Monday, December 20, 2010
ERA Strother Real Estate, Fayetteville Ft Bragg NC
If you are looking to relcate to the Fayetteville, Ft Bragg area of North Carolina, contact ERA Strother Real Estate! We are the #1 ERA Franchise in the World! What an honor it is to be affiliated with this passionate company!
Monday, February 9, 2009
Fayetteville Housing Market
Originally published on Saturday, February 07, 2009 in the Local & State category.
Fayetteville Housing MarketHome values something to appreciate
With real estate prices tumbling across the nation, a report gives comfort to homeowners here.
By Hilary Kraus
Staff writer
Homes in Fayetteville are doing more than just holding their value in these tough times.
A report this week ranked Fayetteville as the No. 1 housing market in the nation for appreciation in the fourth quarter of 2008.
According to Zillow Real Estate Market Reports, houses across most of Cumberland County increased in value 6.9percent compared with a year earlier, while nationally the average value of homes plummeted 11.6 percent. Only 15 out of 162 markets showed any appreciation at all from a year ago, with the most drastic losses in California and Florida, Zillow said.
One year ago, Fayetteville ranked 56th in Zillow’s report. Six months ago, it was 88th.
“That’s really great,” Fayetteville appraiser Tom Keith said about the top ranking. “Realtors would be crazy not to use that as a marketing tool. (Potential buyers) will see from the data that this is a good community to invest in buying a home.”
While Zillow says Fayetteville’s housing stock showed healthy gains, perhaps what thrust this market to the top spot more than any other factor was the catastrophic real estate crash elsewhere. Markets where home values skyrocketed in recent years tumbled the most, especially in late 2008. But Fayetteville, with its military-based economy, is largely immune from drastic highs and lows.
For example, home sales in the Fayetteville market were down about 8.4 percent in 2008, compared with 2007. But that wasn’t as bad as the national numbers, which were down more than 13 percent.
Zillow, which operates a Web site that allows people to look up home values based on its own formula, said the median value in Fayetteville was $112,737 in the fourth quarter.
The median value for single-family homes was $114,158, and $86,211 for condominiums. One year earlier, the overall median value was $103,561.
Zillow’s information includes all homes and not just those for sale, spokeswoman Katie Curnutte said. The data is compiled from public records.
In general, North Carolina has held up well. The Raleigh-Cary market showed depreciation of 2.3 percent.
Cities such as Las Vegas, Los Angeles and Miami showed fourth-quarter declines of more than 20 percent.
On a broader scale, Fayetteville shows a healthy track based on a five-year period, Zillow says. Single-family homes appreciated 6.1percent over that period, while condos have appreciated 4.1 percent, Zillow reported.
But not all homeowners should get excited. Zillow said nearly 53 percent of Fayetteville’s housing stock lost value last year, compared with just 2.1 percent showing losses over five years.
The remaining 47 percent of homes gained enough value to offset those declines.
Also, about 17 percent of homes in this market sold at a loss in 2008, meaning they sold for less than their previous purchase price.
Valuation differences
Jay Dowdy, president of the Fayetteville Regional Association of Realtors, said the Zillow report is positive. But he won’t rely on the numbers to entice clients.
“The tax value (that Zillow uses) and the market value are completely different,” said Dowdy, who was not familiar with Zillow. “A lot of the information is tax value-based versus sale-based. Tax value is what the courthouse or county use to evaluate.”
Dowdy said Zillow’s median home value of $112,737 seemed a little low.
According to the Multiple Listing Service, existing houses sold for an average of $129,125 in 2008. New houses averaged $207,329.
The MLS report reflects only sales, and it includes parts of surrounding counties. Zillow’s report covers all homes across most of Cumberland County.
The Zillow report also broke down appreciation by Fayetteville neighborhoods. The homes in the 28306 ZIP code — the southwestern part of Cumberland County — appreciated the most with a healthy 19 percent from a year earlier.
In 28348, which is Hope Mills, homes appreciated 13.2percent.
Dowdy was not surprised. The 28306 area is among the most desirable among homebuyers because of the large stock of new houses and the Jack Britt High School district.
Newly constructed homes in those neighborhoods range in price from $250,000 to $450,000, Dowdy said.
***
WE’RE NO. 1
Zillow.com says the Fayetteville market had the highest appreciation in home values during the fourth-quarter of 2008. That’s out of 163 markets. See Page 4A for a closer look at Zillow’s rankings:
THE TOP 10
1. Fayetteville, N.C.
2. Yakima, Wash.
3. Utica-Rome, N.Y.
4. Bay City, Mich.
5. Oklahoma City, Okla.
7. Champaign-Urbana, Ill.
8. Sumter, S.C.
9. Jacksonville, N.C.
10. Burlington, N.C.
OTHER N.C. CITIES
24. Winston-Salem30. Raleigh-Cary
39. Durham
45. Charlotte- Gastonia-Concord
52. Greensboro-High Point
THE BOTTOM 5
159. Madera, Calif.
160. Riverside-San Bernadino-Ontario, Calif.
161. Stockton, Calif.
162. Salinas, Calif.
163. Modesto, Calif.
SOURCE: Zillow.com HOME VALUES
Zillow.com says the Fayetteville market had the highest appreciation in home values in the U.S. during the fourth-quarter of 2008, when compared to the same period in 2007. That’s out of 163 markets, most of which saw real estate values plummet during 2008. The national average was an 11.6 percent depreciation in home values during fourth quarter. Here are Zillow’s rankings, which it bases on its own formula. The estimates include all housing, in cluding condos.
TOP 10
1. Fayetteville, N.C. Median value of homes: $122,737 Change from 4Q 2007: +6.9% Percentage of homes sold at a loss in 4Q 2008: 17.2%
2. Yakima, Wash. Median value of homes: $134,545 Change from 4Q 2007: +6.2% Percentage of homes sold at a loss in 4Q 2008: 12.9%
3. Utica-Rome, N.Y. Median value of homes: $ 107,595 Change from 4Q 2007: +5.3% Percentage of homes sold at a loss in 4Q 2008: 12.4%
4. Bay City, Mich. Median value of homes: $98,560 Change from 4Q 2007: +3.6% Percentage of homes sold at a loss in 4Q 2008: 36.1%
5. Oklahoma City, Okla. Median value of homes: $114,923 Change from 4Q 2007: + 3.5% Percentage of homes sold at a loss in 4Q 2008: 36.1%
6. Anderson, S.C. Median value of homes: $105,128 Change from 4Q 2007: +3.1% Percentage of homes sold at a loss in 4Q 2008: 19.6%
7. Champaign-Urbana, Ill. Median value of homes: $134,638 Change from 4Q 2007: +2.3% Percentage of homes sold at a loss in 4Q 2008: 13.4%
8. Sumter, S.C. Median value of homes: $116,598 Change from 4Q 2007: +2.0% Percentage of homes sold at a loss in 4Q 2008: 16.8%
9. Jacksonville, N.C. Median value of homes: $137,004 Change from 4Q 2007: +1.5% Percentage of homes sold at a loss in 4Q 2008: 2.9%
10. Burlington, N.C. Median value of homes: $121,219 Change from 4Q 2007: +0.5% Percentage of homes sold at a loss in 4Q 2008: 27.7%
OTHER N.C. CITIES
24. Winston-Salem, N.C. Median value of homes: $131,495 Change from 4Q 2007: -1.2% Percentage of homes sold at a loss in 4Q 2008: 25.4%
30. Raleigh-DurhamMedian value of homes: $199,365 Change from 4Q 2007: -2.5% Percentage of homes sold at a loss in 4Q 2008: 15.3%
39. Durham, N.C. Median value of homes: $172,235 Change from 4Q 2007: -3.1% Percentage of homes sold at a loss in 4Q 2008: 15.3%
45. Charlotte-Gastonia-Concord, N.C. Median value of homes: $155,760 Change from 4Q 2007: -3.7% Percentage of homes sold at a loss in 4Q 2008: 24.6%
52. Greensboro-High Point, N.C. Median value of homes: $137,974 Change from 4Q 2007: -4.2% Percentage of homes sold at a loss in 4Q 2008: 21.6%
BOTTOM 5
159. Madera, Calif. Median value of homes: $176,068 Change from 4Q 2007: -30.3% Percentage of homes sold at a loss in 4Q 2008: 64.5%
160. Riverside-San Bernadino-Ontario, Calif. Median value of homes: $225,949 Change from 4Q
2007: -30.8% Percentage of homes sold at a loss in 4Q 2008: 65.5%
161. Stockton, Calif. Median value of homes: $194,097 Change from 4Q 2007: -31.7% Percentage of homes sold at a loss in 4Q 2008: 69.7%
162. Salinas, Calif. Median value of homes: $352,885 Change from 4Q 2007: -32.9% Percentage of homes sold at a loss in 4Q 2008: 62.1%
163. Modesto, Calif. Median value of homes: $168,528 Change from 4Q 2007: -33.4% Percentage of homes sold at a loss in 4Q 2008: 62.1%
HOW’S YOUR NEIGHBOR HOOD?
Here’s how Zillow estimated median home values by ZIP codes in the fourth quarter, along with year-over-year change.
28301 (Fayetteville)Home values: $88,941 Year-over-year change: 9.9 %
28303 (Fayetteville) Home values: $112,941 Year-over-year change: 2.2%
28304 (Fayetteville) Home values: $96,000 Year-over-year change: 0.3%
28305 (Fayetteville) Home values: $158,118 Year-over-year change: 9.8 %
28306 (Fayetteville) Home values: $128,000 Year-over-year change: 19.3%
28311 (Fayetteville ) Home values: $124,706 Year-over-year change: 5.8%
28312 (Fayetteville) Home values: $115,294 Year-over-year change: 12.4%
28314 (Fayetteville) Home values: $112,471 Year-over-year change: 4.1 %
28348 (Hope Mills) Home values: $124,235 Year-over-year change: 13.9%
28356 (Linden) Home values: $151,059 Year-over-year change: 12.2%
28371 (Parkton) Home values: $117,176 Year-over-year change: 11.0%
28390 (Spring Lake) Home values: $88,941 Year-over-year change: 4.2%
28391 (Stedman) Home values: $104,941 Year-over-year change: 8.0 %
SOURCE: Zillow.com
Our website: www.TheResidentialGroup.com
Fayetteville Housing MarketHome values something to appreciate
With real estate prices tumbling across the nation, a report gives comfort to homeowners here.
By Hilary Kraus
Staff writer
Homes in Fayetteville are doing more than just holding their value in these tough times.
A report this week ranked Fayetteville as the No. 1 housing market in the nation for appreciation in the fourth quarter of 2008.
According to Zillow Real Estate Market Reports, houses across most of Cumberland County increased in value 6.9percent compared with a year earlier, while nationally the average value of homes plummeted 11.6 percent. Only 15 out of 162 markets showed any appreciation at all from a year ago, with the most drastic losses in California and Florida, Zillow said.
One year ago, Fayetteville ranked 56th in Zillow’s report. Six months ago, it was 88th.
“That’s really great,” Fayetteville appraiser Tom Keith said about the top ranking. “Realtors would be crazy not to use that as a marketing tool. (Potential buyers) will see from the data that this is a good community to invest in buying a home.”
While Zillow says Fayetteville’s housing stock showed healthy gains, perhaps what thrust this market to the top spot more than any other factor was the catastrophic real estate crash elsewhere. Markets where home values skyrocketed in recent years tumbled the most, especially in late 2008. But Fayetteville, with its military-based economy, is largely immune from drastic highs and lows.
For example, home sales in the Fayetteville market were down about 8.4 percent in 2008, compared with 2007. But that wasn’t as bad as the national numbers, which were down more than 13 percent.
Zillow, which operates a Web site that allows people to look up home values based on its own formula, said the median value in Fayetteville was $112,737 in the fourth quarter.
The median value for single-family homes was $114,158, and $86,211 for condominiums. One year earlier, the overall median value was $103,561.
Zillow’s information includes all homes and not just those for sale, spokeswoman Katie Curnutte said. The data is compiled from public records.
In general, North Carolina has held up well. The Raleigh-Cary market showed depreciation of 2.3 percent.
Cities such as Las Vegas, Los Angeles and Miami showed fourth-quarter declines of more than 20 percent.
On a broader scale, Fayetteville shows a healthy track based on a five-year period, Zillow says. Single-family homes appreciated 6.1percent over that period, while condos have appreciated 4.1 percent, Zillow reported.
But not all homeowners should get excited. Zillow said nearly 53 percent of Fayetteville’s housing stock lost value last year, compared with just 2.1 percent showing losses over five years.
The remaining 47 percent of homes gained enough value to offset those declines.
Also, about 17 percent of homes in this market sold at a loss in 2008, meaning they sold for less than their previous purchase price.
Valuation differences
Jay Dowdy, president of the Fayetteville Regional Association of Realtors, said the Zillow report is positive. But he won’t rely on the numbers to entice clients.
“The tax value (that Zillow uses) and the market value are completely different,” said Dowdy, who was not familiar with Zillow. “A lot of the information is tax value-based versus sale-based. Tax value is what the courthouse or county use to evaluate.”
Dowdy said Zillow’s median home value of $112,737 seemed a little low.
According to the Multiple Listing Service, existing houses sold for an average of $129,125 in 2008. New houses averaged $207,329.
The MLS report reflects only sales, and it includes parts of surrounding counties. Zillow’s report covers all homes across most of Cumberland County.
The Zillow report also broke down appreciation by Fayetteville neighborhoods. The homes in the 28306 ZIP code — the southwestern part of Cumberland County — appreciated the most with a healthy 19 percent from a year earlier.
In 28348, which is Hope Mills, homes appreciated 13.2percent.
Dowdy was not surprised. The 28306 area is among the most desirable among homebuyers because of the large stock of new houses and the Jack Britt High School district.
Newly constructed homes in those neighborhoods range in price from $250,000 to $450,000, Dowdy said.
***
WE’RE NO. 1
Zillow.com says the Fayetteville market had the highest appreciation in home values during the fourth-quarter of 2008. That’s out of 163 markets. See Page 4A for a closer look at Zillow’s rankings:
THE TOP 10
1. Fayetteville, N.C.
2. Yakima, Wash.
3. Utica-Rome, N.Y.
4. Bay City, Mich.
5. Oklahoma City, Okla.
7. Champaign-Urbana, Ill.
8. Sumter, S.C.
9. Jacksonville, N.C.
10. Burlington, N.C.
OTHER N.C. CITIES
24. Winston-Salem30. Raleigh-Cary
39. Durham
45. Charlotte- Gastonia-Concord
52. Greensboro-High Point
THE BOTTOM 5
159. Madera, Calif.
160. Riverside-San Bernadino-Ontario, Calif.
161. Stockton, Calif.
162. Salinas, Calif.
163. Modesto, Calif.
SOURCE: Zillow.com HOME VALUES
Zillow.com says the Fayetteville market had the highest appreciation in home values in the U.S. during the fourth-quarter of 2008, when compared to the same period in 2007. That’s out of 163 markets, most of which saw real estate values plummet during 2008. The national average was an 11.6 percent depreciation in home values during fourth quarter. Here are Zillow’s rankings, which it bases on its own formula. The estimates include all housing, in cluding condos.
TOP 10
1. Fayetteville, N.C. Median value of homes: $122,737 Change from 4Q 2007: +6.9% Percentage of homes sold at a loss in 4Q 2008: 17.2%
2. Yakima, Wash. Median value of homes: $134,545 Change from 4Q 2007: +6.2% Percentage of homes sold at a loss in 4Q 2008: 12.9%
3. Utica-Rome, N.Y. Median value of homes: $ 107,595 Change from 4Q 2007: +5.3% Percentage of homes sold at a loss in 4Q 2008: 12.4%
4. Bay City, Mich. Median value of homes: $98,560 Change from 4Q 2007: +3.6% Percentage of homes sold at a loss in 4Q 2008: 36.1%
5. Oklahoma City, Okla. Median value of homes: $114,923 Change from 4Q 2007: + 3.5% Percentage of homes sold at a loss in 4Q 2008: 36.1%
6. Anderson, S.C. Median value of homes: $105,128 Change from 4Q 2007: +3.1% Percentage of homes sold at a loss in 4Q 2008: 19.6%
7. Champaign-Urbana, Ill. Median value of homes: $134,638 Change from 4Q 2007: +2.3% Percentage of homes sold at a loss in 4Q 2008: 13.4%
8. Sumter, S.C. Median value of homes: $116,598 Change from 4Q 2007: +2.0% Percentage of homes sold at a loss in 4Q 2008: 16.8%
9. Jacksonville, N.C. Median value of homes: $137,004 Change from 4Q 2007: +1.5% Percentage of homes sold at a loss in 4Q 2008: 2.9%
10. Burlington, N.C. Median value of homes: $121,219 Change from 4Q 2007: +0.5% Percentage of homes sold at a loss in 4Q 2008: 27.7%
OTHER N.C. CITIES
24. Winston-Salem, N.C. Median value of homes: $131,495 Change from 4Q 2007: -1.2% Percentage of homes sold at a loss in 4Q 2008: 25.4%
30. Raleigh-DurhamMedian value of homes: $199,365 Change from 4Q 2007: -2.5% Percentage of homes sold at a loss in 4Q 2008: 15.3%
39. Durham, N.C. Median value of homes: $172,235 Change from 4Q 2007: -3.1% Percentage of homes sold at a loss in 4Q 2008: 15.3%
45. Charlotte-Gastonia-Concord, N.C. Median value of homes: $155,760 Change from 4Q 2007: -3.7% Percentage of homes sold at a loss in 4Q 2008: 24.6%
52. Greensboro-High Point, N.C. Median value of homes: $137,974 Change from 4Q 2007: -4.2% Percentage of homes sold at a loss in 4Q 2008: 21.6%
BOTTOM 5
159. Madera, Calif. Median value of homes: $176,068 Change from 4Q 2007: -30.3% Percentage of homes sold at a loss in 4Q 2008: 64.5%
160. Riverside-San Bernadino-Ontario, Calif. Median value of homes: $225,949 Change from 4Q
2007: -30.8% Percentage of homes sold at a loss in 4Q 2008: 65.5%
161. Stockton, Calif. Median value of homes: $194,097 Change from 4Q 2007: -31.7% Percentage of homes sold at a loss in 4Q 2008: 69.7%
162. Salinas, Calif. Median value of homes: $352,885 Change from 4Q 2007: -32.9% Percentage of homes sold at a loss in 4Q 2008: 62.1%
163. Modesto, Calif. Median value of homes: $168,528 Change from 4Q 2007: -33.4% Percentage of homes sold at a loss in 4Q 2008: 62.1%
HOW’S YOUR NEIGHBOR HOOD?
Here’s how Zillow estimated median home values by ZIP codes in the fourth quarter, along with year-over-year change.
28301 (Fayetteville)Home values: $88,941 Year-over-year change: 9.9 %
28303 (Fayetteville) Home values: $112,941 Year-over-year change: 2.2%
28304 (Fayetteville) Home values: $96,000 Year-over-year change: 0.3%
28305 (Fayetteville) Home values: $158,118 Year-over-year change: 9.8 %
28306 (Fayetteville) Home values: $128,000 Year-over-year change: 19.3%
28311 (Fayetteville ) Home values: $124,706 Year-over-year change: 5.8%
28312 (Fayetteville) Home values: $115,294 Year-over-year change: 12.4%
28314 (Fayetteville) Home values: $112,471 Year-over-year change: 4.1 %
28348 (Hope Mills) Home values: $124,235 Year-over-year change: 13.9%
28356 (Linden) Home values: $151,059 Year-over-year change: 12.2%
28371 (Parkton) Home values: $117,176 Year-over-year change: 11.0%
28390 (Spring Lake) Home values: $88,941 Year-over-year change: 4.2%
28391 (Stedman) Home values: $104,941 Year-over-year change: 8.0 %
SOURCE: Zillow.com
Our website: www.TheResidentialGroup.com
Friday, July 18, 2008
FAYETTEVILLE FORT BRAGG MARKET AN INSIDER VIEW
Is our area experiencing the falling prices and Real Estate problems you hear and read of across the country? The answer is a definitive NO!
Thanks to the diversity and rotation of those who proudly serve in our Armed Forces, our area has traditionally been a great place to own Real Estate. It's no secret that Fort Bragg is already the largest military base in the country by population. With base re-alignment (BRAC) , our area is experiencing a tremendous growth pattern. Those who PCS to Bragg, as well as the myriad number of supporting contractors and family members who accompany them, are driving our local economy and ensuring Fayetteville, Fort Bragg, Hoke County, Harnett County, and surrounding areas are slated to be a stable market for generations to come.
Fayetteville will soon be North Carolina's 4th largest metro, thanks to the population boom , and and an aggressive local government that is pro-active in preparing for the future. New schools, major highways such as The Fayetteville Outer Loop (currently under construction and partially complete ), and the economical cost of living expenses as compared to other areas make our area a great place to own Real Estate and to live!
Many retirees are relocating back to our area after owning homes here , changing duty stations for years , and returning to their homes that they have rented out for a profit. Even those who have no military affiliation are relocating and retiring here from places like New York ,New Jersey, California and even Florida citing the low cost of living, and yes...even one of the lowest average gasoline prices in the nation.
How about foreclosures? Yes we have them! Although their numbers are far below the National average. Even then most traditional homebuyers or investors must have cash, or special financing arrangements to purchase them as most are offered "AS IS" and lenders shy away from standard VA, FHA, and Conventional loans on homes that need repairs. Still, opportunity abounds for those who can acquire these properties below market value, make improvements, and lease or sell for a profit.
Amenities for our community? With a strong military presence , pride, culture, and diversity help to make Fayetteville, Raeford, Spring Lake, Hope Mills. Eastover, Cumberland, Harnett, and Hoke Counties places people want to live! Geographically, we are 2 hours from beautiful pristine Beaches Like Myrtle Beach, Wrightsville, and Wilmington. If you want to really take advantage of our location try, a 3 or so hour drive to The NC Mountains boasting some of the most beautiful and remote areas of the US. If Cultural , historical, theatrical or "big city amenities are appealing to you, explore the various festivals, concerts, theaters, and an histrical downtown area that is charming and quaint. If "bigger City' activities are your interest, the State Capital of Raleigh is only an hour drive . World renowned educational and medical facilities such as Duke University,The University of North Carolina and Wake Forest along with the many community colleges our state has to offer including Fayetteville Technical Community College and others teach trades and skills that can quickly propel you or your family members into specialized jobs and allow you to be self employed if you choose to take advantage of the "boom we are experiencing.
As a team of highly trained. top producing skilled , friendly and enthusiastic professionals, THE RESIDENTIAL GROUP REAL ESTATE TEAM CAN PROVIDE YOU MUCH MORE GENERAL AND SPECIFIC INFORMATION REGARDING YOUR INTERST AND NEEDS WHEN IT COMES TO RELOCATION .
Our staff takes pride in educating and assisting buyers and sellers in our local market, we cooperate with other agencies such as ReMAx, Coldwell Banker, Keller Williams, Weichart Realtors , For sale by owner, Prudential, USAA and many others. We specialize in internet buyers agency utilizing all the latest technology to assisit you in the purchase of your home . We have successfully helped hundreds of families and individuals "shop" or even purchase their home over the web.
Take it from us ...we live and work here and hope you will too! Don't forget to visit our web domains: TheResidentialGroup.com, FayettevilleRealesatate.com, FayettevilleNCRealesatate.com, FayettevilleNewConstruction.Info. We may also be found on Fayetteville MLS SEARCH and homes for sale in Fayetteville North Carolina.
Real estate and homeownership build wealth and financial security! We are proud to assist clients with all aspects from financing , to purchasing and everything in between.
ED Blanchard Jr
phone 910 483-2244
Thanks to the diversity and rotation of those who proudly serve in our Armed Forces, our area has traditionally been a great place to own Real Estate. It's no secret that Fort Bragg is already the largest military base in the country by population. With base re-alignment (BRAC) , our area is experiencing a tremendous growth pattern. Those who PCS to Bragg, as well as the myriad number of supporting contractors and family members who accompany them, are driving our local economy and ensuring Fayetteville, Fort Bragg, Hoke County, Harnett County, and surrounding areas are slated to be a stable market for generations to come.
Fayetteville will soon be North Carolina's 4th largest metro, thanks to the population boom , and and an aggressive local government that is pro-active in preparing for the future. New schools, major highways such as The Fayetteville Outer Loop (currently under construction and partially complete ), and the economical cost of living expenses as compared to other areas make our area a great place to own Real Estate and to live!
Many retirees are relocating back to our area after owning homes here , changing duty stations for years , and returning to their homes that they have rented out for a profit. Even those who have no military affiliation are relocating and retiring here from places like New York ,New Jersey, California and even Florida citing the low cost of living, and yes...even one of the lowest average gasoline prices in the nation.
How about foreclosures? Yes we have them! Although their numbers are far below the National average. Even then most traditional homebuyers or investors must have cash, or special financing arrangements to purchase them as most are offered "AS IS" and lenders shy away from standard VA, FHA, and Conventional loans on homes that need repairs. Still, opportunity abounds for those who can acquire these properties below market value, make improvements, and lease or sell for a profit.
Amenities for our community? With a strong military presence , pride, culture, and diversity help to make Fayetteville, Raeford, Spring Lake, Hope Mills. Eastover, Cumberland, Harnett, and Hoke Counties places people want to live! Geographically, we are 2 hours from beautiful pristine Beaches Like Myrtle Beach, Wrightsville, and Wilmington. If you want to really take advantage of our location try, a 3 or so hour drive to The NC Mountains boasting some of the most beautiful and remote areas of the US. If Cultural , historical, theatrical or "big city amenities are appealing to you, explore the various festivals, concerts, theaters, and an histrical downtown area that is charming and quaint. If "bigger City' activities are your interest, the State Capital of Raleigh is only an hour drive . World renowned educational and medical facilities such as Duke University,The University of North Carolina and Wake Forest along with the many community colleges our state has to offer including Fayetteville Technical Community College and others teach trades and skills that can quickly propel you or your family members into specialized jobs and allow you to be self employed if you choose to take advantage of the "boom we are experiencing.
As a team of highly trained. top producing skilled , friendly and enthusiastic professionals, THE RESIDENTIAL GROUP REAL ESTATE TEAM CAN PROVIDE YOU MUCH MORE GENERAL AND SPECIFIC INFORMATION REGARDING YOUR INTERST AND NEEDS WHEN IT COMES TO RELOCATION .
Our staff takes pride in educating and assisting buyers and sellers in our local market, we cooperate with other agencies such as ReMAx, Coldwell Banker, Keller Williams, Weichart Realtors , For sale by owner, Prudential, USAA and many others. We specialize in internet buyers agency utilizing all the latest technology to assisit you in the purchase of your home . We have successfully helped hundreds of families and individuals "shop" or even purchase their home over the web.
Take it from us ...we live and work here and hope you will too! Don't forget to visit our web domains: TheResidentialGroup.com, FayettevilleRealesatate.com, FayettevilleNCRealesatate.com, FayettevilleNewConstruction.Info. We may also be found on Fayetteville MLS SEARCH and homes for sale in Fayetteville North Carolina.
Real estate and homeownership build wealth and financial security! We are proud to assist clients with all aspects from financing , to purchasing and everything in between.
ED Blanchard Jr
phone 910 483-2244
Thursday, July 17, 2008
It's a Great Time to buy a home in Fayetteville!
How can it be a great time to buy a home in Fayetteville, NC you ask? With Fayetteville being a military town we are much less affected by the economy than the rest of the nation. However, do you realize that when you read publications like The Real Estate Book or Homes & Lands, most of the homes are sold by the time you get the publication? If you are serious about looking to buy a home, sign up to receive new listings as they come on the market. This is an invaluable tool for you as the buyer! I hope you'll take the time to sign up!
Monday, June 30, 2008
You want to buy a home. How do you go about starting the process?
Before trying to purchase a home it is extremely important to know 2 things: 1. your credit score and 2. your debt-to-income ratio.
One piece of advice: don't be afraid to speak to a lender, they are there to help you get the best financing possible for you and to help point you in the right direction to fix your credit.
To find out what your credit score is go to www.annualcreditreport.com. After filling out personal information you will receive your credit report from each of the 3 credit bureas. You will want this information, but you will also want your credit scores. You can purchase your scores from this same company for around $5.95 per credit bureau.
The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc.
Do not include grocery, telephone, and utility bills or any debt in the calculation that will be paid off in the next few months.
Sample debt to income ratio calculation:
Gross monthly household income: $5,000
Fixed expenses: $1,560
[house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00]
Debt-to-income ratio calculation:
$1,560
$5,000 = 31%
A debt-to-income ratio of 31% is considered very high to debt management professionals; however, it is not considered too high for many lenders. Ideally, to budget managers, a debt-to-income ratio should not exceed 20%. Of course, the lower it is the better.
If you are looking to purchase a home please give us a call at 910-483-2244 and we will assist you in getting your financing in place.
One piece of advice: don't be afraid to speak to a lender, they are there to help you get the best financing possible for you and to help point you in the right direction to fix your credit.
To find out what your credit score is go to www.annualcreditreport.com. After filling out personal information you will receive your credit report from each of the 3 credit bureas. You will want this information, but you will also want your credit scores. You can purchase your scores from this same company for around $5.95 per credit bureau.
The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc.
Do not include grocery, telephone, and utility bills or any debt in the calculation that will be paid off in the next few months.
Sample debt to income ratio calculation:
Gross monthly household income: $5,000
Fixed expenses: $1,560
[house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00]
Debt-to-income ratio calculation:
$1,560
$5,000 = 31%
A debt-to-income ratio of 31% is considered very high to debt management professionals; however, it is not considered too high for many lenders. Ideally, to budget managers, a debt-to-income ratio should not exceed 20%. Of course, the lower it is the better.
If you are looking to purchase a home please give us a call at 910-483-2244 and we will assist you in getting your financing in place.
Wednesday, June 25, 2008
Working With Real Estate Agents
Did you know that as a buyer, UNLESS you sign Buyer's Agency with a real estate agent, that any agent you speak with REPRESENTS THE SELLER?
The North Carolina Real Estate commission mandates that once we speak with a buyer/seller, we, as real estate agents, at first substantial contact (which could be as little as asking us if they'd accept less than the listed price) must present and explain the "Working With Real Estate Agents" brochure.
The North Carolina Real Estate commission mandates that once we speak with a buyer/seller, we, as real estate agents, at first substantial contact (which could be as little as asking us if they'd accept less than the listed price) must present and explain the "Working With Real Estate Agents" brochure.
Here's a link to the brochure: "Working With Real Estate Agents"
**This is NOT a contract**
**By reading over and completing the "Working With Real Estate Agents" brochure you acknowledge that you understand the role an agent plays in the real estate transaction**
We want to represent YOU! It's at NO COST to you and we work to make sure your best interests are met!
Click here if you would like us to represent you.
**This IS a CONTRACT. **
**Please be sure to fill it out in it's entirety with CORRECT information.**
Tuesday, June 24, 2008
Fayetteville - Home Sweet Home!
I'm originally from Janesville, WI - The City of Parks, Geraldo once graced us with his presence, and also the home of a soon-to-be closing GM. I've been back in Janesville for the past few days, and it's shown me a lot.
While I've been here in Janesville, I've craved pulled-pork bbq sandwiches and sushi. I even got my niece and nephew both to try sushi (neither of them really cared for it). But it made me realize how Fayetteville has expanded my horizons, not only with food, but also culturally.
It's been bittersweet being back in Wi. I had a blast seeing my sister get married and getting to hang out with the family; but, at the same time it's been depressing. GM is a big deal to this city and YES you can see the effects that the announcement of the closure is having. For example, while driving around town I saw a TON of For Sale signs from real estate companies, not only that, but twice as many were For Sale by Owners. It seems everyone is already preparing for the day that GM closes their doors. I fly home to Fayetteville, NC in a few hours and honestly can't wait to get home, but it's been nice and I wish Janesville the best of luck.
While I've been here in Janesville, I've craved pulled-pork bbq sandwiches and sushi. I even got my niece and nephew both to try sushi (neither of them really cared for it). But it made me realize how Fayetteville has expanded my horizons, not only with food, but also culturally.
It's been bittersweet being back in Wi. I had a blast seeing my sister get married and getting to hang out with the family; but, at the same time it's been depressing. GM is a big deal to this city and YES you can see the effects that the announcement of the closure is having. For example, while driving around town I saw a TON of For Sale signs from real estate companies, not only that, but twice as many were For Sale by Owners. It seems everyone is already preparing for the day that GM closes their doors. I fly home to Fayetteville, NC in a few hours and honestly can't wait to get home, but it's been nice and I wish Janesville the best of luck.
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