2009 Could be the best year ever to buy a home

In my opinion, this is about as good as it will get for buyers.  If you are a first time buyer, the clock is ticking on the tax credit of $7500 that you will benefit from if you close by June 30th.  Note, the word close.  That means that you need to be under contract sometime in April to allow for unexpected delays. 

It is expected that interest rates will linger in and around 4.5%; a historic low.  I am a big fan of owning your home but with this interest rate out there, it is a good time to pay off other debts and put down a smaller down payment.  Buyers should also consider fifteen year terms instead of the more common 30.  Even if you don’t anticipate living in your home for more than a few years, you will pay down much more of the principle on a fifteen year note, increasing your equity value.

Consider adding green features.  There are great tax incentives for everything from a new, energy efficient furnace to solar panels.  These tax credits in some cases are so generous that when you factor in the energy savings, you will essentially get the improvements for free.  Keep in  mind, you will be putting the money out up front with a payback over time.  Adding green features and energy efficiency will also increase the value of your property. When you see that home that has the twenty year old HVAC, think opportunity.  Negotiate with the seller and take advantage of the creative ways to upgrade.

Lastly, there are special mortgage products that will allow you to finance improvements for home rehab or for addition of green features.  For the first time in a while, there is plenty of inventory property.

It is just my opinion, but I believe 2009 may be the best year ever to buy a home.  If you would like information on any of these programs or details on the tax credits, please contact me at 919-357-6064.

Orange County impact fees increase will go to pay down debt

Orange County Commissioners just approved an increase in impact fees that will make it a lot more expensive to build a new home in the Chapel Hill area.  Orange County schools district fees will remain at 3,000 for 09 but will increase by 25% in 2010.  Homes constructed in the Chapel Hill/Carrboro school district will pay a whopping 73% increase in impact fees over the next two years.  As of Jan 1, the fees will increase 38% to $6092  and then in 2010 it will go to $7616. 

Local homebuilders were opposed to the increase, stating that they have already seen a significant strain on their business due to the economy and current housing market. Commissioners were sympathetic to the homebuilders concerns but felt the increase was necessary to pay down the debt for the new schools.

Inevitably, builders will pass this charge on to the buyer.  If you are considering purchasing a new home in Chapel Hill or Carrboro, it is probably too late to avoid this added cost.  However, we are lucky to have a strong real estate market that is likely to continue to appreciate.  Because we are a college town, people come and go every year, regardless of the real estate market conditions.  There are plenty of older properties that are ripe for rehab, and buying an existing property is a “greener” choice and offers a way to get more out of your home purchase.

Furniture recycling offers an ecofriendly decorating option

Triangle Furniture Reclycers is a business that I was lucky to stumble upon that offers some ecofriendly options for decorating your home.  This fledgling business owner travels the state and shops for furniture for resale.  They do some furniture rehab when necessary.  Many of the pieces are high quality and in very good condition. 

The business owner offers a helpful website which has photos for internet shopping.  The great thing is that this is an entrepreneur who is saving our landfills and offering very affordable, quality furniture to his clients.  The owner has an eye for classic, timeless design.  I give him a thumbs up and predict that this business will continue to grow as he fills the need for a quality product that has little to no impact on the environment and responds to the need for people to pinch their pennies in the current state of our economy.  Check them out at www.trianglefurniturerecyclers.com.

Live christmas tree care uncomplicated at best

The perfect Christmas tree, in my opinion is a large Frazier Fur, harvested at the tree farm.  For years, we made selecting our tree, a family event.   I now have a pre-lit artificial tree but I think real trees are fine.  Christmas tree farms are big business in North Carolina.  Generally, these trees are grown specifically to be cut at the holidays and sold.  So it is not such an impact on the environment as you might expect. 

You have probably heard all the home remedies for keeping your tree healthy and fresh; feed it sprite, give it an aspirin…  But the Chatham County extension agent recently posted an article regarding this very subject.  His educated opinion is that trees do best with just regular watering and a fresh cut trunk.  He states that trees actually dry out sooner when they are “fed” anything other than water.   I thought he gave practical and useful advice to get maximum enjoyment of your holiday tree.  To read the entire article, follow this link: http://chatham.ces.ncsu.edu/index.php?page=news&ci=EXCE+15

Top 10 home improvement projects with payback potential

According to the recent statistics pubished by the National Association of Realtors, home renovations are still a good investment.  Improving curb appeal with quality exterior upgrades was one of the best decisions for homeowners.  Quaity Siding, windows and decks topped the list for sellers who recouped the cost of upgrades.  Of course, kitchen remodels are always the best place to spend your renovation budget indoors.   

Here is the list that appeared in the article:

Top 10 Project Paybacks 

 1. Upscale fiber cement siding (86.7%)

2. Midrange wood deck (81.8%)

3. Midrange vinyl siding (80.7%)

4. Upscale foam-backed vinyl (80.4%)

5. Midrange minor kitchen remodel (79.5%) 

6. Upscale vinyl window replacement (79.2%)

7. Midrange wood window replacement (77.7%)

8. Midrange vinyl window replacement (77.2%)

9. Upscale wood window replacement (76.5%

10. Midrange major kitchen remodel (76.0%)

 If you would like to read this article in entirety, please follow this link:
http://www.realtor.org/rmohome_and_design/articles/2008/0812_costvsvalue_2008?id=bcaa4b804bfb44b98fe18f66fe42bfc9&wcm_page.resetall=true&cache=none&contentcache=none&connectorcache=none&srv=page

Chatham County gets serious about “greening” their community

Two years ago, Chatham County residents voted out a republican dominated board of commissioners, following an unprecedented approval of new developments and rezoning of land.  The current Chatham County board of commissioners has been working to put balance back into the county.  On Monday, they passed a new land use plan to protect natural resources like Jordan Lake and the Haw River.  The ordinances will dictate the size and locations approved for development with the goal of controlling growth, maintaining the rurual character of the area and reducing pollution.

The new ordinance will set guidelines on new developments, stormwater runoff, buffers, protecting wildlife and water resources, soil errosion and watershed protection.  To get the details of this new plan, visit: http://chatham.mync.com/site/Chatham/news/story/20683/new-ordinances-in-chatham-county/

Bathroom reno project can pack a bunch of green

I would say there is probably no part of the home that offers more opportunities/sqft to “green” your space than the bathroom.  The bathroom is a place where we can waste or save water, use chemicals or natural cleaning products, choose ecofriendly finishes or finishes that add VOCs and the win win here is that the green alternatives in most cases are as beautiful as the offenders.

On the issue of water conservation,  one thing I find very annoying is the “car wash” type showers.  Not to say that if you want a large shower you shouldn’t have one.  But, is there any reason to have ten shower heads, spraying in unison to some symphony of indulgence?  Instead opt for something special like a rain showerhead with dual functions.  Be sure to use a flow restrictor especially  if you take longer showers. You can save additional water with a low flow or 2 stage flushing toilet.  Older models can flush up to 7 gallons of water versus the 1 and a half gallons or less that will flush on low flow units.

Look for vanities constructed from sustainable and renewable materials.  Not all particle boards are created equal.  Ask the supplier about the resins they used as many of these products will leach VOCs into your home for a long time.  Pressed wheat board is a very green alternative.

If you are trying to use sustainable materials you should avoid using marble, granite and stone products that need to be mined and then shipped from the other side of the planet.  For sink tops, check out a recycled glass material, recycled quartz, concrete or even Corian.   Add a durable flooring material such as glass,ceramic and porcelain tiles that might even be made in the US or at least Mexico.  Recently, some renovators are even adding sustainable wood flooring products such as bamboo into the bathroom. 

Change out all your fixtures and bulbs to compact flourescent, flourescent or LED, energy saving lights.  Depending on the climate you live in, a heated floor may be a good investment. Use low or no chemical cleaning products; available at all grocery stores now.  Use your towels for at 2 or 3 days before laundering (hello, you are clean when you dry off). Chemical free toothpaste, soaps, shampoo…. ok I am stopping, but like I said, the bathroom is a place loaded with ways to be greener!

Did I mention the passive solar water heater?

Durham Performing Arts Center now open

Now there is yet another reason to love the Bull City.  The downtown Durham revitalization is alive and well.  The Durham Performing Arts Center, located near the American Tobacco Warehouse district, opened this past weekend.  I passed the building just the other day and it is impressive and beautiful.  Contemporary with lots of glass, it is a testament to the resurgence of downtown life and business growth.  You can catch my husband’s favorite comedian, Lewis Black this Wednesday or you can enjoy a season worth of Broadway shows in the near future.  The center will offer a bit of culture minus the commute to Raleigh for Durham residents.  You can buy tickets at the website: www.dpacnc.com .