Briar Chapel; artsy and green development

Briar Chapel has dominated sales in the Chatham County market this season.  The new construction homes are green, affordable and beautiful.  It is always interesting to me to see the public’s perception.  I was recently at a small party and a woman was describing the community as “artsy”.  I didn’t know what neighborhood she was talking about until she explained more about the community and the location.  I hadn’t thought about the artsy part.

The community entrance has a stone wall and metal sculpture and artfully placed huge pottery vases here and there in the landscaping.  She told me that she rides her bike there and there is art sculpture and stylized gardens throughout the common areas.  She also said that it is a great place to ride due to the low traffic.  I am usually very observant, especially with regard to art and gardens but on this instance, I missed it.

I am not surprised that the community has done so well…buyers love new construction.  The homes offer stylish details, lots of upgrades, use of sustainable materials and building practices and great floor plans.  What you won’t get is a yard.  You will trade off having your own space and privacy for the use of the beautiful community amenities and common areas.  The homes may seem like a great value and they are if you are not planning to move in the next 5 or more years.  Buyers should know that this is an enormous development, construction will be ongoing.  When it is time to sell, you will have to beat the builders and have your home show in new condition in order to compete.  Remember that the buyers who will be looking at your home in 5 years will be thinking the same way you did when you purchased your home.

Last note, I advise anyone who is planning to purchase new construction to bring their own buyer’s agent to represent their interest in the transaction.  On site agents work for the builder and represent the builder’s interest.  In NC, you have the right to have a buyer’s agent represent your interest in the purchase of a home.  I think buyers often make the mistake thinking they will get a better deal if the builder doesn’t have to pay their agent.  The reality is that the builder will pay the same commission and usually the seller’s agent will net commission from both sides when buyers are unrepresented.  Be sure to read the NC Working with Real Estate Agents Brochure,  which should be provided by your agent, and ask questions if you don’t understand it.

Triangle third quarter market data good for buyers

The third quarter triangle area market statistics are now available and there is so much to say that I will likely blog on this all week.  The overall market data paints a somber picture for sellers.  Buyers, however, have cause for celebration and hopefully motivation to get out there and cash in.

The number of new listings is down about 20 percent for the past two years.  This might make you think that this equates to a low inventory but that is not the case.  Although less homes are being listed, the average days on market has increased 14% from 2008 to 2009 and a total of 30% increase over the past two years.  This means that there is now over 9 months  inventory.  Homes are taking longer to sell, with 102 average days on market, up from 78 average days on market in 2007.  Two years ago, buyers did not have the luxury of taking their time.  Mulitple offers and the chance of missing out has been replaced by choices for buyers.

Median sales price is down slightly over the past two years which is good news for sellers and buyers.  It indicates a stablility in the triangle market when compared with other cities that experienced the real estate bubble.  Prices are down almost 5% over 2008, negating the increases we saw for average home prices in 2007.  Sellers who have been in their home over the two years saw a very modest loss while 2009 season buyers are seeing a more favorable price structure.

We can still be thankful that we live in an area where the average home price is very affordable at $226,000.   This price is very workable for the average person with an average salary and very affordable for a two income family.  We can also be grateful that our market exemplifies, “what you see is what you get”.  Despite the slow market, sellers are still getting close to their asking price with 96+% of asking price payouts.  This makes shopping for a home a little easier.  Buyers can be comfortable knowing that there probably was not a $500,000 home that sold for $300,000 and they didn’t miss out on the deal of a lifetime.

What this all says about our market is that this is a desirable place to live on many levels.   For any of my readers who want to have the actual data and graphs that comprise this report, please send me a quick email request or give me a call.  If you want to know more, with speicifics for market areas, stay tuned and read on through this week.

Public transportation coming to Pittsboro

Ah, Pittsboro; the quintessential bedroom community.  It is a quiet little town with all the charm and rural character and located just 25 miles from Chapel Hill.  With no industry or jobs really to call their own, most residents rely on surrounding communities for employment.  Of course, the area is also a hotbed foragriculture and artists as is often the case when there is lots of land and a small population.  But, Pittsboro is no ordinary sleepy town.  This is a population that is involved in its community; that cares about the issues and elections. 

Now Pittsboro is even better with public transportation routes that will take passenger to Chapel Hill and back, daily.  You can view the schedule and see the details at this link: http://www.townofchapelhill.org/Modules/ShowDocument.aspx?documentid=4349
The trip will cost you $3 each way but that is less than you would pay for parking.

Vote for your favorite farmer’s market

One of the great things about living in the triangle is the amazing farmer’s markets.  For two summers, I managed the Fearrington farmer’s market and was so lucky to get to know the local farmers who work so tirelessly to bring the freshest produce you will find anywhere.  Getting to know the farmers broke all my pre-concieved ideas of the farmer type.  There is no question, farming is hard work and this is a group of people who are dedicated to long hours and physical labor.  But, I was surprised to learn how many of them are college educated, with even doctoral degrees.

The farmers are asking for your votes to help them win a modest prize for their market.  Please go to this link and vote:   http://www.care2.com/farmersmarket/5510.

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.

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

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/

Chatham home revaluation will happen in January

Chatham County property owners will see their home revaluation in January in the form of a new tax value on their tax bill.  The state mandates that home values must be adjusted every four years to be sure that home owners are paying their fair share of property tax.  County commisioners considered a proposal to delay revaluation one year due to the state of the economy.  After further investigation, it was decided that a one year delay would not be a significant enough savings to provide relief to taxpayers.  Chatham residents enjoy low taxes, sometimes less than half of what our Chapel Hill and Carrboro neigbors are paying.  Although it is likely that homeowners will see an increase in home value, given the low tax rate, changes in tax bill should not be too painful.

Seagroves annual pottery sale this weekend

This post has nothing to do with real estate but it is about living in NC.  North Carolinians are fortunate to have a state that values and preserves our heritage and history.  Wheel thrown pottery is one part of that. This weekend the master potters of NC will be showing and selling their wares in Seagroves.  If you have not had a chance to go to this event, try to check them out this weekend.  In my opinion, (as an amateur potter), the NC potters take pottery throwing to a higher level than anywhere else I have seen.  Hand crafted one of a kind works of arts or crafts are gifts that will be cherished for life. You can be sure that a gift of pottery will not end up being regifted or donated to charity.  For those of you who want to buy American, this is a way to support the national and local economy.  To learn more about this event you can visit: http://www.seagrovepotteryheritage.com/.  For a recommendation of a local potter for commissioned works, please contact me at 919-357-6064.