Front Porch Realty was recently invited to a special webinar presentation by Fannie Mae’s Chief Economist, Douglas D. Duncan. Of particular interest to us was Covid-19’s expected impact on our US and of course our local, housing industry.
To our surprise, and great appreciation, we have not seen a disruption of our sales at all from Covid-19 but we can’t help suspect that this huge un-expected disruption of our labor market will eventually trickle down to our housing sales industry and into our local sales activity. There is no doubt there has been in a surge in re-finances in 2020 as more and more homeowner’s have decided to stay in their current homes. Homeowners have had plenty of “home-time” to get all kinds of indoor and outdoor home-improvement projects done. Even if they might have been pondering selling this year, there is fear of where they will go as inventory in all price-points is low. This has added to the cycle of low inventory especially for those baby boomers entering into the home ownership market for the first time.
Good news, according to the Fannie Mae market experts, we should be back to the end of 2019 numbers by the end of 2021, of course we will have lost 2 years of usual growth. Unlike other “recessions”, Covid has hit very specifically. The service and entertainment industries were and continue to be hit hard but other industries have hardly been affected or even actually improved sales. Interest rates are expected to drop even lower in 2021 and most likely stay low for about 5 years. Housing demand will remain way ahead of supply for awhile, prices will continue to go up due to demand and rising building costs.
We want to send a big THANK YOU to one of our trusted local lenders, Shellie King of First Citizens Bank, for this special informative invitation. FRONT PORCH REALTY agents are always ready to help you make a decision about selling and buying a home, we are great listeners and advisers and we will always have your best interests in mind. We can sell all over the Triangle, NC region as well as the greater Wilmington, NC region however we SPECIALIZE in Fuquay-Varina, Holly Springs, Willow Springs, Angier and Lillington.
We can’t wait to help you get started today! Contact us HERE
Happy New Year!
As the Owner of Front Porch Realty with 24 years of selling SW Wake county real estate, I take an in depth look at our local real estate market every quarter. You can view our 2019 Year-end Market Update HERE. Volume of homes sold has increased across the board as expected, however we saw a slight shift of new construction homes sold towards a more balanced market. Average sales prices have increased about 4% resulting in our average price per square foot in Wake county $130-$140 for re-sale homes and $140-$150 for new construction homes. We saw little or no change in the average days on market across the board, in our area homes are going under contract in about 30 days or less.
It’s a great time to buy and sell in Holly Springs and Fuquay-Varina! If you are thinking about selling “the easy way” to Zillow, Open Door, etc PLEASE talk to us first. These companies typically charge 8-10% commission on top of leaving lots of your equity on the table. There is a reason these investment companies want to buy your home! I promise we will take care of all of the details for you AND it will cost you much less. In addition, if you are out there looking at new construction homes, be sure and utilize our FREE Buyer’s Agency. The on-site agents at the new construction neighborhoods represent the builders and look out for THEIR best interests, not yours. Why not have an agent on your side? Learn more about NC Agency HERE.
We will be hosting the Fuquay Varina Chamber Business After Hours event on February 13th at our Fuquay Varina office, please SAVE the DATE we would love to see you there. The Fuquay-Varina Chamber of Commerce will be honoring our elected officials and presenting the quarterly Excellence in Education award.
If you would like my quarterly market update delivered to your inbox, let me know. In addition, if we can be of any assistance to you with your real estate needs, I am certain you will be extremely satisfied with any of our Front Porch Realty real estate brokers level of professionalism and expertise.
– welcome home, laura
The Senior Services Council and the Fuquay-Varina Chamber of Commerce has organized and hosted the annual Senior Services Expo 2019 in Fuquay-Varina. This year’s event will be held at Fire Station #1 (301 S Fuquay Ave.) in the heart of the downtown Fuquay retail district Monday, May 6th from 10 am – 2 pm.
Seniors and care-givers will have access to over 40 providers at the resource fair. They’ll offer insight, expertise and solutions for aging adults and their loved ones. A shredding truck will also be on site to provide shredding services at no cost.
So come out on Monday, bring your paper to be shredded and grab some friends! Stop by the Front Porch Realty booth and say hi! We’ll have experienced agents there all day to discuss selling your home.
Tired of renting but not sure if you can afford to purchase a home?
Thinking of selling your home but not sure how to best prepare it for the market?
FRONT PORCH REALTY is having a series of “gathering info” meetings once a month just for you! No pressure environment for you to ask a few questions and get pointed in the right direction. Today’s market is busy and can be somewhat intimidating. We LIVE, EAT, and PLAY in our LOCAL market and we have the expertise to help you.
• Monday, March 25 6-7 pm
• Saturday, April 27 9-10 am
• Monday, May 20 6-7 pm
• Saturday, June 22 9-10 am
• Monday, July 22 6-7 pm
• Saturday, August 24 9-10 am
• Monday, September 23 6-7 pm
• Saturday, October 26 9-10 am
All sessions will be held at our Fuquay-Varina office located at 604 N. Main St., Fuquay-Varina, NC 27526
Register your attendance HERE
Introducing Mary Pickard Photography. Mary is the photographer who takes most of the pictures for our Front Porch Realty website. As you can tell, Mary is passionate about what she does, is talented and has over 35 years experience. We love having her on our team!
Check out Mary’s website to find out more about her, view more of her work, and how to contact her directly.
Mary is local to both of our office locations and has been taking our new listing photos for years and so it made sense that we would call on her when we were ready to launch our new website earlier this year! Mary was pivotal in the creation of the “Our Towns” page and highlighting all that our wonderful towns have to offer. She’s always willing and ready on a moments notice to take our new listing photos as well photos of new businesses in town, so all can be added to our website quickly.
No one sells Fuquay-Varina and Holly Springs like Front Porch Realty!
Real Estate brokers have sometimes been accused of “shortening our words” or using terms that we think everyone already knows! So, here’s a little helpful guide, if you have trouble navigating real estate terminology!
What it says versus What it means
conveys with sale … it will STAY with the home
EIK … eat in kitchen
SS … stainless steel
HDW, HWF, Hdwd ….. hardwood floors
FDR ….. formal dining room
MLS...multiple listing system
FSBO ….. for sale by owner
Pre-approval … based on information you are able to provide to the lender. This will look much better than a pre-qualification to the seller.
Pre-qualified …. based on a 5 minute phone call to the lender and only on what you tell the lender. This is needed in order to even make an offer on a home.
due diligence funds …the funds the buyer gives the seller at time of contract to “buy time” off the market while they do their due diligence
due diligence or DD…all of the inspections and loan process, etc a buyer can exercise on a prospective home during their due diligence time period
Due diligence money- is non-refundable The good news is the money is typically credited towards the purchase of the home at closing.
Earnest money is “good faith” money. The buyer is showing the seller they are serious about buying the home.
contingency … a contract on a home that is dependent on you selling your existing home
3 BR/2BA 3 bedrooms and 2 baths
I’m sure we’ve missed a few, feel free to leave comments with any you might still be wondering about and we’ll do our best to define them.
We are here to help you navigate your real estate needs and ALL the terms that come along with that!
FRONT PORCH REALTY has exciting news; we are the #1 LOCAL Independent Real Estate firm in southwestern Wake County!
See our 3rd quarter local real estate market snapshot . It is no surprise that we are still in a seller’s market; inventory is still extremely low across the Triangle. Know that in this competitive market, Front Porch Realty brokers are equipped with professionalism and the expertise to help both our seller and buyer clients navigate multiple offer situations. If we can be of any assistance to you or someone you know, rest assured they will be extremely satisfied.
Please watch our website, Facebook, and Instagram for all housing, and other local news around town and to see our new listings as soon as they hit the market.
If you would rather receive this report either by email or snail mail please contact Laura .
Broker/Owner Front Porch Realty
Front Porch Realty recently sat down and spoke with Corey Mullen, at Clay Hamilton’s State Farm Insurance in Fuquay Varina, about the importance of having homeowners insurance and how it works.
Your home is your refuge after a long day of work. It’s the hub of everything that really matters, where you can relax with your family. So you shouldn’t trust just any company to protect it. You should go with an insurer with the financial strength to cover a wide variety of losses, trusted by more homeowners than any other insurer. That’s State Farm®. When the unexpected hits home, a good neighbor can help.
Think of homeowners insurance as financial protection for what the future might bring. For example, if your home were damaged by a fire, or burglars broke in and stole your belongings, your policy could help pay to rebuild your home or replace your possessions.
Without a policy, you’d have to cover those expenses out of your own pocket. So if you’re a homeowner, homeowners insurance is an absolute necessity.
Your policy could help pay for a variety of property and liability claims:
• Your house: This includes your home and other structures on your property, such as a detached garage or a shed.
• Your possessions: This includes personal belongings inside your home, such as your clothing, furniture, and electronics—and with limitations—certain valuables. It could even cover belongings you take with you while away from home.
• Financial protection against lawsuits: In certain situations, your State Farm Homeowners Policy could help protect your finances by paying for damages which you’re legally responsible for, and even your legal defense. For example, the policy could help cover legal defense costs if a visitor accidentally got hurt at your place and took you to court.
Other costs covered by the policy
Your policy may also help pay for:
• Removal of your damaged property after a fire, or other loss covered by the policy.
• Temporary repairs necessary to protect covered property from more damage.
• Extra expenses for your household to live elsewhere, if your home is uninhabitable because of damage covered by the policy.
• Water damage caused by flood.
• Liability for business-related activities
• Liability for intentional injury or property damage
• Damage caused by earthquake or mudslide
You may want to talk to your agent about a separate earthquake policy.
With coverage directly through the federal government. There is generally a 30-day waiting period for the policy to go into effect
A “deductible” is the amount that you are responsible for when you file a claim. Your deductible can be a fixed amount, such as $1,000 or $2,000, or a percentage of the coverage amount, such as one or two percent. So if your home is covered for $200,000 and you have a one percent deductible, your deductible is $2,000.
Here’s how a deductible works: say you file a claim for $10,000 after a burglary, and you had chosen a fixed amount deductible of $1,000. So the policy covers you for $9,000 and you are only responsible for $1,000.
Generally, the higher your deductible, the lower your premium. But with a higher deductible, your financial responsibility would be higher if you file a claim. Your agent can help you determine the deductible that’s right for you.
Your State Farm Homeowners Policy has coverage limits on certain types of property, such as computers, collectibles, jewelry, and other valuables.
Here’s an example: Suppose your home had been broken into and your computer and printer were stolen. If the policy limit for home computers and equipment was $5,000, the policy would reimburse you up to that limit after your deductible has been met.
The choice is yours, but State Farm recommends you choose a coverage limit at least equal to your home’s estimated replacement cost: the amount necessary to rebuild your entire home. (The replacement cost isn’t the same as the market value, which is the price you can expect your home to yield on the market.)
If you choose a coverage amount less than the estimated replacement cost, you may not be eligible for certain coverages. Since no one can say what the exact cost will be to replace your home in the future, you’ll need enough coverage to account for unforeseen circumstances.
For a replacement cost estimate, you can ask a contractor, hire a professional replacement cost appraisal service, or ask your State Farm agent to help you develop an estimate. Make sure to point out any architectural details or unique building materials that affect your estimate.
As your life changes, your home may change along with it. We recommend you review your homeowners’ coverage if:
• You move, improve your existing home, or build a new home.
• You add a fire and/or burglar alarm system.
• You purchase items—such as home computers, jewelry, and furs—that might exceed your basic coverage.
To help make sure your coverage is up to date, it’s a good idea to review your policy with your agent every year.
Extra coverage you just might need. Depending on your situation, you may need separate, broader coverage for additional financial protection.
|Have concerns about your personal liability?||A Personal Liability Umbrella Policy (PLUP) for extra liability coverage in increments of $1 million, in case you’re sued for damages that exceed your State Farm Homeowners or Auto Policy liability limits.|
|Own jewelry, fine arts or other valuables?||Other policy options or a Personal Articles Policy (PAP), which can give you higher coverage limits or broader protection.|
|Work out of your home?||Other policy options for home business coverage, which may cover your business-related property and liability. You may also want to consider a separate, more comprehensive business policy for your home-based business.|
|Want to protect yourself against identity fraud?||Adding the Identity Restoration Coverage Endorsement to your State Farm Homeowners Policy. It offers coverage for specific expenses caused by identity fraud and case management services to help counteract the effects of identity fraud.|
Clay Hamilton and Corey Mullen are available to answer all of your insurance questions.
STATE FARM® INSURANCE AGENT, FUQUAY VARINA, NC
1000 N Main Street Suite 101
Fuquay Varina, NC 27526
Cory Mullen, Insurance and Financial Sales Advisor
1000 N Main Street Suite 101
Fuquay-Varina, N.C 27526
Cell at 919-356-3607
This week we have a “Guest Post” written by one of our Mortgage Professionals, Jennifer Miller with Sierra Pacific Mortgage Company.
To Buy or Not to Buy?
You’ve heard the news reports on the housing market in our lately – low inventory, good prices, quick sales – and maybe you’re wondering where you fit into this latest market swing.
We should probably start with the news reports. Yes, it’s true that in some price ranges, namely homes priced under $300,000 there is low inventory. The same cannot be said for higher priced homes, especially those priced above $500,000; there are still plenty of homes available at that price point. And yes, the appraisals are coming back at reasonable levels; meaning that in many cases the appraised value and the sales price are matching up; although that’s not always the case. As far as quick sales, well that depends on how you define “quick”. Most people are closing in the normal 30 to 45 day range.
When you’ve got a home to sell…
So, should you pursue your dream home, or the home that’s closer to work so that you can eliminate that 45 minute commute you face twice daily? Putting your house on the market requires effort, commitment and sometimes, money.
The effort and money come in once you’ve had a Realtor to your home for a preliminary meeting. The first order of business is deciding whether you feel comfortable listing your home at a price comparable to what other homes in your area are selling for. If the answer is yes, then it’s likely that your Realtor will want you to change or improve your home in a few areas. You may need to “de-clutter” and pack away your belongings that you’re not using every day to make the home appear larger. You may be asked to paint, install new carpet or work on the landscaping to improve the homes’ curb appeal. Depending on how handy you are; you may be able to do some, or all of those things yourself; without having to pay a professional. Certainly, that is the least expensive way to go. If you can’t do these things on your own or if you’re too busy to attempt them you may find yourself shelling out up to $2,500.00 to cover these costs.
This is where the commitment component kicks in: if you’re not really committed to selling your home, chances are that you’re not going to be very motivated to get all this work done. Realtors are fairly savvy these days when it comes to assessing their clients’ needs and wants. If you want a nicer home but you don’t really need one your Realtor may decide that you’re not the right client for them.
What if you’re not currently a home owner?
Maybe you’re a young professional who’s never owned a home before, or maybe you owned a home previously in another state or at a different time in your life. If you’re wondering whether a good time to buy is now, the short answer is yes!
As I said at the beginning there is some low inventory with homes priced under $300,000.00; however, if you don’t look for a home then you surely won’t fine one, and there are homes to be found even in that price range. So what else do you need to consider in a home purchase? First, do you have enough money to buy a home?
The Price Tag…..
There are several loan programs available that will get you into a home for zero or a very low down payment with reasonable interest rates. But you will need to have some cash to cover expenses like the appraisal ($450) which is paid upfront and out-of-pocket in the home buying process. You will also need money for closing costs, which come due on the day you sign the promissory note at closing.
If you don’t have enough cash to cover the closing costs, talk to your realtor about negotiating these into the sales contract. There is an easy way to handle this scenario. Let’s say that you want to purchase a home that’s listed at $187,500.00. You would like to pay $185,000 for the house and you know that you need $5,000 to help cover closing costs. Simply ask your Realtor to write the offer to purchase for $190,000 with the seller paying $5,000 in closing costs.
Show me the Money…
But how do you know how much closing costs are going to be? And, how do you know if you earn enough money to be able to qualify for a mortgage loan to begin with? Now we come to the crux of the matter. The best way to answer these questions is to call me and start the application process. With just a little information, I can quickly see if you can be prequalified for a mortgage loan. I can also make sure that you’re taking advantage of the best loan programs available.
Home-ownership is part of the American dream; and with interest rates still at historically low levels now is a great time to explore your options. Call me today and let’s get started on getting you into the home of your dreams!
Sierra Pacific Mortgage Company
6736 Falls of Neuse Road Suite 120
Raleigh, NC 27615
Sierra Pacific Mortgage Company, Inc. NMLS # 1788. Licensed in North Carolina L-127865. Sierra Pacific Mortgage Company, Inc. is not affiliated with the Real Estate Agent and/or Brokerage identified in this advertisement, you are not required to use Sierra Pacific Mortgage Company, Inc. to obtain mortgage financing. This advertisement is provided for informational purpose only. www.nmlsconsumeraccess.org. Not all borrowers will qualify. This is not a commitment to lend. [Insert and program and/or additional disclaimers]. Equal Housing Lender.
To FSBO or not to FSBO, that is the question…
It’s no secret that the Triangle Area Real Estate Market is busy. Why not just be a For Sale by owner and save a little cash?
We can totally understand why a NC Homeowner might be enticed to sell their real property “on their own” in this busy Real Estate market. You have worked hard to build up the equity in your home…why give it all to an agent?
From Larissa, a recent FRONT PORCH REALTY Seller Client ” …Selling you home is always stressful but working with a professional real estate professional ensures that the process goes as smoothly as possible and that your best interests are kept in mind while your home is being marketed and sold so that you can get the highest return on your investment…”
Did you know it is illegal for anyone in the state of NC to pay a “referral fee” to a non-licensed person? Yep, it is actually a felony. It’s better to avoid this and stay out of trouble!
We sell real estate FULL TIME and we have a professional state license to do so. We are experts in this Market and we want to work for you.
So…why not leave it to us?