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12/5/2007 12:35:42 AM

the us housing market is awesome right now.

I would buy at the peak

12/5/2007 8:47:23 AM

Quote :

"so, when would be the best time to buy a house in the area?"

Even assuming you mean the Triangle it still depends very much on what area.

My guess is that ITB for example will see a pause in home price appreciation until sometime in mid 2008 when it will begin a rapid climb.

Interest rates are likely headed lower from here. The job base in the Raleigh core is unlikely to be significantly affected by economic weakness. Both of these imply rising values.


In far North Raleigh, beyond 540 the story is likely to be much different. This is much more of a builder driven market and home building is not likely to look pretty for the next 3 - 4 years. This doesn't mean that prices will decline that whole period but the area is more likely to see stagnation and perhaps some outright decline.

On top of that RTP is more sensitive than downtown Raleigh to the national economy. RTP's focus is primarily in technology of course, which is holding up well but nonetheless economic weakness could mean slower growth.

I would say that Olde Raleigh, just outside the beltline, west of crabtree, is likely to experience the most appreciation over the period simply because the full effect of Edward's Mill has not yet been felt.

12/6/2007 3:22:27 PM

Fuck yeah. I just realized my three bedroom place is listed as four bedroom according to tax records. Time to appeal this damn reassessment. Anyone else joining me?

12/7/2007 4:40:08 PM

^i have heard from a realtor that if your bonus room has a closet, it can be considered a bedroom. i dunno if this has any implications on your situation or not

12/8/2007 12:07:53 PM

Nope, no closet. Thanks for the info though.

12/8/2007 7:02:41 PM

Crawl space / attic == instant spare bedroom, haha.

12/9/2007 1:16:49 AM

yikes


http://news.yahoo.com/s/nm/20071221/us_nm/usa_housing_social_dc

12/30/2007 1:10:03 AM

Is there a difference in getting a loan if your co-borrower is married to you or not?

1/9/2008 1:25:11 PM

no as long as you're both occupying the residence, no. the application states "married, unmarried, separated". you'll just put unmarried and no questions asked.

1/9/2008 1:29:42 PM

In North Carolina if you're married you and your spouse both have rights regardless of what you put.

1/9/2008 5:52:21 PM

3 new tax breaks:
1. Homeowners who experience a foreclosure, short sale, deed in lieu of foreclosure or loan modification may be able to exclude lender-forgiven mortgage debt from taxable ordinary income.
2. Homeowners may be able to deduct the cost of mortgage insurance.
3. A homeowner whose spouse has died may be allowed up to two years to exclude $500,000 of profit from the sale of a principal residence from capital gains tax.

http://bankrate.com/brm/news/real-estate/20080110_mortgage_tax_relief_a1.asp

Also

Mortgages rates drop to low last seen in 2005

http://bankrate.com/brm/news/mtga/Jan1008_mortgage_analysisa1.asp

[Edited on January 10, 2008 at 1:47 PM. Reason : links]

1/10/2008 1:43:34 PM

I heard that the capital gains tax is going to increase soon. Is this true?

1/10/2008 2:08:03 PM

when do you folks think the rates will start to go back up?

1/10/2008 3:31:56 PM

where can i find foreclosures or soon to be foreclosed homes without paying some random website or bank for that info?

1/11/2008 3:10:15 AM

i've been waiting for a decent time to refinance, looks like now may actually be about as good as any.

1/11/2008 5:29:39 AM

Quote :

"when do you folks think the rates will start to go back up?"

My guess is the rate for the best customers will continue to fall, with fits and starts of course, through the middle of this year as the Fed continues to ease and the stock market continues to sell off.

However, if you have a lower credit score or little equity in your home, then your rates will probably starting rising in the next few weeks, as surcharges are added on for risker loans.

1/11/2008 8:59:42 AM

well, i'm looking at getting a new home loan this month.

1/11/2008 9:06:18 AM

^^^^or not...anyone know of anything?

1/11/2008 2:52:55 PM

I don't know how you would get that info without going through a bank.

1/11/2008 3:00:06 PM

Here is one way to get a list of foreclosures in Raleigh... There are quite a few others.

http://blog.hustlestrategy.com/2008/01/03/foreclosures-in-raleigh/

I can set you up with an email that has all that hit MLS the day after they hit.

1/11/2008 8:56:48 PM

How does everyone feel about south Raleigh between S Saunders and Lake Wheeler? It's some of the cheapest ITB real estate in town and I feel that it will appreciate nicely in the coming years.

1/12/2008 7:11:33 PM

it'll appreciate once the crime issues in that area are solved, or in other words, when urban renewal and rising property values drive the poor people out.

1/12/2008 7:19:51 PM

It's near Caraleigh Mills and the convention center. The Bain Water Treatment plant is also tucked back there and plans exist to turn it into offices and condos. Some large lots have sold back there and I've heard some rumors about heavy development. Between all of that and the proximity to downtown and the farmers market I feel like it will be a real growth area once infrastructure is improved. To be fair, Glenwood south looked a lot like that 10+ years ago.

1/12/2008 7:31:25 PM

***Warning! Shamefull plug!***

Won't someone please buy one of the homes we're building?
http://www.tunbridgehomes.com

1/12/2008 8:56:39 PM

naw man.

1/13/2008 12:28:48 AM

^^^i agree, i think current buyers in that area will see some nice returns in about 5 years. especially once they finish work on tryon, etc. it was one of my prime areas to look in when i was shopping. i just happened to find a better deal elsewhere.

it's also going to be a prime location for investment/rental property for many years to come with the development of centennial campus and of course ncsu itself.

i believe some impressive gains are in store for other east raleigh locations such as rock quarry rd., etc. within the next few years as well.

1/15/2008 3:07:28 AM

I used to hang out with some friends on Pecan St. (right off S. Saunders by the Sam's Club) all the time. There are some really cool houses in that area, but we were always having to run off bums and crackheads. It's one of those places where you can live, but you have to ask yourself if you really want to deal with that crap. I mean, there are places where I just couldn't live, and this isn't one of them.

Your car will be robbed all the time if you don't lock the doors and it will probably happen on occasion even if you do lock them. Anything you leave outside will disappear. Occasionally you'll have to deal with sketchy ass people. Your neighbors will occasionally fight in the street (which can be entertaining.)

Other than that it wasn't too bad, but honestly it just isn't worth dealing with it to me. I don't want to have to wonder whether or not all my stuff will still be there when I get home from work which is a real possibility unless you have a ton of roommates and someone is home all the time. You have to experience living like that to understand. Once you move out of that type of area you really really don't want to ever do it again. I'd be up for owning rentals over there, but I don't want to make my residence in that area.

This may sound sexist, but I wouldn't consider it if I were a female. It's not about strengh or anything. Y'all have something that I don't have which makes you more of a target than me.

[Edited on January 15, 2008 at 3:42 PM. Reason : l]

1/15/2008 3:34:58 PM

Quote :

"Your car will be robbed all the time if you don't lock the doors"

what fucking hick town do you come from where you don't do this anyway?

1/15/2008 8:03:17 PM

some people don't live in the ghetto.

1/15/2008 8:24:55 PM

I am a real estate agent who lives close to campus and have sold quite a few homes and condos/townhomes in the NCSU area I can answer most of the questions posed on this tread.
anyone interest in a more personal approch to these questions may e-mail me direct.
jwanchock@hpw.com or http://www.jwanchock.hpw.com

[Edited on January 15, 2008 at 9:53 PM. Reason : mispelled words]

1/15/2008 9:51:50 PM

Do you know Dave Peterson?

1/15/2008 10:00:08 PM

^^^ I don't live in the ghetto and I lock my doors. That's just common sense.

1/15/2008 10:20:01 PM

Looking forward to Carolantic's market report Thursday at the RBC should be lots of good info. We've gotten some interesting info in some other annual surveys and projections and I'm curious to see if it's all consistent.

Residential is pretty much dead for now, although we're just adjusting back to 2004 levels where we will resume a normal appreciation later in the year. Commercial is still going strong and rates are headed down so lots more interesting projects are going to start cash flowing.

Oh, and I locked a 30 yr fixed refi at 5.50% today - rates are the lowest they've been in 4 years. If you're interested in looking at options with JD Power's top rated mortgage lender (customer service and 21 days average from first conversation to close) who does not sell their loans let me know and I'll get you referred over with the employee/friends/family promo! From what I understand you can pretty much hit 5.50% with anything below the jumbo cutoff.

Just info to pass along to the thread.

1/15/2008 10:22:49 PM

i refi'd a guy today (350k loan amount) at 5.375% on a 30 year fixed with no points, no origination and NO lender-related fees... so his apr was 5.375%

should have a nice tax return for '08 if this keeps up.

1/15/2008 11:12:16 PM

Quote :

"what fucking hick town do you come from where you don't do this anyway?"

I lock my doors probably 95% of the time, but if had a lot to unload and I remember in the middle of the night that I didn't lock them I don't run out there to do it. I fully expect my CD player to still be in the dash when I go out there in the morning. ::knock on wood::

Like I said...

Quote :

"Once you move out of that type of area you really really don't want to ever do it again."

Yes, there are areas where people pull your door handles all the time hoping it will be unlocked.

1/15/2008 11:45:10 PM

Quote :

"well, i'm looking at getting a new home loan this month."

I would pull the trigger on that loan. Mortgage rates are linked to the Ten Year Treasury Note. My estimate was for the Ten to hit 3.5% sometime durring the crisis.

We hit 3.65 this morning. This is substantial. It may go lower but I would go ahead and lock now.

1/16/2008 7:40:53 AM

Rate update: got 5.375% today - hooray.

1/16/2008 1:07:42 PM

Sounds like I need to look into refinancing. I'm at 6.25 I think. PM me with a referral if anyone knows a good mortgage broker. My credit union is offering 5.75 on 30 year fixed or 5.5 on 15 year fixed today according to their website.

^ Was that on a 30 year?

[Edited on January 16, 2008 at 1:45 PM. Reason : l]

1/16/2008 1:33:39 PM

i'm looking into refi now too

1/16/2008 1:43:06 PM

apparently i need to look into it too...i got somewhere around a high 6% interest rate... maybe 6.75?

1/16/2008 2:54:55 PM

Guys, if you know any trustworthy mortgage lender, consider me a HOT lead.

I've been preapproved at the SECU for 30 year ARM and am currently making an offer on a home this week. The thing is, we aren't going with that lender, but instead are shopping around for the best deal on a 30 year fixed 100% loan, hoping to find one in the 5.5-5.8% range with 0 origination fees or other BS fees.

My wife and I have excellent credit, no consumer debt, and healthy incomes. We are first time home buyers. Please refer me or contact me at kainen@gmail.com as if this offer goes through the next week will be finding a lender and sticking with it.

1/16/2008 3:24:42 PM

30 year arm???

Talk to bous

[Edited on January 16, 2008 at 3:26 PM. Reason : ]

1/16/2008 3:25:24 PM

^^ pm drtaylor

1/16/2008 3:26:13 PM

my hometown bank just quoted me at 5.5% on a refi, but they said that they think rates are going to drop even lower.

1/16/2008 3:42:27 PM

lenders are re-posting and rates are going up right now. the bond market is tanking.

[Edited on January 16, 2008 at 3:45 PM. Reason : ]

1/16/2008 3:44:59 PM

30 year fixed i'm doing 5.5% with 0 origination and 0 points on loans under 200k (most ppl here i assume). 5.375% with 0/0 on higher loan amounts.

total fees are $605 lender, $425 attorney, $300 appraisal, and title insurance ($ depends on loan amount). no other fees.


of course this is for a typical loan, so >80% loans may be different depending on the scenario. e-mail me at paul@daylightdm.com if you have questions.


OR better yet: price your loan at http://www.daylightdm.com/current-mortgage-rates-test.php

[Edited on January 16, 2008 at 3:49 PM. Reason : ]

1/16/2008 3:48:18 PM

i forget my exact loan amount, but it was between $199k and $205k and i've had it since september. i know that's pretty soon to refi, but i got nailed on my interest rate initially and planned to refinance since it qualified me for about $20,000 in immediate discounts.

1/16/2008 3:52:25 PM

bous is very helpful. go with him if you don't have someone else.

(I ended up going with someone else, but it was not because of his rates or service... i just found an equivalent package with a lender that deals with my agent)

locked in yesterday.

1/16/2008 5:57:08 PM

Skack locked in today with me and hopefully all goes well.

1/16/2008 7:15:42 PM