New Digs - My Move to Allen Tate

I am thrilled to announce that I have joined Allen Tate along with co-workers Peter Rumsey and Debra Smith. Working together, we see continued opportunities for focusing on downtown neighborhoods, where we live, and unique historic, modernist and sustainable housing and communities throughout the Triangle.

A veteran in the real estate arena, Peter is well known for his experience with historic homes, selling many of the Historic Oakwood homes over the years. Debra Smith established the Modern Home Network and Raleigh Condo and Loft in addition to selling her fair share of homes in the Oakwood area and other areas of Downtown.  Together, I think we each bring a unique perspective to real estate but also have a shared vision of urban living in Raleigh.

You'll see more from us over the next several months, but like the cobbler who has no shoes, we've been too busy working with clients to prepare a bunch of marketing materials on ourselves.  The market is picking up! And it's nice to see the demand for walkable communities continue to rise.

You snooze, you lose. Homes selling in days.

The start of the new year brought an increase in real estate activity, at least anecdotally.  Open houses were busy, and many Realtors that I talk to and work with felt things picking up, but there wasn't really tangible evidence in January to prove anything.  Now that we've hit the selling season, things are looking promising!

A quick look at the homes listed since February in the MLS for Area 1, otherwise known as "inside the beltline" and downtown and you get the following:

Condos

• RBC #2707 - 1 day on market before contract - Listed @ 469k 
• RBC #2301 - 2 days on market before contract - Listed @ $439k
• 1031 Wirewood - Reserve at Bishops Park #101 - 8 days on market - Listed @ 152k
• Paramount #704 - 11 days on market before contract - Listed @ $449k
• Glenwood Gardens #203 - 14 days on market before contract - Listed @ $850k
• Governor's Square #108 - 18 days on market before contract - Listed @ 152k

Single Family Homes

• 3028 Rothgeb Dr - White Oak - 0 days on market before contract - Listed @ $479k
• 1517 Cherokee Drive - Roanoke Park - 1 day on the market before contract - Listed @ $235k
• 213 Duncan St - Five Points - 1 day on market before contract - Listed @ $379k
• 3306 Coleridge - Drewry Hills - 2 days on the market before contract - Listed @ $325k
• 618 Mills St - High Mount - 4 days on the market before contract - Listed @ $136k (bank owned)
• 518 Elm St - Oakwood - 5 days on the market before contract - Listed @ $344k 
• 620 N East St - Oakwood - 6 days on the market before contract - Listed @ 369k
• 519 W Aycock St - Five Points - 6 days on the market before contract - Listed @ $589k
• 1824 Wilshire Ave - Hayes Barton - 7 days on market before contract - Listed @ $549k
• 513 Florence St - Boylan Heights - 7 days on market before contract - Listed @ $245k
• 2853 Rue Sans Famille - Glen Eden /Ridge Rd area - 8 days on market before contract - Listed $260k
• 114 Byron Place - Drewry Hills - 10 days on market before contract - Listed @ 424k
• 2031 Reaves Dr - Five Points - 11 days on market before contract - Listed @ $359k
• 503 Harding St - Mordecai - 12 days on market before contract - Listed @ 214k
• 2405 Tyson St - Glen Eden - 21 days on market before contract - Listed @ $309k
• 1610 Sunrise - Five Points - 22 days on market before contract - Listed @ 715k

This doesn't mean that sellers have it easy.  Buyers still expect a lot and homes still need to be in tip top shape at time of listing to attract the best price. The first few days/weeks of being listed are critical. This is the time when you get the most showings and have the most interest.  Time is on your side as a seller in the beginning. If you are priced right, staged well, then you can leverage the interest in your home in negotiations. 

Having said that, the market does appear to be coming back.   Buyers, you may have some competition.

This is also a good time to introduce you to the term "contingent."  The homes above have a status of either Contingent or Pending.  Many people hear "contingent" and think that the buyer must have to sell their existing home before they can buy the new home, thus the contract is contingent on the sale of their existing home.  That can still be the case, but there is a new definition of contingent in the NC Offer to Purchase when referring to status. The new Contingent status means that a contract has been accepted, but the buyer is in their Due Diligence phase (inspections, loan approval, etc).  The contract does not become Pending until the Due Diligence date passes.  That's just a quick intro to the new terminology. Talk to your Realtor or contact me to discuss further.

Happy House Hunting!