Triangle Real Estate & Homes For Sale | North Carolina

Raleigh Real Estate – Raleigh Listings and Trends

Ryan Paul Johnson — Thu, 21 Jan 2010 05:05:31 +0000

The real estate market at it most basic and rudimentary level can be understood through basic Economics. Real estate values are driven by supply and demand. If supply increases and demand does not increase in kind housing values drop. This is know as a buyers market. While if the opposite is true and demand increases without supply keeping pace prices increase. Here we have a sellers market. This is of course just the starting point. There are innumerable reason that can cause both supply and demand to ebb and flow. This being the case an important aspect of the real estate business is listing trends. An easy way for brokers to gage where the market is heading is to track listings in terms of months supply on the market at any given time. At the point of writing this Raleigh listings are currently hovering around nine month supply. This is a rough figure hewn together from numerous price categories. If you are interested to see what the competition looks like at your homes price point please contact me. I’d be happy to prepare a comparative market analysis for your specific situation. Or if you want to search for Raleigh homes for sale just click here.

Raleigh Real Estate – MLS NC

Ryan Paul Johnson — Wed, 20 Jan 2010 05:33:56 +0000

There aren’t too many people who haven’t heard of a Multiple Listing Service (MLS). The most sought after function of the MLS is searching homes listed for sale. However, I’d bet most folks aren’t exactly sure how the MLS works or what other functions the MLS serves. In a nut shell the MLS is a suite of services that (1) enables brokers to establish contractual offers of compensation (among brokers); (2) facilitates cooperation with other broker participants; (3) accumulates and disseminates information to enable appraisals; (4) is a facility for the orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public. A multiple listing service’s database and software is used by real estate brokers representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller’s broker in finding a buyer for the property or asset.
A question people often have is regarding what areas are contained in a specific MLS system. Is there a North Carolina MLS (an MLS NC)? Actually there are several MLS systems in NC. Raleigh homes for sale are listed in the Triangle MLS. The Triangle MLS contains listings for several counties (the major ones being Durham, Orange & Wake).
Before the MLS was computerized it was held in several yellow pages sized books. These books were regularly updated but widely invisible to the public. The MLS as we know it today facilities immediate dissemination of real estate sales information. It is not unheard of for a home to sell within hours of a real estate sales agent entering the information into the computer. If you like to search for Raleigh NC listings just click here.

Job Growth Good for Durham Real Estate

Ryan Paul Johnson — Tue, 08 Dec 2009 04:24:09 +0000

The Triangle Business Journal (TBJ) reported today that the biotech company, Syngenta, has announced plans to expand it’s facility in the Research Triangle Park (RTP). The expansion plans, as reported in the TBJ, include leasing an additional 100,000 sqft of office space and plans to purchase 50 acres within RTP. Syngenta is a biotech company that specializes in various aspects of agricultural research. They currently employ some 400 people in The Triangle and speculation is that their expansion will add to the Durham job base.

As I’ve said before The Triangle is slated for major population growth over the next 20 years. Some analyst estimate as much as 70% growth. A major reason for this growth is the job market. A good job market and population growth are major contributors to a healthy real estate market. As the population swells in The Triangle so too will real estate values; it’s simple supply and demand. I’d be shocked if twenty years from now people aren’t looking back and saying man if only I’d invested in that house or land when I had the chance.

There are a lot of Triangle neighborhoods!

Ryan Paul Johnson — Wed, 02 Dec 2009 06:16:28 +0000

I’m not sure where you are moving from or how people there tend to organize housing developments. In the triangle the neighborhood is king. When surfing Triangle area websites you’ll undoubtedly come across lists of neighborhoods with descriptions trying to delineate one from the next (we do some of that here too). Funny thing is, lots of these neighborhoods meld into each. So knowing definitively where one stops and another starts can be tricky business. This is not always the case; there are lots of neighborhoods (subdivisions) with well defined borders. When looking for a new home in The Triangle it would be best not to get too caught up in owning a house in a specific neighborhood; just for neighborhoods sake. I understand there will be people who simply must live in a certain neighborhood because of its historic quality or the status living there garners. In my opinion when you are choosing a new house you ought to consider what amenities are a must have and which are negotiable. Odds are that several neighborhoods in an area will provide you with equal access to the things your family can’t live without.

Triangle Real Estate and the 5% rule

Ryan Paul Johnson — Tue, 01 Dec 2009 05:23:59 +0000

Real Trends is a real estate trade publication published on a monthly basis. In the November 2009 issue they reported a survey they deemed the 5% rule. The survey was conducted through their own independent research with supplemental data coming from research university giants. Simply put, the “5% rule” says that in a normal year 5% of American house holds will purchase a home. According to their findings this has been the trend for the past 30 years and is the anticipated estimation for 2010. Through some technical growth calculation Real Trends further reports that the number households in the US increase by 1.1% each year. With these two statistics they can further project anticipated housing sales out into the future. They expect that it will take till 2024 for home sales to again reach 2005 levels. In this projection I wasn’t quite sure what they meant by “home sales.” I’m guessing they meant housing prices. I sent them an email for clarification and I’ll let you know what they come back with.

Let me bring this home to the Triangle. During the crazy real estate speculation The Triangle, luckily, didn’t get caught in the housing price inflation. There were for sure people that got mortgages who probably shouldn’t have. Also, the temptation to refinance grabbed another group of people. While the price bubble didn’t strike The Triangle, no one has been immune to the recession it caused. All these scenarios are currently being played out in the Triangle foreclosure and short sale market. However, short sales and foreclosures make up a small slice of the total real estate market; about 5% in Raleigh. Compare this to a city like Phoenix where nearly 80% of the homes for sale are either a short sale or a foreclosure and you get a good idea of The Triangle’s real estate health. The Triangle is an area poised for explosive growth over the next 20 years. People who get in now on this real estate market should continue to see the healthy 3-4% appreciation historically experienced in the region.

Home Buying Tip… No one buys a house at the bottom of their price range

Ryan Paul Johnson — Tue, 17 Nov 2009 07:09:50 +0000

I see it all the time. I’ll be going through an initial consultation with new buyers. They are of course very excited and I’m excited for them. At some point the conversation will bend to how much they are willing to spend on their new place. The couple will say, “Well, we’ve been approved up to $300,000, but we really only want to send $220,000. I say okay and customize a search to meet their criteria. A few days go by we go out hunting. We look at a couple places and I can tell something is up. They’ve been doing their own side hunting –and who can blame them. The internet makes it so easy. First you start looking at the homes that are $220,000. Then you get curious, ‘What does a house for $250,000 look like? We’re approved up to $300,000. No harm in looking.’ Honestly, there is no real harm, but once you’ve opened that door it’s hard to look back. The house that is $220 will not hold a candle to the one that is $300; it can’t. And in my experience only the incredibly strong willed are able to come back down that golden staircase. I want my customers to be happy, and that is the heart of the question. What is going to make them happier; a $300,000 home or a more affordable monthly payment? If it’s not a stretch to make the $300,000 mortgage payment go for it! But if that payment is going to be too big a burden, the house will also quickly turn into a burden.

Here is my advice to you the home buyer.

1. Before you go to talk to a lender sit down and figure out a budget.

2. When you go to talk to your lender come in with your monthly payment firmly set. This monthly payment will translate into the total purchase price of your new house.

2. Don’t even bother to learn your outer barrier. Use the monthly payment as your outer barrier.

3. Don’t look at houses above your price range. Sure you may qualify for the loan amount but you want to enjoy your new place not resent the monthly payments.

Home Inspections …do I really need one?

Ryan Paul Johnson — Mon, 16 Nov 2009 05:21:24 +0000

After a few weeks of looking for that perfect house we finally find, “The One.” We write up the offer and the sellers accept. What comes next? How can you be sure this house is worth your hard earned money? What are you really getting yourself into? This is where the home inspection comes into play. The inspection period of the sales transaction provides you with an opportunity to do your “due diligence” in investigating the neighborhood, schools, and the house itself. Most people hire a licensed home inspector to go through the house with a fine tooth comb. On the day of the inspection you and your Realtor will meet the inspector at the house. A good inspector will walk you through the house to point out all the “stuff” he discovered wrong with it. One thing to remember, there is going to be “stuff” wrong with the house; probably more “stuff” than you were anticipating. The general purpose of the home inspection is to open your eyes to the next five years. A good inspector will prepare a report for you that can act as your house maintenance road map for the next five years. If the list of projects on that report seems to daunting a task for you to take on, this is your opportunity to opt out of the contract. In some cases the people selling the house will be obliged to make repairs for the buyers. However, the purpose of the home inspection is not to put the sellers over a barrel, it is to make sure you know exactly what you are getting yourself into when moving day comes.

The Triangle’s Population Expectations

Ryan Paul Johnson — Fri, 13 Nov 2009 07:11:55 +0000

In March of this year the U.S. Census Bureau released some very intriguing statistics about the population growth Raleigh had experienced between July of 2007 and July of 2008. According these findings the population in the Raleigh-Cary metropolitan area grew by 4.3%. Wake County officials, utilizing the census data, estimate a continued population growth of 4% per year over the next 3 years. By 2030 experts estimate Raleigh’s population will grow by 70% and that’s just Raleigh. The rest of the Triangle is also slated for substantial yearly growth. Durham County is estimated to grow between 2% and 3% yearly, while Orange County has historically seen greater than 1% yearly growth.

What do I think this means to you? One thing is for certain where there is growth there are jobs to accommodate that growth. Over the next twenty year the construction industry is going to grow and keep busy in the Triangle. Other areas that will have to expand will be government jobs; including educators; fire fighters and police officers, also service industries will need to keep pace the suburbs march on.

This growth also presents a major opportunity for the entrepreneur, the real estate investor, and the forward thinker. If you’d like to talk some more about where I think the Triangle is headed and some intriguing investment opportunities give me a call.

Here are some interesting link.

Raleigh’s Growth Plan

News and Observer: Population Article

Wake County Population Growth Estimates

Durham Population Growth Estimates

Bloomsbury Neighborhood Raleigh NC

Ryan Paul Johnson — Thu, 12 Nov 2009 05:27:10 +0000

The Bloomsbury Neighborhood, located North of downtown Raleigh, is a northern component of the famous Five Points intersection. In May of 2002 Bloomsbury was added to the National Register of Historic Places. The general boundaries for the neighborhood are Fairview Road, St. Mary’s Street, Byrd Street, Sunset Drive, and Whitaker Mill Road. The neighborhood was primarily built during the roaring 20s. Two story Tudor revivals and bungalows are the most common architecturally for the neighborhood and the median sales price is around $380,000. If you’d like more information about this Raleigh Neighborhood give me a call.

East Raleigh-South Park Historic District

Ryan Paul Johnson — Tue, 10 Nov 2009 09:21:34 +0000

The East Raleigh-South Park Historic District developed primarily from 1865, just after the Civil War, through 1940. The neighborhood is composed of about 30 blocks and lies east and south of downtown Raleigh. The houses in this neighborhood tend to be built rather close to each other reflecting the neighborhoods working class roots. As the residence of this area progressed from primarily working class to middle class the neighborhood’s architecture followed suite. The earliest homes in this area are examples of shotguns and triple-A cottages, while the later houses are examples of Craftsman, Colonial Revival, and Neoclasscial houses.

A prominent fixture of the East Raleigh-South Park Historic district is Shaw University. Founded in 1865, Shaw University, was the first historically black college of the South.

If you’d like more information about real estate opportunities in this part of Raleigh please feel free to give me a call.