In The Old North State, you get the best of both worlds: the peace and close-knit togetherness that town-based communities offer as well as all the urban pleasures that you get to enjoy from city living. In fact, for 2011Kiplinger.com - one of the Internet’s well-known sources of business forecasts – gave Charlotte, North Carolina second place in its list of Top Value Cities.

Referring it to Charlotte as a banking mecca, Kiplinger.com cited Mayor Anthony Foxx as he describes his city as one of America’s “best-kept secrets”. Charlotte today remains to be the headquarters for the Bank of America, but the banking industry is not the only one that’s providing like Family dollar Store and Lowe’s. Ninety percent of companies, however, are local small businesses and their numbers are expected to continue growing due to the government’s simplified process for business registration. The local government’s willingness to quickly provide promising companies with a small business loan program doesn’t hurt either.

Charlotte is also proving to become one of the country’s energy hubs, with Duke Energy already headquartered in the city and showing signs of becoming America’s largest utility service provider. Engineering centers of Toshiba and Siemens Energy also provide a significant number of jobs and preventing the city from suffering from brain drain the way other Southern cities are.

Now, you are probably all thinking that’s all well and good, but where’s the part about lower costs of living and having the good life? Well, bear with me for now. All those impressive facts and figures are meant to show that finding a high-paying job in Charlotte or North Carolina for that matter won’t be as hard as it could be in other states.

It’s affordable to live in the Tar Heel State because, as Mauer pointed out, taxes are truly a lot lower than what you would normally be charged with in other places. Utility rates are quite cheap as well and especially when you support the state’s bid for energy efficiency. 

Homebuilding costs are eighty percent of the national average, and the state’s real estate market had proved to be relatively stable in spite of the economic downturn. Prices for homes for sale in North Carolina are very attractive.

Last but certainly not the least, North Carolina – especially with cities such as Charlotte – is also a culinary haven as well as boasting a “cultural mile” that features mega sports stadiums, the best museums, science centers, and theaters. Festivals are also celebrated year round, ensuring that you won’t lack for any kind of entertainment day or night. 

Raleigh-Durham-Chapel Hill was identified by Inman News as one of 10 housing markets to watch in 2012.  This is based on evaluating housing, economic and demographic data.  The 10 areas show the following strengths: 

• A "flourishing job market;
• A high rate of sales in proportion to the population;
• Strong home affordability;
• Low foreclosure activity;
• Below average percentage of distressed sales; and
• Low vacancy rates.

The report touts Raleigh-Durham-Chapel Hill as having 7.3% price appreciation in 2011.  It states that we also have the highest median sales price ($224,300) of the 10 metro areas; were the only market with a median sales price above the US median; and the affordability rate is also above the National rate.

The other 9 markets to watch are:  Wichita, KS; Rochester, NY; Des Moines, IA; Chattanooga, TN; Peoria, IL; Amarillo, TX; Binghamton, NY; Waterloo Cedar Falls, IA; and Bloomington, IL.

Economists are predicting that 2012 will be a transitional year for real estate.  They are stating the market will fall another 2-4% before bottoming out which will be soon.

Click here to learn more about Team Jodi

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

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

Laura Hall with Corporate Investors Mortgage Group in Chapel Hill, provides Team Jodi Realty with weekly interest rate updates.  The latest rates are:

It is hard to believe that interest rates keep getting better.  When you think they could not go any lower, they do!

This week I am going to share my house pick of the week.  I was out showing property yesterday and I have to say, the house at 2 Twinleaf Place in Durham’s Croasdaile Farm is my buy of the week.  This house is priced at $390,000 and it has been beautifully updated.  This house has been on the market a while and originally did not go on the market looking like it looks now. This house is a GREAT buy in an executive neighborhood at this price.  Croasdaile Farm is a $500,000+ neighborhood.  It is located off Hillandale and Carver Roads and is minutes to the Duke Hospital complex.  It is also close to the highway for easy access throughout the Triangle. 

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

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

Click here to learn more about Team Jodi

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

Sales in Chapel Hill were fairly strong in 2011.  Year-to-date sales in November where down 3% which is far better than the last few years where we saw a 20-30% reduction in sales.  Average prices are also up slightly.  The two negatives is that the list to sales price ratio is smaller -- which means sellers are getting less of their asking price.  Also, the days on market have stretched out even further so it is taking longer to sell a house.

Chapel Hill/Carrboro (Sales are down and prices are up)

• As of the end of November, closed sales were down 3% overall;
• Average prices were UP slightly (1.2%);
• The list to sales price ratio dropped from 96.4% in November 2010 to 95.6%;
• The average days on market increased from 114 last year to 136 this year.

  Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area.

Sales in Durham are not as strong as the other surrounding counties.  The bright note, however, is that although sales in Durham are down 8.4% through November, sales are trending in the right direction.  In years past, sales down as much as 20-30% over the last few years.

Durham (Sales are down and prices are down)

• As of the end of November, closed sales were down 8.4% overall;
• Average prices were down slightly (2.%);
• The list to sales price ratio dropped from 96.3% in November 2010 to 95.6%;
• The average days on market increased from 88 last year to 120 this year.

  Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area.

Orange County is doing well  This county is very close to going positive on sales for the year.

Orange County (Sales are down slightly and prices are down)

• As of the end of November, closed sales were down 0.2% overall;
• Average prices were down (4.3%);
• The list to sales price ratio dropped from 96.1% in November 2010 to 95.2%;
• The average days on market increased from 108 last year to 129 this year.

  Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area.

Chatham County is doing well.  It is the only county in the surrounding area where sales are actually up from 2010.  This is great news.  Not only are sales up; prices are up slightly as well. 

Chatham County (sales are up and prices are up)

• As of the end of November, closed sales were UP 5.4% overall;
• Average prices were UP slightly (1.1%);
• The list to sales price ratio dropped from 95.2% in November 2010 to 95.5%;
• The average days on market increased from 134 last year to 140 this year.

Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area.

In the Triangle, although sales were down, they were down 5% as compared with the 20-30% we have seen over the last few years.  Sales are trending in the right direction.

Triangle Overall (Sales are down and prices are down)

• As of the end of November, closed sales were down 5.4% overall;
• Average prices were down slightly (2.6%);
• The list to sales price ratio dropped from 96.4% in November 2010 to 96.1%;
• The average days on market increased from 104 last year to 126 this year.

  Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area.

The USDA Home Loan Isn't Just for Farmers Anymore

Securing a home loan is no easy task in this economy.  Banks are requiring higher down payments and higher credit scores making it more difficult than ever to obtain a home, if not impossible for some.  However, the government offers several unique programs to help those with lower incomes achieve homeownership, and one of those programs is the USDA Home Loan Program.

What is the USDA Home Loan Program?

The USDA Home Loan program was originally designed to encourage growth and development in rural areas by offering low interest financing options to families.  Today, however, those interested in rural living aren't the only ones eligible for financing anymore.  Nearly 50 million people were eligible for USDA home loans in the last year alone as the covered area has expanded to many suburban and even urban areas, but only 150,000 took advantage of the program.

What are the Benefits of the Program?

A USDA home loan is 100 percent guaranteed by the United States Department of Agriculture.  Because of this guarantee, lenders are able to grant borrowers, even those with lower incomes and credit scores, excellent benefits including:

• No mortgage insurance
• No or limited down payment required
• Competitive interest rates
• Flexible mortgage terms

Who is Eligible?

Out of all of the government funded programs, the USDA loan requirements are a bit more lax than the others.  In order to qualify for a loan, interested borrowers must simply:

• Purchase a USDA eligible home
• Be able to afford the monthly mortgage payments
• Have an income within the median average

Eligible properties are those located in rural areas, defined by the USDA as open country that is not part of or associated with an urban area.  It is also defined as any area that is not part of or associated with an urban area that has a population of less than 10,000, or is not contained within a Metropolitan Statistical Area and has a significant lack of mortgage credit with a population between 10,000 and 20,000.  For an accurate list of eligible areas, see the USDA’s interactive eligibility map.  Click the appropriate type of property eligibility on the upper left to get started.

Although the USDA home loan does have more lenient guidelines than conventional lending programs, most approved lenders will require a mid-range credit score of at least 620 to obtain financing.  However, because the USDA does offer more specialized financing for lower income households, even those questioning their eligibility are encouraged to apply.

Post Provided By Kevin Pearia, Content Director for USDALoans.com

Photo thanks to Kevin Dooley under creative commons license from Flickr

Here are the two most popular tax credits available for making GREEN home improvements. 

1. Wind, Solar, Geothermal and Fuel Cell Tax Credit: This tax credit is available for both existing homes and new construction. Home owners can receive a credit of up to 30 percent off the cost of their improvements, and there is no cap through 2016.  Make sure you make your improvements by December 31^st though, if you want to take advantage of the credit for the current tax year.  The following green updates qualify: Geothermal heat pumps, solar panels, solar water heaters, small wind energy systems, and fuel cells. 

2. Energy Efficient Home Improvements Tax Credit: Receive a 10 percent tax credit for purchases that were "placed in service" between Jan. 1 and Dec. 31, 2011. According to the National Association of Home Builders: The maximum credit for a taxpayer for all taxable years is $500, and no more than $200 of this credit may be attributed to window costs. This means that taxpayers who have claimed $500 or more of this tax credit in prior years, particularly 2009 and 2010, can no longer participate in the program for 2011.

How do I claim these tax credits?

You can claim the above mentioned energy-efficiency tax credits when you file your income taxes, by simply filling out form 5695.  But remember to consult your tax professional for details, and keep all receipts and records of your energy efficient improvements. 

For more information read these articles by Realtor Mag, and the National Association of Home Builders.  

Click here to learn more about Team Jodi

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

At a median sales price of $330,000 for Chapel Hill Real Estate, and $171,000 for Durham, NC homes, federal agencies are proposing homebuyers pay a set 10% ($33,000 or 17,100) or 20% ($66,000 or $34,200) down-payment when purchasing real estate.

The proposal for these possible NEW down-payment requirements comes as part of the Dodd-Frank Law, which is trying to set standards for reasonably safe mortgages.  

The National Association of Realtors, and Realtor Mag recently posted these figures for average work salaries: 

▪ U.S. Army Staff Sergeant: 16 years (median salary: $30,176)
▪ Public school teacher: Nearly 15 years (median salary: $33,530)
▪ Firefighter: 10 years (median salary: $47,730)
▪ Police officer: Nearly 9 years (median salary: $55,620) 

These figures should give you a good idea of what these down-payment requirements could mean to average Americans.  The Center for Responsible Lending stated that they think the market should set down-payments, based on the borrower’s credit history, income and debt levels. 

Do you think down-payments should be set based on credit history, and income, or set at a specific percentage controlled by federal agencies?  What’s your opinion?