Wake County Parade of Homes

The Annual Wake County Parade of Homes has been a fall tradition for almost 50 years for wake county’s builders to showcase their talents.  Every fall builders enter new homes to be judged by the home builders association and open up the homes for the public to enjoy for three consecutive weekends. Many people enjoy browsing through the new homes – if you’re considering purchasing a parade home, or any new home don’t forget it’s a great idea to have buyer representation – contact David Williams at 919-386-9101 for details.

2011 Wake County Parade of Homes    October   1st -2nd     7th-9th     14-16th   Times:  12 – 5

Cary's Most Expensive Home in 2011 Parade of Homes 105 Hoy Court in Macgregor Downs

Cary has 35 homes featured in this years Parade of Homes.

Copperleaf has the most homes featured in any subdivision with 5 entries and Cary’s most expensive home in this years Parade of Homes is $2,480,00 located at 105 Hoy Court in Cary’s Macgregor Downs.    (If you are familiar with Cary the you know Macgregor Downs is a very established neighborhood – this new home is one of a growing trend to tear down the older home and build a new home on the large wooded lots in Macgregor Downs).  Average price of Cary homes for sale in the Wake County Parade of Homes is $588,632.

To make it easy for you the team at CaryRealEstate.com created a google map showing all Cary Parade  Homes

View Cary Homes in 2011 Wake County Parade of Homes in a larger map

Not all of the homes in the Parade of Homes are actively for sale – here is the list of all Parade of Homes in Cary actively for sale

Yes – There’s an APP for that – download the Wake County Parade of Homes App or search Wake County Parade of Homes from your phone’s APP store

For the spreadsheet types…below is a breakdown of all Cary homes in this years Parade by subdivision.

Subdivisions in Cary with Homes in the 2011 Parade of Homes

Bellemont

Cameron Pond

Coles Creek

Copperleaf

Enclave at Stone Creek Village

Evans Farm

Green Level Crossing

Greyhawk Landing

Highcroft Village

Hilliard Forest

Hortons Creek

Macgregor Downs

105 Hoy Court     $2,480,000

Phillips Place

Renaissance at Regency Cottages

Renaissance Manors at Regency

The Park at Westlake

The Townes at StonewaterVillage Square at Amberly

Waterford Estates

Weldon Ridge Grove

Weston Manor

Weycroft

Do you own a home?

Do you appreciate the longstanding ability to deduct your mortgage interest on your annual income taxes?

Well you may want to reach out to your elected officials and let them know!

A bi-partisan deficit reduction committee report recommends changes to the mortgage interest deduction and the exclusion of capital gains on the sale of your principal residence.  This news came across my virtual desk today both from Inman News ( a leading national real estate news source i follow) and the National Association of Realtors.

From what I have read the proposed change would place a cap on the amount of interest that a taxpayer/homeowner could deduct in a year.  The National Association of Realtors is fighting to protect home ownership benefits including the 80 year old mortgage deduction benefit.

Are you a numbers person?  Interested in the housing market at a national level?  Here’s the presentation from the National Association of Realtors Chief Economist as presented at the Realtor Convention going on in New Orleans this week.

Remember if you have questions about the local Cary North Carolina real estate market there’s no better resource than the team at CaryRealEstate.com

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

1. The upfront fee charged for the mortgage insurance premium (MIP) will be raised to  2.25%
2. The Seller contribution (closing costs etc) is reduced to 3% instead of previous 6%
3. To Qualify for a 3.5 % minimum down-payment requires credit score of 580 or higher
4. Less than 580 Credit Score will require 10% or more down payment
5. 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

]]> http://caryrealestate.com/2010/01/25/fha-changes-impact-on-cary-homes-for-sale/feed/ 0 http://caryrealestate.com/2009/12/07/cary-real-estate-reports-why-it-may-become-more-difficult-to-purchase-a-home-with-fha-financing/ http://caryrealestate.com/2009/12/07/cary-real-estate-reports-why-it-may-become-more-difficult-to-purchase-a-home-with-fha-financing/#comments Tue, 08 Dec 2009 00:46:31 +0000 David Williams http://caryrealestate.realestatetomato.com/?p=496

David Williams (left) & FHA Commissioner David Stevens at National Association of Realtors Convention

It may become more difficult for a home buyer to obtain FHA financing.  In Washington there’s pending legislation to increase the requirements for buyers using FHA as the source of their home financing.   These new regulations would make it more difficult for buyers to qualify.  It’s called the “FHA Taxpayer Protection Act of 2009″.   The reasoning behind the new regulations is to shore up the stability of FHA – this in itself is a controversial topic – FHA maintains reserves in the event of borrower defaults – how much should be in those reserve accounts and how they are calculated are often disputed – go figure, right!

Here’s the bottom line of the new proposed FHA Home Loan Requirements:

1) Increase the minimum buyer down payment from 3.5% to 5%

2) Reduce the amount the home seller can contribute as concessions (seller paid closing cost) from 6% down to 3%

3) Raise the minimum credit score requirement

Just a heads up – if you’re planning to purchase a home using FHA, now may be the time – before it becomes more difficult! 

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

David Williams and local real estate attorney Rick Twomey will be offering a class for Cary area real estate agents on the changes to RESPA (Real Estate Settlement Procedures Act) that go into effect January 1, 2010.

Specifically this class will be covering the new standardized Good Faith Estimate that all lenders will be required to provide home buyers and the new revised HUD-1 closing form.

The changes stem all the way back to round table discussions that HUD conducted in 2005 – the main objective of the changes is providing the consumer with greater clarity and transparency in the cost related to home purchases and home mortgages.

The class will be held December 16th from 10am – 12pm.

Location:  Hope Community Church, 821 Buck Jones Rd  Raleigh NC  27606

Cost:  $20  RSVP to Claire@CaryRealEstate.com

This event is open to all area real estate agents.

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

Last week I had the pleasure of attending the National Association of Realtor’s Convention in San Diego – One of the sessions was led by Dr. Lawrence Yun,  Chief Economist for the Association. During the presentation Dr. Yun shared his forecast for the 2010 National Real Estate Market – here are few highlights.

I hesitated to write this post, as I’ve often been quoted as saying  that looking at the national real estate news is like listening to a national weather forecast -  the national numbers represent averages – what’s truly important to you is understanding your local market.    I decided to write the post, mainly to share my takeaway – on a national level the real estate forecast for 2010 is positive news.  I concur, on a local level we are seeing an increased number of properties going under contract and closing.

The Tax Credit Stimulus for 1st Time Buyers generated an additional 300,000 – 400,000 buyers – total of 1.5 million frst time home buyers for 2009.

47% of ALL Home Buyers were First Time Home Buyers – This is the Highest percentage in years, usually hovers around 40%

15% Increase in the number of sales transactions – which represents an additional 800,000 sales!

We’ve seen 8 Straight Months of Increase in Number of Pendings (numbers adjusted for seasonal averages)

3-5%  Average Appreciation will return

9 Month  Current Supply of Homes Priced under $250,000

10 Month Current Supply of Homes Priced $250,000 – $500,000

15 Month Current Supply of Homes Priced Over $500,000

Current National Average Supply of Homes:  8 Months – We hit a low of 4 months supply in January 2005 and hit a high of 12 months average supply – so the numbers are improving.

Helpful Point – a ‘balanced’ market has a 6 month supply of homes – when you have more than 6 months supply it represents a buyers market.

Dr Yun also noted that new home construction starts are now well below average – which could lead to a lack of supply of new homes as the market strengthens.

The continued recovery of the real estate market hinges significantly on home prices stabilizing – should the market see another decline in home values, that would create a ripple effect of ‘strategic defaults’ – that is home sellers choosing foreclosure as their home would be valued less than what they owe.  We are fortunate in the Cary market area, our foreclosure rates are well below the national average.

Looking for a little good news in the world of real estate?  Last week at the Realtor Convention in San Diego, Lawrence Yun (NAR’s Chief Economist), yea can’t help the name drop – it was cool to hear his address in person! – anyway – he  reported the number of homes selling (or going to pending status) continue to increase – in fact, the nation has seen 8 straight months of increased sales!

Here in the Cary NC area, the local MLS association reported today the number of homes going under contract/pending status for October  up 28% over October 2008 numbers! The number of closed homes increased almost 18% over the same period last year.

National Pending Home Sales Copyright National Association of REALTORS®. Reprinted with permission.

Cary and Entire Triangle Area MLS Reports Increase in Pending Home Sales

Curious about the $8,000 Home Buyer Tax Credit???

I’m fielding lots of questions about the specifics of the Newly Revised Home Buyer Tax Credit, so instead of having to sift through lots of fluff & hype here are the nuts and bolts. I am definitely seeing an increase of buyers looking at homes for sale in Cary, NC!

What it is: A GIFT! A $8,000 TAX CREDIT for ‘First Time Home-Buyers’

What it means:  If you purchase a home before Dec 1, 2009 then you will receive $8,000! This will be realized by either paying $8,000 less on your income taxes or receiving an additional $8,000 in your tax refund – either way it’s a true eight grand in your pocket! You can elect to have the $8,000 credit applied to your 2008 or 2009 taxes.

1^st Time Home Buyer Defined: Simple, You have not owned a home in the past 3 years

The Catch: If you sale the home you purchase in less than 3 years then the government wants their money back!

Fine Print:

1) the home you purchase has to be over $80,000 to receive the full eight thousand (no problem in this area!)

2) if you are single, then your adjusted gross income on your tax return needs to be less than $75,000 – the credit starts to be reduced after that and goes away if your adjusted income is over $95,000

3) if you are married filing jointly then your adjusted gross income on your tax return needs to be less than $150,000 – it starts to be reduced after that and goes away if your adjusted income is over $$170,000

Pretty Cool HUH????

If you are thinking about buying or selling or have any real estate question then please contact me first! I’m here to answer your questions.

David@CaryRealEstate.com 919-812-0150