Ramsey Realtors Team Blog

Check out this new property that I just posted on my Web site. It is in Raleigh.

Check out this new property that I just posted on my Web site. It is in Raleigh.

Average Home Sales Prices Up 9 Percent Compared To Third Quarter 2009

In Durham, Johnston, Orange And Wake Counties

RALEIGH, N.C. “ The Triangle Multiple Listing Service, Inc. (TMLS) announced that the average sales price of homes located in Durham, Johnston, Orange and Wake counties was $239,400 during the third quarter of 2010.  This was a 9 percent increase compared to third quarter 2009 sales. Additionally, the average sales price of a re-sale was $220,700, which was an increase of 10 percent compared to the same quarter last year.

Sales trends for September show a decrease over September 2009 and this is the continued impact resulting from the end of the federal home buyer™s tax credit program which expired in September. Closed sales for the entire region in September were down 24.9 percent as compared to 2009. The first half of this year showed sales had increased substantially over 2009, except for February. This was the positive impact the tax credit played in home sales. As a result, sales through September year-to-date remain ahead of the same period last year.

There are currently 13,791 active listings within the four main counties, an increase of 12 percent compared to inventory levels for this quarter last year. There are 2,589 new home listings, a decrease of 7 percent compared to third quarter 2009, and 11,202 re-sale listings, an increase of 17 percent compared to the same period 12 months ago.

Other figures for the quarter include 8,709 new listings entered into the system during the quarter, which represents a 9 percent decrease compared to new listings entered into the system during third quarter 2009.

The current supply of all housing within the four main counties is 11 months based upon closings this quarter, as compared to seven months for third quarter 2009.

About Triangle MLS, Inc.:

Triangle MLS, Inc. (TMLS)  is a regional multiple listing service with a jurisdiction  covering 16 counties in the greater Triangle region of North Carolina. TMLS provides a wide variety of valuable products, programs, and services for over 8,000 REALTORS ® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORS ®, and provides a single repository of property  information in the Triangle region. Access to the multiple listing service (MLS) database maintained by TMLS gives subscribers access to  over 20,000 active property listings at any one time. In addition, subscribers have the ability to retrieve historical property data and photographs from over 700,000 listings entered in the MLS since 1995.  Through participation in TMLS, subscribers also gain access to additional products, programs, and services designed to help them build their real estate business and assist their clients. TMLS strives for accuracy and excellence by enforcing adherence to the organization’s rules, regulations, policies, and bylaws which support industry professionalism, brings order and efficiencies to thereal estate market place, and enhances cooperation between participants. TMLS  is a wholly owned subsidiary corporation of the Raleigh Regional Association of REALTORS ®.  For more information, visit http://www.TriangleMLS.com.

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Luxurious Allyns Landing Town Homes

5 town homes for sale ranging from 2490 to 3000 sq ft. 1st floor master suites. 3 bedrooms, 3   baths. Formal dining rooms, cathedral ceilings. $349,900-369,900.00

Directions: I-440 to  Six Forks Road North, travel 4 miles to left on Monument, right on Allyns Landing Drive.    

Call Wanda at 919-868-8495.

By GREG HITT and JANET ADAMY

WASHINGTON — The White House-backed drive for a health-care bill picked up steam Thursday, propelled by a favorable report on its price tag and positive comments by some key players.

But big hurdles remained, including disagreements among Democrats on how to finance the legislation. Sen. Charles Schumer (D., N.Y.) revived a push for a public health-insurance plan to compete with private insurers, proposing a federal plan that states could opt out of.

Senate and White House negotiators are looking at the Schumer idea and others as they craft a bill to bring to the Senate floor.

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Associated Press

Sen. Jon Kyl, front, a member of the Finance Committee that will vote on a health bill Tuesday, and Sen. Patrick Leahy in Washington on Thursday.

Republicans stepped up attacks, saying the Democratic plans are too expensive and involve too much government intrusion. Senate Minority Leader Mitch McConnell (R., Ky.) dismissed the Congressional Budget Office cost estimate of the Finance Committee plan as “irrelevant” and insisted the legislation “will never see the light of day.” He said “the real bill” will bust the federal budget and limit “the health-care choices Americans now enjoy.”

The CBO said Wednesday that the Senate Finance Committee’s health bill would cost $829 billion over a decade and reduce the federal budget deficit by $81 billion over that period. That helped dispel concerns among moderate Democrats, and committee leaders set a vote on the bill for Tuesday.

“This resolves one of the big unknowns,” said Sen. Evan Bayh. “It does create momentum.” The Indiana lawmaker, a influential centrist Democrat, said he wanted to strengthen the legislation to ensure promised spending cuts — such as proposals to squeeze Medicare payments to health-care providers — aren’t revoked later.

The Finance Committee bill would postpone a big cut in Medicare payment fees to doctors that is scheduled to take effect in 2010, but then assumes the cut would take effect the following year and result in a 25% decrease in Medicare payments to doctors. The bill also sets Medicare payment rates for other health-care providers at rates below inflation. Congress often acts to postpone such cuts, under pressure from interest groups or in a desire to please voters, and many experts expect that to happen again.

“I’m willing to bet you right now that won’t happen,” said Douglas Holtz-Eakin, a former CBO director and a top adviser to Republican Sen. John McCain when he was running for president.

The Finance Committee bill would expand eligibility for Medicaid, the health program for the poor, and create federal subsidies to help low- and middle-income people purchase insurance. The plan includes new taxes, the biggest among them a proposed levy on high-value insurance plans.

After the committee vote, Senate Democratic leaders, in concert with the White House, will blend the Finance bill with more liberal legislation approved by the Senate health committee.

The Finance Committee bill doesn’t include a government-run health-insurance plan, and instead would create a network of nonprofit health cooperatives to offer low-cost insurance.

Liberals continue to push for some version of a government-run plan. Sen. Tom Carper (D., Del.) is pushing to allow states to set up their own government-run insurance options and band together across state lines to boost their leverage in the marketplace.

Sen. Schumer is talking with Sen. Carper about introducing a federal plan with an opt-out right for states — an idea closer to the original goal of liberals. Negotiations over the details are likely to continue for days or weeks.

In the House, the struggle over financing underscores the difficult choices facing lawmakers. Speaker Nancy Pelosi (D., Calif.) said Thursday she is exploring imposing a “windfall profit tax” on insurers, which could help make up for revenue lost by scaling back an income surtax on the wealthy included in earlier House versions of the health bill. A similar tax on insurers in the Finance Committee bill would raise $40 billion over 10 years.

Many House Democrats are signaling displeasure with the separate tax on insurers that involves high-value health plans, which is a centerpiece of the Senate Finance bill. Unions are opposed to the tax, which could hit some union members, while supporters say it could limit the growth of health costs in the private sector.

Ms. Pelosi said insurers should be made to help finance health legislation, since the industry stands to gain millions of new customers. “We think they can put more on the table,” she said.

Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars. But finding a good one can be a challenge.

“The vast majority of the banks don’t want us to advertise [foreclosure homes] as ‘bank-owned’ because it comes with a negative connotation,” says Ryan Melvin, co-owner of More Realty Group in Las Vegas.

That means there’s no sign on the front lawn indicating that it’s a bank-owned house. And a buyer probably won’t find a property advertised as a foreclosure in marketing materials, says Mr. Melvin, who specializes in real-estate owned properties, or REOs, those that have been reclaimed by a bank, typically after an unsuccessful foreclosure auction.

Where to Find Them

So, if you’re considering the purchase of a home that’s owned by a bank, you’ll need to do some homework.

One option: Go straight to the bank. Banks’ Web sites will list properties that the financial institution has reclaimed. To find a list, do a Web search for “REO” and the name of the lender. Contact information for the property’s listing agents is usually provided for each entry.

For a fee, other sites will hunt down properties for you. RealtyTrac.com, which helps people find foreclosure and pre-foreclosure properties, charges $49.95 a month, after a free seven-day trial. The company also recently launched BankHomesDirect.com, which charges $19.95 per month and lets people search just for REOs.

Foreclosures.com charges $49.95 per month, after a free seven-day trial.

You also can enlist the help of an experienced real-estate agent. Someone who works regularly with REOs might be able to track down the properties more easily than a traditional agent. The National REO Brokers Association has a searchable database of brokers on its site, nrba.com. The REO Network, reonetwork.com, offers a free listing of real-estate agents specializing in REOs.

Get a Thorough Inspection

When shopping around for a foreclosure property, it’s important to know just how much work you’re in for — and how much it’s going to cost you. Foreclosure homes are in various states of disrepair; some fixes are cosmetic, while others can be extensive.

Sometimes, people set their sights on bank-owned properties “like the word ‘foreclosure’ equals ‘good deal,’  ” says Mark Goldman, a mortgage broker with Cobalt Financial and a real-estate lecturer at San Diego State University. But that’s not always true.

Lenders aren’t held to the same disclosure requirements as sellers who have lived in the home, mainly because the lender hasn’t occupied the home to notice leaks or other problems. So an inspection is crucial.

“If there are lessons out of the last couple of years, it’s certainly buyer beware,” says Dan Steward, president of home-inspection firm Pillar to Post, which has a U.S. headquarters in Tampa, Fla.

“We have all heard the stories of people ripping the copper pipe and wiring out. People have literally gone to the light switch, disconnected the wire from the switch box and have pulled the wire through the drywall,” Mr. Steward says. Some have ripped out toilets and kicked in walls or left faucets running before vacating the house, often out of anger.

While you don’t need an inspector to tell you that the toilet is missing, he or she can tell you if there is damage 20 feet down the water line because of the way the toilet was ripped out, Mr. Steward says.

Other issues could pop up due to the property being vacant. Large banks will often hire a service to cut the grass, shovel the snow and winterize a home. But when homes aren’t occupied, it’s harder to catch small problems before they become big ones.

Come Prepared

To increase your chances of getting your offer accepted and having a quick closing process, have all paperwork and requirements in order before making an offer, says Duane Andrews, chief executive of Clear Capital, which provides valuation products for the mortgage and lending industries.

That includes having any financing approved and writing a clean offer — not asking for minor repairs, for example.

Most bank-owned properties are sold “as is,” Mr. Melvin says, so if there is something you want fixed, it’s best to just factor that into the price you’re offering.

But don’t expect to bargain the listing price way down. Banks typically price their properties at a 20% to 30% discount to begin with, he says. If the property has been on the market for a week or two, don’t expect the bank to drop the price; if the listing is older, you might have some wiggle room.

Make sure to follow directions when submitting the offer. “Most listing agents will have instructions on how we want buyers’ agents to submit the offer,” Mr. Melvin says. Delays can occur when instructions aren’t followed.

And don’t be surprised if the bank asks you to get approval from its mortgage operation. You often don’t have to take the loan from their company, he says, but they may want to get a closer look at your finances to make sure you’re a solid buyer.

Source: The Wall Street Journal

For more information please contact Wanda Burns-Ramsey @ (919) 868-8495 or  via email ramseyrealtors@mindspring.com  

About Coldwell Banker ®Since 1906, the Coldwell Banker ® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine™s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and 105,300 sales associates in 46 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International ® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker ® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

Don’t you or your  family or friends miss out on this wonderful opportunity for first tme Homebuyers!

-The tax credit is avaiable for first-time home buyers. A first time home buyer is defined as anyone who has not owned a home in three years.

-The maximun credit amount is $8000.00.

- The credit is available for homes purchased on or after January 1, 2009 and before November 30, 2009.

- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the tax credit.

For more information email ramseyrealtors@mindspring.com or call

Your Real Estate Experts

Wanda at 919-868-8495 or Calvin at 919-427-4328

COLDWELL BANKER HOWARD PERRY and WALSTON.

Opportunity, Opportunity,Opportunity! MONEY!
 

Don’t you or your friends and family miss out on this wonderful

 

opportunity for first time Homebuyers!

The tax credit is available for first-time home buyers.

The maximum credit amount is $8000.00.

The credit is available for homes purchased on or after January 1, 2009 and before November 30, 2009.

Single taxpayers with incomes up to $75,000 and married couples with income up to $150,000 qualify for the full tax credit.

For More information email or call

Your Real Estate Experts

Wanda at 919-868-8495 or Calvin at 919-427-4328

A first time homebuyer is defined by the Federal Government as anyone who has not owned a home in the last 3 years.