Home Sales Down In 2011 In The Triangle Area

Home sale numbers in the Triangle area for 2011 are in, and they are not as positive as we would hope. Home sales fell 6 percent in 2011 to numbers we have not seen since 2002. The good news is that toward the end of 2011 we saw an uptick in home sales, which could be an indicator that the housing market in the area is on the mend.

Durham, Johnston, Orange and Wake counties had a total of 3,600 homes sold in the fourth quarter of 2011, which was up 10 percent from the same time period in 2010, according to the Triangle Multiple Listing Services data. Pending home sales were also up 12 percent for the fourth quarter of 2010 in the Triangle area. The average price of a home sold in the fourth quarter was $230,000, which is down about 6 percent. The number of existing homes on the market dropped drastically from April to December of 2011, with a 35% drop seen. The number of new homes on the market has also decreased. Compared to 2008 the number of new homes on the market is 60 percent less. If we continue to see the number of existing homes and new homes decreasing, we could see home prices begin to stabilize.

Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real-estate agents said, "We should be back to the little percentage changes between zero and 5 percent." He continued, "I don't foresee anything double-digit in percentage changes from a closing standpoint."

If you are interested in buying or selling 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 many 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.

Tips For Insuring Your Glen Laurel Home

Buying a home in the community of Glen Laurel is a big decision, and many new homeowners rarely pay attention to the ins and outs of homeowners insurance on their new home.  Obtaining a homeowner’s insurance policy is an easy task.  You will need proof of homeowner’s insurance when closing on your new home in the Triangle area. While it may be easy to get insurance on your home, do you really know if you are adequately covered?

Coverage On Your Dwelling

Near the top of your insurance policy, you will see building/dwelling/property, which indicates how much it would cost to rebuild your home if it was completely destroyed. Keep in mind that normal insurance policies tend to not cover earthquakes or floods. You can choose to purchase policies separately that will cover these items.  Do not under-insure your home! Review your policy each year to ensure that your coverage is appropriate as the cost of building materials rise.

Liability Coverage

Liability coverage should come standard on your homeowners insurance policy. For instance, if someone visiting your Glen Laurel home were to get hurt and choose to sue you, your insurance company should step in and pay for the cost of an attorney to represent you. However, there is a limit to how much the insurance company will pay. $300,000 is a customary amount that is covered, but you do have the option of adding additional liability coverage, which is called an umbrella policy.

Deductibles

The amount you pay as a deductible is something that you get to choose.  A deductible is the amount of money that you will have to pay out of pocket if you need to file an insurance claim. The higher your deductible, the lower your annual insurance rate will be.

Extra Items

Typical insurance policies will not cover things such as jewelry, paintings, and other items of high value.  If you have items of meaning that you want to have insured, do not forget to mention these things to your insurance agent when signing up for a new policy.

If you are interested in buying or selling a home in Glen Laurel, 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 many 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.

30 Year Mortgage Rates In The Triangle Area Continue To Fall To Record Lows

Mortgage rates in the Triangle area have been down for some time now, but it appears that they are continuing to trend downward. Across the nation the average rate on the 30-year fixed mortgage dropped to 3.91 percent last week according to Freddie Mac. This rate matched the historical low number we saw a few weeks ago. Those looking for a 15-year fixed rate loan will be happy to know rates have dropped to 3.23 percent - down slightly from 3.24 percent the week prior. The number is up slightly from a record low we saw a few weeks ago of 3.21 percent. The average rate listed does not include any extra fees or points.

Mortgage rates have historically followed the yield on the 10-year Treasury note, which has fell 2 percent last week. Many economists are predicting that the Treasury note will continue to fall even lower in the future if the Fed chooses to launch another round of bond purchases. Many economists are predicting that the Fed will go ahead with another round of bond purchases in the near future.

Decreased mortgage rates are a wonderful thing if you are looking to buy a new home in the community of Glen Laurel, or to refinance your current Glen Laurel home. Low mortgage rates across the country have done little to help the housing market at this time. Interest rates hovered around 8 percent for the last eight weeks in 2011, and many who are eligible to refinance their homes have done so.

Take advantage of these low interest rates and buy a new home in Glen Laurel. 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 many 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 answers and would love to sit down for a confidential review of your options.

The Town Of Clayton’s Economy Strengthens

The economy of the town in which you live plays a large role in many aspects of your life. Living in Glen Laurel, you can rest assured that the city of Clayton, North Carolina, is growing stronger. After three years of seeing an economic downturn, recent development projects in the city of Clayton show that its economy is now improving.

Many new developments have helped play a role in strengthening the local economy. The promises of the N.C. 42 West corridor, the growth and resumed development of local subdivisions, large retailers moving into the area and the effort to promote residents to shop locally have all played a part.

Town Manager Steve Biggs said, "We are well-positioned to take advantage of two things. As the Triangle improves, people move here, and local employers and industries continue to prosper."

The subdivision of Summerlyn, which is located on Glen Laurel Road in east Clayton, was stalled in building as a result of the down economy, but this past fall has once again started building. Chandler's Ridge, another subdivision that suffered from bankruptcy, will also resume building soon.
On the industrial side, the city of Clayton saw the addition of the Coca-Cola Bottling Co. after consolidating from its downtown Raleigh location. Biggs is hoping that with the pending Coca-Cola site other large corporations will choose to call Clayton home.

The Chamber of Commerce and the town have been encouraging everyone to shop locally through their campaign called, "Think Clayton. Think Shopping." Shopping locally keeps residents' money in town and helps keep our local economy strong.

If you are interested in buying or selling a home in Glen Laurel, 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 many 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 answers and would love to sit down for a confidential review of your options.