by Pat Olmert, First Financial Services and Barbara Gressens

The toughest part of moving waiting for someone to buy your home. But there are times when you cannot wait for your home to be sold and yo have to be at your new destination by a certain date. What are your options for finding a new place to live?

One option would be to rent at your new destination until your home has sold. The rental market and rental fees are on the rise from buyers waiting for their homes to be sold and from a previous group of home buyers who no longer qualify for a home purchase loan.

Another option is to use the equity in your current home to purchase your next home. When your home sells, you can use the proceeds from the sale to pay down the new home loan and alter the loan payment without refinancing your loan or paying expensive closing costs. This is called recasting your loan.

Pat Olmert, Loan Officer for First Financial Services, explains further:

What is a RECAST or REAMORTIZING feature? It is when a mortgage customer requests to apply a large principle only payment to their mortgage balance and reduce the amount of future monthly payments. This is important if you have equity in a home but are having difficulties selling the home and using that equity for the down payment. You may get as high as a 97% loan on the new home with the hopes of decreasing the loan balance and monthly payments when you ultimately sell your old house with this feature. NO need to refinance, which is especially nice if the rates have increased since the date of your closing.

How?

1. The principle balance curtailment must be 10% of more of current outstanding principle balance
2. Modifies the principle and interest portion of the payment, not the rate, maturity date or escrows
3. A nominal fee of $250 to process

There are many programs available, which are rarely discussed in the media, to deal with your specific home purchase situation. We, at Buyers Advantage Group Realty, are committed to the best interests of our buyer clients by introducing them to professionals with proven track records of excellent service. Every client’s home purchase is unique and requires an agent with the experience and knowledge to deal with your specific home purchase requirements. As exclusive buyer agents, we specialize in one side of the home purchase transaction-the buyer side. If you are looking for an experienced real estate agency whose focus has always been the buyer, call Buyers Advantage Group Realty.

The Buyer’s choice to be the Buyer’s voice!

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by Kathryn Dunkle, Client Coordinator

The Greater Raleigh Chamber of Commerce reported recently on the state of the labor market in Raleigh:

A recent study ranks Raleigh’s labor market No. 1 in the country for people ages 18 to 34. G. Scott Thomas conducted the survey. Thomas is a researcher with American City Business Journals, parent company of Triangle Business Journal.

The Survey examined 10 factors, including growth rates of employment and per capita income, unemployment, percentage of people holding bachelor’s degrees and median rent in the nation’s 67 largest metropolitan areas.

The Triangle’s diverse industries attract a variety of people each year. Raleigh’s many new and flourishing companies and attractive nightlife also lure young adults to the area.

Rapid expansion and a growth rate ranked fourth best in the country contributed to Raleigh’s first-place finish. Our three major research universities–North Carolina State University, ???????? ????? ????????University of North Carolina at Chapel Hill and Duke University also contributed to the ranking, as many students remain in the Triangle after graduation.

Raleigh adds this most recent honor to its credits–along with a second straight Forbes magazine ranking as the best place for business and careers.

For more information about real estate in Raleigh, NC, contact Buyers Advantage Group Realty today!

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by: Kathryn Dunkle, Client Coordinator

I’d like to share this article from the National Association of Realtors with all of you who may be questioning whether the Raleigh real estate market is still vibrant! We’ve made #2 on the Kiplinger Personal Finance magazine’s list of:

10 Best Cities to Live, Work, Play

Where are the best cities in the country to live, work and play? Kiplinger did its best to answer that question in its 2008 Best Cities report.

Kiplinger says it looked for strong economies and abundant jobs, a resonable cost of living, and lots of fun things to do.

Kevin Stolarick, research director at the Martin Prosperity Institute, a think tank that studies economic prosperity, worked with the magazine to make the top 10 selections. He went on to state:

Our formula highlights cities not just with strong past performance, but also with all of the ingredients for future success.

Here is the list of cities that were selected and how they ranked:

1. Houston, TX
2. RALEIGH, NC
3. Omaha, NE
4. Boise, ID
5. Colorado Springs, CO
6. Austin, TX
7. Fayetteville, AR
8. Sacramento, CA
9. Des Moines, IA
10. Provo, UT

Source: Kiplinger (07.01.2008)

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by Marge Bish

We know that we live in a great area with many activities for young and old. Following are a few of the things you and your family can do to get better acquainted with new friends and have fun this summer.

Fun Events

Teen Jam: Ralph Campbell Community Center, Ages 12-18yrs. This is only for the young and classy, finally a place to escape. That’s right- it’s going down at the Campbell Center, which is the hottest place for teens to mingle and we are bringing the heat! The DJ will be blazing all of the hottest hits that will keep your body moving. You don’t want to miss the party! They will sell out, so you’d better get them early!

Dates: May 23, June 27, July 25 and August 22 | Time: 7:00pm-10:00pm | Fee: $5 in advance $7 at the door

Gardening Club: Tarboro Road Community Center, Ages 14 and older. If you are interested in learning the basics of growing and nurturing plants and vegetables, then the Gardening Club is just what you need. Participants will learn the basic techniques for nurturing their plants and vegetables to full growth potential.

Dates: June 4, July 9 and August 6 | Time: 11:00am-1:00pm | Fee: None

Basic Keelboat Sailing: Lake Wheeler, All Ages. This 2 hour course is designed for beginner sailors who would like to advance their knowledge of sailing principles aboard small keelboats. If you would like to improve your boat handling skills, this class is for you. Emphasis will be placed on basic sailing elements, steering, setting sails, trimming and other boat safety. American Sailing Association (ASA) sailing instructor will be conducting the course. Instruction will be conducted dockside or on the sail boat. Be prepared to have a fabulous educational experience!

Dates: June 14 and July 12 | Time: 12:30pm-2:30pm | Fee: $40

Ribbon Dance II: Laurel Hills Community Center, Ages 4-7yrs. Dance like a rainbow in the sky! Dancers will learn ribbon twirls, spins, trains, floats and dance patterns all using a colorful ribbon. This class will stimulate a wonderful sense of self discovery, body control and create an artistic experience that will last a lifetime. The music selected is from the Art Education Activities collection instruction: Ms. Khadija.

Dates: June 3-24 | Time: 5:15pm-6:00pm | Fee: $42

These are only a few of the dozens of programs available for all ages in Wake County. To find out more information about other programs as well as to register for these ones, click here.

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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by Kathryn Dunkle, Client Coordinator for Buyers Advantage Group Realty

Real Estate is a service oriented business. As an agent, I see this combination of client attributes as a benefit. As an on-line consumer myself, I appreciate the opportunity to research my options in my own time frame, the ability to remain anonymous, and the fact that I choose if and when to go to the next level. I believe the Internet allows me to provide service to my past, present and future clients in a manner that is centered on their unique needs. I am confident that the level of service we, at Buyers Advantage Group Realty, provide differentiates us over all others.

The Internet came ashore like a tidal wave over ten years ago. The business and industry reaction was to implement every technological tool available to provide consumers with the information needed to make informed decisions. That is great, but it is only one part of a customer’s overall experience. Unfortunately, more often than not, what was and continues to be lost in the process of implementing this technology is “personal service”. I see it everywhere I go; or rather, I don’t see it at all!

How often do you get the sense that you and your business are appreciated by those you do business with? According to Realtor.com president, Allan Dalton,

What we’re seeing now is the emergence of a customer-service void as real estate professionals struggle to get their arms around the impact of the Internet. To the potential customers, we come across as a service industry that’s failing at this most basic level of service.

Buyers Advantage Group Realty has always differed from other companies in our belief that, by providing exceptional customer service, we build exceptional relationships. That is the cornerstone of our mission; it is what is valued here.

One of the ways that we provide an exceptional customer service experience is through our web site. You will always find accurate, informative, and educational content there. We are not afraid to share and teach our web site visitors.

Although today’s home buyers might not rely solely on a real estate professional as their principal source of information; when it comes to interpreting data, answering important questions, and negotiating the transaction, having a trusted advisor, one you would refer to your family and friends, will unquestionably enhance your overall experience.

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by Kathryn Dunkle, Client Coordinator for Buyers Advantage Group Realty

The other day I came across an interesting list in Our State magazine (By the way, this is an incredible magazine with gorgeous photographs. Even the online version is a delight!). The list includes seventy-five activities and historic sites from Murphy to Manteo that the Our State editors believe every North Carolinian should experience. Well, I have lived in North Carolina for more than forty years (except for the two years I thought Texas would be a good move); so I imagined that I had done or seen at least half of the list. Needless to say I need to get out more! I figure you may need to get out more as well; and what better place to share our adventures and stories than this weblog?

There are so many interesting things to do and see right here in the Triangle. If you include those that are within a few hours drive, we are truly fortunate. Yet, if you’re like me, you haven’t taken the time to appreciate these hidden treasures. With the summer months approaching, why don’t you stray off the beaten path and look for something different? Check out some odd places, meet some interesting folks and share your experiences with me here on the Buyers Advantage Group Realty blog!

Most likely I never will get to all of the things on the Our State list, but together we can share a lot of miles and a lot of memories and have fun doing so! Let us all know about your favorite places to go in and around our area and what makes them so special.

For me, my first stop will be Mama Dips in Chapel Hill. I have always wanted to go there. If you can’t get to Chapel Hill easily, you can meet Mama Dip at her website. If you have been there, what do you recommend?

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Tags: Triangle News, Triangle Real Estate, real estate by Janelle - 1 Comment »

Confidence among United States homebuilders is continuing to decline, according to recent articles posted in the Wall Street Journal and Bloomberg.com. Many potential home buyers are being scared away by more stringent lending rules as well as plummeting home values.

According to the Wall Street Journal, the National Association of Home Builders/Wells Fargo, the index of builder sentiment is still holding at 20; but that’s still better than 18, which is the all time low that they were at back in December of 2007. The Wells Fargo index is a chart that shows how respondents view the recent market conditions. If the levels fall under 50, then that means that the respondents view the conditions to be poor; and as many can see, we are well below the mark, hence the hesitation of potential home buyers.

Consequently, builders are reluctant to undertake new projects as the overall number of houses that have been sold has, once again, continued to decline for the third year in a row. Some areas, such as Raleigh, NC, have been lucky enough where the housing market crisis hasn’t hit quite as hard. However, this doesn’t mean that we haven’t been affected. Recent reports show that the Triangle area has also been on an overall decline.

Future Predictions

“We’ve got a long way to go before the market moves back into balance. We think building activity will remain restrained through the next four years.”

-Mark Vitner-

Senior Economist, Wachovia Corporation (borrowed from Bob Willis, Bloomberg.com)

Recent housing statistics from a Commerce Department report showed that housing in the United States declined 5.2 percent in March, according to the median estimate in a Bloomberg survey of economists. The declining home prices are leaving increasing numbers of homeowners feeling less inclined to spend their money on new houses, which might spell trouble for future home owners.

For more information on Raleigh real estate, contact Buyers Advantage Group today!

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Lawmakers in Washington are debating a bill that would assist struggling homeowners who are facing foreclosure. In the meantime, people in the Raleigh, Durham, Chapel Hill areas of North Carolina as well as real estate brokers are paying close attention to a key component of the bill–a $7,000 tax credit for new home purchases–which could possibly boost home sales.

According to a recent article in the News and Observer, which is following this story, lawmakers in Congress are hoping to ease the amount of foreclosures on a national scale with a $15 billion proposal that will provide home buyers with the following:

• More than $1 billion to help states issue $10 billion in bonds to refinance sub prime loans
• $4 billion to help communities that are hit hardest by foreclosures
• $100 million for counselors to assist homeowners who are at risk of losing their homes

However, this proposal would allow builders as well as other industries affected by the mortgage crisis to use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year time frame. People in the Triangle area are having mixed feelings about the whole mortgage/foreclosure crisis. Dudley Price from the News and Observer interviewed Dave Servoss, chairman of Anderson Homes in Cary, NC who stated:

 A lot of this [national housing problem] was caused by overbuilding in mostly other places– California, D.C., Florida…This would have a negative impact on the builders that continued to make money and lets other builders not quite pay the penalty that is the price from overbuilding.

Among other proposals that are being considered, home buyers would be eligible for a $7,000 tax credit if they purchased a foreclosed home or a brand new home that’s just been sitting around. Also at issue is the fact that the Raleigh area has seen the influx of a ton of people who are relocating to the area. After all, Cary, NC is often referred to as the “Containment Area for the Relocation of Yankees,” and it’s true! However, many of these transplants are delaying buying a house because they’re still waiting for their other house to sell in the city that they moved from.

For more information on Raleigh real estate, contact Buyers Advantage Group today!

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Due to fiscally tighter economic conditions, many potential home buyers are taking a more pessimistic step back when it comes to purchasing a home. Reasons for this stem from the belief that banks won’t be willing to lend money to buyers whose credit isn’t as great as it could be. However, what many buyers do not realize is that they have a lot more financing options available than they think.

In a March 2008 newsletter from the National Association of Realtors (NAR), the NAR stated that federal housing administration (FHA) loans have come back. According to the NAR, FHA loan originations saw almost a 60% increase in 2007, and currently, the program’s loan limits have been increased to a maximum of $729,750.

Additionally, tax law changes have made private mortgage insurance (PMI) more attractive. Since 2006, PMI premiums have been a deductible on federal taxes, and last year, Congress enacted a 3-year extension on PMI deductibility. This helps buyers who would otherwise be financing with piggyback loans, which are harder to get in today’s market.

Home buyers also have the option of looking into the USDA Rural Development Loan Program. I spoke to Sabrina Schell, who is a loan officer at Southeastern Mortgage Corporation, and she explained the details of the USDA Rural Development Loan Program further stating:

Rural development is a fantastic 100% financing program in a time where most 100% financing has been eliminated. It is driven by population per capita and most of the surrounding counties of Wake are eligible (all of Johnston; all of Granville; all of Franklin, etc..). There are small portions of wake that are eligible too; and while it does have income limits, they are escalated for number of bodies in a household. This is an amazing fixed rate program at market interest rates with no mortgage insurance…

Buyers Advantage wants you to know that you don’t have to miss out on the buyers market simply because of misinformation about current lending practices; 100% financing is still available to those who are looking to purchase their dream home!

For more information on Raleigh real estate, visit Buyers Advantage Group today!

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So, you’ve been considering moving to Raleigh and wonder whether professional sports are available in the area? The answer to that is an emphatic YES!

Raleigh has plenty to offer the sports enthusiast! Here are some of the professional Raleigh sports teams.

A Few Of The Many Raleigh Sports Teams:

* NHL: Carolina Hurricanes
* College Hockey: North Carolina State University Wolfpack
* NBA: Charlotte Bobcats
* College Basketball: NCSU Wolfpack
* NFL: Carolina Panthers
* College Football: NCSU Wolfpack
* MLB: North Carolina Tar Heels
* College Baseball: North Carolina Diamond Heels

These are just a few; there are many other great teams in the Raleigh area.

The RBC Center

The RBC Center is at the center of the action and can be accessed easily from anywhere in the state. It is located just off of I-40 or I-440 depending which direction you are coming from. It offers great parking like VIP parking, premier parking, and general parking. The RBC Center also has many other events such as concerts and more.

The RBC Center is aesthetically beautiful from the outside and inside alike. The exterior features gorgeous ocean blue glass windows covering the entire front entrance area! This is a site to see in and of itself, before you even get inside to take in all the Raleigh sports action!

Again, though, the RBC Center has more to offer to Raleigh residents than just sports and motor sports. There are also ice shows, circuses, meetings, and conventions. In addition, companies frequently reserve the Center for their events, both large and small.

Clearly, the sports fanatic and the entire family are right at home in the Raleigh, North Carolina area.

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