Chapel Hill NC Home Blog

According to federal statistics released last week, Raleigh and Cary make up the fastest growing metropolitan area in the country. The combined population of Raleigh aka North Carolina’s capital city and Cary aka its family friendly suburb increased by 4.3 percent between July 2007 and July 2008. The Durham Chapel Hill area ranked 23rd with a 2.5 percent increase.

Growth in these areas is due to the area’s top hospitals, universities and nearby Research Triangle Park.  The RTP business complex have more than 50,000 employees and more than 170 research and development companies.

Out of the nation’s 100 fastest growing counties, 11 were in North Carolina.  Families are still attracted to the climate, the educational and economic opportunities that the Triangle area has to offer.

Although no area is immune to the current state of the economy, it’s nice to know that the Raleigh/Cary/Durham/Chapel Hill area is still growing.

If you would like more information about the area, feel free to call us toll free at 877-478-4669.

Until next time…

Staci

When surfing the web, I came across some information about mistakes home buyers make.  In this market, I thought it would be a good topic to discuss.

1. Waiting to Sell Your Home-It’s more important to sell your existing home before you commit to buying a new one.  It takes a lot longer to find a buyer than it would have a year ago.  With the current state of the economy, you don’t want to be stuck carrying two mortgages.

2. Your Credit Score-Every year you should obtain a copy of your credit report, especially if you plan on buying a home.  Most credit reports contain some type of error and it can take at least several weeks to have an error corrected.  Sometimes an error can disqualify you from a competitive interest rate or a mortgage altogether.

3, Skipping the Mortgage Preapproval Process-In a tight lending market, it’s important to shop around for a mortgage and get preapproved by a lender before you start looking for a home.  It’s not as easy to get a loan as it used to be.  Your mortgage rate will be based on how risky they feel you are.

4. Your Budget-It’s a buyers market.  Don’t be afraid to make an offer that’s below the asking price.  Also, don’t be foolish to walk away from a property you really like over a few thousand dollars.  I was involved in a situation like this in NY.  I was told as a buyer “You can’t make an offer like that, it’s too low”. I said “Yes I can, worse case scenario they will say no”.  I lived in that home for 7 years!!

5. Signing a Contract with Contingencies-Not only do you need to secure a mortgage, you also need to find a seller that is ready to move at the same pace as you are.  You don’t want to get yourself involved in a situation when the sale is dependent on the seller finding a new home first.

I hope these tips have helped you.  Good luck with finding the home that’s right for you!

Staci Green-Transaction Manager for                                                                      Masha Halpern & The Smart Move Team                                  www.TheSmartMoveTeam.com

While surfing the web, I came across some articles in Aol and Yahoo about mistakes home sellers make.  I agree with what they said so I thought I would discuss them.

1. Asking Too Much-if you price your home too high, you risk turning away potential buyers (especially in a slow market).  Your home is worth only what someone is willing to pay for it.  When real estate times were better, it was easier to get comparable prices going back 6 months.  Because market prices have gone down, now you must compare prices for similar properties currently on the market.

2. Questioning the First Offer-Sometimes the first offer might be the best offer.  You can’t assume you will get a better offer the longer you hold out.  It’s actually the opposite-the longer your home sits on the market, the greater chance a seller will have to reduce his/her price.

3. Failing to Respond to All Offers-If you get an offer that is too low, do not reject it.  See if you can negotiate.  It’s a buyer’s market right now so they have the upper hand.  If you really need to sell your house, it will cost you more money in the long run if it sits on the market for a long time.

4. Paying for a Home Stager-You want your property to stand out but I don’t think it’s necessary to pay someone to stage your home.  Not everyone can picture how a home will look after they have added their own touch to it, so if possible, keep the walls clean and bright, get rid of the the clutter and knick-knacks and make all necessary repairs, even the smallest of problems, before buyers enter your home. A clean, neat, bright home gives off a much better vibe than a dark messy home.

5. Picking the Wrong Buyer-After the recent national mortgage disaster,  it’s especially important to choose the right buyer.  Choose someone with a prequalification letter issued no more than 4 to 6 weeks ago.  Also watch out for a buyer who needs a contingency (stating the deal won’t close until they sell their own home).  The best buyers are first time home buyers who qualify for a mortgage in advance or someone who has already sold their existing home.

I hope these tips have helped you.  Hopefully you will have a smooth transaction when it comes to selling your home.

Staci Green-Transaction Manager for                                                                       Masha Halpern & The Smart Move Team                                  www.TheSmartMoveTeam.com

There are many opinions about whether to have a Real Estate Open House to sell your home; the agents perspective, the sellers perspective and the buyers perspective. 

Many sellers loves open houses.  They only see the upside. They think it’s the key to selling their home.  Other sellers are skeptical and see it as a security risk.  Do you want strangers that may only be lookers wandering around your home, especially if they are not represented by a Licensed Real Estate Broker?  Many sellers prefer to open their homes to serious buyers only.

Most buyers these days rely on the internet or their buyer’s agent for their home search.  There are large amounts of internet listings and online real estate information that buyers can obtain at their own convenience that will save them time.

The majority of home sales come from contacts with other real estate agents, from the local MLS (multiple listing service) and from the selling agents/listing agents website.

If an open house is held too often, it may send a signal that the house is a tough property to sell.

As you can see, there is no right or wrong, but it my opinion, an open house should be used as a last resort.

Masha Halpern & the Smart Move Team are hosting an Open House on March 30, 2008 from 2-4 pm at 105 Weatherhill Pointe in Carrboro, NC.

This one level ranch style home features 3 bedrooms and 2 bathrooms.  An outside deck is great for a summertime barbeque.  This home is conveniently located around the corner from the Chapel Hill Pool and Tennis Club and is in close proximity to the University of North Carolina-Chapel Hill. 

The Weatherhill Point neighborhood has its own beautiful community lake, picnic area and playground for the kids. 

Check out our website for a more detailed description of this lovely home.

If you would like directions to this home, please click here.

You dont want to miss this Open House!!!

Believe it or not, now is a good time to buy a home in North Carolina.  It’s true, the economy is not doing well, but prices of homes have dropped well below their value.  Lower prices means better affordability for those interested in buying.  If houses have been sitting on the market for a long period of time, sellers may be more eager to sell at a lower price.

If you are interested in selling and would like a free comparative market analysis of your home or you are interested in purchasing a home, contact our team and we will provide you will all the real estate information you need.  We serve the Chapel Hill, Carrboro, Durham, & Raleigh, North Carolina area.

Masha Halpern & The Smart Move Team                                                       “Make your move The Smart Move”                           www.TheSmartMoveTeam.com                                         www.chapelhillhomefind.com                                              www.mashahalpern.com                                                                                       toll-free (877) 478-4669

Although many opposed the Orange County Land Transfer Tax, this is the only option voters will get to choose from this May. The Orange County commissioners voted unanimously last night to put the tax hike on the May 6th ballot.

What exactly is a land-transfer tax?  It’s a tax that’s paid when a property owner sells a home, property or land to another party.  The monies raised from this land transfer tax would most likely be used for capital projects on schools and parks. 

If this tax is not passed, real estate property taxes will most likely go up.  An increase in property taxes obviously affects all homeowners but those hardest hit would be retirees or those living on fixed incomes.

The bottom line is there is no good answer.  Nobody wants to pay any more taxes than we already do but additional funds are needed to provide for the necessary infrastructure to serve our residents.  

The parties opposed to this tax feel it would stifle growth.  Many feel the timing of this tax is not good based on our slowing economy in addition to a less than ideal housing market.   

An increase in sales tax, a land transfer tax and/or an increase in property tax all add to additional expenses for every resident living in Orange County.  There will always be those in favor and those in opposition to any tax increase.  Unfortunately tax increases are inevitable. We just have to agree upon which tax will help us most and hurt us least.

When choosing a home inspector in North Carolina, there are many to choose from but not all are created equal.  Always ask questions.  Find out the companies history and background to make sure they have a good reputation. Make sure you get a guarantee on the inspector’s work. How long have they been in business?  How many inspections have they performed?

Another important question to ask is if they have insurance coverage.  You want to protect yourself just in case there is inspector negligence. 

Upon completion of an inspection, which I highly recommend you attend, you should receive a detailed written report on the findings of the inspection.  The inspection should be performed according to NIBI or ASHI standards. 

Although inspections are an added expense in the home buying process, using a company like Housemaster - a nationwide home inspection company, is definitely worth it.

Many parents are buying real estate for their college aged student.  For students, a house or condo allows them to pick their roommates and offers more services.  For parents, it may help to lower the cost of a very expensive college education.  If you do your homework, sometimes a house or condo may be less expensive than paying for dorm fees or apartment rent.

In addition to providing a place for your child to live, you also want a property that you can keep fully occupied and that will produce rental income to at least cover some of your mortgage, tax and insurance costs.

Before investing you must weigh the pros and cons of purchasing residential rental property.  You want property that is affordable and that wont be too difficult to sell after graduation.

Another advantage is that you may be able to deduct your mortgage interest, property tax and some other expenses.

First you should look into the real estate market in your target area.  Is it a growing community?  Will the house/condo appreciate in value over a short period of time or at least maintain its value?  An experienced real estate broker should be able to help you and provide you with this information.

Another idea is to put your childs name on the title.  It will help them to create a credit history.

Even in a slow market, over a reasonable period of time, most real estate tends to increase in value, so this idea may be just what you are looking for.

Chapel Hill, Carrboro and Durham have many benefits and opportunities for retirees.  Carrboro was ranked one of the top 5 places to retire by U.S. News and World Reports.  There are a variety of retirement options from single family homes, assisted living, in home health care and nursing homes that make the Triangle area a sought after location for retirement.

Durham offers a vibrant arts and cultural community! The Durham Symphony is a fabulous treat to hear when they perform- which they do alot! You can’s say enough about The American Dance Festival ( Dancers in residence and performing during the summer at Duke University ). Pilobolus, Hubbard St Dance Co, and of course, Chuck Davis !. There is even our newest museum, The Nasher Museum of Art, which has the most interesting exhibits and programs available for youngsters of ALL ages!

One of the great things about Durham ( which you may already know about ) is it’s nickname  the “City of Medicine” We are fortunate to have such a fine medical institution with top rated Duke Medical Center.

There are local Senior Centers in all of these great cities ( Raleigh, Durham, CHapel Hill-Carrboro ) and most offer top notch facilities and programs.  Many retirees also spend their time volunteering and find the  Chapel Hill Transit offers safe, clean buses, with frequent and convenient stops at many apartment buildings, shopping malls, the UNC campus and even areas in Durham.  

UNC Hospital is Chapel Hill’s top rated medical center.It is known for being  one of the country’s top teaching institutions and is very senior friendly offering bus and van transportation routes to the hospital and a very convenient scheduling system for appointments.

For those more active seniors, there are public golf courses,  private country clubs and several lakes.  For outdoor lovers, there are also groomed trails and paved walkways.  There are great places for running and biking as well.   

North Carolina beaches are a two hour drive to the east.  The Smokey Mountains are a four hour drive to the west.  With so many things to see and do all year round, you can see why more seniors are moving here every day.