2012 Could Be The End Of The Housing Crisis In The Triangle Area

After many years of a struggling housing market in the Triangle Area 2012 may be the end of this housing crisis.   A recent report released by Capital Economics is predicting that the housing crisis will end this year.  They are basing their prediction on banks loosening their credit standards making home owner ship more obtainable to many.

The average credit score that most lenders are looking for to attain a mortgage at this time is at least 700.  This number is quite a bit higher than what we saw prior to the housing crisis. Mortgage lending standards are stabilizing and a credit score of 700 was similar to what was required last year also.  We are also seeing a loosening of credit availability among lenders. There are many lenders that are now lending amounts as high as up to 3.5 times the borrowers earnings.  This number is slightly up from the 3.2 times borrower earnings we were seeing.  Banks are also changing their loan-to-value ratios (LTV), this is the key indicator that Capital Economics is basing their prediction on a recovery on.

The ability to obtain your dream home in Glen Laurel just got easier, 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.

Mortgage Rates In The Triangle Area Expected To Remain Low Throughout 2012

If you have been looking to the move to the wonderful community of Glen Laurel then this year is the year to make your move. We have seen historically low mortgage interest rates and industry experts are predicting we will continue to see low rates throughout the rest of 2012. Greg McBride, senior financial analyst for Bankrate.com said, “We may spend the entire year below 5%.” 

Rates right now are already sitting at all time record lows, making it the perfect time to buy your dream home in Glen Laurel or in the surrounding Triangle area.  The first week of January, Freddie Mac’s weekly survey of conforming mortgage rates reported that 30-year fixed rates hit 3.91%. This number ties the record for the lowest rates that have been in the history of the survey.  To put into perspective how low that is, the highest the survey has seen was in 1981 when interest rates hit a high of 18.63%.  The annual average rate on a 30-year fixed rate mortgage reached its historic low last year with rates averaging 4.66% according to Bankrate.com and 4.5% according to Freddie Mac.

Freddie Mac is forecasting that interest rates will average 4.2% in the first quarter of 2012 and should average 4.8% in the fourth quarter of 2012.  Continued low rates allow those potential buyers who were are working improving their credit to be able to take advantage of these low rates.

To 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.

Home Ownership in the Triangle Area is More Affordable Than Renting

Home prices in the Triangle area and across the nation are struggling, and a recent report released by Case-Shiller Index showed just how much. Here in the Triangle area the price of homes has fallen 3.1 percent over the past year. The Triangle area fared better than the rest of the country, however, who on average experienced a 5.9 percent price drop according to Fiserv, a company based out of Wisconsin that provides information and software to the financial services industry. In the last three years, we have seen home prices fall by 7.4 percent. Fiserv is predicting that home prices will once again begin to stabilize by the middle of 2012 as a result of home ownership becoming more affordable and a strengthening economy.

Many more Americans are choosing to rent a home. However, it is now cheaper to have a monthly mortgage payment. The current average monthly payment for a mortgage is now $700, which is down 40% from its peak in 2006. The cost of renting is up. The average price of rent in the Triangle area for the month of September was $838, which is up 2.2 percent from a year ago, according to the Triangle Apartment Association and Karnes Research. These numbers show how affordable home ownership is, and there is no better time than now to buy your dream home in Glen Laurel.

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 answers and would love to sit down for a confidential review of your options.

The Basics On Getting Your Glen Laurel Home in Clayton, NC Sold

Deciding to sell your home in Glen Laurel or the surrounding Triangle area can be a big task. For many residents in the Triangle area, their home is their biggest asset. A Realtor® such as myself recognizes this, and I am invested in helping you through all the steps needed to get your home sold, from preparing it, pricing it, negotiating and finally closing on your home.

Use these few key steps to help make selling your home work for you. You may feel that by following these tasks you can sell your home on your own. However, selling your home For Sale By Owner can be a full-time job. Using a qualified Realtor® will help ensure that you get the most for your home, as they are skilled in negotiating the best price for you along with helping take the burden from you on all the little details that go into selling your home.

Prepping Your Home to Sell:

If you are considering selling your home in the months prior to listing it on the market, you want to evaluate the condition your property is in, and fix any visible problems that may exist. Not many buyers out there are also looking to buy a home where they need to finish a project that you started. Walk through your home, and see what type of things may need to be fixed. As a  skilled Realtor®, I have an eye to help you determine what things you may want to change prior to listing your home on the market. It is also ideal to declutter your home. If you haven’t used something in a year, you may not need it, and now would be a good time to donate that item to charity. It may be beneficial to rent a storage unit, and remove some of the furniture from your home.

Meet With Your Realtor® to Establish Price:

In today’s housing market, pricing your home to sell is key. If you are choosing to sell your home FSBO, you may have a difficult time pricing your home just right. That is why it is so important to use the help of a Realtor® who is skilled in pricing homes in the Triangle area. A Realtor® knows the essential steps needed to determine the fair market value of your home.

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.

Glen Laurel Residents Facing Foreclosure May See Help Soon

Many residents of Glen Laurel and in similar communities across the country are struggling during this economy and may be facing foreclosure on their homes. The good news is there may be help on the horizon. Nearly 1 million homeowners across the nation may soon see their mortgage cut by $20,000 as a result of  a long-awaited deal taking shape among state attorneys general, federal officials and the nation's largest mortgage servicers. Despite pressure from the White House a final agreement has not been reached.  The details of the agreement are still being ironed out.

There are many attorney generals that feel that the deal may be too lenient on the banks. State and federal officials who have knowledge of the negotiations taking place have stated that the agreement could be about $25 billion, and up to $17 billion of that would need to be used to reduce the principal for those homeowners facing foreclosure.  The remaining portion would be set aside for those homeowners who have been victims of improper foreclosure practices. It is estimated that there are about 750,000 families across the nation that this has happened to.  The final amount that a homeowner would see put toward their mortgage principal reduction and reimbursement will be dependent on how many states sign on.

N.C. Attorney General Roy Coope had this to say about the agreement. "This enforcement action should be a significant first step in holding lenders accountable, getting immediate help to borrowers and establishing clear rules on loans for the future."

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.