March building permits jumped 70% over the same month last year. This is a huge increase. Permits for the first three months of the year were up 51%. Since 2011, the market has seen an 83% increase. The average permit value was $214,000.
For more on this topic, visit the Triangle Business Journal.
According to Forbes, Raleigh ranks second as the next biggest boom town in the U.S. Raleigh has experienced the second-highest overall population increase and the third-highest job growth over the past two decades in the U.S. It also ranked first for families with young children. Raleigh has also seen a big jump in new immigrants. This could be due to the plethora of technology companies that have come to the Triangle to escape the more expensive and congested northeast states. Short commute times and affordable housing is a factor as well.
1. Mortgage Interest Deduction
2. Home Improvement Loan Interest Deduction
3. Private Mortgage Insurance (PMI) Deduction
4. Mortgage Points/Origination Deduction
5. Energy Efficiency Upgrades/Repairs Deduction
6. Profit on Sale of Real Estate Deduction
7. Real Estate Selling Cost Deduction
8. Home Office Deduction
9. Property Tax Deduction
10. Loan Forgiveness Deduction
For more details on Real Estate Tax Deductions for Homeowners, visit realtor.com.
Selling a home in the Triangle is taking less time than in recent years. This is good news for homeowners looking to move but can be frustrating for potential buyers.
The average area home is now on the market for 109 days, which is down 11 percent from this time last year and inventory of homes for sale is at its lowest point in over a decade. This has caused more competition for buyers and many sellers are receiving multiple offers on their home.
If you’re thinking of selling your home, now would be a great time to do it. For those of you currently looking to buy a home, be ready to act fast. Homes are going under contract quicker than ever.
The luxury market continued its slow and steady healing process during 2012. The combination of decreasing inventory and higher closed sales lowered the months of supply down to 8, which is a 3 month improvement compared to a year ago.
Compared to a year ago, overall luxury inventory decreased by 14%. New home luxury listings decreased by 2%. The average days on market decreased to 190 from 207.
Here is a break down of Housing Supply by Price Bracket:
The months of housing supply indicated a vastly oversupplied market with the majority of activity will occur between $500,000 – 599,999. The luxury market continued its slow and steady healing process during 2012. That shouldn’t change too much for 2013.
via Triangle Area Residential Realty
According to CoreLogic, a leading residential property information, analytics and service provider, home prices nationwide including distressed properties increased 8.3 percent in 2012 compared to 2011. This is the biggest increase since March of 2006.
More more details on current home prices, check out RIS Media.
1. Asking price as well as rents increased 5% from last year.
2. New rules aim to make mortgages safer.
3. Delinquency & foreclosures are at record lows.
5. Investors are becoming more active.
For all the details, check out Trulia.
According to the National Association of Realtors’ quarterly report, the median price of homes nationwide saw its biggest increase in seven years this last quarter. Meanwhile, the number of available homes is at a 12 year low and on an annual basis, the median sales price increased 10% to $178,900.
For more on the current housing trend, check out Inman News.