CaryRealEstate.com | Cary NC | Local Specialist for Cary Real Estate » Selling

FHA Changes-Impact on Cary Homes For Sale

David Williams — Tue, 26 Jan 2010 00:57:44 +0000

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

CaryRealEstate.com Makes it Easy for Home Buyers & Sellers

David Williams — Fri, 08 Jan 2010 04:18:43 +0000

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

Home Seller’s Ask, Does it Go or Does it Stay?

David Williams — Thu, 07 Jan 2010 04:44:03 +0000

Home Sellers are often confused or at least curious what goes and what stays when it comes to selling their home. Here at CaryRealEstate.com we take the time to review with our home sellers exactly what to expect and be prepared for. The best answer to what goes and stays “whatever the sales agreement between buyer and seller stipulates”.

Great. Thanks David, that helped a lot.Could you elaborate?

A typical offer to purchase agreement states that personal property goes with the seller and fixtures stay with the home – so what is a fixture? something that was personal property but now by the manner in which it’s attachted to the home it becomes part of the home and real property – wow – that sounded like an attorney talking (which I am not)

Examples of Fixtures – items that would stay with the home:

- ceiling fan

- dishwasher

- window blinds

- bathroom mirror

Examples of Personal Property that goes with the Seller:

- Refrigerator (unless built-in ex. Sub-Zero)

- washer and dryer

- window treatments

Controversial Items – they may be attachted but do not belong to the seller (leased):

- Satellite Dish

- Security System

Bottom Line – As a home seller it’s important to know what is included by default with a purchase agreement. That’s why we take the time to review with our home sellers!

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

Coming Soon to a Yard Near You, Maybe Even Yours!

David Williams — Tue, 29 Dec 2009 03:24:18 +0000

At Cary Real Estate we’re preparing for a busy 2010!

We placed an order for more yard signs today – yes we spent the extra money to have the reflective signs – we think it really makes a difference, especially during the winter months as it gets dark so early – the reflective signs really ‘pop’ with car headlights.

Fortunately the Town of Cary, known for strict sign ordinances, still allows a home seller to have a for sale yard sign – but you can’t get carried away! The town limits a home seller to one yard sign with certain size restrictions.

What about open houses? One of the keys to having a successful open house is to drive traffic to the home for sale by having lots of signs – the down side - open house signs start to multiply & not everyone is timely with removing the open house sign – the Town of Cary takes the aesthetic appearance seriously - they have multiple regulations in place regarding a home seller or real estate agent having and advertising open houses.

- limit on the number of open houses per year

- limit on the number of off premise signs directing to the open house

- specs on the size/color of the open house directional sign

- open house sign limited to the weekends

The net effect of the Towns regulations, few agents hold open houses and the Town is not cluttered with signs. Bottom line – There’s a lot more to successfully selling your home in Cary than just an open house!

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

How to Avoid a Huge Home Pricing Mistake, Home Seller Tips from Cary Real Estate

David Williams — Mon, 09 Nov 2009 06:47:34 +0000

There are many factors that go into properly pricing a home, this is a simple yet powerful tip! We all know the age old marketing ploy, price something at $9.99 instead of $10, it just sounds better right? No doubt this approach works it’s magic on our minds when we stroll the aisle of Target but don’t make the mistake of using this strategy with your home.

It can be a HUGE MISTAKE to price your home at $299,999 instead of $300,000!!

Curious Why? I hope so. It’s one of those simple things that’s so easy to miss.

Where do buyers start their home search? Online.

How do the online search parameters work? By Price.

Figured it out yet? Online home searches have you select your price range in even increments.

By pricing your home just above or just below a major price point you unknowingly eliminate tons of potential buyers!

If you price your home at $299,000 you have just eliminated the buyers that are looking in the $300,000 – $350,000 range.

If you price your home at $303,000 you have just eliminated the buyers looking in the $250,000 – $300,000 range.

If you have a home that is close to a $25,000 price point consider pricing it exactly at that price point.