Sellers in many of the Wake County areas have been enjoying multiple offers for their homes. It is a lot of fun for sellers to sift through the offers with their agent evaluating the best package, and because many of the offers are for over list price, they need to look closely to determine which ones will most likely pony up the difference between the appraised price and the Contract price. A nice position to be in!
Conditions that Help Get Multiple Offers:
1. Select an Agent who will advertise on multiple on-line platforms. Statistics tell us that 96% of all buyers begin their Wake County home search on-line. Your agent should be able to tell you all of the websites that your listing will syndicate to and how they reach out to attract these buyers.
2.Virtual Tour. The #2 reason buyers click-through through to your listing information is to view a virtual tour. Most agents use the typical slow-mo Ken Burns-like pan and zoom programs which use your home’s MLS photographs. BOOORING. Find an agent who can create an energetic commercial for your listing that will keep buyer’s attention. This is a great platform for showing buyers how great the area is! Photos of nearby playgrounds, parks, shopping (if it is attractive), etc. I recently took pics of an organic produce stand near my listing…the buyers loved the idea of fresh local food!
3. Comming Soon! Your agent should be able to create a nice buzz about your home before it goes on the market, then activate the listing on Friday morning. You will not believe the pent-up demand that will flock to your property! The buyer’s agents will know that your home is being shown multiple times, and will let your agent know if an offer is coming. Armed with a few of these “heads-up an offer is coming,” ask your agent to contact all who showed the property to let them know that there are multiple offers and provide them with a date/ time that all offers must be submitted by.
Here is the commercial that I created for a recent listing (the one that shows the produce stand). We had 8 showings, had 4 solid offers, and went under contract in 2 days significantly over list price. (Don’t think our list price was too low…the seller had just had it appraised!):
What neighborhood is assigned to the best schools in Wake County NC? That is a common question that home buyers with children ask their Real Estate Broker. To learn the schools which are assigned to a particular address, buyers need to go to the Wake County Public School System’s website. A number of schools have “capped” enrollment which means that their assigned school is not accepting new students. Buyers should call the school to verify that there is not room for their student; sometimes there are still a few spots available.
To determine which schools are high performing, many parents also go to the Wake County Public School Website. School performance grades were recently published by the Dept of North Carolina Instruction. The ratings are based on student test results and the school’s academic growth. The scale is A- F; but as a parent of two High Schoolers, I have some humble opinions about what makes a good fit for your student.
Many buyers tell me that they want their children to go to schools with an “A” rating. I feel my children had better outcomes by attending a school with a “B” rating (Athens Drive High School) for the following reasons:
The “A” schools tend not to be very diverse. My children have made close friendships with friends who represent many races, income levels, and religions. With the global economy, colleges take this into account. In fact, describing their experience with diversity is an essay question asked by many of the colleges my children applied to!
The “A” schools are uber competitive. If your kids are exceptionally smart, then they will do fine. For the rest of us, to get a high class – rank, start saving for tutors. I’d say my kids are of average intelligence, and they would not come near a high class rank at our local “A” school compared to their nice rank at Athens Drive. Colleges look at class rank.
In “B” or lower schools, there may be more slots available in the AP classes. I can say my children had no problem getting into the honors and AP classes that they wanted; this was not the case for some of my friends’ children who attend an “A” high school.
State education leaders released Thursday the school performance grades for the 2013-14 school year.The General Assembly required every North Carolina public school to receive an A through F letter grade.
The grades are based on academic growth on state exams, passing rates on state standardized exams, performance on the ACT, the percentage of students who completed Math III and graduation rates. Eighty percent of the grade is based on passing rates and 20 percent based on academic growth.
Home sales in the Triangle Area NC have bottomed out and we are enjoying a nice recovery. The average Triangle Area home sales price has risen 4.3% in 2014 and is expected to continue to rise in 2015. Days on the Market have dropped 6.6% to only 57 days! Take a look at sales data of Triangle NC neighborhoods…
Walter and Elise Nolan are moving to Apex North Carolina from New Jersey. They decided to move to Wake County based on the Triangle Area getting repeatedly mentioned on those “Best Places to Live ” lists. They found me as their agent by looking up agent reviews and on Zillow…who knew!! I usually forget to ask clients to review me, but now I see it really works. If you own your own business, remember to ask them for reviews!
If you have been thinking of selling your Wake County area home, now is the time to get off the fence! Take a look at similar homes on the market www.teresabowen.com and you will see that inventory is down for Cary / Raleigh area home sales and prices are definitely up from this time last year!
The tax values for homes in Wake County NC are set by the County tax office every 8 years and were last set in 2008. Notice that 2008 was during the housing bubble when home values were higher. Then the plunge….luckily Wake County homes did not endure an extreme downturn like some cities in the United States; however, prices did come down considerably. We have bounced back a great deal. Take a look at what 2013 sales prices were as compared to their tax values:
Wake County NC tax values to Sales Prices
If you want to see the current market value of your Wake County or Johnson County home, I can help you with that…it’s what I do!
Are you thinking of putting your Wake County home on the market soon? There are a number of proven strategies to get your home sold quickly and for as much money as possible.
The most important strategy is setting your price correctly from the very beginning. Some sellers are tempted to “try out” the market at a higher price than their Real Estate broker recommends. The reason this is a bad idea is that when your property goes “live” in the Wake County Multiple Listing system(MLS), all of the pent-up demand, or people who have seen what is already out there and have set up alerts for new properties will rush out to see your property. If they go view it, and the price is too high, you have lost them and you will rarely get a second chance even if you lower the price. It is statistically proven out that you will get the most showings and interest in the first few weeks of your home going on the market….after that, the seller typically starts dropping the price but to a much smaller buyer base. Ultimately, they will sell for less money over a longer period of time (making house payments all the while!). That is why it is important to find a great Raleigh area Real Estate Broker who can help you price your property correctly at the get -go!
In Wake County, residential Real Estate sales are showing a positive trend for resale home prices. Factors which affect the greater Raleigh housing prices include:
Showings are up 18% *
Resale Inventory is down 23%
Average List Prices are up 12% to $345,500
Days On Market are down to 104 from 120.
Average sales price increased by 4%
Pending Sales (homes under Contract) are up 28%
(* All figures are based on the change from this time last year 2012)
These metrics indicate that home prices are on the rise, at a steady rate. Factors which can affect this projection include how the new state budget affects the local economy, and our ability to still attract business to the area.
If you are thinking of remodeling or updating your kitchen, remember that color and material trends typically follow 5 year cycles; therefore, it pays to be “fashion forward” with your up-dates if you plan to stay in your home for over 5 years. What is trending? Overall, think clean, simple, and contemporary. (Say good-bye “Old World” and hello Scandinavia).
According to the National Kitchen and Bath Association, the following items are trending for 2013:
White painted cabinets. Resurfacing your current cabinets would be a great way to save money. If you purchase new cabinets, select non-fussy lines. I am also seeing two-toned cabinetry (white above and a color below the counter).
Quartz countertops. Quartz is starting to trend over Granite. Some of the reasoning is the uniform color and pattern, it is more stain and scratch resistant, and does not have to be resealed every year. If you live in the Raleigh and Cary NC area, granite is still more popular according to the sales associates at Cary’s Absolute Stone . (I advise clients who are thinking of selling their home soon and want to update their kitchen to install Granite because the price point is a little lower than quartz and my current buyers still want granite.)
Glass back splash. Subway tile is still popular.
A white and gray color scheme. This is a nice neutral palate that lets the homeowner easily update their décor by simply changing their towels and accessories. I am also seeing designers add elements of wood to the kitchen to create visual texture and interest – for example, a wood elevated section on the island to act as a bar, wood ceilings etc. Make sure it is cool!
Satin and nickel finishes for faucets and lighting trim. Stainless steel under mount sinks still can’t be beat.
In order to market my listings to an ever tech savvy community here in the RTP N.C. area and beyond, I am now creating eye catching videos such as this one for my sellers. Yes, I did kayak out to the lake to get the water shot of the property!