New Homes Sales In The Triangle Area And Across The Country Hit A Low In February

New home construction in the Triangle area and across the country was hit hard last month.  According to the U.S. Department of Housing and Urban Development , new home sales dropped to an annual rate of 250,000 in February, which is the lowest number seen since they started tracking figures in 1963. The decrease in sales has also contributed to the price drop in the median price of a new home. Last month the median price of a new home was $202,000, which was the lowest number seen since 2003.  Analysts are predicting that if the new home construction industry remains sluggish, smaller contractors may go under leaving less competition.

Many builders are unfazed by these reports and feel that there is too much attention paid to large monthly drops or gains in the new housing market. The National Association of Realtors spokesman Walter Molony said the data “is based on a thin sample of contracts and takes four months to establish a trend.” The Triangle area actually saw a jump in new home sales at the end of 2010 and ended the year with an annual rate of 329,000. It is easy to see how these numbers can easily vary on a month to month basis.

If you are looking to buy or sell a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

Triangle Car Enthusiasts Are Saving Money At The Pump

With the recent surge in prices at the gas pumps in the Triangle area, it may leave you wondering how to avoid those high prices. Those auto enthusiasts who were first to buy the batch of a recent release of electric cars that rolled out this past December are feeling pretty happy right now. The Chevrolet Volt or Nissan's all-electric Leaf are saving their owners a lot of money.

The Chevrolet Volt is a plug-in hybrid electric car that can run about 40 miles on battery before it transitions to traditional fuel. The Nissan Leaf is said to get nearly 100 miles per electric charge. These cars are hard to come by and do not come cheap, but their cost savings in the long run may make them pay for themselves. President Obama is pushing to have 1 million of these types of vehicles on the road by 2015. Other automakers such as Toyota, Honda and Mitsubishi are also in the process of rolling out their own models. The nice thing about these types of vehicles is that the price of electricity is not rising near as fast as the cost of gasoline.

These vehicles do have a draw back when it comes to their limited travel distance with short battery life. Cold weather in the Triangle area does not seem to mesh with these cars either. Recent cold weather caused the Volt's battery to last just 23 to 28 miles instead of up to 40 as Chevrolet had estimated.

With gas prices on the rise, cutting down your commute by living closer to the hub of all activity may be an option for you. If you are looking to buy or sell a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.