iRaleighRealEstate Blog

National home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall. Sales jumped 7.2 percent and beat expectations.  Sales hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the strongest month since August 2007. Sales had been expected to rise to an annual pace of 5 million.

The risks to that healthy pace, however, are job cuts, mortgage rates and a homebuyer tax credit that is over at the end of November. And the last one could be a doozy because first-time buyers are snapping up one out of every three homes.

First-time buyers get a credit of 10 percent of the purchase price of a home, up to $8,000. Singles must earn less than $75,000, and for couples earning more than $150,000, the credit phases out with higher incomes. The real estate industry is lobbying to have the credit extended, but it’s unclear if Congress will be swayed.

Are you a qualifying “first-time buyer” and have yet to take advantage of this great home ownership opportunity?  The Freeman/Davis Team is here to help and can assist you in finding the home of your dreams.  Now is the time to act because to receive the $8,000 tax credit, you must close on your new home by the end of November.  Considering that the average closing time on a “normal transaction” home is 45 days, you’ll need to be under contract by early to mid-October. Right now, you have less than 6 weeks to find your home if you hope to get the $8,000.

Call the Freeman/Davis Team now at 919-649-6638 and visit www.HomeSearchRALEIGH.com.  We have access to all of the homes currently for sale in the area and can schedule your showings right away.  Don’t let this $8,000 opportunity pass you by!

The N.C. Turnpike Authority will broke ground this morning Triangle Expressway in Wake and Durham counties. The ground breaking was held at the far western end of N.C. 540, where the road dead ends at the N.C. 55 exit.  The road will coast just over $1 billion, paid for by bond proceeds and federal loans. State Transportation Secretary Gene Conti estimates that the project will create or preserve 30,000 jobs.  By the way, NC 540 is the designation given to the Western Wake Parkway.  The fact that it’s NC 540 rather than I-540 paves the way for it to become the state’s first toll road. 

The expressway is almost 19 miles and comprised of three segments: Western Wake Freeway, Triangle Parkway and the existing N.C. 540 between N.C. 55 and N.C. 54. The parkway is expected to open to traffic in 2011 and the freeway a year later.  This is going to really help folks in Holly Springs and areas south of Apex on their commute to RTP.  As a long time resident of North Raleigh, I remember our days before I-540. I also recall the incredible boost we had in property values in North Raleigh.  The only folks who didn’t get an instant equity position in their real estate values were the ones who ended up with 540 in the backyard.

With that in mind, when purchasing real estate, representation is essential.  As respected and professional Raleigh real estate agents, we keep a special watch for future projects that may impact the resale of your property years after you have moved in.  Right now, many areas near the new Western Wake Freeway will be real estate hot spots and the Freeman/Davis team can help you select the best places to look…and NOT to look.

Contact The Freeman/Davis Team at www.HomeSearchRALEIGH.com and ask us about the $8,000 first time homebuyer tax credit.  Right now is a great time to buy real estate in Raleigh North Carolina and in the surrounding areas.

Click Here for The Wake Expressway Map