Real Estate in the North Carolina Triangle Area
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Real Estate in the North Carolina Triangle Area

Will GWB,s quick fix solve the mortgage crisis

Great News from the White House, George W has fixed the subprime mortgage crisis......
As my regular readers know, I don't normally post two days in a row, ( in fact it's rare that I post more than once a month, but that's gonna change) but I really I feel I have to post to make a comment about our Presidents  high expectation that he has "put in the fix"  to the sub prime problems that are contributing to the housing market slowdown...

My thought, after reading all about it in the local newspapaer this morning, is that anybody who could benefit wil be put off due to the qualifying conditions that George has slapped on the program. It will be easier and less painfull to pass a Kidney Stone than qualify for government help  for your subprime mortgage..... The condition that seems to be the most diffucult to get my head around is that you have to be up to date with your mortgage payments to qualify, If thats the case who is going to foreclose on you!!!!!

So you qualify if your NOT in trouble  and don't qualify if you are !!!!

Yet another glimpse of how out of touch our president is,  a well it wil sonn be November again.

Holiday Greetings to all of my Friends

Hi everyone, Its been a while since I last posted, but I don't suppose abybody missed  me.
First I would like to wish all my Friends, Clients and Bloggers the compliments of the season, and hope that this year went well for you and the coming year is even better.

The Real Estate market in the triangle is taking a slight dip, probably more seasonal than anything else (who am I kidding) The market is DOWN,  builders are giving away homes with great incentives, so anybody wanting to sell their existing home is quite frankly screwed. Of course every home has a buyer, and there is always that "hot" property or location in any market, but the general price trend will be downwards over the coming months.

The light at the end of the tunnel is  that we have not and will not suffer the huge price correction that has occured in other parts of the country, for some unknown reason our booming market of the last few years did not equate to the double digit price inflation that was experienced elswhere. So the good news is we have a shorter distance to fall, and probably in a shorter time frame.

If you are looking to sell, hang on a couple of months, but if you are free to buy do it now, there won't be a better time, mortgage rates, despite the sub-prime issues are still really low, and if you get a good old fashioned 30 year fixed rate mortgage you have nothing to fear  from the loan company.

Anyway enough is enough, I am off to help another couple on the path to the American Dream,

Happy Holidays.

Lost In "The Triangle"

The area around Raleigh, Durham and Chapel Hill is locally referred to as "The Triangle", and much like those other infamous triangles (Bermuda and Dragon) there are characteristics about this place that make you wonder if some mystic forces are at work.

First, "The Triangle" is not a triangle, the name is loosely derived from the area known as Research Triangle Park or RTP, which in itself is more of an oblong residing in the area between those three cities , but mostly in the town of Morrisville. But the area affectionately referred to as "The Triangle" is pretty much undefined and covers most if not all of three counties, Wake, Orange and Durham, and any other geograhic area that could benefit either socially or commercially from being associated with "The Triangle"

As a Real Estate Agent  I work in "The Triangle"  and it is such a vast territory I do get lost, I usually find my way to a spot that I can recognize very quickly, but I sometimes worry if I will resurface from a new subdivision  like Rip Van Winkle,  my beard touching the floor and  the new home I have just shown  being sold by another agent.

"The Triangle" is a volotile real estate market, where the rest of the country has taken a dive, we still march onwards and upwards, (are those mystic forces at work?) homes on the market for around 45 days on average.  New home subdivisions spring up like alien sitings in Area 52, there are so many we seem to have run out of appealing names, and are starting to re-use them.  What is that makes a communitywith the word Arbor in its name so attractive? I suppose it has more to to withan arbor being "a leafy, shady recess formed by tree branches, shrubs" than a "shaft, or axis that holds, turns, or supports a rotating cutting tool or grinding wheel" but you get my drift. With threes subdivisions named Churchill in "The Triangle" you can see its easy to get lost.

Roads in "The Triangle" magically change names as drive along them, they don't go in the direction you think you are going 55 East actually runs due South through "The Triangle" and some don't end up where you think they will, some major 4 lane highways just dead end, and not all circular route actual go round anaything.

So what else is it about "The Triangle", well if getting lost in it is easy enough, knowing if and when you are in it is tough one. I have asked many the local natives,  nobody is certain, , yes of course than can define it, "its that area  which encompasses Raleigh, Durham and Chapel Hill", so is Cary in "the Traingle"?  what about Holly Springs or Fuquay-Varina, and is Apex perhaps the peak of the traingle. Just taking a look at the map and drawing a Triangle around the three cities won't help  that would produce  a long thin triangle that would include the Town of Smithfield, which I don't think is actually considered to be in "the Triangle", and if Cary were to be included, it is after all one of the largest population areas in the region, we should rename it "The Rectangle", how does Research Rectangle Park sound. its more appropriate RTP is rectangular. The four cities or Durham, Chapel Hill, Raleigh and Cary would form its boundaries,  and perhaps I may no longer be "Lost in The Traingle" but I don't think so... Here's to "The Rectangle"


Sell It First

So you want to move here from another of state...??  Thats a great thought to have, especially if you want to maximize your equity from a home "Up North", yes you can get more home for your money in this region, but be prepared for less land and basements are like hens teeth.
Our market is strong, homes sell quickly,  prices rose about 7% last year, we have not seen the down turn that most other regions  have, so homes are on the market only a short while, in fact we are short of desirable inventory. The last thing you want is to be carrying two homes and all that involves.
My advice, Sell It First, or at least put your house on the market before you  make you purchase in the Tar Heel State. If you do that you will at least have a good idea what you can afford when you come here to look for your dream. But the best part is a strong buying position, sellers want to know that you can close in a timely manner, local people know about the conditions in the  market outside of our region and are carefull about accepting offers. In particular many builders are no longer taking contingencies on buyers selling their homes.

The Triangle is melting pot of world cultures, I have met peole from around the world and around the country in the short time I have lived here.  The sub-division I live on is as diverse as most, we have several Europeans (myself included),  some Hispanics and Asians, as well as Americans from New York, Massachussetts, New Jersey, Rhode Island, Maryland, DC, South Dakota to name a few, in fact there are only two neighbours who are native to North Carolina.. People are moving here in great numbers.

The latest phenomina has been nicknamed "Half Backs" these are people who have moved south to Florida from the northern states, didn't like the threat of hurricanes, high property taxes and hazard insurance, liked to see some seasons,  and have  moved halfway back to their roots  (hence half back) for affordable living  and good weather with a real fall and winter season.

So as the man said "Come on Down" , but sell your house first

So You Asked About The Weather

I am a relative newcomer to North Carolina,  and I am also from another country.... I am a Brit. I am expected to talk about the weather.. and I lived for many years as a Yankee in Massachusetts,  before moving to "The South", and as I sit here looking out of the window on the first snowy day  I have experienced  since I moved here nearly two years ago, I am reminded  of those frozen places I spent the ten previous years. Oh, not fondly, but glad that snow is a rare occurance in these parts.  A quarter inch of the dreaded white stuff will close the schools here, (yes just a quarter inch). All of the local TV stations continued broadcasting the horrendous storm continuously through the morning, I missed my daily dose of Diane Sawyer and Robin Roberts on Good Morning America...  and traffic came perilously close to gridlock.. what would we have said in Massachusetts......ask for the Governor's resignation no doubt.

I love living in this area, the weather is not perfect, but it's just peachy as far as I'm concerned. I played Golf over Christmas and the New Year  for the last two years, and I hope to play agin next week when it warms up again. For all you Yankees out there, winter as you know it does not exist.

Now you might ask what about those hot sweltering summers... What about them I say... two months of high heat and humidity where you where less clothes and drink more,  a cold beer, mint Julip or an iced tea or two on the porch sounds good to me... at least you won't freeze to death for three months.

We still have seasons here, the winter is shorter and milder, the spring comes earlier, and the fall starts later. Enough said about summer... Its a year round outdoor climate, there are many days in February when you can eat lunch out in your screened porch. The golf courses are open all year, and you don't need hand warmers to help get a grip on your clubs, or six layers of clothing slowing down your swing to 50 mph.

So today is an appropriate day to blog about the weather,  my first snow since I moved here... Hope its the last this year, it probably will be....

Any Questions?

If you have any questions about Real Estate in the region, or about living in  the triangle area, click on " Add Comments" below and ask way.
( note this is not a live response, I will answer your question within 24 hours)

Thanx for visiting