 2 dozen homes we looked at – most were already sold. Even the Million Dollar homes in Cary, all sold – the $600k homes in Holly Springs – SOLD. Why is that? Because mortgage rates have fallen again, and if you are a Seller in the $200k to $350k range (depending on the home and where you are located) it’s easier than ever to find a buyer. This makes it much easier to buy a house in Raleigh!
When SELLING your house in the Raleigh, Cary market is easier – then you know it’s time to BUY a house in Raleigh that better suits your families needs.
Many people held off selling their house in Raleigh. We know more than 100 homeowners – friends of ours who live in houses that are either too big (because their kids have moved on or are off to college like ours) or they’ve had children, and the “starter” home they bought 7 years ago is just too small!
School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family to find the “Dream Home” that truly fits your lifestyle.
Demand is Strong for Selling Your House in Raleigh
Foot traffic refers to the number of people out actually physically looking at home right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last twelve months which includes the latest spring buyers’ market. Have you visited any of the Wake County Parade of Homes Houses? They are open next weekend October 17 to 19, as well.
These buyers are ready, willing and able to buy…and are in the market right now! As we get later into the year, many people have other things (weather, holidays, etc.) that distract them from searching for a home. Take advantage of the buyer activity currently in the market. Additionally, folks who were “shy” about looking a little further out, like Clayton, are not as concerned with that commute as gas hits $3.00 a gallon. Folks in Holly Springs and Fuquay should be taking advantage of this additional “incentive” in the market – right now!
There Is Less Competition in Raleigh Now
Housing supply is still under the historical number of 6 months’ supply. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory will come to market in the Spring. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation.
Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference). The choices buyers have will continue to increase over the next few months. Don’t wait to sell your home in the Raleigh Area until the new home builders have a ton of new inventory of homes to compete with you.
The Process Will Be Quicker to Buy a House in Raleigh
One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. Last Spring the USDA Home Loan approval process was taking upwards of 75 days in NC! Any delay in the process is always prolonged during the winter holiday season. Getting your house in Raleigh sold and closed before those delays begin, again will lend itself to a smoother transaction.
There Will Never Be a Better Time to Move-Up
If you are moving up to a larger, more expensive home in Raleigh , consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by this time next year. Additionally, there’s a new program in NC for Home Buyers that does not require you to be a First Time Home Buyer, carries lower PMI costs, and has a Down Payment Assistance program! YOU might qualify for this NEW program, making it EASIER to buy a new house!
It’s Time to Move On with Your Life
Look at the reason you decided to sell your home in Raleigh in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to the questions above.
In years past, many of us didn’t think we had a choice. If we sold, we had to take money to closing. Well, home prices in the Raleigh market have gone up. You have the power to take back control of the situation by putting your home in Raleigh on the market, especially while inventories and Mortgage Rates are low, and the prices are so much better than they have been! Perhaps, the time has come for you and your family to move on and start living the life you desire. No one understands this better than we do. I’ve had 3 “minor’ strokes this year – that will put getting up and down multiple sets of steps in perspective pretty darn fast!
That is what is truly important, deciding if NOW is the time to buy a house in Raleigh, and not just keep “settling” for something because you don’t think you have a choice!
STILL, don’t think you will “Cash Out” of your house in Raleigh with a pocket full of money to buy another one? You CAN get into a house with almost NO money, using one of the new programs available. We would suggest that you have at least $1200 if you want to buy a house. Think that’s “doable?”
Yes, just like selling your home – you can get the seller to pay closing costs (we can help you with no closing cost loans too!) … and yes, you can use you can use the USDA Home Loan, which requires no down payment at all, or your VA Home Loan benefits (if you have them) to buy with no money down. You might also want to look at the NC Home Affordable Mortgage that will give you 1% of the 3% you will need for a down payment in the form of a FREE GRANT – and again, you do NOT have to be a first time home buyer for ANY of these programs! Not all lenders offer this program – so call us, don’t miss out on this FREE CASH! Call us!
Want to know more about your options to buy a house in Raleigh? Call us! Steve and Eleanor Thorne 919 649 5058. We work with some of the BEST Real Estate Professionals in the Raleigh Market, and we can help you both with closing cost incentives to get your house sold – and in creative ways to SAVE MONEY buying a new home. We also offer the best rates for new homes, and more often than not, we can beat the New Home Builder Mortgage “package” that is being offered!