“Know Before You Owe” Begins October 3, 2015

Real Estate professionals and lenders have been getting ready for the new government lending guidelines for awhile now.  Historically, when a consumer purchased  their home with a mortgage they were bombarded by paperwork requirements and disclosures throughout the entire home buying process. While absolutely necessary, this process can also crush  the “fun” of buying their dream home!

Typically, when “closing day” finally arrives, the buyer’s are relieved as they have taken off work, already have their things packed on a moving truck, have slept on a mattress on the floor the last 2 nights, and have already transfered utilities.  The buyers are ready to sign on the dotted line and get their keys!  Meanwhile, their HUD-1 closing statement (the document that tells them where all their money is going) may have been changed a half dozen times or so in the last 24 hours alone.

As of tomorrow, not anymore!  If a loan application is made by the consumer after October 3, 2015, the “closing statement” a borrower will sign at the closing table will now be ready for review 3 BUSINESS DAYS prior to closing so that any questions can be answered and the buyer has a better understanding of the exact terms of their loan.  If any changes need to made, the 3 business day wait will begin again.  So what does this mean exactly for the buyer, seller, the real estate professionals, lenders, and closing attorneys involved in the real estate transaction?  Currently, we write contracts to “close” on a home after 30-45 days but we are being warned by lenders to go ahead and add an extra 7-14 days to the approval process.  Essentially, we all need to work towards 2 closing dates; the “closing” of the paperwork being approved by all and then at least 3 business days later the “at the table closing” paperwork, where all documents are signed, the transfer of the deed is recorded, and a seller gets their proceeds and the buyer gets their keys!

While, in the beginning this might be a little scary for all those involved as we all anticipate delays in the closing process; I see, in the not so distant future, the initial kinks getting worked out and the closing process improving for all parties involved.  No more of the last minute “morning of closing and we don’t even know if we are closing or not” scenarios that cause stress on every buyer and seller out there!  Here is an article from Realtor.com with more information and of course you can call our office and speak to one of our experienced realtors to help answer any further questions.  

August was “back to school month”.  So Front Porch Realty hosted a school supply drive to help local Fuquay Varina schools and the many area teachers that buy extra supplies for their students in need.

Originally this was a challenge to our fellow Fuquay Varina businesses to collect what they could, get a little free publicity, and then I would deliver the supplies to our FVMS and FVHS counselors.

To our pleasant surprise, we ended up getting several visitors from within the community.  Many of them wanted absolutely no recognition for their donations and were thrilled to find a place where they could drop off extra supplies and know that local families would benefit! We collected book bags, calculators, markers, lots of paper and notebooks and even cash donations that got turned into Walmart gift cards.  I wish you could have seen the looks on the counselors faces and heard their gratitude when I brought in 4 huge tubs of supplies to our schools.

I have promised the schools that we will do it again.  Watch Facebook this winter for details and THANK YOU Fuquay Varina for supporting local schools.

It has been amazing to watch and be a part of the tremendous growth of our “little town,” Fuquay Varina. Way back when, I used to have to search and search for something for my kids and I to do on a beautiful fall weekend and it most likely involved leaving Fuquay and traveling to Raleigh, Cary or beyond. Now, I cannot keep up with all of the fun events the Downtown Association, Chamber of Commerce, and many other organizations have planned for us!

Don’t miss what I believe is the 1st annual BBQ, Blues and Brews festival tomorrow, Saturday, September 26th on Broad St. in downtown Fuquay from  3 – 8 pm rain or shine.  Come hungry!

This Sunday, September 27th, is the Out of the Darkness Walk to heighten awareness of suicide prevention. 1:00 pm check-in time and 2 pm walk .  ( Front Porch Realty is a proud sponsor of this event! )

Save the Date for Our Day in Downtown festival that has now turned into our DAY AND NIGHT in Downtown festival. Saturday, October 10th, 12 – 7 pm in our downtown historic district. You do not want to miss this event, fun for all ages!

And of course there is always the dog park and loads of other parks.  Both downtown and uptown shopping.  And local restaurants and breweries galore!

I sometimes go a whole 2 weeks without ever having to leave Fuquay!

It’s no surprise our Southwest Triangle Market is HOT this season and our quarterly numbers are certainly proving that.  This quarter I have decided to show numbers of a more narrowed down section of our county by reporting only Fuquay Varina, Holly Springs, Apex and Cary.  I have also included data comparing re-sale homes to new construction homes as our new starts have certainly heated up this year as well with new construction homes being a significant part of our real estate sales.

2nd Q 2015

In summary, all markets are showing healthy new construction activity.  Surprisingly, in most price-points re-sale homes are showing “price per square foot” as high as new construction and “days on market” just as low, if not lower, than new construction.  Builders are staying very competitive.  Holly Springs is the only market that is actually showing a measurable increase in number of units sold this 2^nd quarter 2015 as compared to the same quarter last year with a 27% increase.  The other towns show 1-6% increase of total units sold.  It should also be noted that our table shows only active and closed sales; calculating months of inventory for this purpose we are considering “pending” sales as “active”.

FRONT PORCH REALTY has settled in to our new Main Street Fuquay office and are enjoying being part of the Link between our two downtowns.  We have started a new seminar series on the 3^rd Thursday of every month from 6-7 pm.  This casual seminar is for potential clients that are just starting to think about a move.  We offer a relaxed format with wine and cheese as well as visits from some of our trusted local professionals that also are involved in the selling or buying real estate transaction.  Please send over anyone that you believe can benefit!

What’s a Buying and Selling Seminar Anyway?

We love selling Fuquay and the surrounding area, we are helping buyers move across the country as well as those moving across town. With 19 years of experience selling our Triangle market, excellent communication skills and broker support team.

Welcome Home,

Laura

Once a month Front Porch Realty hosts a Buying and Selling Seminar, so I thought I would tell you a little more about it here:

I came up with the idea of having a seminar because it seems like our sellers and buyers are learning about the buying and selling process online more and more these days.  I, myself, admit to “googling” whenever I come across anything unfamiliar that I want to find more information about; I think something as life changing as “moving your family” deserves a little more personal attention.  A good real estate professional wants to know your dreams, hopes and goals for your next home and wants to be able to guide you through this process.  Zillow, Trulia and Realtor.com just can’t do that!  I thought maybe a low key, no obligation setting like a seminar was the way to help. We have so much to offer as professional and experienced real estate brokers.  Yes, real estate has changed over the years, but we still hold a NC state license that is held to a very strict standard with the NC Real Estate Commission; legally and ethically. Our profession truly is more than sticking a sign in your yard and unlocking a door!

At our seminar I talk about what it really means to “have an agent” representing you in a real estate transaction, whether it be buying or selling or both. I talk about what we, as Front Porch Realty, look for while marketing a home for sale or helping you pick a home that best meets your needs and wants. I talk about all of the different legal and disclosure obligations of all parties to the transaction and property, and I talk about the importance of pricing as well as marketing your home. I also talk about the Offer to Purchase Contracts and all of their addenda.  Contracts are much more than “lots of blanks to be filled in”.  There are strategies and negotiation points on every page of the contracts and I believe that is where a lot of our skill and professionalism is proven.

We also invite some trusted contractors and inspectors that we have used over the years to come say a few words; as sellers and buyers the chance of needing a contractor is very likely as you prepare your home for the market and/or work on improvements for your new home.

I invite you to spread the word of our seminar to anyone you feel may benefit and come have some wine and cheese with us!

Front Porch Realty Real Estate Seminar 

*Every 3rd Thursday of the month

*Fuquay Varina office 604 N Main St., across form CVS 

*Reserve your seat today or just come on by!