Wendy Norman

Hello Boyd and Loretta,

I'm not sure if you can tell by the photos (depending on the site you're using to search), but the home also has a screened-in porch. The original owners had a sale price of $441,500 a few years ago (and home values in that area of Raleigh tend to appreciate at a fairly steady rate). I have friends that live in the nearby Bedford Subdivision not to far away from this particular area. Here's a link to the MLS information about the home for you to look over. Feel free to let me know if you have questions http://trianglemls.mlxtempo.com/Pub/EmailView.asp?r=70543881…

Before looking at homes, it's important that you've already met with a lender to either get pre-qualified or pre-approved for the price range of the homes you're interested in taking a look at. If you need to touch base with a lender locally, I have a few names of lenders that I work with on a regular basis. With the recent tightening of lending guidelines and because it makes sense on a business level, most potential buyers need to have a pre-qualification letter at a minimum before going to see homes in areas of interest...that way the seller knows that the person is not only interested in seeing the home but also is qualified to purchase it if they decide it's the right home for them.

What in particular attracted you to this home? Do you have family and friends in the area nearby or was it other amenities that the home has that attracted you to it? I'm not sure how many people are in your family, but I can also give you information about the public school system here as well as a little insight since I was a teacher in the Raleigh area for quite a few years.

Before you begin working with an agent, it's important to know that in NC, all agents represent the sellers unless a verbal or written agreement is reached with the prospective buyer(s). Here's a link to information that explains the different types of agency representation that consumers may choose from:
http://www.fmrealty.com/site/fmessenger/WorkingWithRealEstat…

Buyer's agency in NC is typically free as the seller pays the commission, so if you're looking for a buyer's agent who's relocation certified, I would love a chance to earn (and keep) your business. Please feel free to email me via my website link below if I can help. Have a wonderful day! - Thu Nov 13 2008, 21:19

Hi Tripp,

The Wake Co. area is quite an anomaly... the average price of homes is increasing and values in general are appreciating (the average in Wake Co. across the board last year was 2.33%, according to the TARR Report). Appreciation rates are area and subdivision-specific, so it's hard to have a blanket statement for every neighborhood. I can research certain subdivisions for you if you're interested in knowing the appreciation rate there over the past 13 mos since we have access to that via the TARR Report. We can also show you which price ranges have the most inventory and which ones are still selling well.

The thing that has decreased here in this area is the total number of homes sold, but not necessarily the home values. Again, depending on the neighborhood, if there are foreclosures or short sales around, those can affect property values, but I think I remember hearing that it's less than 2% of all homes--not half the country as the media would have you believe.

The fact is that over 98% of home loans were current with Fannie Mae and Freddie Mac around here, so we're not seeing the huge drops in value like other parts of the country because home pricing here never got out of hand and appreciation has been slow and steady for at least the past 18 years. Some neighborhoods have seen double digit appreciation while others may fall in the 1-5% range.

We've also found that homes aren't selling here because folks can't sell their other homes in other parts of the country. There are still over 80 people per day moving to Wake Co. because of its location, education system, job market, and opportunities for a lower cost of living as compared to other areas of the country.

As for predicting interest rates, those can change several times per day and no one can foresee what they'll be. When the Fed drops rates, it doesn't always have an effect on mortgage lending rates but rather the rates at which banks can lend to each other (which usually means less interest for us in our checking and savings accts). To get the most accurate rates, you'd need to speak with a lender. I have several reputable ones that you can talk to if needed.

As far as buyer incentives go, there is already an incentive that began for July of this year and goes through April of next year for a $7500 tax credit for first time homebuyers or those who haven't owned a home in 3 yrs. It's sort of like a tax-free loan in the form of less tax burden the year after you buy the house. The government reclaims it in the form of extra taxes at around $550 / yr for 15 yrs or the remainder is recaptured at closing if you sell.

There are still 100% financing options available depending on your bank. State Employees' Credit Union may have it and there's a USDA Rural Housing loan that has 100% options if you purchase in what's considered to be a rural area here. New construction homes are also throwing TONS of incentives at buyers right now trying to get inventory to move, so depending on price range, you could get quite a deal there. For the most part, however, in this area, the average list to sale price ratio is 97% and has been for years.

Hope this info helps. Please feel free to email me if you have more questions - Thu Nov 6 2008, 05:54

The lot is close to a 1/4 of an acre (.23 according to the listing). WHITSTONE Nbrhd:
Here's the info I cut and pasted from the MLS listing--sorry it doesn't paste very well ...it's in Whitstone. If you have more questions or would like more market data about the area, please feel free to email me via my website below.

Thanks!

Wendy Norman



Seller's Name: GOTTFRIED HOMES INC. Sold Dt: School Information Middle 1: Wake - Fuquay Varina Middle 2: High 1: Wake - Fuquay Varina High 2: Directions: FROM RALEIGH TAKE 401 SOUTH TO FUQUAY-VARINA,LEFT ON JUDD PARKWAY,GO APPROX. 1 MILE THEN RIGHT ON QUEST RIDGE DRIVE INTO SUBDIVISION,LEFT ON CREEK VALLEY,LEFT ON NATURAL SPRINGS,RIGHT ON CLEANVIEW COURT,HOME IS IN THE CUL-DE-SAC Remarks: over 2050 sq ft on a cul-de-sac lot...3 bedrooms...2.5 baths...2 car garage...front porch...back porch...separate dinning room with hardwood flooring...foyer/entrance with hardwood flooring...family room with fireplace...kitchen/island/pantry...crown molding... Rooms / SqFt Information Living Area Above Grade: 2053 Below Grade: 0 Total: 2053 Other Area Above Grade: 0 Below Grade: 0 Total: 0 # Rooms: 7 Beds: Full Baths: Half Baths: 1 3 2 Living Area-Room Dim/Levels Entry Hall: 10.4x4 / Main Office/Study: Master BR: 15.4x13.4 / Second Bedroom 5: Living: Kitchen: Bedroom 2: 11x10 / Second 11x10 / Main Utility: Dining: 11x11 / Main Breakfast: 8.6x8 / Main Bedroom 3: 11x10.8 / Second Bonus: 18x18 / Second 21x13.4 / Main Family: laundry rm: 5.6x5.6 / Second Bedroom 4: Other Area-Room Dim/Levels Scrnd Porch: Garage: 22x21 / Main Storage: Patio: cov. porch: 13.5x10/Main Carport: Porch: 33x5 / Main Deck: General Information Appx Acres: 0.23 Foundation: CRAWL Zoning: Lot Dim: 0 Lot #: 44 New Construction: Est Fin Date: 10/2008 HUD Compliant Senior Housing: Yes Builders Name: Restrictive Covenants: In City: Yes HO Assoc. Mgmt: HOA Phone: HOA Fax: Total HOA Dues: $ 0 Financing and Taxes Tax Value: $187,749 Tax Rate: 0.0000 TM/BK/PAR/LT or Deed Page: Financial Comments: Legal Desc: LO44 WHITSTONE SUB BM1996-469 Pin #: 0666233887 Features Exterior Features: Porch, Private Fence Design: Property Type: Detached Primary Type: DTACH Acres: 0-.25 Acres Exterior Finish: Vinyl Style: Traditional Roof: Shingle Basement Desc: A/C: Dual Zone, Central Air Fuel-Heat: Natural Gas Fireplace Desc: Gas Logs Flooring: Carpet, Hardwood, Vinyl Heating: Dual Zone, Flr Furnace Lot Desc: Water Heater: Gas Fees Include: None Water/Sewer: City Sewer, City Water Parking: 2 Garage Financing: New Needed Dining: Separate Dining Room Assumption: No Assumption Washer/Dryer Loc: 2nd Floor Other Rooms: Bonus Room/Finish, Family Room, Entry Foyer, See Remarks Interior Features: 9 Ft Ceiling, Attic Pull Down, Ceiling Fan, Cable TV Available, Garden Tub, Tub/ Sep Shower, W.I. Closet, - Mon Oct 27 2008, 11:37

In most areas of Wake Co., the typical list to sales price ratio is usully 97% or more, so 97% is a good rule of thumb. It can vary according to the home and neighborhood (divorce, death, foreclosure, short sale, quick sale, etc can affect pricing of certain homes). Wake Co. hasn't had the astronomical rise of appreciation rates, but rather, it has held steady over the past couple of decades...that means in most areas, pricing is typically (not always) around fair market value. Slow and steady wins the race, right?

In Wake Co. last year, the appreciation rate across the board was about 2.33%, which is lower than previous years due to national trends, however, many areas are still appreciating. There are some neighborhoods with doube digit and high single digit appreciation rates, so it varies according to location. It's kind of an ironic situation because the average home sales price is increasing (currently around $256K, according to the TARR Report and our TrendGraphix data), homes are generally still holding their value and values are appreciating--but the total number of homes sold compared to last year was down around 34%. We're finding that a lot of people are unable to buy in the area because they're unable to sell their homes in other parts of the country, so many are renting here for a while.

If you're curious about appreciation rates in Wake Co, I can pull some market data for you to give you an idea. If you go to http://www.wakegov.com and click "Tax, Property, & Maps" and then "Search Real Estate," you can type in street addresses to see what they sold for when they were purchased. This won't give you info about closing costs that were paid by the seller or other concessions given w/ the sale, but it will give you a ballpark idea. For more detailed information, you'd need the advice of a Realtor.

The Raleigh area is a wonderful place to consider for relocating. It has received several recent accolades from Kiplinger's, Money magazine, etc. It was voted one of the best places to live, best places for business and careers, best places for investment, etc.

I hope this info. helps. If you need more detailed market data, there's no such thing as too much info for my clients :) Let me know if I can help. Have a great Monday! ~Wendy - Mon Oct 27 2008, 07:21

You can pull that info up by going to http://www.wakegov.com, click Tax, Property & Maps; then search real estate; sometimes (if it's kept anonymous), you may not have access to that info. unless it's allowed to be released by the seller via the listing agent.

Hope that helps! Have a great weekend! - Sat Oct 18 2008, 15:05