For Sellers

Local Market Trends: June 2020

July 20, 2020 By Annie Meadows

The Triangle MLS has just released last month’s market update. Click here to watch a brief video for a snapshot of our local market stats.

May 2020 – June 2020 Recap

Median Sales Up .6% May and June 2020
Days on Market Up 3.8% and Inventory Down 12%
Closed Sales Up 31%, Under Contract Sales 2.8%, and New Listings Up 2%.

June 2019 vs June 2020

Showings were up 0%, inventory down was down 36.1%, and listings were also down 2.8%. Pending Sales were up 12%, Closed Sales were up 31%, and Overall Average Sales were up 3%. What does this mean for you? If you’re considering a sale this year, the market could not be hotter! If you’re ready to buy, you’ll need strong representation in your corner and I’m up to the task!

Watch to see more trends in the local real estate market for the Greater Triangle Region during the month of June 2020…

For more information about Triangle MLS, or for previous Market Trends, visit here.

Whether you are looking to buy or sell your home I am here to help. If you are looking for investment properties, I can help you with that too! Give me a call today at 919-961-3277. Or, send me over an email to Annie@HudsonResidential.com.

What Are iBuyers and Should You Use One?

June 3, 2020 By Annie Meadows

“iBuyers” (or “Instant Buyers”) are companies that purchase homes outright, directly from the owner. iBuyer companies, such as Redfin, Zillow, Opendoor, and Knock, use technology to make an offer on a home instantly and most the of time, sight unseen. As the seller, you do not list your home, stage it, market it, or show it to potential buyers. Instead, the company uses data such as age, condition, size, and zip code, plus mathematical algorithms, to predict the home’s future value.

Typically, you will submit an online request for your home where you will fill out an online questionnaire. The iBuyer then presents you with a cash offer and you can choose to accept or decline. If you accept the offer, you will receive the cash in a few weeks depending on your closing date.

Pros of Using an iBuyer

There are a lot of benefits to using an iBuyer including all-cash offers, quick turnaround, no negotiation, no showings, no staging, no repairs, and no inspections. Though this may seem like a great option, many times the cons of using an IBuyer outweigh the pros.

Cons of Using an iBuyer

Lower Offers: Selling to an iBuyer often means you make less money on your sale than you would working with a real estate agent who preps your home for sale and negotiates the best offer. iBuyers want to turn the house around quickly to sell it for a bigger profit which means they want to pay less upfront.
High Transaction Fees: iBuyers may charge 7-13% (or more!) while real estate agents typically charge less.
Non-Interactive: iBuying is a non-emotional transaction and business is not carried out face-to-face. With something this important, you may prefer to speak to the involved parties in person in regards to your transaction.
Expert Advice: A real estate agent is very familiar with your area. They know the market value of your home and can negotiate to get you the best price. We are also here to offer helpful advice along the way to sell your home faster and for more money!
There Are Lots of Scams: There are many businesses out there posing as iBuyers. Make sure you do your research if you decide to go this route.

Have Questions?

I would love to talk to you about your specific situation and help you decide whether an iBuyer or a traditional sale with a real estate professional, like myself, would be best for you. Give me a call at 919-961-3277.

Recent Buyer and Seller Transactions as We Head Into Summer

June 3, 2020 By Annie Meadows

Buying and Selling in Downtown Raleigh

I recently had the pleasure of working with this awesome couple and their sweet daughter to sell their all-brick ranch near Downtown Raleigh. 1308 E. Lane Street is under contract as of May 29, 2020.

1308 E. Lane Street sits on a spacious, secluded lot and was completely remodeled just last year. Tasteful touches inside and out blend with a seamless floorplan to give a perfect mixture of comfort and security. I knew this property would not be on the market long which made me so excited when we found their new home on E. Davie Street in Raleigh.

This wonderful brick ranch home with a full basement is perfect for their family. The living room, family room, sunroom, dining room, and kitchen all have great natural light and there is so much potential with the basement level. I know they are going to love the huge fenced back yard and two-car garage. Plus, they are directly across the street from Roberts Park yet still convenient to Downtown Raleigh.

Congratulations, Courtney, Cody, and Charlie. It has been a pleasure working with you!

Recent Buyer Transaction: 2456 Milburnie Road, Raleigh

Timeless brick ranches have long been a buyer favorite due to their low maintenance upkeep and as you can see from their latest closings, they’re still a popular choice today. I also want to congratulate one of our recent buyers on their new home that is currently under contract in the rapidly growing Longview Park. It is just a quick bike ride or drive into Downtown Raleigh. There were lots of interior and exterior updates including new appliances, lighting, plumbing fixtures, hardwoods, and more. This is a great home and I am so excited for my client.

Ready to Find Your Downtown Raleigh Home?

Looking to move into the city? Prefer something “outside the beltline”? No matter what your price range is or what area you are looking to move to, I am here to help. Give me a call at 919-961-3277.

Recent Buyer Transaction: 1105 Hickory Pond Court

May 18, 2020 By Annie Meadows

Though we are living in a crazy time right now, I am excited to say that things are still moving in the real estate world and it is a great time to buy or sell a house. My teammate, Ryan Boone, tackles all the ways you can keep your home search going during the coronavirus shutdown in his most recent blog post.

I would also like to take a moment to congratulate one of our recent buyers on their new home that is currently under contract in North Raleigh! No matter what your price range is or what area you are looking to move to, I am here to help. Give me a call at 919-961-3277.

1105 Hickory Pond Court

This beautiful home is located in a highly desired North Raleigh location and has been very well maintained. It features an open floor plan, wood floors, first-floor master, and a large bonus room. Updates include a new roof (2020), tankless water heater, granite countertops throughout the kitchen and bathrooms, and a chef’s sink.

The location provides easy access to major highways, Crabtree Valley Mall, and Greystone Village. I can’t wait to see how they make this house their home.

What to Do If the Appraisal Comes in Low: For Buyers and Sellers

May 5, 2020 By Annie Meadows

I know how nerve-wracking it can be to wait for an appraisal when you are selling your home. I also know that if your appraisal comes in low, it may feel like the end of a sale or a canceled deal, however, this is not the case. It may mean you have to renegotiate or change some things but I have a few tips that will help!

What is an Appraisal?

First things first, let’s talk about what an appraisal is. An appraisal is a professional report that helps gauge a home’s value. The most common time for an appraisal is when you are selling your home but a homeowner can request one at any time. If the person buying your home is financing the purchase, their lender orders an appraisal to ensure that the house is worth the amount the bank is agreeing to finance. An appraisal protects the buyer’s lender from offering too much money for a home that is not worth the cost.

Many times, there is a home appraisal contingency that states that if the appraisal comes back low, the buyer has the option to back out of the deal and get their earnest money back.

If the appraisal is greater than the offer, you are in the clear. If the appraisal is lower than the offer, buyers and sellers will have to come to a mutually beneficial solution.

What Can You Do as the Seller After You Receive a Low Appraisal?

Ask for a copy of the appraisal.
Offer the seller financing.
Ask the buyer to challenge the appraisal.
Renegotiate the sale price with the buyer.
Cancel the sale and relist your home.

What Can You Do as the Buyer After a Low Appraisal Comes In?

Make up the difference in cash.
Shift some down payment to make up the difference.
Appeal the appraisal.
Cancel the contract.

What Home Appraisers Look for and How to Prevent a Low Appraisal

An appraiser is there to determine the condition of the home and its value. Here are a few things they are looking for when they come to the home:

What is the age or condition of the home?
What is the square footage?
Are there upgrades or improvements?
Are repairs needed?
Is there up-to-date insulation, etc.?
Are there energy-efficient windows or other construction details?
What is the lot size?
What is the location of the home including the school district, nearby amenities, etc.?

It is a good idea to prepare your home for an appraisal. If you have done any major improvements on your home or renovated, have the receipts ready to give to the appraiser. Make sure you have cleaned up. You have probably already done this before you listed your home but it is important that your house looks tidy and well-maintained. In addition to cleaning, make sure your smoke and carbon monoxide detectors are functioning.

Source: Zillow

I’m Here to Help

Whether you are looking to buy or sell a home, the appraisal is just one of the building blocks in a complicated but exciting process. One of the benefits of working with a real estate agent you can trust, is they will help you price your home appropriately which helps with the appraisal.

I would love to answer questions that you have, give me a call at 919-961-3277 or email me at Annie@HudsonResidential.com.

Do You Know How Much Your New Property Taxes Are?

January 29, 2020 By Annie Meadows

If you live in Wake County, you have probably been hearing a lot about the new property taxes, but do you know what yours are? You can easily find out with the Revenue Tax Calculator. You enter your Real Estate ID, which is on the top left of your account page on the Wake County Real Estate Data site. The program will then calculate your new property taxes.

Why Are There New Property Taxes?

Effective January 1, 2020, all property in Wake County was reappraised at 100% fair market. The prior assessed value represented 100% fair market value as of January 1, 2016. The purpose of the reappraisal is to re-establish tax equity and fairness between properties that may have changed in value at different rates depending on property type and location.

Changes in tax liability for individual properties depend on two factors:

How much the property changed in value between 2016 and 2020
The final tax rates adopted by each taxing jurisdiction in June 2020

You can learn more at Services.WakeGov.com.

Client Appreciation: $30 Off a Facial at Tanas Hair Designs & Day Spa with Emily

June 7, 2019 By Annie Meadows

I’ve got some exciting news for all of my lovely clients! My good friend Eddie Tanas of Tanas Hair Designs & Day Spa is offering $30 off a facial with Emily Parr for all of my wonderful clients and friends.

At Tanas Hair Designs & Day Spa, they offer hair styling, nail artistry, skin care treatments, and day spa treatments. Schedule some “me-time” and just let them know that Annie Meadows sent you to enjoy $30 off a facial with Emily at Tanas Hair Designs & Day Spa in Cary!

To make an appointment call 919-380-0221.

I love being able to shop local and team up with other local business owners. I am excited to introduce all of you to Tanas Hair Designs & Spa and I look forward to hearing about your treatments! I have a facial scheduled for this month with Emily and I cannot wait. Keep reading to learn a little more about the business as well as the services they offer or visit TanasHairDesigns.com.

About Tanas Hair Designs & Day Spa

Work, home, family, relationships… What about you? Don’t you owe yourself a little time to refresh… recharge… and relax? That is what they help you do at Tanas Hair Designs & Day Spa. Visit any of their locations for a day-spa experience that focuses on YOU from head to toe. Value your hair, soothe your body, relax your mind, refresh your senses.

Services They Offer:

Hair Styling
Nail Artistry
- Manicures
- Pedicures
- SNS Dipping Powder
- Tips
- Acrylic
Skin Care
- Waxing
- Facials
- Body or Face Wraps
- Spray Tanning
- Hydrotherapy Tub Treatments
- Body Treatments
Day Spa
- Massage Therapy
JetClear
Laser Skin Resurfacing
Electrolysis
Vascular Touch
Lash & Brow Services
Eyelash Extensions
Ear Candling
Permanent Cosmetic Makeup
Spa Packages

Annie Breaks Down Raleigh-Area Median Sales Prices

April 4, 2019 By Annie Meadows

If you are looking to buy or sell a home, it is a good idea to know what homes in the area are selling for historically and in today’s market. In the following video, I break down the median sales price for homes in Raleigh, Cary, and Wake Forest over the last three years and explains what it means for you! Check out the video below.

Tune In…

Key Takeaways

Raleigh

In Raleigh, we have seen an increase of 1.9% in home price.
- Inside the beltline, inventory is very tight. Homes sell fast, usually in one weekend.
- Once you get outside the beltline, inventory loosens up a little bit but homes are still going fast.
- It is harder to find new construction in Raleigh than it is in Cary and Wake Forest. Raleigh has a bigger inventory of older homes.

Cary

In Cary, we have seen an increase of 2.8% in home price. The median sales price in Cary is almost $100,000 more than the Raleigh median sales price.
- Inventory is moving fast in Cary as well.
- It is easier to get newer homes in Cary than it is in Raleigh.

Wake Forest

In Wake Forest, we have seen a decrease of 4.8% in home price but this is likely due to correction because there have been so many new neighborhoods popping up in that area recently. What does this mean for you?
- Homes are a little bit less expensive in Wake Forest.
- There is lots of new construction, so if you are looking for a brand new home, Wake Forest may be perfect for you.
- The weather has delayed construction a little, but you will continue to see new houses in this area.

Median Sales Price Graph

You Need a Real Estate Professional on Your Side

If you are looking to purchase a home in Raleigh, Cary, or Wake Forest, you need to hire a real estate agent. The market is hot and homes are going fast. You want to make sure you have a REALTOR® that knows the market and can help you get into your dream home. Don’t forget that the cost of a real estate agent is typically covered by the seller, so when you are the buyer, this service is often free for you.

If you plan on selling your home, it is also a good idea to hire a real estate agent. Even though the market is hot, there are many reasons that it is in your best interest to hire a real estate professional. Real estate agents have access to the MLS or the Multiple Listing Service. The MLS is a database of the current homes that are for sale. By hiring an agent, your home will be listed on the MLS. Your real estate agent will help you prepare your home, price it for the market, and help advertise that your home is for sale. We also handle all the negotiations and paperwork!

Ready to Get Started?

Contact me today at 919-961-3277 or annie@hudsonresidential.com.