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18 February 2010
Triangle Housing Update
News and Observer
The Triangle housing market began 2010 by recording its fifth consecutive month of strengthening sales.
There were 841 homes sold during January in Durham, Johnston, Orange and Wake counties, up 7.5 percent from January 2009, Triangle Multiple Listing Services data show. Pending sales and monthly showings were down slightly compared to a year ago, while the average sales price was up 3 percent.
Residential real estate is a key economic engine in this region. Although the Triangle didn't experience the boom and bust felt by some markets, it has suffered.
It is important that the market continue to record year-over-year increases given how bad the first half of 2009 was, said Stacey Anfindsen, a Cary appraiser who analyzes MLS data for the Triangle.
But he said it's hard to infer much from the January numbers given that it's typically among the slowest months for home sales.
Most of the homes sold in January would have been put under contract in November, Anfindsen said, meaning the numbers likely do not include people who had been rushing to take advantage of the first-time buyer tax credit.
"The fact that there was still people out there willing to buy houses at the end of the year was pretty good," he said.
The first-time buyer tax credit was set to expire Dec.1 until the government agreed to extend it and expand it. The credit allows buyers to reduce their federal income taxes by 10 percent of the price of a home, up to a maximum of $8,000.
It also allows repeat buyers who have lived in their houses at least five years to get a tax credit of up to $6,500.
The new deadline for both tax credits is April 30 to put a home under contract and June 30 to close.
The looming expiration of the tax credits, combined with favorable interest rates for mortgages, has many Triangle real estate agents optimistic about the spring.
"Not only are the prices the best they're going to be, the interest rates are the best they can be, and they're giving a tax credit," said Beth McKinney, a Re/Max United agent in Cary. "How can you go wrong? I think there's going to be a huge spring rush for that."
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11 February 2010
Valentines Day Surprise for the Pool Team
Thank you Corey Bauer with Wells Fargo
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News and Observer
Letter to the Editor

Regarding Mark Steckbeck's Feb. 9 Point of View article "Big houses, big inventory":

The year 2009 was a wake-up call for real estate practitioners within our market. The total number of closings was at or near a decade low in some areas.

While there may have been some bubble euphoria during 2006 and 2007, the majority of experienced practitioners know that the Triangle is not immune to national economic and housing trends. They are well aware of local economic conditions and have seen firsthand the effects of job losses, short sales and foreclosures. For the first time in decades, agents counseled sellers to price their homes as the lower-priced alternative. For sellers who heeded that advice, the average days on market was 96. The average seller accepted 97 percent of final list price.

The development and homebuilding communities have struggled to come up with product that is more in line with the median family income. The areas within Wake County that are most sought by buyers are North Raleigh, Cary and inside the Beltline. The lack of land available for development, the high cost of that land and the costs associated with bringing the houses online have made such a product economically not feasible.

The Triangle housing market, including Wake County, consists of many sub-markets. Each of these sub-markets is subject to unique influences. To paint all of them with the house-prices-will-fall brush stroke is incorrect. I survey 70 geographic areas/price points within the county. Thirty-seven of these have a current supply of 10 months or higher. Thirty-three operate within normal supply and demand boundaries.

Steckbeck predicted that falling prices in 11 percent of the market [the higher end] would have a dramatic effect on the rest of the market. I agree that house prices will fall in the oversupplied sections of the county. I do not agree, and predict stable prices, in the sections with a lower supply of housing.

Last year started with record low sales levels. However, closed sales increased every month, culminating with the fourth quarter netting sales higher than in 2008. Additionally, the decrease in prices combined with low interest rates means that housing affordability is at its best level in recent history. Add the tax credit extension to that and the results are far more encouraging for economic improvement in the Triangle housing market.

Stacey Peter Anfindsen

Treasurer, Raleigh Regional Association of Realtors

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12 January 2010
December 6, 2009
Annual Client Christmas Brunch

In 2008,  we began collecting toys at this event for our North Carolina National Guard.

In 2009, we had over 5,000 troops deployed to Irag and Afganistan.  We were able to collect over 130 toys for their families.  It was wonderful and greatly appreciated by our National Guard.

Thanks to all who participated.

 

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Mella Pool, Broker