Chapel Hill and Durham Real Estate Blog

Tim Mauer, the co-author of The Ultimate Financial Plan: Balancing Your Money and Life, said it best when he was quoted for saying, “States like North Carolina and Tennessee boast living costs that are a fraction of those in the Northeast or West. You could find a comparable home at half the price, along with lower prices on property taxes and eating out”. That just about sums what life in North Carolina is like.

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.

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Interest rates actually dropped a little lower this week.  Unbelieveable!  With this, mortgage and refinance applications actually surged this week – they increased more than 20%.  More specifically, refinance applications increased 26.4% and purchase applications increased 10.3%.

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

Team Jodi Realty has just listed a beautifully maintained and appointed cottage in N. Chatham County's Powell Place neighborhood.  

On November 22, 2011, the Chatham County Board of Commissioners voted to delay reappraising property for tax purposes.  The County was scheduled to reassess property tax values in 2013.  Chatham County has postponed this until 2015.  It is going to be very interesting to see if Orange, Durham and Wake Counties make the same decision to postpone the revalution.  What this means is that in Chatham County, property tax values will remain the same for the next few years.

Click here to learn more about Team Jodi

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

Chapel Hill Real Estate November 2011 Market Update

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.

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Durham Real Estate November 2011 Market Update

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.

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Orange County North Carolina Real Estate November 2011 Market Update. 

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.

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Chatham County Real Estate November, 2011 Market Update

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.

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 Raleigh, Durham, Chapel Hill Real Estate Market Statistices for November, 2011

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.