Garner, NC

Okay, this may not be new to some of you, but it was to me. The sad part is that I live and vote in Garner and I missed this (Though in my defense, the plans aren't new to me but the delivery is.)

Garner has opened a new web site called GoGarner.com to showcase recent planning initiatives. "The Streetscape Design, in combination with the Transportation Plan, has the opportunity to be the beginnings of a map for making important land use, infrastructure, and public service decisions for all of Garner." (From http://www.gogarner.org/)

I have read a lot of local news about Garner and Clayton lately that is great for current and future residents because as the area continues to grow, there is a defined, comprehensive growth plan. If you have read my blog in the past then you've probably noticed I don't necessarily agree with them all the time, but I'm first in line to tell my home buyers that the planning departments and their follow through can have a profound impact on your quality of life and rate of housing appreciation.

A couple of recent notes:

• Principal John Wall of North Garner Middle School was named Wake County's principal of the year.
• The top prize of the most expensive category in this year's Parade of Homes was awarded to a Garner home (The Rosemoor).
• Crosland has reached final approval for a proposed project in the Cleveland area of Hwy's 40/42 that incorporates a massive residential and commercial development into their growing market.
• Constuction of a new, 54 unit townhome communtity including first floor masters and garages has begun (www.SoutherbyBluffs.com)

Read more news about the area at http://www.garnerclayton.com/.

Jason B. Graves

Market Report - Raleigh NC

Southeast Raleigh New Home Listings Almost Half of Last Year

Choices Getting Slimmer for New Home Buyers in Fall 2009

Looking for a new home in the Garner NC area? Thinking the choices have gotten a little thinner? You're right....

New Home inventory in Southeast Raleigh NC was down 42% in third quarter 2009 versus third quarter 2008.

New Home Listings by Price Point in Southeast Raleigh NC

There were fewer new home listings in Southeast Raleigh NC in every price point - the only exception was new condos, which increased by two units.

There were 21 single family homes were listed in the Garner NC/Southeast Raleigh area under $150K, making Southeast Raleigh NC one of the more affordable areas in Wake County. There were also 32 new homes listed between $150-199K.

The $400-499K price range had the most significant percent reduction of Southeast Raleigh NC new home choices - from 9 homes in third quarter 2008 to only 2 homes in third quarter 2009, a new home inventory reduction of 78%.

Garner NC area new homes in the $150K and under range saw a 60% reduction in inventory levels, from 52 to 21 new homes.

Garner NC area new homes in the $150-199K range saw a 52% reduction in inventory levels, from 67 to 32 new homes.

Overall New Home Listings in Southeast Raleigh NC Third Quarter

In third quarter 2008, there were 248 new homes listed in Southeast Raleigh NC.

In third quarter 2009, there were only 144 new homes listed in Southeast Raleigh/Garner NC.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications).

On the bright side, if you're looking for a new home, there are many more choices of available lots in Garner/SE Raleigh NC, so it is easier to match up your floorplan, budget, and location (browse available communities here).

What Price Points are getting the most showings in Southeast Raleigh?

If you're looking to purchase in these price points, you'll have more competition for your new home.

$150-199K new homes in Garner NC area saw the most overall showings - and saw more than DOUBLE the average number of showings per new home in September 2009.

$300-399K new homes in Southeast Raleigh saw the second most showings, with each new home, on average, seeing two and half times as many buyers as overall new homes in the area. Might be a little more competition between buyers in this price point!

Compare With Other Areas of the Triangle

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All statistical information courtesy of Stacey Anfindsen's TARR (Triangle Area Residential Realty) Reports. Anfindsen analyzes sales and inventory of Triangle real estate.

Market Report - SE Raleigh and Garner NC New Homes - Raleigh Relocation Information

Pass it along we really could help more first time buyers!!!

Relaxing between visitors at yesterdays open house I read  July/August 2009 Issue of Realtor Magazine (specifically page 15 or if you missed it )

I have read other articles on active rain and other blog sites with agents defending the "administrative fee" or similar.  I have also seen Broker/Owner & Firms require there agents charge an administrative fee or transaction fee.  I do not charge a marketing, admin or mystery fee and my BIC does not recommend one

A U.S District Court (North District of Alabama) ruled on a class action suit againsta brokerage that charged a flat $149.00 fee in addition to commission.  The official case name is Busby v. JRHBW Realty Inc (doing business as RealtySouth)

The court ruled against the brokerage - according to Real Estate Settlement Act the fee must be a charged for "services actually performed".  The fee was referred to as "unearned" since it was not for a specific service.  Sounds like the Badgers "dust & rust fee" to me.

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For those who need to dust off their real estate text books,

The Real Estate Settlement Act passed in 1974 by Congress. It was created because various companies associated with the buying and selling of real estate, such as lenders, Realtors, construction companies and title insurance companies were often engaging in providing undisclosed Kickbacks to each other, inflating the costs of real estate transactions and obscuring price competition by facilitating bait-and-switch tactics. The Act prohibits kickbacks between lenders and third-party settlement service agents in the real estate settlement process (Section 8 of RESPA). Even reciprocal referrals among these types of professions could be construed in court as a violation of the law of RESPA. It requires lenders to provide a good faith estimate for all the approximate costs of a particular loan and finally a HUD-1 (for purchase real estate loans) or a HUD-1A (for refinances of real estate loans) at the closing of the real estate loan. The final HUD-1 or HUD-1A allows the borrower to know specifically the costs of the loan and to whom the fees are being allotted.

(Wikipedia.com)

The Firm in questions claimed, the money does have a purpose it helps reduce overhead and is not split with the agent.  I am sorry business doesn't work that way.   If this were a restaurant, would you pay a fee to reduce the owners overhead on top of the price for your bacon mushroom cheese burger? Or do you expect to pay the price on the menu.  Give me a break!!!  You would eat somewhere else.  Educated clients would go somewhere else too.  I wonder how, when or if they were explained the purpose of fee

NAR has asked that HUD further investigate this subject - The court ruled against the fee because it is believed to be a RESPA violation of Section 8(b). Although many believe the law is being interpreted incorrectly.

In today's economy everyone can use some help with personal or professional overhead. We all could just pass the buck on our bills- I would like to have someone pay my car payment please.It makes me crazy to think that agents have not learned yet that we are in an honesty business.  We ask our clients to be honest with us-we should be honest with them. 

As business owners, self employed professionals and Realtors, take personal responsibility for your own check book, determine your expenses as a business and charge accordingly.  If your bills are still too high to find a better office, cut costs, do more YOURSELF and hire less people.  Read the Shift Book.

Shady actions have gotten us into the market we are in - why continue the bad behavior?

New Homes Garner NC

Garner Inventory Down Nearly 20% From 2008

Easier to Buy A Garner Home in 2009

Why? Because there are fewer homes to look at! That means fewer top choices to pick between, which can make the buying process a little easier.

Here's the April 2009 Inventory Levels, by price point.

As you can see, inventory is down significantly in every Garner NC price point but the 0-149.9 (which is level), and the Condo/Townhouse category, which has increased from 26 to 41 listings.

This gets even more dramatic when looking at a percentage basis:

In April 2009, we see dramatic inventory decreases starting at the $150K price point and continuing across all other price points in Garner NC. The selections are actually getting thinnest above $300K.

Total Garner NC inventory is down by 17% in April 2009 vs April 2008.

Surprising, since first time homebuyers have been increasing in the market - would have thought the lowest price buckets would see the highest inventory declines.

But this could also be a reflection of fewer homes being built in other price points. It's now more likely that a homebuyer will select their new home and then break ground, rather than choosing from a variety of "already completed" new homes.

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