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

Your home continues to be one of your best and most reliable investments.  Our area is the fastest growing in the country, so price continue to be stable.  Homes under $400,000 continue modest appreciation.  Homes over $400,000 are keeping their value, although re-sales are slow because of bloated inventory on the market.

The easiest way to add value to your home?  Maintenance.  It’s not sexy or exciting or even particularly rewarding, but it is the one thing that protects your investment and can make the difference in selling in a slow market.  Did I mention maintenance often prevents bigger issues from developing, thereby saving you $$$$.

There are several maintenance schedule calendars on line to help you determine what needs to be done when and how often.  In addition, I recommend every couple of years  taking  photos of the exterior of your house and several shots of every room of the house.  It is amazing what you see in a photo that your eye just becomes adjusted to…the stains on the wall…drooping gutters.  Once you see it, you’ll want to repair it.

Home remodeling is transitioning somewhat, less dazzle and more substance.  Energy efficiency trumps handmade tile.  Energy credits from the federal government are more generous than ever.  For all the details on how to qualify for the credit, visit: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

The place where you get the best return on your money is landscaping.  100 to 200% return is not unusual.   Another area to invest in is storage.  Closet and cabinet systems that organize belongings or make the most of limited space make your life easier while you live in the home and create added value when you sell it.

Finally, leverage your home investment by entertaining friends and family there.  It creates profitable memories that will last for a lifetime.

  Realtors, politicians, appraisers and others met Monday morning for the Chatham County Briefing.  To no ones surprise, the report was not upbeat.

    There have been substantial job losses, primarily in Siler City.  Home sales have slowed dramatically.  In fact, Chatham County has been the Triangle's hardest hit area.  This is in part because of most of the new construction was high mid range and high end homes.  The $400K to $600K price point is the most bloated with 18 months of inventory.

     Not all the news was grim.  Chatham Hospital in Siler City opened.  Homes under $300 have been selling.  Chatham's lack of retail has been a blessing, of sorts, during the economic turn down.  The county does not rely on retail taxes to the extent neighboring counties do and therefore have not felt the economic pinch to the same degree. 

    County commissioner, George Lucier, also noted that the number of parks and recreational areas in the county have been vastly improved in the last three years.  Paid for in part, by the builders, whose homes are sitting on the market.

    This is a great time to buy a home in Chatham.  The selection has never been better, the prices and mortgage rates will never be better and Chatham County itself is better than ever.

  Does anyone know what the market will do? No. However, there are indicators that help make an educated guess.  Job availability, area diversity in industry, employment opportunities, and housing inventory are just a few.

  Research Triangle Park has been a job mecca for the last 50 years, bringing thousands of good paying, professional jobs.  The area colleges and universities, including UNC, Duke and NC State also employ thousands. These mega employers along with the agricultural, retail, service and manufacturing industries create a diverse employment base.  While no employment sector has not been hit my the recession, the ranks of the unemployed are not as severe as in other areas of the country and we are poised to bounce back quickly when the economy piciks up steam.

   Not surprisingly, the one area hardest hit is the housing industry.  New home and new commercial starts are down throughout the area.  Other than that, there are no blanket statements that can be made.  Talk about local...market conditions are almost different mile to mile.  In some areas, like Cary, the home prices have risen 2%, some areas of Durham have a dearth of foreclosures, other areas of Durham are selling briskly near asking price, homes under or near $300,000 throughout the area generally sell well, homes over $500,000 can expect to be on the market longer.

  Buyers with good credit can take advantage of low mortgage rates and good inventory.

  Sellers, the good news is buyers looking now are serious.  No tire kickers.  More than ever, your home needs to be in tip top shape.  Much of your competition is new construction.  You need to stress why your home is better than new...established landscaping, lot size, location, school district, historical charm, etc.

   Our area's competitive advantage to relocating buyers is climate, availability to world class health care, employment opportunities, educational opportunities, access to both the mountains and the ocean, nationally noted farms & restaurants, and the friendly people who live here.

   The market may be flat, but it is not dead.  Slower, but steady.