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Homefront
Wake County Real
Estate Newsletter
March 2015
CONVERTING TRANSACTIONS INTO RELATIONSHIPS
IN THIS ISSUE
Thoughts on Wake County Real Estate
by Steve Poirier
Thanks to everyone for the well wishes
and positive comments on the first
edition of my newsletter. I really
appreciate hearing from everyone.
Based on the positive comments, I have
decided to make change the distribution
of the newsletter from quarterly to
monthly.
Market Trends
In February, I highlighted two of the
biggest trends in the Wake County real
estate market; 1) the shortage of
inventory and the increase is rental
rates. For those that follow me on
Linked In, I have posted several articles
about both these trends. Last week, the
Triangle Business Journal reported that
the Raleigh and Cary markets are among
15 metropolitan areas that have seen the
highest rent increases in the past five
years. Raleigh-Cary ranks 15th in rent
increases from 2009 and 2014, at 16.3
percent.
The second trend related to the tight
supply of inventory continues to hold
true. Based on the statistics in the Wake
County Real Estate Stats section,
inventory continues to fluctuate
between 3-4 months of supply.
What about the Builders
Another recent post highlighted that
nationally, home builders’ confidence
dipped in March. That sentiment may
not hold true here in Wake County. In
the past few weeks, there have been
several developments started in Cary
and Apex, primarily in the areas along
Green Level Road, Davis Drive and Olive
Chapel Road. Last week, the Apex town
Council approved a 165 acre mixed-use
development along Highway 64 in the
western part of Apex.
In This Issue
Wake County Real Estate Stats
Quick & Easy Ways to Boost Curb Appeal
Around Wake County
Budget Friendly Ways to Keep Your Home Cool
Recap
From the recent press and housing
statistics, it appears that the housing
market in Wake County continues to
remain strong. Continued low inventory
and rental price pressures could push
sales prices higher in the short term.
About Steve
I am a Realtor® with Better Homes and Gardens Real
Estate/Go Realty in Cary, NC, specializing in residential,
investment and multi-family properties throughout
Wake County. I have more than 20+ years of real estate,
marketing and finance experience and have lived in the
Wake County for more than 10 years.
FAST FACTS
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Percent Increase in Pending Sales for February,
2015.
6%
Percent Increase in Sales Price for February, 2015.
Wake County Real Estate Stats
by Stephen Poirier, Statistics provided by TARR Report
-16%
Overall residential inventory decrease for
February 2015.
The statistics listed in this summary
represents residential market
information for Wake County for the
period ending February 28, 2015.
Market Summary
RATES
Product
Rate
+/-
Prior
Month
30 Year Fixed
3.80%
3.87%
15 Year Fixed
3.03%
3.02%
30 Year Fixed
Jumbo
4.15%
4.41%
Source: Bank Rate.com Mortgage Average
Widget
COMMENTS OR QUESTIONS
Please feel free to contact me at
stevep@gorealty.biz if you have any comments
or questions about this newsletter. Suggestions
also welcome.
WEBSITE
Visit my website at www.steveprealty.com for
additional articles and information.
Old man weather reared his ugly head in
February. Due to the snow and ice
storms of mid-month, buyers in the
Wake County market stayed home
during the weather events resulting in
fewer listings and showing compared to
January. February showings were flat
compared to February 2014 and down
10% compared to January 2015.
Inventory
Overall inventory decreased 16%, new
home inventory was flat and re-sale
inventory decreased 22%. Distressed
inventory was 45% lower and continues
its downward trend. Houses listed
during the month decreased by 8%,
while expired listings increased by 4%
and the number of withdrawn listings
decreased by 4%.
The Average Listing Days on Market
(LADOM) decreased to 67 days from 83
days, while 43% of the inventory has
been on the market for longer than the
average LADOM of the closed sales (67).
Sales
Sales continued to show increases
during February despite the weather
issues. For the overall Wake County
market, year to date sales increased by
6%, while monthly closed sales
increased by 11%. Average sales price
increased 5%, with 64% of closed sales
reporting financial concessions and 17%
of closed sales were financed as all cash
sales.
Within the re-sale market, closed sales
increased 13% with an average sales
price increasing by 4%. 64% of closed
sales reporting financial concessions and
8% sold for more than the list price.
46% had an LADOM between 1-30 days.
Trends
The overall months of housing supply is
still in an “under supply territory”.
Generally, less than 6 months of supply
is categorized as an under supplied
market. Since February 2013, the market
has had a supply of either 4 or 3 months.
Since February the average sales price
has increased 7% and the average resale sales price has increased 3%.
Outlook
Improved buyer demand, bolstered by
strong demand in the first time home
buyer market and investment
community continues to push demand in
Wake County. With mortgage rates
remaining low and generally positive
economic news has had a positive
impact on the housing market. It will be
interesting to see March numbers as the
weather continues to push into spring.
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AROUND WAKE COUNTY
Quick & Easy Ways to Boost Curb Appeal
from Better Home and Gardens Real Estate
It’s been said that it’s only what’s on the
inside that counts. But that’s not true
when it comes to selling your house.
Your home’s exterior is key in getting
prospective buyers to want to open your
door and check out what’s inside. To
ensure your home puts its best face
forward, try these easy tips for
increasing your home-selling potential.
Make the Front Door Special
Your home's front entry is the focal point
of its curb appeal. Spruce up your front
door with a coat of glossy paint in
whatever color best suits the style of your
home or by installing a custom wood door.
Clean off any dirty spots around the knob,
and use metal polish on the door fixtures.
Your entry should also reflect the home's
interior, so choose a swag or a wreath that
reflects your personal style.
Dress the Porch
Say “Welcome” with a few pots of
seasonal plants and a clean and decorative
doormat. If the porch is large, make sure
there’s a comfortable seat or swing in
good condition for visitors to enjoy. Check
that your front steps and railings are
stable and in good repair, too.
Install Outdoor Lighting
Low-voltage landscape lighting makes a
huge impact on your home's curb appeal
while also providing safety and security.
Fixtures can add accent lighting to trees or
the house or can illuminate a walking
path. If you aren't able to use lights that
require wiring, install solar fixtures (but
understand that their light levels are not
as bright or as reliable).
Dress up Walkways and
Driveways
Power wash the sidewalk, driveway, and
any other surfaces leading up to your front
door. If your walkway or driveway is
cracked or stained or has vegetation
sprouting from it, you can upgrade it for
curb appeal without doing a complete
redo. First repair the cracks and stains and Spring Fling and Community Yard
kill the weeds, then dress it up by staining Sale
Holly Springs will be holding its Spring Fling and
the concrete.
Update the Garage
Make sure that the garage is as good
looking as the house. If your garage door
has taken a beating or two from the kid’s
balls and pucks, consider painting it or
even replacing it with a newer model or
with one that has some architectural
interest. Also, make sure that the electric
garage door opener is in good working
order. Lastly, organize the inside of the
garage by cleaning out old, unwanted
items and organizing the floor area.
Community Yard Sale on March 28th from 8:00AM until
12:00 Noon. This free event includes games, inflatables,
music, an egg hunt, and lots more. Visit
www.hollyspringsnc.us for more information
Perk up the Patio
If your deck or outdoor wooden furniture
is looking tired, give it a new coat of stain
or paint to freshen it up. Make sure your
grill is covered or in great condition; if not,
put it away. Place a few well-positioned
pots of flowers or herbs near the back
door along with another doormat.
BrickUniverse LEGO Fan Event
Are you a fan of LEGO? If so, come out for this LEGO
Fan Event on March 28th and March 29th at the Raleigh
Convention Center. Visit the website at
www.brickuniverse.org
Renew Plant Beds
Get garden beds into shape by pruning
growth, pulling weeds, planting flowers,
and adding new mulch to restore color
that was taken away by sunlight and harsh
weather. If stone or brick borders your
bed, consider cleaning and resetting any
pieces that are soiled or dislodged. If your
border is old or tired-looking, try
upgrading to stone or a decorative castconcrete edging system for improved curb
appeal.
World Beer Festival
April 2015 is Beer Month in Greater Raleigh and the
area’s breweries are drafting and serving one of a kind
brews around Wake County all month long. Find, taste
and discover the beer of your dreams! A chance to
sample from over 250 craft and specialty beers from
around the world. Visit the website at
www.visitraleigh.com/beermonth/
Budget Friendly Ways to Keep Your Home Cool
from Better Home and Gardens Real Estate
You’re probably not thinking about
trying to escape the winter heat right
now, but those days are right around the
corner.
Instead of dialing up your air
conditioner, and ramping up your utility
bill, try some of these budget-friendly
tips for staying cool and saving money.
Have your System Checked
Schedule annual preseason maintenance
checkups with a licensed contractor to
ensure your system is operating
efficiently. Check the air filter monthly
and replace it as needed. Finally, use a
caulk gun to seal leaks around windows,
doors, and ducts that cause drafts and
make your heating and cooling system
work overtime.
Thermostat Control
Run your thermostat a little warmer
through the summer months. The
recommended temperature setting for
comfort and energy savings in an airconditioned room is 78 degrees
Fahrenheit.
Maximize Your Home’s
Efficiency
Let your home’s central heating and
cooling system do the thinking for you.
When set and used properly, a
programmable thermostat can save about
$100 in energy costs each year.
Make a Few Minor Lifestyle
Changes
Keep windows, doors, drapes and blinds
closed during hot days and open them
back up when the sun goes down. Open
windows on opposite sides of the house
and keep the doors open to create crossventilation.
Also, changing the pattern of some house
chores can also keep the house cool. Use
your outside grill and microwave instead
of the oven and cooktop reduces heat
generation in the kitchen.
Plan your schedule to run the clothes
dryer, dishwasher and oven in the early
morning or evening rather than the
middle of the day.
Install Ceiling Fans
Ceiling fans help air circulate through
the house so there are no dead spots
where the air becomes stagnant. In the
summer, ceiling fans should draw the air
up toward the ceiling. This brings the
cool air up from the floor to mix with the
room air, keeping the entire room
comfortable. Home improvement stores
have a selection of fan styles with
features including built in lighting kits
and remote control operation.
Change Light Bulbs
The standard incandescent light bulb
generates a lot of heat. Newer compact
fluorescent lightbulbs, or CFLs, are
cooler and don’t use as much energy.
Although more expensive than
incandescent, the CFLs will save you in
the long run by reducing your energy
and cooling needs.
Shutting down unused electronics also
reduces heat (and your electricity costs).
Replace Your Home’s Windows
According to the EPA, Energy Starcertified windows can save the typical
homeowner $125-$450 per year in energy
costs when replacing single-pane windows
and $25-$110 per year when replacing
double-pane clear-glass windows.
Some simple things to remember when
shopping for windows:

Low-E glass with special coatings
reflects infrared light, keeping
out summer heat.

Multiple panes of glass with air or
gas in between insulate better
than a single pane.

Improved frame materials such as
wood composites, vinyl, and
fiberglass reduce heat transfer
and improve insulation.
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