The Triangle Housing market is picking up...

Do you feel the weather is warming up??? Not only the weather but the housing market in the Triangle...
I was showing 3 groups of custmer morning, afternoon and late afternoon and I don't think this only happen to me but most of the realtors in our area. I asked the onsite agent in some new subdivisions and they told me the traffic in past week was 2 times equal to the whole month in Februrary.

The reason is so simple... The buyers and investors already waited and waited and finally they knew the price cannot drop anymore and is really rock bottom and now they all jumped out and grabbed what they can grab...
If you want to know how to find good deals in our area and like to know more about how to invest in Raleigh, Cary, Apex, Morrisville, Holly Springs, Durham, Chapel Hill, Clayton.....e.t.c
Feel free to email me or call me for any of your real estate needs!!

Hannah Chan
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Guess!! How many offers you can get for 1 listing??

I cannot remembered how many offers I got from my past listings...Maybe 1 or 2?? I never imagine you can get more than 4 or 5 offers at the same time. I just submitted an offer for my client and the listing agent told me she already got 18 Offers on her table!! I was laughing when I heard that and I meant....yes...I expect a lot to compete but not as much as 18!!!! I thought she was joking but actually she told me she don't wish to get so many offers at each of her too!!!
Anyway, we got out bid even thought we offered more than asking price and I really want to ask who said the housing market is bad and no one is buying???? At least...not in Triangle area!!!

Hannah Chan, GRI, Broker/Owner

The highest complement my clients can give me is the referral of their friends, family, and business associates!
Thank you for your trust!!

Chinese American Friendship Association Annual Picnic Party on April 26 Sunday 10-4p.m

2009 CAFA Picnic Party Events on Sunday, April 26, 10am - 4pm
(1) Kids Games (11am to 3pm),
• Horse Riding (2 horses and 1 pony)
• Titanic adventure slide
• Mickey moonwalk
• Money machine
• Duck pond
• Chicken wing fling
• Can smash
• Bowling
(2) Reunion activities (11am to 4pm)
This is for reunion of people from same college/university/province/town/city. When you arrive, please go to the registration table and write down your name, college you graduated from and which province/city you were from. Then your group can choose place of gathering in the park.
(3) CAFA Club activities
CAFA clubs will introduce themselves to CAFA members and friends.
(4) Meet the President (11am to 1pm)
President or CAFA board chair will answer CAFA members' questions and collect any suggestions.
(5) Art performance and singing PK (11am to 4pm)
We will have some of the best performers in triangle area to bring wonderful shows. We will also have live band performance.
(6) Lunch (11:30am to 1:30pm)
We will start serving lunch at 11:30am. Lunch boxes, home made food and pizzas will be served. Drinks are free. We encourage people to bring home made food, cakes and other desserts.
(7) Family games (1pm to 3pm)
As usual, we will have many family games for fun. This year, tug-of-war game (拔河) will still be one of the favorite games.
(8) Youth group activities (10am to 4pm)
To attract young adults and kids to CAFA picnic party, we will have some games and shows for them. Below are some ideas people have provided to us.
(9) Talent Competition for Kids at all ages
This could include singing, dancing, instruments and Hula Hoops etc. We could also make it a family Talent show
Wii Competition
Among all the games, "Guitar Hero" is the most fun. We could start a Guitar Hero competition at the picnic
Group Singing competition
Volleyball games
CAFA picnic party held once a year and is the largest party in the area and involved lots of volunteers and sponsors. It is free and you only pay for your lunch box and welcome to join this family event on April 26th, 2009

Hannah Chan
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NC Home Auction in Raleigh Convention Center

I attended the NC Home auction in Raleigh Convention Center and most properties I am interested were in the Raleigh and Durham areas. The REDU was orginally planned to auction 155+ properties but it ended up only have 60+ properties were auctioned. Also, most properties were located 1 to 2 hours away which I normally recommended to invest only in the area you familiar to reduce all the potential risks.

If you are new to auction, it is totally different from foreclosure or short sale cause you don't have that much time to think through. Besides, you also require to pay 5% buyer premium on top of the auctioned price. There were two properties I am interested actually sold at 15-18% discount than its original asking price after adding the buyer premium. I think it is comparable to foreclosure but not necessarily better than other distressed properties. The seller can set an undisclosed reserved price and the auctioner will bid up the price cause it did not meet the seller's reserved price. To me, auction is only worthy when there are not many bidders but the auction in Raleigh Convention Center was kind of competitive cause the bidders are bidding in the Ballroom, Charlotte and online bidding.
One thing I observed is that I found out there are a lot more investors this time than the one I attended couple months ago and honestly I can tell more buyers and investors are ready to get some good deals and will expect a lot more competition in our market.
Please feel free if you interested in looking at some foreclosure, auction, short sale or distressed properties.

Hannah Chan


Raleigh Cary was the fastest growing area in the country

According to US Census Burea, Raleigh Cary area was the fastest growing area in United State from July 2007 to July 2008. That means Triangle area is the top pick in most people's mind when they are thinking to relocate their families. Most of people moved here because of job opportunites and affordable housing and good schools. I personally helped a lot families to move to Raleigh Cary area and most of them moved here because of jobs and schools.

Raleigh-Cary is fastest growing metro area in U.S.

If you are considering to relocate to North Carolina and please feel free to email me or call me for any question.

Hannah Chan

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NC is 2nd BEST for Business

According to Chef Executive Magazine study, North Carolina is "2nd" Best for Business...

They ranks all the states based on
1)Natural resources,
3)Tax policies,
4)Quality of living,

North Carolina ranked third in the country last year and the state’s best asset is its WORK FORCE according Chief Executive Magazine!! We are so lucky that we can tell that most businesses owners, CEOs know exactly where to start and invest their futures...

Hannah Chan

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Free Asian Health Fair on April 4th 2009

Free Asian Health Fair on April 4th 2009 organized by NAAAP and IBM ADNG at Cary Senior Center on April 24th from noon to 5:00p.m.

They offer free blood pressure, glucose, vision screening, nutritional consulting and offer a lot different programs...
Don't miss this great family activities for your family!!!
Hannah Chan

Raleigh-Cary-Chapel Hil Housing Market Update March 2009

Spring is around the corner...
Time to think about where to invest your $ after filing your tax returns and hopefully with some tax refund checks coming..............

Local Market Update
Triangle home sales hit 10 year low in January , only 729 homes sold in Wake, Durham, Orange and Johnston counties and the average home price sold in the 4 counties was $205K, down 3.7%.In some areas in the Triangle market, home prices already dropped to 4 years ago or even lower.

However home prices are still holding up OK for some highly sought subdivisions. Our local housing market here is different from those in Florida, CA, Nevada and NY where there were lots of "flippers" artifically inflating the house prices in the last few years. For the Triangle area market, it had been stable growth like 4% to 8 % a year before the current financial crisis started to adversely affect our local market. Hence our local market has not been battered as bad as the other markets.

Competitions expected for those "Good bargains"
Most buyers got really good deals in 2008 but we expect more competitions in 2009. We already knew a lot of out-of state and international investors had come into our local market looking for the same good deals. They are competiting with our local buyers and investors. Federal Tax Credit for the qualified First Time Home Buyers. Currently, most of the buyers in our market are those first time home buyers and investors. Many of the first time buyers decide to enter the market now for the following reasons.

(1)Federal Tax Credit,
(2)Low interest rate,
(3)Rent Vs Own,
(4)Lots of inventories
(1) Ferderal Tax Credit
If you to close on your new home between Jan 1 2009 and Nov 30 2009, you may be eligible for up to $8000 Federal tax credits as long as you do not sell your home in 3 years. The tax credit will reduce your tax bill or increase your refund. You can apply this credit to either your 2008 or 2009 tax return. You are eligible if you and your wife earn $150K or less. Please consult with your tax accountant for advices and details.

(2)Low interest rate
Rates on the 30-year fixed-rate mortgage is at a record low not seen for a long time but of course, you will need good credit to qualify for the loan as the lenders have tightened up the qualification criteria.

(3)Rent Vs Own
The cost of owning a home versus renting is in at all times low, favoring home ownership, plus the low interest rate making monthly P&I even more affordable than before.

(4)Lots of inventory -- plenty of choices
There was a 9.6-month supply of unsold existing homes in January according to NAR. For new homes, the inventory hit a 13.3-month supply at the end of January. We also have some foreclosures and auction homes competiting for the same buyers.

Where to Invest??Stock? Real Estate? Cash?
Some people said cash is the safest place now.. Why? First of all, inflation is no where in sight and will probably be put in check by the Federal Reserve in the near term. Cash is definitely better than investing in the mutual funds and stocks market right now for those who have low risks tolerance level. Cash also gives you the power in negotiations in the current real estate market.

Investing in the real estate market is probably relatively safer than other investments right now. There are some good deals out there. As more people get disqualified for a mortage, there will be more people renting instead of buying their first "dream home". The rents are holding up OK in the Triangle residential market. (Commercial rental is in a total different situation. The renters have the upper hand. there.)

More importantly, real estate investing is less volatile than the stocks market. You can also minimize the risks in real estate investing by doing due diligence and smart investing strategy. At least you can feel like you are in more control of you own destiny than the stocks market which is out of the control by any individual investor.

The Fundamentals that made the Triangle so attractive in the past are still here.
--The local governments and Chambers of Commerce are still very pro business and continue to recruit new companies to come.
--This area is still sought after for companies planning to relocate. Good schools and good qualities of life had attracted lots of national or international transplants to raise their families here.
--These will probably be the same reasons for others to come in the future. Forbe Magazine just recently ranked Raleigh as the second best city for "where $500K can still live comfortably lifestyle."
--North Carolina is one of the most affordable states, and Raleigh and Cary have been ranked among the best cities to live for the past 10 years.

If you have any question relating to how to invest in local real estate market and please feel free to email or call me.

Hannah Chan