Chapel Hill and Durham Real Estate Blog

This is a premier cul-de-sac lot in Prestigious Hardscrabble Estates. Approximately 5.5 acres, this lot is wooded with water running through it. The price has been amazingly reduced to $113,000!!! It will be tough to find a lot this nice anywhere else for this price!

Click here for complete details:
http://www.teamjodi.com/property/8-Finchley-Court-Hillsborough-North-Carolina

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Click here to view Team Jodi's Chapel Hill and Durham Homes for Sale

Click here to learn more about Team Jodi

Click here to view Team Jodi's Chapel Hill and Durham Homes for Sale

Durham real estate sales were down approximately 40% in the first quarter of 2009 compared to the same time period in 2008.  While total Durham homes for sale are down, average prices are up approximatetly 2%.

Source:  TARR Reports, Durham Market Snapshot

What is going on in the Chapel Hill/Carrboro school district?

First quarter closings were down 42% compared to 1Q/08. Average prices for Chapel Hill real estate increased 11% to $433,000 and the median sales price increased 7% to $322,000.

If you qualify as a First Time Home Buyer – meaning you have not owned a home in the last three years – there was an exciting announcement made on May 12, 2009 by the Secretary of the U.S. Department of Housing and Urban Development.

You are probably aware that as part of the stimulus plan, Congress passed legislation that provides up to an $8,000 tax credit for first time home buyers who purchase a home between January 1, 2009 and December 1, 2009.

This was great news when it came out.  On May 12^th, the use of the tax credit just got better.  The Secretary of the U.S. Department of Housing and Urban Development has specifically stated that, “the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.”  According to Secretary Donovan, “FHA approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans.  This will allow eligible home buyers to access the funds immediately at the closing table.”

This is huge and could be a tremendous help to First Time Home Buyers.  In the Chapel Hill Real Estate and Durham Real Estate market, this covers FHA borrowers up to a $334,000 purchase.  If a first time home buyer uses the $8,000 tax credit as closing costs, it could take their closing costs down to ZERO.  That is awesome news!

If you or someone you know someone could benefit by this information, please pass it on.

Team Jodi launches NorthCarolinaBankOwnedProperties.com

Receive FREE email alerts of new bank-owned properties for sale in the greater Chapel Hill, Durham and greater Triangle area.

Find bank owned properties in Chapel Hill, Durham, Hillsborough (Orange County), Pittsboro (Chatham County), Raleigh, Cary, Apex, Wake Forest and the surrounding areas!

Click here to learn more about Team Jodi

Click here to view Team Jodi's Chapel Hill and Durham homes for sale

Click here to Search homes for sale throughout Chapel Hill, Carrboro, Durham and the surrounding Triangle NC area

I just received some amazing news from SunTrust Mortgage.  They can now offer 3.5% on a 5/1 ARM with only 1/2 point!  The 5/1 ARM is ideal for the first-time homebuyer and the move up buyer.  If you are a first-time homebuyer, or a move up buyer who has not purchased a home in the last three years, you would also qualify for the $8,000 tax credit.

For more information on the $8,000 tax credit, who qualifies and the time period for the credit, see my related blog post.

I have been in the business 11 years and I have never seen a rate below 4%.  This is amazing.

If you want more information about this, let me know.

Home Warranties have proven to be a great negotiating tool for both buyers and sellers.  I put them on all of the homes I list for sale in Chapel Hill, Durham and the surrounding area. 

Most home warranties can be initiated at the time of listing the home and therefore provides coverage to the seller during the time it is on the market.  It is amazing how many things can go wrong when you decide to sell your home.  Invariably, a toilet will leak, the dishwasher or microwave will break or the air conditioning or heat will stop working.  For a modest co-payment, typically $50, the home warranty company will send out a technician to fix the problem.  In those cases where things are broken beyond repair, they may even replace the item. 

Now, we all know home warranty companies are insurance companies and they like to fight claims.  As the listing agent that uses home warranties all the time, this gives you leverage to work on your sales agent to get the job done.  It is amazing how well this works!

In addition to the above, home warranties really do work as great negotiating tools.  For example, when items are brought up on a home inspection, and there is a transferable warranty in place, the seller can often times negotiate fewer repairs.  A few months ago, I had a transaction where the house had a septic system.  When the repair request came in, my seller actually refused to make any repairs because they had given the buyer a good sum for closing costs and they threw furniture into the deal.  It was now up to me to make this deal work!

Thankfully, there was a home warranty in place and I was paying for it to transfer to the buyer at closing.  I learned that the most important thing to the buyers was ensuring that the septic system was ok.  I increased the coverage on the home warranty to cover the septic (this cost an additional $75) and the buyers where happy.  I was more than happy to spend less than $500 on the warranty to make the deal work and get paid for all of my hard work on listing and marketing the house as well as negotiating the deal.

I have seen time and time again where home warranties really help.  I put them on all of my listings and I pay for it.  This is a great listing tool as well as a win win for buyers and sellers throughout the transaction.