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

  Last fall I posted tips on dealing with drought conditions in the  garden and with landscaping.  I shared my spring plan of sticking to annuals from seed since another summer of drought was predicted.  That way if they died, I did not have a huge financial loss. Good advice. If only I had followed it! 

   I was seduced in May by the soft petals of phlox and vervain, they are now planted in the island in front of my house.  A treasured gardening memoir I re-read almost every winter chided me for not having babtista in my garden.  I do now.  My yard is a designated a monarch butterfly waystation, so additional milkweed needed to be planted.  My husband and I  had a huge mock orange in our yard off Homestead Rd, in Chapel Hill (back when that was the country!) and I have longed for one ever since.  I found one at a fabulous price two months ago and it is now planted close enough to our back deck and side door to declare it officially spring each year with its sweet fragrance.

   So, again this summer additional pumping from the pond may be necessary to keep the beds watered. All the new plantings are getting hand watered everyday.  The established beds are lined with soaker hoses.  Water cones and funky 2 liter bottles are set up in the vegetable garden.  Polymer beads are mixed in the soil of the potted plants.  Rain dances are being practiced.  All that because I failed to follow my own advice.

    And...I did plant loads of annuals from seeds.

Members of the Chatham County Yacht and Tractor Club are traveling down to Pamlico County to attend the 19th annual Whortonsville Summer Solstice Sailabration.  The event is open to boats at least 19' long and is designed to be a pursuit sailboat race in which slower boats are given a time advantage and allowed to start the ten mile race earlier than the faster boat.   Starting times are scheduled over a two hour period.  Entry forms are available online at www.TownDock.net

If local skipper (and veterinarian extraordinaire), Margaret Alexander,  is racing...watch out...she kicks butt.

   The latest data from the US Bureau of Labor Statistics indicated that Raliegh and the Triangle had the highest job growth rate in the nations for the 12 month period of February 2007-2008.

    This is in part why the real estate appreciation rate in our area has remained steady.  Days on market have increased a bit, inventory has increased a bit in mid-to-low priced homes, and inventory of upper end homes has increased substantially.

    We don't exactly have a full fledged buyers market, however, sellers are willing to negotiate on repairs, assist with closing costs or consider moving some on price.  Just a year or so ago, sellers were not surprised to have multiple offers, often over asking price, so they weren't giving much away.

     So here we are in a win-win situation for buyers and sellers. 

 For buyers: Interest rates are low, there is a good range of properties to choose from,  the pressure to make a quick decision before someone else gets THE house has almost disappeared and sellers are preparing their homes for market better.

For sellers:  We have both local and relocating buyers in our market.  Lenders and underwriters feel more comfortable than in some other areas of the country providing mortgages here because of job growth, continued appreciation and low foreclosure rates.

Now is a great time to buy or sell a home.

      Following up on an earlier blog post regarding the ultimate green home....an older home.  If you have watched Hidden Potential on HGTV, you may have wondered how these folks financed those renovations in a home they did not already own.

       The tool they use is a construction/renovation loan.  The purchase closing, construction loan and permanent mortgage are all done at one closing with most lenders.  Jennifer Foster, at Suntrust, tells me, "The buyer must have a 5% down payment on the total amount (purchase price plus costs estimate).  Plans and costs breakdownneed to be provided underwriting before we go to closing.   The appraisal will be a "subject to" value so I'll need to share the plans with the appraiser as well."

   For years I have wanted to get a European Style scythe, but I was concerned I wouldn't use it enough to justify the cost.  Two weeks ago I finally broke down and bought one.  How sorry I am I waited so long to get it.

    The first time I used it was to clear an area where I have our new geese penned.  My husband got the brushwacker out to work in the same paddock and I got the new scythe.  By the time he was done trying to get the brushwacker started, cussing the maker, and using very colorful language.....I was done. 

    Not only was it quick and easy to use.  It was quiet.  A scythe would be great for small yards in neighborhoods.  Indeed, the first time I saw one used was in a small town in northern Italy.  It tookan elderly man 15 minutes to cut a small yard.

    It is also great for farmsteads.  I use it to trim around carts, trees, and marsh areas too soft for a mower.  It's lightweight, easy to start (if I've had my coffee) and doesn't use gas.

     If you are interested in a scythe,the folks at  www.ScytheSupply.com are VERY helpful.  There are also some good scythe videos on U-tube.

1.    Weaver Street Market  will open up the end of May downtown.

2.     A new parking structure with 400 parking places just opened up last week.  The only downtown in the area with no parking problems.

 3.    Easy access via 40,85 or 70 to Chapel Hill, Durham, RTP and Burlington...all employment centers

4.    Excellent schools

5.    Still more affordable than Chapel Hill

6.    June 3rd, a huge retail/residential project is scheduled to be ok'd, if it is, everything will increase in price practically overnight. 

7.    A Triangle mass transit train spur MAY be placed in Hillsborough.  Again, if that goes through this area will be even more sought after.

8.    UNC North is being built even as we speak.  Many people working there will move to Hillsborough.

9.   Lovely historic downtown district with restaurants, shops and a park.

10.  Interesting people, including the town poet laureate...Mike Troy.

If you have ever watched HGTV's Hidden Potential, you have seen how an older home can be transformed.

One of the best ways to buy a ‘green' home is to buy a home that is already built.  New construction creates HUGE amounts of waste that goes to the landfill. 

What do you get with an older home?  Usually, a larger lot that is closer to town with established landscaping.  That often means trees that are large enough to provide shade in the summer which help keep your home cooler; up to 20% cooler!  In Chapel Hill, Carrboro or Durham, it can mean having access to the bus system.

 Yes, there can be some drawbacks; an aging roof, HVAC system, single pane windows and perhaps lack of amenities like storage or en suite master baths. 

A couple of strategies can help you with the drawbacks.  First, look for homes that are 10 years or older.  Homeowners have already started to update or replace the water heater, roof, etc.  Second, find a home that can be updated or made more energy efficient at 5% of its sale price.  You can then remodel the home to your specs and taste with a construction/renovation loan.  The purchase closing, renovation loan and permanent mortgage are all done at one closing.

 Jennifer Foster, with Suntrust, says, "the buyer must have a 5% down payment on the total amount (purchase price plus cost estimate).  I'll need plans and cost breakdown for underwriting before we go to closing.  The appraisal will be a "subject to" value so I'll need to share the plans with the appraiser as well."

Beginning July 1, impact fees, those paid by developers upon completion of new construction, will go up. Downtown Durham will see a 24 percent increase, southern Durham 30 percent, and northern Durham will see a 55 percent decrease. The Durham City Council voted on the fee revisions during its March 17 meeting, with a 4-3 vote. The fees will help pay for streets, parks and open space.

From: News and Observer 

Chapel Hill Tax Hike Estimated at Five Cents
Mayor Kevin Foy announced at a Town budget public hearing in late March that property owners should expect around a five cent per $100 valuation property tax increase. Foy reminded those in attendance that Chapel Hill has a high quality of life and that there are costs associated with maintaining that quality. Two items having a major toll on the budget are the Town's new Operations Center and the Aquatics Center. The construction of both centers doubled the Town's debt load from $32 million to $70 million. A five cent increase in property tax amounts to $100 per year for a $200,000 home. The next budget work session is scheduled for April 16 and the budget is expected to be adopted on June 9. 

From: The Herald Sun 

The Triangle Business Journal reports, Raleigh's Drucker & Falk and EYC Cos. want to expand a 45-acre retirement community they hope to build near Hillsborough's historic district to include a 230-unit, continuing-care campus, possibly with a Duke University Health System wellness center.

The $100 million Corbinton Commons project is being modeled after Drucker & Falk's Galloway Ridge at Fearrington communityin Chatham County. Galloway Ridge has been fully occupied since it opened in 2005 with a waiting list.

The Corbinton Commons campus, if approved by the Hillsborough Town Council, would include about 25 cottages, 14 duplex units and 200 independent-living apartment units clustered in several two- to four-story buildings on U.S. 70. A separate health-care facility would have 55 units offering assisted-living, skilled-nursing and memory-care services.

In essence, the continuing-care retirement community, or CCRC, would offer seniors the prospect of lifetime care on a single campus.

Duke University Health System officials have shown interest in partnering on the project with plans to build a Duke-branded fitness and wellness center as well as an internal-medicine clinic on site. However, no official commitment from Duke is expected to be signed until the project breaks ground. Like the Duke Center for Living at Galloway Ridge, the new facility would be open to the public as well as to CCRC residents.

This project along with the Buckhorn Village retail project on Buckhorn R and the new Gateway Center in downtown Hillsborough all combine to create a terrific opportunity for home buyers and investors in the Hillsborough and Mebane market.  NOW is the time to buy.

I have two affordable lots listed and two estate/large acreage lots coming on the market in the next few days.  In addition, a number of new homes and still affordable homes are on currently on the market.  Again, NOW is the time to create a home in Hillsborugh or Mebane.  They are the next BIG thing.

Spring is finally here!  If you are planning on having work done on your home or decided to remodel your existing home rather than move, here are some things to consider before hiring a contractor.

1. Get at least three written estimates.

2. Check references. If possible, view earlier jobs the contractor completed. Contact the local Home Builders Association for a list of builders that specialize in remodeling.  With home construction starts down, new home builders are turning to remodeling.  It is better to work with a contractor that has experience in remodeling.  It has challenges and requires skills many new construction contractors just don't have.

3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.

4. Be sure the contract states exactly what is to be done and how change orders will be handled.

5. Make as small of a down payment as possible so you won't lose a lot if the contractor fails to complete the job.

6. Be sure that the contractor has the necessary permits, licenses, and insurance.

7. Check that the contract states when the work will be completed and what recourse you have if it isn't. However, keep in mind, the wild card in remodeling are the surprises a contractor might find in a home, especially an older home.  

8. Ask if the contractor's workers will do the entire job or whether subcontractors will be involved too.  Ask if the worker's have been trained or if they were chosen 'for the day'.

9. Get the contractor to indemnify you if work does not meet any local building codes or regulations.

10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage. If you will be home during the remodeling period, you may want to discuss worker's music and parking arrangement. 

11. Guarantee that the materials that will be used meet your specifications.

12. Don't make the final payment until you're satisfied with the work.

13. Try to enjoy the process.  You only hear the horror stories about remodeling.  Most folks I speak to are glad to have the project done, but the experience with the contractor and the workers was good.  Many have a post project party with the remodeling team and their families!

A client in Raleigh mentioned how bad the mosquitos were last year in his neighborhood.  It was a problem they had never had before. 

It was finally narrowed down to clogged up gutters.  Several stately older homes also had stately older widowed owners who weren't aware of the condition of their gutters.  The debris prevented the water from draining and it provided the perfect breeding ground for mosquitos....even in last summer's drought.

Yet another compelling reason to keep those gutters clean. 

If that is not enough reason to spend the afternoon cleaning them or making the call to hire someone, clogged gutters can also create a back up of water that seeps behind siding causing water damage and/or mold.

Today the 2nd annual Chatham County Development Briefing was held at the Governor's Club.  Here are some of the key points mentioned by the *speakers:

The population growth in the Triangle Region of NC has increased 57% in 15 years.

We are part of Piedmont Atlantic Megaregion that spans from Raleigh to Atlanta.

In July 2006 the census bureau estimated 60,052 people  lived in the entire county.  The estimate for 2035 is 117,131 for just the EASTERN part of the county, where most of the growth is concentrated.

In short, estimates are the population will triple in the next 20 years.

Over 20,000 new homes are planned for the next few years.  Many of these are in the concept stage.  The economy is the wild card in knowing exactly when or IF all these homes will be built.  Fewer than 5,000 are under construction and another 7,273 have been approved.

Chatham has a huge income and wage disparity.  The per capita income is the 3rd highest in the state and the average weekly wage is below the state average and ranks 37th in the state.

This due in large part because 60% of the residents of Chatham travel outside the county to work.  The well paid jobs at RTP, in medicine and at universities are outside our county.

Employment is concentrated in the lowest paying sectors; manufacturing, agriculture, and food service. Siler City. in western Chatham, had three plant closings in as many weeks.

The location of the Briefing illustrated the disparity beautifully. 

According to George Lucier, Chair of the Chatham County Commissioners, infrastructure has not been able to keep up with growth. However, the BOC and BOE are working hard to get ahead of the curve with these and additional plans:

• Additional water supply capacity is due to be upgraded and completed by 2010.
• Wastewater permits from the DENR for 19 million gallons per day would be a critical first step and a huge accomplishment because Chatham Coujnty currently has no wastewater allocation
• A new high school is scheduled for completions by August 2011
• A new middle school to open in August 2010
• Renovation of Northwood High School is scheduled for completion by August 2008
• Build a new elementary school to open about 2013

*Speakers included:

Paul Black, Principal Planner for Triangle J Council of Governments

Diane Reid, President Chatham County Economic Development Corp.

George Lucier, Chair Chatham County Commissioners

What one thing can you do to keep or increase the value of your home? 

Maintain it!  It is not exciting, there are no cool TV programs about maintenance, there is usually nothing exciting to buy and no one will notice.  That is, until you quit maintaining your home.  Then everyone will notice including the neighbors, the in-laws, the lender, the appraiser and possible buyers.

Maintenance of your home (and your car, yourself, your data, your relationships) is THE wealth builder.  Less money spent on replacement is MORE money available for investing and/or FUN.

Set up a schedule for routine maintenance and follow it.  Ultimately, you will spend less time working on the house, less time working to pay for large repairs and the value of your home will be greater than similar homes that are not maintained as well.  Simple as that.

The rain in the last week has been most welcomed, however the drought is still with us.  According to Bryce Anderson, a meteoroligist for the agricultural industry, we can expect another summer of drought conditions.

His explanation for this prediction is the dominant Atlantic Ridge, a large looming area of high pressure in the upper atmosphere, which has made camp over the south since spring 2007.  Call it a ridge, but it is like a WALL blocking storm cells that try to make their way across the south.  This is the reason last year was the driest year in more than 50 years!  Anderson expects the Atlantic Ridge to stayed camped over our area most of this year.

So what can you do to prepare for another summer of little rain? Keep conserving water!  Mulch, mulch, mulch.  The ground can heat up to 120 degrees with no mulch.  Yes, your plants will die at 120 degrees.  Mulch will keep the temperatures down in the 80's and 90's and retain the moisture.

Quit using herbicides and chemical fertilizers.  They kill earthworms.  What do earthworms have to do with the drought?

"An often ignored factor in soil water infiltration is the contribution made by earthworm channels.  In soils with high earthworm populations, 30 to 50 nearly penicl sized vertical tunnels per square yard are common.  Gently sloping land can absorb a 4 inch rainfall in two hours with virtually no runoff when abundant earthworm populations are present. "(Adapted from Attra's agronomy techincal note ' Drought Resistant Soil' by Preston Sullivan)  Water that doesn't run off is water stored in your soil!

If you are hoping to add trees and shrubs to your landscaping, wait until fall.  They do better planted in fall in our region anyway.  This year it may critical to wait. 

I know, easy to say.  Hard to stick to when everything looks so appealing at the nursery!  Be strong. :) 

To help counter possible identity theft without the hassle of putting a freeze on your accounts.  Call one of the credit bureaus to request a 90 day fraud alert be placed on your file at all three agencies. 

 This notice will alert lender to take extra precautions before granting credit in your name.  You must request the alert every three months, but it won't cost you a dime.

Now for some GOOD news:

For the first time, federal law allows you to take a tax deduction on PMI (private mortgage insurance) IF you secured your loan or refinanced  in 2007 and your adjusted gross income was less than $100,000.

Only three more weeks (March 9th) until Daylight Savings Time.  Whoppeeee!

Full lunar eclipse on February 20th.  Begins 7:35 pm, total eclipse is at 10:00 and ends 10:51.

Although you might not know it listening to national news, our local residential market held its own during 2007. Some of the reasons why include: 

·          07 was the 3rd best market in based upon closed sales

·          Area house appreciation rates are above the national average

·          Average closed prices are increasing

·          Interest rates are near historic lows

·          NC was again one of the top in bound destinations for moving companies

When the drought finally ends it will take about 4 months for our water table to fully recharge. 

 If you have a well, it would be the perfect time to have your well tested again.  Last year I mentioned this, but it bears repeating, when the water level drops during a drought, the protective  water barrier around minerals is removed.  Some minerals undergo chemical changes that make them more soluble.  As the water table returns to its former level, the chemically altered minerals undergo chemical changes that make them more soluble.  As the water table returns to its former level, the chemically altered minerals can dissolve in the water and in turn, be carried out of the ground and into the household. 

    Many contaminants are not detectable by appearance, taste or odor.  Testing is the only way to determine water's safety.

    There will be an Orange County Water Symposium on March 9th from 2:30 to 4:30 ath the Southern Human Services Building on Homestead Rd. in Chapel Hill. 

    Experts will discuss

• How the hydrologic cycle works to balance storage of surface and ground water
• How we can conserve the quantity and protect the quality of our water
• How we can connect water resources and future land use

Speakers will include:

• Rick Bolich, USDENR Aquifer Protection Hydrogeologist
• Charles Daniel III, Consulting Hydrogeologist
• Pat Davis, Utility Manager, OWASA
• Tom Konsler, Environmental Health Director, Orange County Health Department
  

As the number of businesses using VoIP increase, so does the threat from hackers for financial or malicious gain. VoIP vulerability research done by Sipera Viper lab and lead by Sachin Joglegar identifies the following threats in 2008.

Remote Eavesdropping - Listening in on VoIP calls is MUCH easier than with landline PSTN  telephone networks.  If you are asked to give your social security number or other sensitive data over the phone, ask what kind of line they are calling from.

VoIp Hopping - VoIp hopping can enable a PC to mimic and IP phone, giving hackers inroads to access the VoIP system.

Vishing - Like phishing your VoIP number could be hijacked or a bank's etc.  One really won't know where the call is originating.

VoIP over WiFi - We have created a 'perfect storm' of hacker threats, Joglegar says . We know VoIP is insecure and we're going to put it over WiFi which is insecure? The hacker does not need to physically access a network.  With a  sniffer or other tool a hacker can get into a wi fi network form outside the network. Easy pickings.

What can you do to lessen the threat if you use VoIP?  Check the default security settings.  Most folks get the device, pop it out of the box and start using it.  " No one goes into the default security settings and they are usually weak, "says Sachin.  A quick check can lock down the device and make it less likely to be hacked.

Until recently the choice between PMI, private mortgage insurance, or a second mortgage to assist you in getting a loan if you did not have a 20% down payment was easy.

The historic low interest rates and healthy tax benefits from of piggyback loans (a second mortgage to finance a down payment) usually made them a cheaper alternative to PMI.  Times have changed.  Keith Gumbinger, , vicepresident of HSH Associates, a mortgage information publisher, says " The playing field between the piggback loan and morgage insurance has leveled considerably because interest rates on second loans have been rising, pushing the typical rate on a second loan above 8%."  In addition, mortgage defaults have increased and lenders are less willing to write such exotic loans for owners who don't have much of their own money at stake.

To figure out which option is best for you, visit mtgprofessor.com and use the calculator 14b. A quick and dirty formula:  If home prices are rising PMI is often the better option.  After a few years, you can usually cancel when you have 25% equity in the property.  If prices are flat, the tax breaks from a piggyback loan make it the best deal.