Raleigh/Durham/Cary & Triangle Area Homebuyers Will Benefit from Changes to Homebuyer Tax Credit
You have probably heard by now that Congress has approved an extension and expansion of the Home Buyer Tax Credit. All that's left is for President Obama to sign the bill and enact it into law; we expect that to happen very soon. Homebuyers in the Raleigh/ Durham/Cary and Triangle areas who were not able to take advantage of the original tax credit have reason to be excited at this opportunity.
We have been monitoring the progress of this legislation and are pleased with the extension and expansion. Significant changes in the tax credit include:
1) Extending the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30,
2) expanding the credit to include a new $6,500 credit for owners of existing homes who are purchasing a new primary residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their primary residence for five consecutive years out of the last eight, and
3) increasing income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples.
Many of our home buying clients who were frustrated by eligibility requirements in the first two versions of the homebuyer tax credit will be pleased to hear that they too can now benefit from this historic housing opportunity!
ANSWERS TO FREQUENTLY ASKED QUESTIONS ABOUT CHANGES TO THE HOMEBUYER TAX CREDIT
National Association of Realtors Charts Homebuyer Tax Credit Modifications
Will A Switch To Neighborhood Based School Assignment Impact Wake County and Raleigh, NC?
Raleigh and Wake County neighborhoods located near high performing schools will likely see rising home values, while neighborhoods in close proximity to underperforming schools may see declining values if the newly elected school board votes to proceed with a change to the way students are currently assigned. That is the gist of an article in today's News & Observer.com, "Schools Shift May Transform Raleigh"
So, will a shift in assignment policy impact Raleigh and Wake County development and home values in the future? One thing is certain, parents of school age children are, and have always been, willing to pay more for homes in good school districts. One reason Raleigh and Wake County have been popular relocation destinations for many families is because we have an exceptional school system. The new school board's number one priority is to ensure our schools continue to exceed standards, regardless of how they vote on student assignment policy. What's your opinion?
Triangle Real Estate Market Update - 3rd Quarter 2009
The Triangle Real Estate Market has not suffered the double digit value decreases seen in many parts of the country. In fact, recent articles continue to proclaim the area one of the best to live, work, retire, or start a new business venture. Because the area continues to be a desirable location, it is expected that the Triangle Real Estate Market will be one of the first to achieve full recovery.
For a more data-centric view of the Triangle Real Estate Market, we turn to statistical data. Recently, our MLS released the 3rd Quarter Market Update Report and, on its face, the dip is evident. However, I am happy to say that recent developments indicate a brighter horizon!
One such indicator is the declining listing inventory. On average during the first nine months of the year the listing inventory was down 14% over the same period in 2008. Few if any sellers in this market have their property listed "just to see what it brings." With fewer Triangle property listings available, demand will increase, the number of days on the market will decrease and selling prices are likely to stabilize. Return to a more balanced market will follow.
Homes listed for sale at or under $149,000 continue to be in demand in the Triangle marketplace and they are in relatively short supply. Buyers in this market will face stiff competition and little room for negotiation. On the other hand, buyers will find the very best opportunities in the $600,000+ market. In fact, there is a 35 month inventory supply of homes priced $800K+. All homebuyers would be well advised to consult with an Exclusive Buyer Agent skilled in the art of negotiation to get the best price and terms in their real estate transaction.
Challenges we face in the near future are the pending expiration of the First Time Home Buyer Tax Credit (November 30, 2009) and continuation of tighter lending practices, particularly relating to jumbo loans. An extension of the tax credit to include all homebuyers throughout 2010 and lower interest rates on jumbo loans would eliminate those challenges and hasten recovery on a national level.
We at Buyers Advantage Group Realty are familiar with the needs of our clients and we help them find the right community to fit their lifestyle requirements. For our active adult clients who desire to live in a community that "has it all", we suggest they call us to schedule a tour of the Del Webb community of Carolina Preserve at Amberly with us. This wonderful master planned community offers active adults everything they could dream of! New construction continues in this Cary, NC community and resales homes dating to 2006 are also available. The price range for these low maintenance homes is from the mid-$200s to $600s.
As exclusive buyer agents we serve only our buyer clients providing them with the knowledge needed to be confident they are buying the right home at the right price.
Carolina Preserve residents enjoy these wonderful amenities:
34,000 square foot Del Web clubhouse features:
Homwowners all enjoy access to the 12,000 square foot Amberly Residents Club which is perfect for when entertaining family. The Amberly Residents Club features:
Residents may never want to leave home; but when they need to, Carolina Preserve's convenient access to RDU Airport, RTP, the planned Amberly Village Center, and all the Town of Cary has to offer - they will not need to go far!
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CITY/TOWN 2006 POPULATION PROXIMITY TO RALEIGH |
WHY WE LOVE IT! |
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Raleigh Pop. 356,321
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Money magazine ranks the Triangle the seventh top appreciating metro area. (December 2007) MarketWatch list Raleigh in the top 25 places for retirement jobs. (November 2007) The Association of University Research Parks names North Carolina State University's Centennial Campus the top research science park. (November 2007) North Carolina is listed as the number one business climate in the U.S. by Site Election. ( November 2007) The National Policy Research Council names Wake County the third hottest economic development spot. (September 2007) The U.S. Census Bureau list Raleigh the third techiest city in America. (September 2007) Bizjournals list Raleigh as the 12th best market for female execs and women business owners. (August 2007)"
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Apex Pop 30,208 @ 14 Miles South & West |
"The Peak Of Good Living - Located in southwestern Wake County; Apex combines a relaxing small-town atmosphere with convenience to big-city amenities. It is positioned for future growth and the town planners are working to ensure that the small-town character remains while allowing for many new residents to join our community." http://www.apexnc.org/
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Cary Pop. 112,414 @ 12 Miles West |
"On the whole, Caryites are a blessed, hard-working group with one of the highest median household incomes in the state. And being no further than 20 minutes from major universities such as Duke, North Carolina State, and the University of North Carolina, it's no wonder that education is an important part of Cary life. More than two-thirds of adults hold a college degree. Nearly 9 in 10 citizens have access to the Internet in this, the Technology Town of North Carolina." http://www.townofcary.org/
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Chapel Hill Pop. 49,919 @ 28 Miles North & West |
"The Southern Part of Heaven - Chapel Hill is a town rich with traditions, ideas, spirit, and exuberance for healthy living." http://www.ci.chapel-hill.nc.us/ |
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Clayton Pop. 13,842 @ 17 Miles South & East |
"You hear it around town a lot. Clayton's a great place to live! You hear it from folks who've lived here all their lives, and you hear it from newcomers, too. A town has to have a great sense of confidence and success to proclaim itself The Premier Community for Active Families----and Clayton has it." http://www.townofclaytonnc.org/
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Durham Pop. 209,009 @ 24 Miles North & West |
"Where Great Things Happen - Durham's vibrant quality of life and commitment to arts and culture contribute to its ever-growing popularity. Durham's neighborhoods surround Duke and North Carolina Central universities and Research Triangle Park and range from historic homes on tree-canopied streets to renovated Downtown lofts to communities planned around lakes or golf courses." http://www.durham-nc.com/
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Fuquay Varina Pop. 13,669 @ 18 Miles South |
"Distinctive Name - Distinctive Charm. Variety is the key to relaxation and recreation in the Town of Fuquay-Varina. From an 18-hole walk through a round of golf or a fast-paced game of tennis to a leisurely hike through the woods or a challenging game of bridge, you can find all sorts of ways to relax, get fit or just have a good time." http://www.fuquay-varina.org/
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Garner Pop. 23,741 @ 8 Miles South
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"A Great Place to Be - Along with quick access to everything the triangle area has to offer, Garner residents can be at the beach, on the eastern coast of the state in approximately 2-3 hours. They can also travel to the mountains, in the western part of the state of North Carolina, in approximately 4-5 hours. Ask our residents what they like about Garner and you will find that many say they enjoy the small town atmosphere, that the area is less congested, and that they have all the benefits of city living, as well as, the enjoyment of many parks, recreational activities, arts and entertainment right here in their community." http://www.ci.garner.nc.us/
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Hillsborough Pop. 5403 @ 37 Miles North & West
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"Hillsborough is a small town with a big history. The downtown historic district - listed on the National Register of Historic Places - features more than 100 homes, churches and buildings from the late 18th and 19th centuries. Today, Hillsborough is a tourist and permanent destination and a haven for artists and writers. The town is centrally located in North Carolina with fast access to the Triad and other Triangle cities. Interstate 85 runs through the town, and Interstate 40 is just outside its limits. Barbecue lovers descend on the town each June for the annual Hog Day, and the downtown comes alive Friday evenings with arts and entertainment the last Friday of each month during warm weather. In addition to Revolutionary War reenactments and guided tours of the historic district, Hillsborough is home to Occoneechee Mountain State Natural Area and several other trails. Work is beginning on a riverwalk." http://www.ci.hillsborough.nc.us/
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Holly Springs Pop. 17,425 15 miles South & West |
"While the Town welcomes growth, leaders also are determined to control the quality and placement of new developments while preserving open space and creating public areas. One of the recent focuses has been on encouraging commercial development in downtown Holly Springs. We're looking at downtown as a center for development of places that will be destination points, places that will generate traffic to draw people here," said Holly Springs Town Manager Carl Dean. "We want to make it a place where people want to come and shop." http://www.hollyspringsnc.us/
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Knightdale Pop. 6,479 @ 14 miles East |
"Living, at its Best" - The Town of Knightdale's bond rating jumped two rating categories - from A+ to AA following a review of the Town's finances and economic condition by the national rating agency Standard and Poor's. The rating also reflects the town's suburban community, adjacent to and benefiting from participation within the deep and diverse economic and employment base of nearby Raleigh and the greater Research Triangle; moderate to above average resident wealth and income levels; growing and diversifying tax base; sound fiscal performance with healthy fund equity levels; and favorable overall debt position, coupled with modest future capital needs. Knightdale becomes the smallest town to hold the distinction, joining Apex, Asheville, Cornelius, Greenville, High Point, Huntersville, Mathews, Wake Forest and Wilmington." http://www.ci.knightdale.nc.us/
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Mebane Pop. 9,285 @ 45 Miles North & West |
"The Perfect Place to Call Home" - Mebane is a city in transition, and as such, we are welcoming many new businesses, homes and people into our community. As one of the fastest growing areas in North Carolina, we encourage community members to become active in our various civic, social, and religious groups." http://www.cityofmebane.com/
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Pittsboro Pop. 2,501 @ 32 Miles West |
"Residents of Pittsboro embrace small town values of respect for one another and a strong sense of community. Its' people are a diverse group of artists and farmers, merchants and students, and it is home to the North Carolina Zen Center . It supports software developers, bio-fuel research and production, antique shops and art galleries." http://www.pittsboronc.org/
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Sanford Pop. 27,771 @ 43 Miles South & West |
"Southern Base of the Research Triangle Region - Some of the world's best known companies thrive in Lee County. Solid transportation. World-class workforce. Outstanding Training. And an exceptional quality of life. YOU CAN THRIVE HERE TOO!" http://www.sanfordnc.net/ |
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Siler City Pop. 8,449 @ 50 Miles West |
"A Gracious Welcome Awaits You - in Siler City - a community known for its friendly people, prosperous business environment and easy living. This is a prime spot to put down roots and raise a family, thanks to our fine schools, numerous recreational opportunities, and exciting cultural arena." http://www.silercity.org/
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Wake Forest Pop. 22,651 @ 17 Miles North & East |
"Located in northern Wake County, Wake Forest is a progressive community of over 25,000 residents with a vibrant downtown that boasts more than 100 businesses, including several outstanding restaurants and specialty shops. Mindful of its rich heritage, the downtown is also an officially registered historic district." http://www.ci.wake-forest.nc.us/
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Zebulon Pop. 4329 @ 23 Miles East |
"The last three decades in Zebulon have seen tremendous growth. Since the 1970 census, the Town's population grew from 1,830 to 4,000+ residents. While it continues to grow and prosper, Zebulon still offers a close knit community environment and it remains, "The Town of Friendly People." http://www.ci.zebulon.nc.us/index.htm |
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