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Marc Van Doren ~ NC REALTOR®, Broker & Relocation Specialist

(919) 302-8502
Marc@VanDorenProperties.com
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Top 8 Most Miserable Cities (I’m just the messenger here!)

Top 8 Most Miserable Cities

Even plenty of sunshine can’t get the cities that topped the list of the most miserable smiling.

California residents are pretty miserable, according to Forbes’ list of the most unhappy cities in the United States. California cities account for eight of the 20 most miserable places in the U.S., and four of the top five. Falling home prices, high unemployment, high crime, steep state taxes, and a large budget deficit have brought a lot of Californians down in recent months.

Here is the list of the most miserable cities, according to Forbes:

1. Stockton, Calif.

2. Miami

3. Merced, Calif.

4. Modesto, Calif.

5. Sacramento, Calif.

6. Memphis, Tenn.

7. Chicago

8. West Palm Beach, Fla.

Forbes analyzed 200 U.S. cities for its list, taking into account such factors as housing, unemployment, weather, taxes, commuting times, crime, and how the cities’ sports teams performed in recent years.

“Both California and Florida have a history of boom and bust economies,” Kurt Badenhausen, Forbes senior editor, told Reuters. “People flooded to these states because of the weather during the boom years but that helped inflate the massive bubble in housing.”

In Stockton, home prices have fallen by 58 percent over the last three years and unemployment has averaged 14.3 percent–and projected to rise to 18.1 percent in 2011.

“Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded,” Bob Deis, Stockton city manager, told Forbes.

Cleveland — which last year held the title as the most miserable — is getting a little happier; it ranking 10th on this year’s list. Cleveland’s unemployment rate increased at a much slower rate than other parts of the country, which helped improve its ranking this year.

See Forbes.com’s full list of the most miserable.

Source: “California Cities Top Most Miserable List,” Reuters News (Feb. 3, 2011)

Posted in: General Real Estate News

Closing Costs Are Negotiable?

Many customers don’t realize that closing costs are negotiable, mortgage experts tell The New York Times.

“There’s a lot of room for negotiation in the costs of closing and consumers should examine every charge and not hesitate to challenge them and try to bring them down,” says Barry Zigas, director of housing policy at the Consumer Federation of America.

Closing costs can really add up when buying or refinancing, running anywhere from 3 to 6 percent of the price of the property. For example, in 2010 the average closing costs for a $200,000 purchase rose nearly 37 percent to $3,741, according to Bankrate.com.

Many of the fees associated with closing are negotiable and consumers should review line-by-line estimates and challenge them.

Simply ask the lender which fees are negotiable and which are fixed to find out where there’s wiggle room. Questions such as “Who is getting paid this fee, and why am I being asked to pay it?” can start the conversation, experts say.

“It’s not a time to be polite,” says Kathleen Day, a spokeswoman for the Center for Responsible Lending. “You have to have a strong stomach and a stiff spine and not bow to pressure from the other side of the table to close the deal.”

Lenders are required within three days of receiving a loan application to provide an estimate of closing costs for buying or refinancing a home. Good-faith-estimate forms provided by lenders can be used to easily compare closing costs among lenders in shopping around for the best deal too.

Source: “Curbing Close Costs,” The New York Times (Jan. 27, 2011)

Posted in: General Real Estate News

58th Annual NHL All-Star Game in Raleigh (January 30, 2011)

The 58th National Hockey League All-Star Game is scheduled for January 30, 2011 at the RBC Center in Raleigh, North Carolina, home of the Carolina Hurricanes, during the 2010–11 NHL season. The game was originally to be hosted by the Phoenix Coyotes, but due to ownership issues the NHL decided to move the game.

The 2011 version of the All-Star game will feature a break from the traditional way in which teams are organized. Instead of using Conferences or Nationalities as in the past, teams will be selected by captains in a fantasy draft days prior to the game. Fans will still elect players to the All-Star game, but instead of the traditional twelve starters they elected only six are players.

Posted in: Local Raleigh & Cary NC Area Real Estate News

North Carolina Population Boom Helps Housing

North Carolina’s population is booming — and that bodes well for real estate.

North Carolina has moved past New Jersey as the 10th most populous state. Its population grew 2 percent in 2006 to 8.8 million, according to the U.S. Census Bureau. In 20 years, it is expected to be the country’s seventh most populous state.

More people equals greater housing demand; Existing home sales in the state were up 4 percent in November, while national sales were down 4.4 percent over the year earlier.

Why is the state attracting so many new residents? Perhaps because it offers housing for every taste and pocketbook. Houses over $1 million are a rarity. The average home in the capital city of Raleigh goes for $250,000.

Those who want to live in sight of the ocean can do so at a relatively reasonable price. But the real growth is in the mountainous western part of the state where there are four seasons, but all of them mild.

“Our area has been likened to Aspen as it was in the ’50s, before it was developed,” says Pat Handley, an associate with McKee Properties who is marketing one of the community’s highest-priced properties — a private mountaintop estate with valley and mountain views from every room — for $4.48 million.

Posted in: Local Raleigh & Cary NC Area Real Estate News Tagged: North Carolina, real estate

10 Cities Where Home Prices Will Rise in 2011

While home prices are expected to continue to fall in most metro areas, Clear Capital’s Home Data Index report says a few cities are already on the rebound and showing some gains in home values.

“There really is this segmentation of these markets occurring where the one-size-fits-all national level numbers to represent all numbers really isn’t valid anymore,” Alex Villacorta, senior statistician at Clear Capital, told MSNBC. “Overall we’re seeing prices start to stabilize going into 2011, but unfortunately some of those markets will stabilize in the downward direction where others will see a sustained recovery.”

Clear Capital takes into account unemployment rates, foreclosure rates, and real estate inventory in its index.

The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:

1. Washington, D.C.: 6.5 percent price increase

2. Houston: 3.6 percent price increase

3. Honolulu: 3.4 percent price increase

4. Memphis, Tenn.: 3.2 percent price increase

5. Columbus, Ohio: 2.1 percent price increase

6. Dallas: 1.4 percent price increase

7. New York: 1.3 percent price increase

8. Birmingham, Ala.: 0.9 percent price increase

9. Pittsburgh: 0.8 percent price increase

10. New Orleans: 0.5 percent price increase

Meanwhile, Clear Capital reports that real estate markets in Florida and the Western parts of the U.S.—such as cities in Arizona and “Breadbasket metros” like Oklahoma City, Okla., and Dayton, Ohio—likely will see the largest price drops in home values over the year. Virginia Beach, Va., is expected to have the highest drop in 2011, with a 12.8 percent price decrease, according to Clear Capital report.

Posted in: General Real Estate News

Hello world! Welcome to my new Blog!

Welcome to my Raleigh North Carolina Metro Area Real Estate Blog! After years of simply “doing my thing” as a Realtor in the Raleigh/Cary NC Area I finally got around to getting this show on the road. I’ll do my best to keep this blog up to date, and post things that really matter. So bear with me for a few weeks as I finish customizing and start posting. Thank you!

Posted in: My Personal Thoughts and Opinions

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