Chapel Hill NC Real Estate, Pittsboro NC Real Estate Information and More

We live in a service based economy, yet it seems like service is more abysmal than ever.  I had two recent exceptions. 

  Irvin Johnson Roofing out of Siler City did an excellent job of installing a new metal roof on our home and repairing the metal roof on our barn.  Great job, good price, excellent suggestions, thoughtful workmen.  His number: 919.742.6559

The other excellent service person is Darryle Jackson at Verizon Wireless.  I stumbled upon him at the kiosk in University Mall.  I went in for new phones.  He asked how I used my phone, steered me to the right phones, was not perturbed when I told him I could get the phone online cheaper.  It was then I learned what you may already know.  Verizon Wireless online and Verizon Wireless in your neighborhood don't talk to each other.  If you order online, your support is all online or with an 800 number. Darryle is usually at the mall on Tuesdays or call him at 336.380.0851.

Alternative agriculture is the fastest growing segment of agrobusiness.  It is also a leading revenue and jobs generator in North Carolina. 

A grassroots effort is beginning to work together to see if the current Present Use Tax (or Ag Tax) can be expanded to to benefit small, highly productive farms. 

 Many of the newer farms are small; five acres or less.  Some local larger farms only have 2 to 4 acres in production.  It is all they need to produce the volume of food, flowers and animals needed to make the farm profitable.  Indeed, it the only way they CAN make the farm profitable.  By not using large scale equipment, excessive chemicals and fertilizer the small scale farm is producing more crop and cash per acre than large scale farms.

The questions asked in an online meeting last night included:

Who currently isn't covered by the farmland valuation tax benefit that perhaps should be?

- Highly productive small vegetable and horticulture operations (for example, less than 5 acres in cultivation but more than $__k annual revenue as measured by Schedule F)

- Highly productive small livestock operations (for example, less than 10 acres in pasture but more than $__ annual revenue as measured by Schedule F)

- Highly productive *mixed use* operations under 5 acres (horticulture and livestock and agroforestry)

- Small scale forestry (less than 20 acres)

- Small acreage farms in urban areas - they could benefit the most from an extension of the benefit because of high urban land prices. They offer many benefits worth promoting (lower food miles, provide habitat and green space, reduce runoff and heat island effect, rehabilitate soils)

I would like to hear from folks who have an interest or experience with this topic.

National Geographic has a cool "Plastic Containers Buying Guide" on its Green Gude website.   #2,#4 and #5 are best choices, they don't leach chemicals into food & are most recyclable.  #3,#6,#7 are linked to various health problems.

The website is also loaded with such tips as avoiding storing fatty foods like cheese or meat in plastic containers or plastic wrap.  Visit www.thegreenguide.com for more tips.

     Trying to avoid the long lines (and poorly designed parking lot) at the Carrboro post office or the PO near University Mall?  Go to the Franklin St. downtown post office. 

     Students are gone and the parking is usually easy to find.  There aren't any lines.  The postal workers are NICE.  Another option is driving over the line to Chatham County and using the PO in Popes Hardware Store. 

     Popes also has all the do dads you go to the hardware store for but end up leaving Lowe's or Home Depot without because you can't find what you are looking for.

Happy Holidays!

You know you're a grown up when a new roof is exciting!  Well, I am excited about my new metal roof.  Here is how it came about..

A few weeks ago I wrote about getting an energy audit done on my home.  One of the recommendations was additional insulation in the attic.  One of the auditors asked us the age of our roof.  My husband and I reluctantly answered 20 years.  We knew it was at the end of its life and we had been lucky not to have any leaks.

This led us to the decision to take advantage of the energy tax credit, the lower cost in materials (due to lagging sales) and availability of quality installers because of fewer homes being built.  We started shopping for a new roof. 

I have always wanted a metal roof, but it has traditionally been 1/3 to 1/2 more the cost of asphalt shingles.  I called two roofing companies to get quotes and my husband called a contractor client of his to get a quote.  The quotes varied.  A lot. 

We were surprised to find out how affordable metal roofs have become.  In addition to the reasons listed above, the price of oil (therefore asphalt) has leveled the price playing field.

The installer we choose, Irvin Johnson Roofing, is a local company.  Would we choose him again? YES. YES. YES.  He and his crew were great! 

They showed up.  They showed up on time.  They measured carefully.  They were a pleasure to talk with and get to know.  The care they took in the tricky parts of the roof was comforting.  They made great suggestions that made the final look of the roof ideal.  They used a magnet device that picked up all the nails.  Yippee, no flat tires to remember them by.

Because our asphalt roof was in good shape, we had the metal roof installed over it.  The roof should last our lifetime and our children's lifetime.  That was one reason we chose it.  Others included lower utility bills in summer, lower homeowners insurance rates, increased equity value and the appearance.

For us a new roof was the best way to take advantage of the quality workmanship, good prices on materials and energy tax credit.  For you, it may be another remodeling project.  This is a great time to increase the value of your home for the least amount of money.

 Scroll down to see the finished roof.

 Holiday entertainment doesn't have to be expensive.  Here are some of the upcoming holiday events in Chatham County 

• Holiday Open Barn at Celebrity Dairy November 29, for the very special annual Thanksgiving event. Visit with the goats, pigs, llamas, guineas, chickens, and ducks. Details: 1pm - 4pm. Enjoy yummy hot cocoa, baked goods, hot soup, and award-winning goat cheese.
• Bird Walks at Jordan Lake: December 2, 5, and 20.
• Pittsboro Toys is offering a fun, free holiday Toymaking Workshop for the kids, December 5, 10 am. Children make their own toys to take home.
• Annual Lighting of the Luminaries in Fearrington Village, December 4, 6pm - 8pm.
• Annual Holiday Market at Fearrington, December 5 - 6, 12pm - 4pm.
• Final First Sunday of 2009 in downtown Pittsboro, December 6. Visit our wonderful shops, offering local gifts and a festive atmosphere.
• Studio Tour December 5, 6, 12, 13. Arts and crafts at artists' studios and homes.
• Visit historic downtown Siler City for the last Art Walk of 2009, December 18.
• Holiday storytelling with Donald Davis, December 19, 11am, Fearrington Village.
• Attend free tastings & tours at Southern Supreme (they're celebrating 25 years in business!) in Bear Creek. 

Always so much to do in Chatham County!

Last week my home was used to 'train the trainers' in the community college system on how to do energy audits.  Many homes were used during the training time so the trainees had the opportunity to do audits on several types of homes with different kinds of system and infrastructure.

  Our home provided a good example for the instructors because there are so many similar homes in North Carolina; 20 years old, one story, with a crawl space in a semi-rural setting.

   The audit was enlightening.  Because I have worked with green builders, been a member of the Home Builders Association Green Building Initiative and attended several green building/energy conservation workshops, I felt I knew what the audit would identify as our weak spots.  For the most part, I did, but there were surprises. 

    The weak spots that most of have are leaks around doors and windows. if you have recessed lighting it leaks like a sieve, soffits in kitchens usually leak, and attic access doors leak.  Our windows did not leak as bad as I had expected, but the other items mentioned did.  I won't bore you with the entire report,  however, the lesson we learned was, the place we were getting ready to spend time and money on; windows, we won't because now we know we don't need it.  However, a place I would have never dreamed of considering to address; an interior wall on an added room, has the worst leak in the house. Happily, the remedy is easy and cheap.  The bottomline is: what an energy audit costs can pay for itself it in both energy savings and by saving you money on what you THOUGHT needed to be done.  Think of it as coaching....for saving money and time.

   There are several good auditors in this area.  Their prices vary dramatically, so get several quotes.  Also I would not recommend using an auditor that also wants to do the repairs. What is to prevent them from creating additional 'work' for themselves?  Most remediation can be handled by any licensed contractor.  Many can be done yourself or by a handyman.

To learn more: Celebrate Green Central CCCC Chatham County 764 West Street

Friday October 16th 5-8pm

Saturday Trade Show Continues 10am to 3,Tour starts 10am to 4pm Saturday only, 7 great stops! get map at http://www.cccc.edu/green/greenbuilding/greenTour/

FRIDAY

5pm Trade Show Opens

5:30 and 6:15 Biodiesel Demonstration, Farm Tour, Renewable Energy Demonstrations

6:30-8:00 Great Big Gone, brews up a twangy blend of electrified porch picking, finger licking, roots rocking, western swinging, honky tonking Americana all garnished with a pinch of Cajun.

This year the Orange County Briefing had a lot less drama.  Of course, the last 12 months have provided plenty of drama for most everyone in the room. 

Most of the news was old news; sales are down but recovering, home prices have stayed stable, most sales are in the under $400k market, most of the inventory is in the over$400k price range.  Sales are brisk in the small under$200k market. 

Luxury condos continue to be built.  Financing for luxury condos is tough to find. Interesting.  Jim Norton, the director for the downtown partnership feels the luxury condo rental market will be where the action is.  Letting people 'sample' downtown living before committing to a $600,000 property.  Yet, condo buildings with a large percentage of rental units are more difficult to finance.  It remains to be seen how many investors there are interested in the upper price range properties in Chapel Hill.

Brad Broadwell, who directs the Economic Development Commission, has worked to bring alternative energy businesses to Orange County.  While no one has committed to the county he is hopeful one of the six companies who have expressed interest will move ahead with their plans to locate here.

Broadwell said that while the county's unemployment rate has doubled from last year, it is still lower than the regional  rate.  I'm not sure that is accurate.  Many people in Orange County are self employed or are in sales. If their businesses are doing NO business or almost no business, they are essentially unemployed, yet, are not counted in unemployment rates. I suspect the unemployment rate is about the same as the rest of the area.

There was much talk about additional office space and retail space coming on line in the next year to eighteen months.  While Orange County, and Chapel Hill in particular, needs more non residential tax revenue to lessen the burden on homeowners (Chapel Hill has1/2 the non residential revenue of most cities/towns), it seems we may have a glut of office/retail space soon.  Downtown offices now filled by UNC will move to Carolina North when it is built.  Those offices, along with all the new space being built in the multiple condo or mixed use projects, will create A LOT of square footage. Perhaps it will drive the rental rates down to better compete with prices in the region. Most are one third to one half less. That in itself would attract more business and keep more business in our area.

Hillsborough, in my eyes, is the star of the countyright now.  For the last 20 years many of us have felt Hillsborough was ready for her day in the sun.  It has come.  Restaurants, parks, galleries, and affordable housing are bringing life to town.  The historical past, current government jobs and small town charm are very attractive to buyers.  UNC hospital is planning on opening a facility in Hillsborough.  Durham Community College now has a branch there.  A railroad spur for Amtrak and area light rail is in the works.

Happily, there is no more talk of dismantling or destroying the well planned and established rural buffers in the county.

The county has challenges.  Fortunately, the county is filled with smart, thoughtful, educated citizens and leaders.  The good schools, educated work force, moderate weather, excellent local food and music scenes provide plenty of reasons for Orange County to continue to attract residents.  The future for Orange County continues to look bright. 

Many times buyers describe what they are looking for in a home to a Realtor, but end up buying something totally different.  Why?

A  Realtor will ask you about what you need in a house; square footage, price , number of bedrooms, baths.  You may have more specific needs in mind, too;  a large kitchen if you entertain a lot or have a large family; a small kitchen if you are single and rarely home,  a large garage for the cars, plenty of storage for stuff, lots of natural light, or a fenced yard.  We Realtors find out what you ‘need’, but often not what feeds your soul and feels like home.

To better understand how to find the right home for you in the shortest amount of time, I now take an approach similar to architects or designers.

First, we will consider your ‘developmental place history’; for instance, where you grew up, a favorite relative’s home, a summer cottage.  If the beach or mountains have been your retreat, that feeling can be mimicked by wood floors, paint, reflective surfaces or stone. Avoiding building styles that evoke unpleasant memories is equally important.  Your parents divorced while you lived in a ranch house?   Ranch homes will probably not be appealing to you.

Next, review your home and belongings and find at least four or five beloved objects.  They often reveal how you see you world in a way you may not have realized. For instance, my favorites include items made from wood, silver and turquoise.  These items probably subconsciously remind or reinforce me of my upbringing in New Mexico and comforting times in my grandparents antique filled home.

Finally, describe the place that makes you feel your absolute best.  If hikes in the mountains are where you are happiest, a home in the middle of a field may make you unhappy.  Likewise, a woman who moved here from the west felt claustrophobic because of all the trees.  She missed the vistas.  A move to the beach proved more suitable.

Thinking about where you feel best, also aids in understanding other people and what you might think of odd decorating.   You know, the completely camouflage bedroom, the den with 500 scale model cars, the living room with the complete set of Franklin Mint plates, the purple office….all a comfort…to someone.

Some time spent considering the emotional impact of a property, as well as the financial, maintenance and safety considerations will ensure you of making a sound decision on your new home.

    Buying a condo for your child while they are in college can be a good investment.  In Chapel Hill the number of new condo communities has increased dramatically as older apartment buildings are converted to condos and as more upscale new condos are being built.

   Recently I worked with a couple purchasing a condo for their children while they are attending UNC.  While working with them, I realized what a rare and wonderful gift they were giving their children.  Their daughters accompanied them while touring the properties.  They learned the basics of what to look for in a property and listened as we discussed the pros and cons of each location and property.  The girls also added their insights. While they probably don't realize it, they learned some fundamentals of buying property.  When the time comes, it won't seem quite so overwhelming as first time homebuyers.

    Most importantly, they saw (and have no doubt seen in the past) how two people collaborate equally reaching decisions and achieving a goal.  What a wonderful gift for parents to give their children: a good example. It was a pleasure to observe.

    While the condo they chose will provide a great place for the students to live and create cash flow for the parents in years to come, the real investment...demonstrating how to successfully collaborate in your personal and professional life is priceless.

The home posted here on June 2nd, closed on June 30th with multiple offers.  What did my clients do to get their house to sell so quickly in a down market?  It started when they bought the house.

Three years ago they identified what was important to them:

A house within walking distance to town. 
 A small one level home with a floor plan that lived bigger. 
A manageable yard.
A house with good bones.

We were able to find one.  Not easy when everyone was building bigger and bigger.

They moved in and during the three years they lived in the house, they upgraded in all the right places: kitchen, baths, landscaping and  carpet replaced with bamboo wood floors.

That's the secret.

The open house was proof positive to me that the home described above is what buyers of all ages are looking for.  Boomers are looking for it for different reasons than young families, or single professionals, but they were all looking for this type of house and jumping on it when they found it!

Note:  The sellers did all the basics, too; declutter, clean, etc.  While I always recommend a buyer stay in a home at least 5 years.  These folks, because of their smart choices and hard work, were able to move in three years with a tidy profit.

Affordable bliss; this traditional exterior styled property is full of contemporary flair inside.  Finishes normally found only in much more expensive homes include custom concrete countertops, bamboo floors, slate tile floors in the baths and kitchen, undermount sink and trey ceiling in the master bedroom.

Located in popular Chatham Forest subdivision, this home is perfect for first time homebuyers , young professionals or empty nesters.

The commute is short to Cary, Chapel Hill or UNC.

Call today to take a tour !  TOO LATE, IT'S SOLD!
MLS: 1666426

 google map for 14 Cynthia Lane :: community_amenities :: home_owners_association :: protective_covenants :

TOTAL: 1360 SQ. FT.     Offered at only: $219,000

•  3bedrooms

• 2 bath

• bamboo floors

• slate tile floors

• fireplace with gas logs

• concrete kitchen countertops

• charming back deck
• rocking chair front porch
• trey ceiling in master bedroom
• tasteful landscaping
• extremely well-maintained home
• open floorplan with loads of natural light

How do I apply for the tax credit?

All eligible homebuyers simply claim the credit on their IRS form 1040 tax return.  Attach the new form 5405. There is no pre-purchase authorization, application or similar approval  process.  Print out the form:   First Time Home Buyer Credit Form

Luke Mullins from US News and World Report drilled down to the essential six points you need to know about the $8,000 first time homebuyer credit:  

1. Eight grand, new buyers: This credit is equivalent to 10 percent of the purchase price of the home* although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.**

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

*A home with a purchase price of $80,000 or more qualifies for the entire $8,000 credit. If the house costs less than $80,000, the credit will be 10% of the cost (i.e. A $50,000 home would be $5,000).

**An example of a refundable credit:  You owe only $4500 in tax. The IRS would send you a refund for the remainder of the credit, $3500.

See my last post about the newest spin on using the credit as part of your downpayment.

The 2009 HUD Mortgage Letter which was to follow the FHA ruling allowing the credit to be used as down payment was rescinded almost as quickly as it was posted to the HUD website. 

The credit itself was not going to be used, however HUD approved lenders would be able to loan against the credit by creating a second lien on the property.  When the homeowner received the credit, they pay back the loan.

Well, that has changed...again.  The May 29th 2009 Mortgage Letter (found here) is now allowing the credit to be used toward the down payment in the from of a second lien.

      Of course, more traditional ways to borrow for a down payment using the first time homebuyer credit as collateral include:

• A loan from your employer.
• A loan from a relative or friend
• Your 401K (quit laughing)
• And if an incredible deal comes your way, even an unsecured credit card

    Of course, these ideas are only useful, if you do indeed pay off the loan with the credit.

  North Carolina's foreclosure rate is low.  Why?  In large part, because there are fewer subprime loans made here.  Almost a third of homes in the state are owned free and clear.  In addition, over 50%, 53% to be exact, of homes loans are prime loans. Only 6% of loans are FHA or VA.  A remarkable figure when you consider how many military families live and retire in NC, however, until recently traditional lenders were matching VA terms. Only 9% of loans in our state are subprime. 

   The subprime exposure is small, but they make up over 50% of foreclosures.  Many of these loans are investor properties. Not surprisingly, fewer subprime loans are being made and foreclosures have slowed. Bottomline: Foreclosure rates are not affecting prices in most areas of our market.

There is a rumor that Suntrust Bank has discontinued 100% financing doctor loans.  Jennifer Foster of Suntrust asks, "We are NOT pulling this program. It is one our strongest loan portfolios and we intend on keeping it for a long time."

     Last week's HUD Mortgage Letter which was to follow the FHA ruling allowing the credit to be used as down payment was rescinded almost as quickly as it was posted to the HUD website.

      The credit itself was not going to be used, however HUD approved lenders would be able to loan against the credit by creating a second lien on the property.  When the homeowner received the credit, they pay back the loan.

    There are still more traditional ways to borrow for a down payment using the first time homebuyer credit as collateral. 

• A loan from your employer.
• A loan from a relative or friend
• Your 401K (quit laughing)
• And if an incredible deal comes your way, even an unsecured credit card

    Of course, these ideas are only useful, if you do indeed pay off the loan with the credit.

For a copy of the First Time Home Buyer Credit click here.

       Wonderful food.  The Best Dish NC contest recently named their top picks in the casual dining and fine dining categories.  The winners span from the mountains to the sea.  If you are traveling to any area of the state, check out these proven locally owned restaurants.  Find them here:

http://www.ncagr.gov/markets/gginc/bestdish/

When you enjoy a meal in one these establishments, more money stays in our economy and you get the freshest food available.  And if you live near one of these restaurants, please visit them, try their Best Dish menu, because you'll know it's local and it's what represents their restaurant to determine the top eaterie in the state.  The judges knew when it comes to determining who serves the best food, it's Got to be NC!