Triangle NC Real Estate and Community News

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 6, 2019

2018 Triangle Market Review

 

2018 was the first year, post-recession, where annual sales were lower than the prior year. Rising interest rates and house prices, hurricane Matthew, and lack of inventory in affordable sub-markets, in my opinion were the main culprits. Demand has never been a real issue for the residential market, given our economic demographics and the number of people who move to the area on a daily basis.

Housing is a shelter choice between rent and ownership. The ownership side has stated benefits of mortgage interest deduction and house price appreciation, while the rental side has stated benefits of a lower term commitment and maintenance free living. Rental rates in the overall RTP market have been increasing, thus providing additional benefits to the ownership side of shelter. Additionally, house prices, post-recession, have averaged 5%+ in annualized house price metrics. Given the supposed advantages of ownership, why would sales decline?

The following contain my opinions as to why;

1). Mortgage rate increases; as noted in my October report, the combination of rising interest rates and house prices have added +/-$150 per month to the mortgage associated with transactions in the average sales price range. While rates abated in December, they are projected to increase during 2019.

2). Price levels and location options associated with new home inventory; new home inventory added during 2018 increased 7% compared to 2017. The average list price of new home inventory added during the year was $400,000. This metric represents a 39% premium compared to the average sales price of a re-sale. This premium, combined with the level of current interest rates could produce financial metrics too high for many current owners to justify the purchase of a new home.

3). Change in mentality in the move-down market; historically move-down sellers have downsized in house size and house price. That is not possible in many sub-markets in which potential move-down sellers reside. The average list price of new homes added during 2018 in Cary was 440k, in north Raleigh was 574k and in 1TB was 739k. While some move-down sellers have adopted to the new downsize in house, upsize in price reality, many have not and choose to "age-out" in their current residence. These potential re-sale listings do not come on the market, further constricting re-sale inventory in the above, and other in demand sub-markets.

Source: Triangle Multiple Update by Stacy P. Anfindsen (12/2018)

Posted in Market Updates
June 22, 2018

Welcome Lisa D'Alora!

We are so happy to welcome Lisa D'Alora to our team at Legacy Partners Realty.  She is smart, detailed oriented and a straight shooter.  

Lisa is originally from New York.  She and her family moved to Fuquay Varina to obtain easier and more affordable living.  As we all know, a dollar goes further and the people are just awesome here.  

After working in the medical field for 20 years, Lisa desired a change.  Real estate seems to really fit this empty nester's with a passion to serve.  It would be Lisa's honor and pleasure to help you succeed in purchasing or selling real estate.  Contact her at Lisa@NcLegacy.com or 917.498.1478.  

Posted in Our Agents
Jan. 6, 2018

Welcome to Legacy Partners Realty Sally!

Sally Plautz

 

Sally Plautz is originally from a small town outside of Chicago.  She and her husband moved to North Carolina in 1986 and have lived in the Triangle Area since 1992, and she LOVES it here. They are the parents of eight children; most with families of their own who also live in the Triangle Area. Sally is a self-starter and has exhibited entrepreneurial tendencies since the 1980’s when she started her piano teaching studio in Columbus, Ohio, and has continued to teach piano every year since then.  

 

In 2005, she established Cake Dreams by Sally, a custom wedding cake bakery/design business. Over the next dozen years, she worked with hundreds of brides until retiring in 2017.  Dedication to personal and customized service was her primary goal. Year after year she received 5-star reviews from her customers on many wedding websites. Most of her work was referral based because former brides would consistently refer their friends and families to her.

One of her greatest assets is her ability to quickly put people at ease, and she creates a trust relationship from the onset. Her genuine and friendly personality generates a wonderful working relationship with her clients.

Having purchased and sold many houses of her own over the years, and having helped her children buy their own homes here in the area, she felt a nudging that a career in Real Estate would be a great way to continue in a personal service career in a very satisfying way.  After living here for 26 years, Sally can put her insider knowledge to work to find a special property in your neighborhood of choice.  Additionally, she knows the Triangle Area and what it has to offer in terms of shopping, entertainment, education and medical services. Sally has determined to bring to her real estate clients the same diligent care and service, and attention to detail that she performed as a cake artist as she assists them in their purchase or sale of a home.  

Sept. 25, 2017

Why You Need Flood Insurance

FACT: Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. Floods cost America, on average, $8.2 billion each year (according to 2015 data). Recovering from just one inch of water inside your building can cost about $27,000. Learn about The BIG Cost of Floods.

FACT: Homeowners and renters insurance do not typically cover flood damage.

FACT: Floods can happen anywhere--More than 20 percent of flood claims come from properties outside the high risk flood zone.

FACT: Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.

FACT: Most federal disaster assistance comes in the form of low-interest disaster loans from U.S. Small Business Administration (SBA) and you have to pay them back. FEMA offers disaster grants that don't need to be paid back, but this amount is often much less than what is needed to recover. A claim against your flood insurance policy could and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA--and you don't have to pay the money back.

FACT: You may be required to have flood insurance. Congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding. But even if your property is not in a high risk flood area, your mortgage lender may still require you to have flood insurance.

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates