Outstanding home and floor plan in Durham's Hope Creek neighborhood.  This home has an elegant first floor master bedroom and a second first floor bedroom.  The second floor has two additional bedrooms and a large bonus room.  The first floor has hardwood floors, a large dining room and a dramatic family room with soaring ceilings.  The back yard can not be beat. There is a tri-level deck, extensive landscaping and an irrigation system.  The back yard is one of the largest in the neighborhood and fenced.

Hope Creek is neighborhood of custom homes located just minutes to Duke University and about 15 minutes to UNC and Chapel Hill.

located 10 minutes to Chapel Hill with a 1 car garage

Priced at: $170,900

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Impeccably maintained and appointed townhouse with a one car garage. The flow on the first floor is seamless.  It is very open between the kitchen, the larege dining area and the family room.  There are Pergo floors throughout the first floor.  The kitchen is a generous size withsolid surface countertops, plenty of cabinets and prep space.  The family room has a vaulted ceiling which adds to the appeal.  There are two large bedrooms on the second floor, each with its own bathroom  There are ceiling fans throughout this home.  There is also a patio off the first floor that is a great space for relaxing and entertaining.

This townhouse is in Cole Plaza which is located just south of Chapel Hill. It is walking distance to a grocery store, shopping, restaurants and Millenium Fitness at Cole Park Plaza.  It is .5 mile to the Park & Ride to UNC and 10 minutes to UNC by car.

Picture perfect Fearrington townhouse. Warm paint colors with a very modern appeal.9' ceilings on the first floor. Relaxing family room withwood burning fireplace. Large dining room with chair and crown molding. Beautiful kitchen with new stainless steel appliances, including a gas stove. Large sunroom with vaulted ceiling and wall of windows overlooking wooded back yard. Two large bedrooms. End unit with oversized garage with storage.  This townhouse is immaculate and beautifully done.  It is a delight to see.

Fearrington is a beautiful community with rolling terrain located about 15 minutes south of Chapel Hill.  This neighborhood has single family homes and townhomes.  There is a town center with a well know bookstore, McIntyres, a cafe, restauranst, Bed & Breakfast, and many other stores.  The neighborhood also has a community pool and tennis courts.  This is a very special community that has it all -- amenities and the peace and quiet of feeling like you are in the country.

Exceptional Ironwoods home has it all.  Incredible open floor with excellent flow.  Light and bright interior.  There are hardwood floors throughout the first floor, including in the first floor master bedroom.  There are dramatic vaulted ceilings on the first floor and clean contemporary lines.  This home has all the right spaces with the first floor master and the first floor study, four additional bedrooms and a large finished basement with excellent storage.  The kitchen has granite countertops and is open the breakfast and family rooms.  There is an oversized deck and a wonderful back yard.

Ironwoods is a neighborhood of approximately 120 homes ranging in size from 1600 square feet to 4500 square feet.  This is a lovely wooded neighborhood with loads of character.

Ironwoods backs to 10 miles of hiking and biking trails along Bolin Creek and is across the street from more trials through Carolina North.

The neighborhood is very centrally located in town.  It is minutes to the local YMCA and downtown Chapel Hill, Carrobor and UNC.  It is about 15-20 minutes to Duke University and 20 minutes to Research Triangle Park and RDU International Airport.

In Northwood.  This home is immaculate and backs to the neighborhood greenspace.

Change is occuring right now—change that is worth taking a closer look at. The Fed has increased the discount lending rate. 

The Lowdown on the Change

It wasn’t much of a shock to anyone when it happened late last week. What happened is really quite simple. The Federal Reserve, as a lending institution, charges an interest rate to banks when they borrow money. The Discount Rate is a special lending mechanism of the Federal Reserve, which is designed to lend money to member banks on a short-term basis. This discount lending rate took a steep dip during the crisis in order allow banks to borrow easily and stabilize once again. The current increase in the lending rate brings it to 0.75%, a marginal increase, but one with some implications.

 What it Means

Let’s interpret this financial news into some financial forecasting. Lending rates are to the economy like barometers are to the weather. Here are several possibilities of what the increased lending rate could be a forecast of. 

The economy is getting better. The Fed itself commented that their change was due to “continued improvement in financial market conditions.” When times our tough, lending rates go down. When times improve, lending rates move back up to normal levels. The increased lending rate reflects a modest improvement in the market as a whole. Jim Enright with The First Financial Mortgage Company commented that “it is a sign that either the economy is improving or that the taxpayer bill…is being reigned in.” Either of those are good options, and this is one likely interpretation for the increase.

Interest rates might go up. It could also mean that eventually, everyone else’s interest rates will go up. It isn’t guaranteed to happen, but often when banks are getting charged more for borrowing money, prices go up for everyone. In plain language, that means that mortgage rates might creep upward again. Notice the “might.” The major tool that the Fed uses to affect consumer lending rates is the Fund Rate, not the Discount Rate. They haven’t touched the Fund Rate, and probably won’t. They are still focused on protecting consumers and improving Main Street economy. Despite their safeguards, rates will rise. Kearney Davis of Carolina Home Mortgage said, “as soon as the economy gains some traction and leading indicators point to an end of the recession, you can bet that 30 year fixed rate mortgages will be back up.” That time is coming…very soon.

What You Should Do

Now, let’s take this information and turn it into practical action. What do all the weather changes mean? Should you get out your umbrella and raincoat? There are two primary actions that the change suggests.

Thinking about buying? Do it now. If you’re a first time homebuyer, you have zero reason to wait around. For one, there is no guarantee that the generous first time homebuyer tax rebate is going to be around after April. Secondly, there is no guarantee that interest rates are going to stay as low as they have been. Furthermore, as the market warms up this spring, your house options will begin to decline as other homebuyers and investors start purchasing homes.

Thinking about refinancing? Do it now. If you’ve been considering a refinance for your current mortgage, make that phone call today. Again, with the potential for an increasing mortgage rates, your best time to refinance is today. Mortgage pro Jim Enright commented, “If a refinance is in your future, get off the fence.” Judging by the weather patterns, his advice is spot-on.

Thank You to my lender contributors: 

Immaculate one owner home in sought after Parkside neighborhood in Chapel Hill.  Hardwood floors in the expansive living and dining room.  There are two master bedroom suites in this home on the first and second floors.  There is a large bonus rooms, excellent room sizes and large closet space throughout.  This pristine 4 bedroom house, 3.5 bath house is perfectly placed on a cul-de-sac that backs to greenspace.

Parkside is located on the north side of Chapel Hill.  It is about 5 minutes to I-40, 10 minutes to Chapel Hill and 15 minutes to Duke, Research Triangle Park and RDU International Airport.  Parkside is minutes to area shopping, movie theaters, Homestead Park and the new Aquatics Center off Homestead Road.

Custom built all brick beauty in the Reserve on 1.2 acres; all formals, main level master, wonderfully open floor plan, family room with Palladian windows and fireplace, updated kitchen with stainless steel, gorgeous granite, breakfast nook offers views of nature's majesty, 2nd level bonus room/gaming parlor with bar. 2nd level guest suite or master, walk in closets in all bedrooms

This house has master bedrooms on the first and second floors, is in immaculate

condition and has an ideal location at the end of the cul-de-sac backing to greenspace.

• The inventory of luxury homes declined 16% from the 4th quarter of 2008;
• New home luxury inventory decreased by 36% and resale luxury inventory decreased by 5%;
• The average days on market for luxury inventory increased from 113 to 144;
• The number of sellers that dropped their from their original list price was 50%;
• In 2009, the number of luxury home closings declined 30%;
• The list to sales price ratio declined from 97% in 2008 to 95% in 2009; and
• The combination of a 30% decline in closings and  16% drop in inventory has resulted in a current supply of 19 months.

TeamJodi.com regularly posts information and market updates the luxury home Real Estate market.

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

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Currently, and compared to January 2009:

• New listings are up 26.4%;
• Closed sales for the month of January are up 54.8% (from 31 to 48);
• Median prices are down 24.7%;
• Average prices are down 20.4%;
• The list to sales price ratio is down from 96.4% to 95.5%; and
• Days on market increased from 110 to 194.

Don't forget to make TeamJodi.com a favorite so that you can see monthly updates on the Chapel Hill Real Estate market.

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.

Currently, and compared to January 2009:

• New listings are down 3.3%;
• Closed sales for the month of January are down 2.2%;
• Median prices are down 1.9%;
• Average prices are down 9.9%;
• The list to sales price ratio remained about the same at 95.9%; and
• Days on market decreased from 94 to 87.

Don't forget to make TeamJodi.com a favorite so that you can see monthly updates on the Durham Real Estate market.

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.

Currently, and compared to January 2009:

• New listings are down 4.7%;
• Closed sales for the month of January are up 6.4%;
• Median prices are up 2.6%;
• Average prices are down. 0.4%;
• The list to sales price ratio remained the same at 95.8%; and
• Days on market increased from 102 to 109.

Don't forget to make TeamJodi.com a favorite so that you can see monthly updates on the Raleigh, Durham, Chapel Hill Real Estate market.

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.