FMRealty Market Minute June 14Our latest Market Minute for the Total Triangle was released this week and there are positives Triangle home sellers and buyers can take from it:

  • From a Sellers standpoint the number of Units Sold and the Median Sale Price are both UP 3%
  • From a Buyers standpoint…and we quote -

This month there were 3,729 homes newly listed for sale in The Triangle compared to 3,587 in June 2013, an INCREASE of 4%. There were 3,030 current contracts pending sale this June compared to 2,689 a year ago. The number of current contracts is 13% HIGHER than last June.

So, what does that mean? It means that with the increase of 4% there are more houses in the Triangle for buyers to choose from, BUT since the list of current contracts is 13% higher, that also means more houses are needed for the buyers that are out there. So, if you’re still on the proverbial fence about whether or not to sell your home, the buyers are there. Talk to your Fonville Morisey Sales Associate to learn how to get it on the market and sold as quick as possible.

Last week, we talked about how the housing market that consists of the Raleigh, Durham, Chapel Hill and surrounding communities is strong as May’s numbers showed. June’s numbers have also improved year over year in many areas.

Our own Al Schnaidt, Sales Associate out of our Fonville Morisey ITB Sales Office spoke with WRAL’s Bill Leslie earlier this week to talk about house appreciation and inventory numbers for our area. Take a look at what he had to say -

With the Triangle receiving numerous accolades again in recent months as well (and they just keep coming!), our Agents continuing to experience multiple offers for homes their clients have listed for sale too, and the positives indicated above, our housing market remains strong.

To learn more, please visit our most recent Market Minute Report – Total Triangle and/or ask your Fonville Morisey Sales Associate today.

 

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FMREalty FMLending ApprovedThe following contribution is by Angie Norris, Senior Mortgage Consultant with FM Lending based out of our Fonville Morisey Vandora Sales Office in Garner. Thanks, Angie!

Okay, your local Fonville Morisey Sales Associate has just sold you your dream home………..now what? You call your FM Lending Mortgage Consultant and start the mortgage application process. What should you do and not do during your mortgage loan process?

The main thing that you want to remember is that you DO want to call your loan officer if you are unsure if something will impact your loan. In this case, asking permission first instead of forgiveness later, is always the best policy.

Now, here is your list of do’s and don’ts:

DO:

  • Keep all credit accounts current to include mortgages, car loans, student loans and credit cards. Late payments during your mortgage application process will reflect negatively on your loan approval.
  • Keep original documentation for all financial paperwork such as paystubs, bank statements, 401k statements, W-2’s and income tax returns. Your lender will most likely want to make copies of all of this documentation for your mortgage loan process.
  • Do continue to use your credit as you normally would. For example, if you have had a monthly service for cable billed to the same credit card for the past two years, don’t change that now. Red flags are easily raised within the credit scoring system. If it appears that you are diverting from your normal spending patterns, it could cause your credit score to go down. Make any changes after loan closing.
  • Let your loan officer know if you are going to move money from one bank account to another, (especially funds that will be used for closing). The paper trail of documenting the source of funds for down payment and closing costs is very vital to the loan approval process. Any major changes could impact your loan approval or delay your loan approval due to the need to obtain additional paperwork.

DON’T:

  • Change your job. If you change jobs before or during the loan process it can create real problems in qualifying for a home loan, particularly if your new job is in a different line of work or at a lower rate of pay.
  • Deposit cash. Don’t deposit any cash or money into your bank accounts other than funds that can be documented such as pay checks or gift checks. Cash deposits can cause a loan file to be denied if we cannot document the source of funds.
  • Make any major purchases. Many borrowers make the mistake of buying a new car or furniture or appliances without realizing the impact it can have on their ability to buy a home. A new monthly payment can affect the amount you can qualify for and actually make it difficult to get your loan approved.
  • Apply for new credit of any kind. If you receive invitations to apply for a new line of credit or credit card, don’t respond. If you do, that company will pull your credit and this will show up as a credit inquiry on your credit report and could possibly have an adverse effect on your credit score. Each time a new credit inquiry is made to your credit report, we are notified by the credit bureau and we will ask you to write a letter of explanation as to the reason why you applied for new credit. Even if you still qualify with the new debt, this process could slow down and/or delay your loan closing.
  • Raise red flags. Don’t co-sign on another person’s loan or change your name and address. The less activity that occurs while your loan is in process, the smoother the process will go and the faster your loan will be approved and closed.

Just remember, when you speak with your FM Lending loan officer initially, be completely honest and upfront about your entire financial situation. Many borrowers are “afraid” to tell their loan officer their entire financial situation for one reason or another. But the experienced loan officers here at FM Lending have seen almost every possible loan scenario (including yours) and are here to help guide you through the process with professionalism and courtesy. So, keep calm and let an experienced loan officer here at FM Lending handle it!

 

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Triangle Housing Market Watch: Our Market is Strong – Inventory is on the Upswing, More is Still Needed

July 10, 2014

The numbers for Raleigh, Durham, Chapel Hill and surrounding communities continue to improve as far as real estate is concerned. In May, we had one of our strongest months yet (since the economic downturn) when it comes to inventory too. According to the News & Observer – “May marked the first time in 39 months […]

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Fonville Morisey Falls Office is Proud to Be Part of “Stop Summer Hunger” for the Food Bank of CENC

July 9, 2014

by Lisa Sullivan, Digital Media Marketing Director We have completed our first week of our own Fonville Morisey Stops Hunger food drive on behalf of the Food Bank of Central and Eastern North Carolina’s “Stop Summer Hunger” program. While each of our offices serves as a collection point for donations, they are also competing for […]

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Celebrate Independence Day Eve in Garner at Annual Celebration with the N.C. Symphony

July 3, 2014

The following contribution is compilation from the Sales Associates in our Fonville Morisey Vandora sales office in Garner as part of their Branch Bits “feature month”. Thanks for sharing your memories of the Town of Garner Independence Day celebration of year’s past with us! The Town of Garner pulls all the stops when it comes […]

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REALTOR Tip: Keep Your Triangle Lawns & Gardens Looking Great in July

July 2, 2014

by Lisa Sullivan, Digital Media Marketing Director July in the Triangle region of North Carolina is typically the hottest month of the summer with average highs in the 90s. Whether you’re selling your home in Raleigh, Durham, Chapel Hill and surrounding communities or you just want to it and the lawn and garden surrounding it […]

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Fonville Morisey Stops Summer Hunger With Food Drive for Food Bank CENC

June 27, 2014

by Lisa Sullivan, Digital Media Marketing Director The “job” of the successful Fonville Morisey Sales Associate is to assist buyers and sellers in the communities that make up The Triangle – Raleigh, Durham, Chapel Hill and surrounding areas – with either the purchase of a new home or selling their current one, sometimes both. Whether […]

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REALTOR Tip: Home Maintenance Ideas for Summer

June 26, 2014

by Lisa Sullivan, Digital Media Marketing Director After a long winter and as April and May roll around, we tend to get excited about the warmer spring weather and typically, as homeowners, that’s when we do what is often referred to as “spring cleaning”. For some, that could mean purging old clothes and cleaning out […]

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Triangle REALTOR Tip: Simple Staging Techniques to Sell Your Home in the Triangle This Summer

June 20, 2014

Compiled by Lisa Sullivan, Digital Media Marketing Director You’ve decided to sell your home. Whether you live in Raleigh, Durham, Chapel Hill or in the surrounding communities, your REALTOR® will undoubtedly recommend a few “to-dos” before you list it on the market. We’ve posted extensively about the various tips we have for home sellers in […]

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Fonville Morisey Raises Over $27,000 for Triangle Komen Race for the Cure

June 19, 2014

by Lisa Sullivan, Digital Media Marketing Director The Komen NC Triangle to the Coast Susan G. Komen Global Race for the Cure® brings thousands of people together for one common goal – to raise awareness & funds for Breast Cancer research and a cure. Over the last six years, our Fonville Morisey family has participated […]

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