Jim Allen Blog

I’m always intrigued by the Friday and Saturday real estate section of the N&O. Last month the paper ran a syndicated article (as they do each Friday and Saturday). The October 24th paper offered this article: “Finding an area with most appreciation potential“. The advice was excellent with the columnist advising local home buyers to look for communities that are most prone to better than average appreciation values. In today’s Raleigh real estate market, home buyers know they are buying a community or neighborhood as much as they are buying a home. That being said, I always say partner with a local Raleigh real estate expert and choose your property wisely. I would even go so far as to say use the suggestions syndicated columnist Ms. Martin offers below:

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In addition to providing the Residential Lead-based Paint Hazard Disclosure (for all homes built prior to 1978) and the Residential Property Disclosure Statement, did you know it is required of every condo seller/owner in the state of North Carolina to provide the buyer a “Condo Resale Certificate” before a contract is signed by a prospective buyer? So what is a condo resale certificate and what information is required to be made known to the prospective buyer?

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If you are thinking about selling your existing Raleigh home, condo or townhome, you are required to provide the buyer a copy of your Residential Property Disclosure Statement. It makes no difference if you are selling your existing home, condo or townhome yourself or hiring the services of Raleigh REALTOR.

The Scope of the Residential Property Disclosure Statement

In case you are wondering what the Residential Property Disclosure form covers, below is quoted section from the state of North Carolina for the items covered in the form for existing  single-family homes, condos and townhomes:

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This is the first of a series of post on the types of property disclosures you must receive from a Raleigh home seller. And remember this important point, it makes no difference if the home, townhome or condo is being sold by a Raleigh real estate agent or a for-sale-by-owner (FSBO), everyone must comply with the law. Some of these disclosures apply only to condos (built on/after Oct. 1, 1986) like the Condo Resale Certificate while others are applicable for homes built after 1978 (lead-based paint disclosure). Every Raleigh home buyer must receive the Residential Property Disclosure Statement (does not include new homes but does include single-family homes and dwellings up to 4 family units).

The three (3) primary disclosures that I will cover in this series includes the:

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Turn Your Rent Checks Into Raleigh Home Equity!

So you’ve been renting your space for a while writing check after check with nothing to show for it except for a draining bank account. Sure, there are some benefits to renting. You can forget about maintaining a home, and the mowing of the yard. Plus, if you have a short-term lease, you can up and move if you don’t like where you live. Just keep this thought in mind, it’s possible you could pay about the same in a monthly mortgage for a Raleigh home for what you are currently paying in a monthly rent payment AND you get the tax benefits of home ownership too. Plus, there’s one more bonus - be smart and you could begin to build equity in your new Raleigh home. Now that’s something to think about!

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Contrary to what you may know, a land survey is not required (in most cases) to buy a home in the Triangle. While it might not be required by your mortgage lender, it is always a good idea to purchase a survey for your Raleigh single-family home or townhome. Why? Do you think Triangle homeowners move around those pretty little stakes with the fluorescent orange flags? Sure they do! And in the majority of the cases, it’s to give the appearance that their lot is actually larger than it really is.

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Mortgage Interest Rates are Going Up!

I’m not sure if you have noticed lately but mortgage interest rates to finance your new or existing Raleigh home purchase have been heading north. If you have good credit, cash for a down payment, earnest money and your closing cost, and you’re wondering if now is the best time to buy a home here in the Triangle, just remember, your choices are plentiful.

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The Fuel that Keeps The Triangle’s Economy Humming Along!

While the Raleigh real estate market is considered “so-so” when compared with the robust “go-go” years of 2002-2006, one facet of the Triangle economy that continues to hum right along is the local job market. One only has to observe the business media to read headline after headline of accolades the greater Raleigh, Durham and RTP area’s enjoy with job creation, sustained livability and quality of life. One of the local leaders in job creation is the pharmaceutical sector.

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Recently, Raleigh Newspaper - News & Observer reporter Stacy Downs wrote a story on Generation Y Home buyers. If you’re not a member of the Y generation and you’re trying to figure out who they are, Gen Y’s were born from 1978-1994. Other names for Gen Y’s include “Millennials”, “Echo Boomers”, “the Internet generation”, and “Nexters”.

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Because all of us here at The Jim Allen Group are so involved in custom new home construction in the Triangle, we keep our fingers on the collective pulse of the Raleigh real estate market and Triangle area custom home builders. It helps to let Raleigh new home buyers know what are the latest must-have features builders are adding to their mid-priced custom new homes around the Triangle. Even families moving to the Triangle are bringing with them similar request for these highly popular features. Checkout what’s new with new construction in the Triangle:

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