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Posts Tagged ‘Raleigh Homes’

Real estate for Raleigh/Durham NC and beyond

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Michael Sullivan

We all need a helping hand….
Home sellers, landlords, renters and home buyers all find themselves in need of help during housing transition periods.
My web site, TeamMichaelSullivan.com offers a wealth of resources for those moving, thinking about moving or just living.

Use this link to link with top notch attorneys, trades people and specialty services. If you don’t see your name and if you’re in business in the Raleigh/Durham , Triangle then email me and we’ll add you to the list.

http://www.TeamMichaelSullivan.com

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8 Flagstaff Court Durham NC 27713

This home is ready for you to move right in because the current owners have taken meticulous care of this property. The exterior has been freshly painted, the deck power washed and new heating and central air conditioning added in the last couple of years.

The home is nestled on a cul de sac in the Woodlake neighborhood, the lot is level, the backyard is huge and the home is within walking distance to the community pool, lake, trails and a nearby city park.

Inside you’ll find custom moldings, hardwood floors in the foyer, nine foot ceilings down and a nicely flowing floor plan. The kitchen is modern, functional and offers a wealth of work space. The living room and dining room are both sun splashed and inviting. Upstairs are three bedrooms and the master offers two walk in closets and a spa type master bath complete with soaking tub.

Interested in learning more about this lovely home? Call, text or email me Michael Sullivan, the expert on all Durham NC properties.
919-608-2372 mobile/text
MSullivan@fmrealty.com

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822 Lynn Road Durham NC 27703

What goes around comes around and so does 822 Lynn Road. I’ve sold this home once already and now I’ve got it for sale again. There is so much to like about this home, the floor plan is open and has a terrific flow. The living space is light and bright and the hardwood floors gleam.
The yard has tons of garden space with lots of perennial plantings that are sure to thrill any gardener.

822 Lynn Road is a short ten minute drive to Duke Medical Center, The VA Medical Center, shopping at Brier Creek and the Research Triangle Park.

Call Michael Sullivan, the real estate expert on Durham, Research Triangle Park, Hillsborough and Chapel Hill. To learn more about this and other properties in the area. You can Michael at 919-608-2372 mobile/text or MSullivan@fmrealty.comVisit his web site at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

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The right buyer’s agent; how the heck do you know?
I suppose before you can know, you need to understand exactly what it is a buyer’s agent is supposed to do and how they are supposed to operate.

In North Carolina a real estate agent is required to work for someone. That someone can either be a buyer or a seller or sometimes both. Being a seller’s agent is traditional agency, the agent is working for the seller’s best interest. Being a buyer’s agent is just that, working for the buyer’s best interest. Being a dual agent is working for both parties best interests. Believe it or not with experience this is not tough to do.

So back to buyer agency; most if not all problems associated with a real estate transaction boil down to communication.

1. An agent doesn’t have the experience to know and understand where pitfalls may be within a specific transaction.

2. Through training or lack thereof, the pitfalls have not been communicated to the agent and the agent has not communicated to the buyer the pitfalls.

3. The buyer agent does not adequately communicate to the listing agent what it is the buyer wants or expects.

4. The listing agent doesn’t know about a particular deficiency in the property.

5. Through training or lack thereof, the seller agent has not explored the red flags that would uncover a deficiency.

6. The buyer agent doesn’t show the buyers what they want to see.

7. The buyer agent has not asked the proper questions to determine and vet out exactly what the buyer wants or can afford.

8. The buyer agent doesn’t know the market and cannot adequately inform or show the buyer what is available in the market.

It boils down to communication. As a consumer of real estate take your time, sit down with your potential buyer agent or seller’s agent and talk to them, interview them. One of the most important practices that I typically engage in with my clients is an interview. We sit down and before we look at one home, we talk for a half hour. I ask a million questions so that I can better assist my buyers in making a home buying decision.

There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss whether I am the right agent for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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Interested in buying, selling, renting or leasing real estate in Durham, Raleigh, Cary, Apex, Chapel Hill or Hillsborough NC, call Michael Sullivan REALTOR, 919-608-2372 or email MSullivan@fmrealty.com

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Don’t get caught

I recently read a home inspection report which was the most evasive report that I’d ever seen. The report itself was very nice, full of photos and general observations but when it came to some the meat and potatoes, I was very disappointed. Thankfully I didn’t encourage the buyers to use this inspector.

The inspector noted that the home has aluminum wiring, not in and of itself a problem, especially since the house has copper pigtails. What was disturbing is the inspector refused to comment as to whether the terminal connections to the breakers and bus bar are secure and functioning properly. All of this done with the panel box open and with enough time to snap multiple photos.

I guess he couldn’t put his fingers on the wires; no danger here if one touches just the insulation and jiggle them a little to see if they are loose. The same true with the breakers. The home inspectors recommendation; hire an electrician to evaluate. The inspector did a political dance to the left. He took the fifth and passed a very expensive buck.

The same was true of some water stains in the house. He wouldn’t say yah or nah to whether or not there were active water leaks in this home. He said, get a plumber and investigate further. I imagine that a moisture meter placed on the spots and running the water at full force during the inspection didn’t cross this guys mind. That’s what other inspectors do; so that they can then say, ah ha here’s a water leak. To be fair to this fellow, he did find a lot.

However this side stepping at over $300 for a townhouse home inspection is unfair to the buyer, the seller and the agents involved. This is exacerbated too by his sarcasm and hostility when I asked him about the homes grounding, breaker box, wiring and “plumbing leaks.” I was told in no uncertain terms to read the whole report and reference all of the links he’d placed in it. Reading the report and following the links are all admirable and well spent time tasks but those tasks still don’t answer the questions left begging, are the bathrooms leaking? Is the electricity working properly?

 I guess that I’ll have to go elsewhere to determine those answers. Care to know more about finding the best home inspector to evaluate your future home? There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss finding the very best inspectors for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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Buying a foreclosed home? What you should know going into the process?

For the next two to three years those who are able are going to have their pick of the litter when it comes to foreclosed homes. The trend in the last six month of 2010 is that there are some pretty good foreclosed homes coming on the market in Durham, Chapel Hill, Raleigh, Apex, Cary and Morrisville, North Carolina. Gone are the days, for the most part of the stripped down, abused and beat up foreclosed home. Gone also are the days of really holding the banks hands to the fire and driving a hard nuts bargain.

Lesson one; foreclosed homes are by their very nature at bargain basement prices. This is where most consumers miss the boat. Many real estate consumers of foreclosed homes believe that they can rake the banks over the coals and score a really terrific deal. Banks work off a system where by an actuary puts numbers into a formula and those numbers determine, list price, sales price, concessions if any and commissions. The consumers with whom I’ve worked; who have been successful in purchasing a foreclosed home have “hit their initial offer into the ballpark.” This initial offer is typically within three to five percent of asking price and this includes all concessions. Concessions being closing costs, warranties and any other out of pocket expense the bank would be asked to pay.

Lesson two; unless the property is a portfolio property, the bank has little if any investment or money into the property. Almost all mortgage loans, including those defaulted upon are bought and sold on secondary markets as commodity therefore the bank selling the foreclosed home is a loan servicer and their exposure is in holding the home in inventory. The servicing bank is exposed if the house burns down, develops mold, is vandalized and that’s about it.

 Lesson three; what is as is where is? Simply put, what you see is what you get and what you don’t see is what you get. Here is where you need an experienced savvy buyer’s agent to help you through the process, you also need an agent who knows your market and generally this will not be the listing agent. Most REO/Foreclosed home listing agents don’t work with buyers; they represent the best interests of the bank. This is where I can help you. My 17+ year’s market experience allows me to guide you through the process. I have also sold numerous bank owned properties. Here are my responsibilities to you the buyer:

 1. Make you aware of all hidden and latent fees associated with your purchase of a foreclosed home.

a. Did you know that you might be responsible for de-winterizing and re-winterizing the property even if you don’t get to the closing table?

b. Did you know that there might be significant issues of title including un-cancelled deeds of trust (mortgages).

 c. There indeed might be hidden document fees paid to the bank holding ownership of the foreclosed homes.

d. The bank contract or purchase addendum for the property being pursued may require that the buyer pay fees normally associated with the seller side. Having these documents in hand is critical before purchasing a foreclosed home.

Lesson four; in this down economy there may be unwelcomed residents and conditions associated with the foreclosed home that you are pursuing. I have seen squatters move in during the contract period and the sheriff has had to evict them prior to settlement. I have seen foreclosed homes vandalized or stripped of copper during the escrow period. What the buyer needs to understand is that the bank is under no obligation to bring the house back to the condition that it was in when first discovered by the potential buyer. That is indeed a painful reality.

Lesson five; the listing agent will get me a better deal on this foreclosed home. Nope, isn’t true at all. Most listing agents of foreclosed homes are playing a numbers game. If you don’t buy it someone else will and they are so swamped with paperwork and reporting to their masters at the bank that they don’t have the time or inclination to work with buyers.

Interested in learning more, and there is so much more to learn about foreclosed and short sale properties. Phone me, Michael Sullivan at 919-608-2372 or 1-888-574-6400 and ask for Michael Sullivan at Croasdaile. You may text me at 919-608-2372 or email me at MSullivan@fmrealty.com

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Durham Area Trends

  Durham US Local Trend
Price Activity      
Current Median Q3 2010 $184,900 $177,100 Up but slow
1 year appreciation .3% -.6%  
3 year appreciation -1.1% -.19.9%  
3 year equity gain -$2,000 -$44,000  

 

These figures come from NAR, the National Association of Realtors.  Although median prices in the Durham, NC market are up slightly and are ahead of national median prices, it is important to understand that no market exists in a bubble.  The Durham market is reliant on the U.S. market and the entire global economy.  So, without equity as shown by the three year gain, or more accurately loss, home sales will remain sluggish simply because consumers don’t have the money to purchase homes.  Consumer home equity is lost and will take years to recover. 

Home owners can build faster equity in their homes if they make additional payments to principal, avoid borrowing against their properties and if they make cautious investments in enhancing their homes.  Owners contemplating a home sale should gird themselves too; there should not be a presumption of appreciation but rather a presumption of a loss.

Similarly, owners considering a home sale should engage a real estate professional sooner rather than later to discuss merchandising their property, staging their property and enhancing their property so that it stands out among the competition.

Interested in doing so?   Call me, Michael Sullivan, I’m always happy to walk through a property with an owner.  I can also offer rental and leasing solutions to owners in a position to move in that direction.

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Renting and Leasing

According to CoStar Group, the #1 commercial real estate information group, almost every multifamily market saw strong leasing, rising demand and falling vacancy rates in the third quarter as the nations rental market continued a solid 2010 rally. As of now rentals should continue to surge over the next five years, with a growing supply of renters and very little new product in the planning and building pipeline.

Vacancy rates are above historical averages and in many multi-family communities robust incentives are being offered to move renters in. Still the national vacancy rate compiled from the 54 largest markets declined for a third straight quarter in 2010. Raleigh/Durham, Charlotte, Nashville and Dallas/Fort Worth have seen the highest demand and the sharpest decline in vacancy rates.

CoStar Group November 3, 2010

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