Raleigh Real Estate News Blog
Southerby Bluffs will be open this weekend
We will be on-site showing the new townhouses Southerby Bluffs this Saturday doing a little cleaning and setting up for the coming week. Come for a visit and see our quality, convenient location and custom floor plans!
Directions to Southerby Bluffs:
From 440 Beltline: Take exit 299 Hammond Road and turn left, Follow Hammond and cross Hwy 70 then Hammond turns into Timber Drive, Travel about 3.5 miles on Timber then turn left onto Aversboro Road, Right onto Heather Park Drive and then Right onto Southerby Bluffs.
From Downtown: Take South Saunders toward Garner and it turns into South Wilmington/ 70 East, Stay left at the 70/401 Split, Turn right onto Aversboro Road, Left onto Heather Park Drive and then right into Southerby Bluffs.
Mortage rate predictions
Here’s a quick update about my earlier post regarding the uncertain future of mortgage rates:
One reason for such bidding wars is that many buyers can qualify for tax credits of as much as $8,000 if they agree on a home purchase by April 30. Meanwhile, economists say mortgage rates — currently around 5% for standard 30-year fixed-rate loans — are likely to be at least modestly higher later this year as the Federal Reserve withdraws support for the market.
Analysts at Credit Suisse in New York say that rate could end the year at 5.10% to 5.25%. Mark Zandi of Moody’s Economy.com predicts 5.75%.*
I just wanted to add a little credibility to my opinion regarding where rates are heading. I think Moody’s has it best in that rates will run closer to 6% by the end of the year.
As far as housing prices are concerned, Freddie Mac CEO Charles Halderman has stated they want to price their foreclosed inventory to sell but want to refrain from putting too much downward pressure on home prices. ** What does this mean for home prices in the Raleigh area? I think they will stay around where they are now. We have seen drops around Raleigh upwards of 15% over the past 2 years (Depending on the area, some are much lower.) 2010 should prove a great time to buy a home in Raleigh.
*James R. Hagerty. Housing market shows signs of healing, but danger remains. Wall Street Journal [Internet]. 2010 Jan 27 [cited 2010 Feb 24]. Available from: http://online.wsj.com/article/SB10001424052748704905604575027370647347644.html?KEYWORDS=james+r+hagerty
**Nick Timiraos and James R. Hagerty. No Exit in Sight for U.S. As Fannie, Freddie Flail. Wall Street Journal [Internet]. 2010 Feb 9 [cited 2010 Feb 24]. Available from http://online.wsj.com/article/SB10001424052748704362004575001042824028862.html?KEYWORDS=james+r+hagerty
Raleigh Real Estate News goes Twitter
You can follow our blog as I write and receive tweets of our new posts. It’s quick, easy and awesome. I surf real estate news and the local city websites looking for blog stories and now I can update you with my posts as well as direct links to the story right from Twitter. You would have to visit 5, 10, and even 15 news sites a day to get all the real estate news I read. Now I do it for you. Rock on.
http://twitter.com/Jason_B_Graves
How to read this blog
Just a quick heads up: Not all blog posts appear on this page. Check out the blue box on the right side with tabs on the top. I sort out things like tips so they show up all in one place and then I filter them out to avoid them showing up twice. In the light blue/ gray post sidebar there is a list of categories. Just pick a category and you will see any posts I have written for that topic. You can also search anything you want using the search bar in the top right corner of header. I have been writing for 5+ years so you can probably find about anything you can imagine regarding real estate.
Thanks for reading!
Planning to buy a home in the Raleigh area? What will happen to mortgage rates?
The Federal reserve (Fed) has confirmed their position that it plan to stop purchasing mortgage backed securities after March, 2010. The Fed has been buying these securities since January, 2009 to keep the housing market from sinking to lower levels. The Fed’s actions have helped keep interest rates at historic lows during a very critical time for the housing industry. What will happen when the Fed quits buying mortgage backed securities? Everyone I turn to expects rates to rise and the question is not if they will rise, but how high?
A consensus I have drawn from reading various articles is around 1%. We will likely see prices climb as soon as the Fed makes it’s announcement and the buzz is that we will see rates hover around 5.75% and 6.0% into fall, 2010. Greater increases are expected after that but I have no clue or viable opinion what that means yet.
Opinion aside, here are the facts: Interest rates today are still very low. Housing prices have come down in the Raleigh area about 10-15% from market highs. Inventories of homes for sale still favor home buyers in most areas of town. The government is providing tax credit incentives for first time home buyers as well as qualified move up buyers who are able to contract a home by April 30th and close within 60 days after that.
If you are considering a move this year, then you might consider moving now vs. later. Do not overextend yourself just to take advantage of the credit but do include these thoughts into your plan for the year.
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