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Archive for the 'Buying' Category
Newest Listings – Cary Homes For Sale
Here at CaryRealEstate.com we have a new feature for our website – this post will automatically show the newest listings of homes for sale in Cary – homes that have been listed within the past 7 days.
Cary’s Top Selling Neighborhoods – January 2010
The Cary Real Estate Market had almost 100 homes go under contract in January – Which neighborhoods sold the most homes?
1. Greystone: 7 Homes Under Contract in January
1. StoneWater: 7 Homes Under Contract in January
3. Harmony: 5 Homes Under Contract in January
What do these neighborhoods have in common? All in West Cary – Priced between $200,000 and $600,000 – All New Construction! That’s right 18 of the 19 home sales in these 3 neighborhoods were new construction! So while the number of homes being built and sold are down from 2006 record numbers, new construction is still alive in Cary North Carolina! Almost 1 out of every 2 homes that went under contract in January was New Construction!!!
More About the 3 Neighborhoods:
Greystone is built by M/I Homes. Price Range: 300k – 500k. Average Price: 360k.
Search Greystone Homes For Sale
StoneWater is built by Lennar. Price Range: 200k – 450k. Average Price: 315k
Search Stonewater Homes For Sale
Harmony is built by Pulte. Price Range: 300k-550k. Average Price 375k
Search Harmony Homes For Sale
FHA Changes-Impact on Cary Homes For Sale
David Williams (L) w/ FHA Commissioner David Stevens
Back in December I blogged about possible upcoming changes to FHA loan requirements – well it’s arrived – The FHA recently announced major changes to their requirements for buyers/borrowers. These increased standards could reduce the number of buyers that qualify to purchase Cary Homes For Sale. The changes are aimed at shoring up the FHA’s long term stability – which I think is definitely positive in the big picture/long term - it’s the individual buyers and sellers on a local level, like right here in Cary that will see and feel the impact – anytime the requirements become stricter for securing home loans the available buyer pool is reduced. However one of the major contributors to the recent housing market downturn was buyers purchasing too early or too high. The current FHA commissioner David Stevens is from the real estate industry, having worked on both the mortgage side and brokerage side – I believe he brings a common sense mindset to the FHA restructure.
FHA’s Changes to Borrower Requirements
- The upfront fee charged for the mortgage insurance premium (MIP) will be raised to 2.25%
- The Seller contribution (closing costs etc) is reduced to 3% instead of previous 6%
- To Qualify for a 3.5 % minimum down-payment requires credit score of 580 or higher
- Less than 580 Credit Score will require 10% or more down payment
- Several new lender requirements aimed at protecting the borrower
Like to read detailed FHA policy? FHA Commissioner David Stevens recently wrote an article covering the FHA changes.
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
New Home in Copperleaf for Past Clients – Our 1st Sale of the Year
CaryRealEstate
.com is excited about the first sale of the new year. It’s a new construction home in the Copperleaf Community in West Cary. Final contract signatures were obtained today – not a bad way to end the first week of the new year! What makes this transaction super special – I’ve had the pleasure of working with this family on multiple transactions – including their very first home almost 10 years ago. I helped them sell their Cary Park home when they moved away a few years ago – they promised they would return to Cary & sure enough – they’re back! It’s such a cool phone call to receive -
‘David, we’re moving back and without a question you’re our Realtor!”
They choose Copperleaf for it’s proximity to the Research Triangle Park, high quality of local custom builder team, lot sizes and overall quality appeal of the Copperleaf development. The home is priced in the 800’s and is scheduled to be complete early spring.
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
CaryRealEstate.com Makes it Easy for Home Buyers & Sellers
At CaryRealEstate.com we’re always keeping our eye out on how to improve our level of service with home buyers and sellers. Most of us enjoy the latest gadget but rarely does something have as much positive impact as docusign. It’s a web based service that allows the creator of a document to send an electronic copy to a recipient and allow that recipient to sign, date, initial etc a document with a few easy mouse clicks. Yes there is a short process to accept/create your electronic signature but it’s super easy.
Worried about security? docusign has their act together – they’re even endorsed by the National Association of Realtors! The system provides multiple levels of security, along with tracking numbers, ip address etc. Yes, the state of North Carolina and the North Carolina Real Estate recognize this type of signature as valid.
Real Life Example of Cary Real Estate making life easier for their clients – last night we were able to send one email to our buyer clients vacationing at Disney – without leaving their hotel room the buyers were able to review 7 different documents (new construction purchase) they electronically initialed or signed every page in just a few minutes – upon completing their signatures the system immediately notified us and we had an executed set of documents, no hunting for the hotel desk clerk / worrying about the business center being closed etc.
We’re able to compose, deliver, receive signatures and file electronically without ever creating the first piece of paper! It’s perfect for offer to purchase sales contracts, buyer agent agreements, listing agent agreements etc!
End Result – it’s easier for our clients, better for the enviroment and allows us to operate more efficiently!
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Builder Deposit vs Earnest Money – What’s the Difference to Home Buyer?
Ask Cary Real Estate: What’s the difference between a Builders Deposit and Earnest Money? How do they effect the Home Buyer? Cary home buyers offer earnest money on a re-sale home and a builders deposit on most new construction. Here’s a quick overview of the similarities and differences between a builders deposit and earnest money.
Cary’s Copperleaf Community New Homes Sales for 2009
Copperleaf in Cary – 17 New Home Sales in 2009 – Cary’s Top Selling Luxury New Home Community
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
What to Expect During the Home Inspection, Home Buyer Tips from Cary Real Estate
Most buyers really don’t know what to expect during the home inspection. Should they attend? How long will it take? Here’s a few tips to help you be prepared and know what to expect.
Should you attend the home inspection? Yes.
If at all possible plan on attending the home inspection. While it is not required for the buyer to be present during the inspection I’ve found that it helps. You get to see the inspector working and can learn great tips about preventative maintenance items. Read the rest of this entry »
Cary Home Buyer Tip #9 – Understanding Earnest Money with the NC Offer to Purchase
What is Earnest Money?
Who Holds the Earnest Money?
How Much Does the Earnest Money Deposit Need to be?
What happens to the Earnest Money if I Don’t Close on the Home?
These are all great questions that home buyers ask before purchasing a home in North Carolina. Here’s a typical scenario for a buyer purchasing a resale home in the Cary-Wake County-North Carolina area You’ve found a home you’re interested in and ready to make an offer. That first offer needs to be in writing – for a re-sale home here in the Cary area we’ll use the standard NC Offer to Purchase Contract. Along with the written offer, you will write an earnest money check.
What is Earnest Money?
Think of earnest money as a deposit on the home, a show of good faith. If/when your offer becomes a contract your money will be held in trust and subject to NC Trust account regulations. At the time of closing the earnest money deposit will be credited towards your purchase of the home.
Who is the Earnest Money Check Made Payable to?
Typically the Listing Company. Most listing firms in the Cary area maintain a trust account for purpose of holding earnest money deposits, however some small firms choose not to maintain a trust account, in this case we can use the CaryRealEstate.com trust account or use the trust account of a local real estate attorney.
How much should the Earnest Money Deposit be?
Technical Answer, the amount of earnest money is negotiable between buyer and seller. Real life answer, usually around 1% of the offer amount. Think of your offer as a gift to the seller – the terms and condition of your offer are like the wrapping paper and bow. The larger the earnest money amount the ‘prettier’ the bow.
What Happens to the Earnest Money if I Don’t Close on the Home?
Notice I saved this one for last? The best answer here is, IT DEPENDS! You, the buyer, may or may not be entitled to a refund of your earnest money – depending on why the closing did not occur – the offer to purchase is the guideline. Here’s the catch – even though it may appear obvious that you are entitled to a refund, both parties (buyer & seller) must sign off on how the earnest money is disbursed before the firm holding the earnest money can release the money. If the parties can not agree then it can become a legal matter.
Could I write more about the intricacies & nuances of earnest money? Absolutely. Would you still be reading, probably not! Please let me know if you have any specific earnest money questions that I did not address.
Please Note: The North Carolina Real Estate Commission has a Question and Answer Brochure available here.
Cary Real Estate Home Buying Tip #11 – How to Analyze a Home That Has a Feature You Don’t Like
Looking at homes can be a challenging task with many factors to consider. Here’s a very practical way of analyzing items/features about a home that you do not like.
I call it my ‘Flow Chart of Elimination“ Catchy title right . . I know you’re excited.
So you’re out looking at a home and you see something that you do not like.
Question #1 Is it the house or the current owners decorating style/furniture?
Sounds silly but it happens all the time – a buyer will walk into a home and comment “I don’t like this at all, only to find out it’s actually the sellers taste in decorating!
Okay so you made it past number 1 – it really is something to do with the house/lot – lets proceed . . .
Question #2 Can it be changed?
This is a simple yes or no – for example a carpeted floor CAN be changed over to hardwoods BUT if the home backs to a busy highway that’s NOT going to change.
If the answer is a “No”, it can’t be changed then ask yourself “Is this something I’m willing to accept / compromise on – if so keep looking at the property – it you are not willing to compromise or accept the item and it can’t be changed then move on to the next property!
If the answer is “Yes” – the item can be changed you have a new set of questions -
Are you Willing to Change the item and are you Able to change the item.
Willing: If its changing the carpet over to hardwood then you are ok with spending the time finding a hardwood flooring contractor, meeting with the contractor, picking out your stain color, dealing with the process etc
Able: You have the financial resources to have the work done – remember most likely this will not be included in the purchase price/mortgage for the home.
If the answer to willing and able is yes then keep looking at the home. If you’re a no on either willing or able then its back to considering if you are willing to compromise on this feature.
This may sound like a formal and dry process but once you commit the concept to memory it’s very fast to process. I hope this helps you in your home search. If you’re looking for a home in Cary, North Carolina please let me know – I have more tips!
______________________________________________________________________________
This Blog Post Provided by David Williams, Broker/Owner of CaryRealEstate.com
David is a Cary Native and A Trusted Advisor / Friendly Authority on Cary Real Estate
Licensed NC Broker & Realtor
919-386-9101
David@CaryRealEstate.com
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