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  Mulitple offers and the chance of missing out has been replaced by choices for buyers.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.

Durham Centerfest celebrates 36 years

Durham will have its 36th annual Centerfest this weekend, September 19th & 20th.  The event will give 117 artists from 9 states an opportunity to compete for prize money but more importantly, a chance to have a huge public audience see their works.  Artists will display paintings, photography, pottery, hand crafted jewelry and sculpture.  Stages will be filled with non stop entertainment including live music and dance. 

The triangle is a community that supports the arts in a big way.  This is a great opportunity to enjoy some family friendly entertainment and experience downtown Durham.  Centerfest has a helpful website with information and schedules at http://centerfest.durhamarts.org/index.html.

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.

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 .

Durham’s top neighborhoods for resale in 2008

Durham real estate market held its own this year.  Now that the 2008 season is winding down, some market data is available. Prices remained stable with zero growth or depreciation.  Number of homes sold was down significantly over 2007.  Current inventory is about an eight month supply.  The neighborhoods that did the best on resale, dominating the number of sold properties were:  Woodcroft, Hope Valley and Grove Park, in that order.  As a realtor, this comes as no surprise as these communities are conveniently located with a short commute to Duke or UNC and offer an affordable price point that appeals to residents, grad students and first time home buyers.  Spring brought multiple offers on many properties and quite a bit of competition, keeping home values stable.  A couple other favorite neighborhoods that ranked near the top were Woodlake, with a slightly higher price/sf and Chancellor’s Ridge, with a significantly higher average home price.  All of these communities have a history of good resale and offer location and amenities that have broad appeal.

Visit NC website says it all!

My new favorite website is visitnc.com.  If you are considering a visit to or move to NC, you must check out this site.  This well designed, comprehensive plethora of information is easy to navigate and serves a broad audience from tourist to resident. Whether you want information on recreation, parks, lakes, beaches, the mountains, small towns, B&Bs, hotels, festivals, concerts, cook-offs…its all there.  To learn about living in the Raleigh Durham and Chapel Hill area, navigate to the links to the Piedmont area or just search by city.  One of the incredible things about living in NC is that we enjoy a very diverse landscape.  Living in the triangle, we are just a couple hours from the beautiful NC beaches and a couple hours to the majestic Great Smoky Mountains and the scenic Blue Ridge Parkway.  The Piedmont is a very special place.  North Carolinians enjoy year round golf, gardening, boating, hiking, biking, nature and bird watching.  As a community, we support the arts and preserve our heritage.  So check out this website and find out what is so special about living in North Carolina.

www.visitnc.com

For some of my other favorite links and local tourism information, please go to my website or contact me directly at 919-357-6064.

Rehabilitating a home with a new loan product

Buying a fixer has never been more affordable.  If you are considering a home purchase and want a place that you can put your own signature on, you are in luck.  There is a new loan product that will allow you to finance up to $35,000 in rehabiliation improvements.  The great thing about this mortgage is the cost of repairs can be part of the original mortgage package.  You will have one payment, one interest rate and one set of terms.  You can avoid the closing costs of a home equity loan and the higher interest rates by applying for this type of loan on the home purchase.  There are plenty of properties ripe for rehab in the triangle.  Just be sure to buy in a good location and don’t over improve for the area.  For additional info on this loan program, please give me a call.  919-357-6064.

RDU expansion opens this weekend

The triangle is finally getting the airport facility needed to support our growing population.  When I work with out of town clients, they are always surprised when I tell that them our airport is not a hub for any particular airline.  This is one of the very few airports that is served by many airlines.  RDU, Raleigh Durham University Airport, is a small outdated facility.  This weekend the triangle will see the unveiling of the much anticipated new terminal with new gates, shops and restaurants.  In my experience, traveling to and from RDU is typically easy.  Security lines are relatively short and flights usually run on time.  The new terminal should be just one more reason to love living here.

Foreclosures are not necessarily a good deal

There is quite a buzz about buying a short sale or a foreclosure.  In my opinion, limiting your home search to a foreclosure is a big mistake right now.  Why would you look for a distressed property that has usually been neglected when there is a surplus of homes that are in top selling condition with owners who are ready to negotiate?  Think about it.  If a homeowner is not paying their mortgage…do you believe they are taking care of their home?  Even with the best intentions, wouldn’t they use any cash to pay to stay in their home in lieu of doing maintenance or repairs.  Another consideration, you will take that foreclosure in “as is” condition.  In most regular sales, the seller will repair any items that are not functioning as intended.  Lastly, foreclosures are fraught with last minute surprises and delays and are more likely to fall through, leaving the buyer with no recourse.  Banks are no different than sellers, they want as much money as they can get and negotiating is complicated when you are dealing with a corporation insteasd of a person.  I suggest that buyers only pursue a foreclosure is if it is truely thier dream home.