Real Estate Information

Is your your home getting the winter blues? As the colder weather approaches, home owners in North Carolina can do the following maintenance checks to ensure their properties are ready for the winter months.

• Check the weather stripping along your door and door frame to ensure there are no gaps that can let cold air seep into your home. Also, you may want to add weather stripping or caulk to your windows to prevent any drafts and wasting energy.
• If you have a fireplace, be sure to sweep out those chimneys. The National Fire Protection Association advises home owners to sweep out the chimney at least once a year to help prevent house fires.
• Schedule a service for your furnaces at least once a year too. It’ll cost roughly about $100 and can help avoid costly repairs later or a malfunction of carbon monoxide pumping into the home, which can be deadly.
• Prevent frozen pipes, by using heating tape to wrap any exposed pipes on the home’s exterior and turning off the water as well as draining any water remaining inside the valves.
• Don't forget the roof! An properly maintained roof is the best weatherproofing you can get and it will greatly reduce your heat costs. Here’s what you should be checking for:
• All gutters should be fastened securely to the roof
• Look to make sure the roof is not missing any shingles, tiles, slates or nails
• Look for any warped or darker areas on the roof
• If you’ve noticed any problems with the roof, it’s time to call a roofing professional to take a look and assess what needs to be done.

These are practical and affordable tips that will not only keep your your home more safe and comfy in the holidays, but over the long run could improve the resale value of your home.

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There is lots of talk about curb appeal when it comes to selling your home. Some of the tips can be downright overwhelming! Want to improve the view from the other side of the curb without breaking the bank or making remodeling your full time job?

Here are eight easy tips to help you with your curb appeal!

1. Look at the big picture. Some things should go without saying. But the truth is that after you've lived with fading trim or a cracked driveway for a year or two, you probably don't even see it anymore. Remember that people are not going to look at your home the same way that you do, Ask your real estate agent or a trusted friend to look at the front of your home with a new set of eyes. Would they be interested in the home if they didn't know you? If not, what are the turn-offs?

And always do the obvious: keep the lawn mowed and the gutters clear. Trim the bushes, get rid of any dead branches and fix anything that's hanging or broken. And keep outdoor lights on in the evening and in good working order, the better to show off your house 24-7.

2. Got a brass doorknob? Make it shine. If you have wrought iron, clean it or paint it. Wash the windows so that they gleam.  Make your home look cared for!

3. Mesh your home to fit into the community. For example, if you live in a neighborhood with alot of young children, it's OK to have a bike in the yard. Most buyers interested in that type of a neighborhood most likely have children as well. Keep your audience in mind as you show your house.

4. Use flowers. If you have room, go for the traditional two large planters -- one on either side of the door or walkway. Fill them to overflowing with flowers if it's spring or summer or evergreens in the cooler months, she says.

This will create a focal point, forcing home buyers to focus on one area rather than the whole home at once. Consider hanging a colorful flag out front to draw in the buyers' eye. Or put a seasonal wreath on the door. You really want your home to say, "Come on it!"

5. Apply pressure! If the exterior needs a fresh look, consider getting it pressure washed. (This is a great way to clean trim or walkways and give them a clean, white look.)

6. Make the yard look manicured. Put some fresh mulch or bedding material around the plants in the yard and use a hoe to make the edges of the bedding sharp.

7. Paint. Want to make the house look great without painting the whole thing? Just paint the trim and the front door. And since the porch frames the front door and is the first part of the house buyers will actually visit, make sure it looks freshly painted. But if it needs it, then paint the whole house. The outlay will be well worth the money if you get a clean looking home that moves fast.

8. Invest in landscaping. If you have just a little money to spend, consider visiting a nursery where they can recommend the most bang for your buck. Or, if you don't have a lot of time or a green thumb, think about creating some informal garden areas. 

Your realtor has been through this many times and is a wealth of knowledge when it comes to curb appeal and these easy and inexpensive tips should be able to get you started!

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Most North Carolina homeowners are concerned about the environment and try to do their part with recycling, purchasing eco-friendly products and energy efficient appliances for their home. But what many homeowners don't realize all the waste that the holiday season can generate.

With the holidays just a few weeks away, there are some simple changes that you can do this holiday can help and even save you some money! Below are some ideas to help you go green this holiday season.

1. One of the best part of the holidays is gift giving. You may not have ever thought about it before, but some gifts are certainly more eco-friendly than others. Instead of another tie or gift basket, consider giving an experience, like tickets to a sporting event or concert.

2. When wrapping your gifts, consider recycling gift wrap. You can easily reuse gift bags, tissue paper, bows and even wrapping paper. For gift wrapping alternatives, think about using reusable items like scarves, or for a unique touch use old posters, maps, sheet music or even wallpaper scraps! Creative, free and good for the environment!

3. If you need to ship your presents this year, avoid Styrofoam packing peanuts and try the biodegradable kind instead. Another idea is to use dry, popped popcorn instead!

4. For many families choosing a real tree is part of their holiday tradition. You don't need to get a fake tree to be green, you can still keep that tradition alive and be conscious of the environment. Be sure to purchase your tree from a tree farm you're not damaging forests or consider purchasing a potted plant that can be enjoyed year round such as a Norfolk pine. Of course if you prefer to use an artificial tree they can be used each year! If you do choose a real tree, remember to recycle it so it can be converted to mulch rather than sent to a landfill.

5. It is easy to find holiday lights that are made with light-emitting diodes, or LEDs. These lights have been around since 2001 and are ninety percent more efficient than traditional Christmas lights and can last about 200,000 hours. According to one U.S. Department of Energy study, if all families replaced their conventional holiday light strings with LEDs, at least two billion kilowatt-hours of electricity could be saved in a month. The savings alone would be enough to power 200,000 homes for a year!

There are many things we can do to help our environment and still have a wonderful holiday. As a responsible homeowner, it would be a shame to invest in the earth all year round only to clutter up landfills with garbage around the most wonderful time of the year!

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Knowing your debt-to-income ratio is important when you find your Chapel Hill dream home and are ready to apply for a mortgage.  Your lender will look at it and it will be a major contributing factor to whether you are approved or not.  If you are not familiar with your debt-to-income ratio, below you can learn more about it and how it affects your financing.

Debt-to-income ratio is simply a comparison of the money you earn to the money you owe. It includes credit card debt, existing mortgages, auto loans, and any other personal debt.

Your mortgage lender will look at your Debt-To-Income (DTI) to evaluate your ability to afford your new mortgage. You should have a good idea of what your DTI ratio is before you approach a lender or consider buying a new home.

You ultimately want to achieve a low DTI ratio. A high number obviously means that you have less disposable income and less ability to maintain the home once you purchase it. With foreclosures at an all time high, lenders are not willing to assume any additional risk in lending.

Most lenders seek DTI ratios in the 20-36% range or lower, with no more than 28% of debt dedicated to the mortgage itself. While some lenders will consider higher ratios, DTIs in the upper 30% range are considered high risk.

There are several different calculators home available online to help you determine your ratio, and you can always check with your financial institution for guidance on determining your DTI ratio.

Here’s a simple formula:

• Add all your monthly payments (mortgage or rent, car, credit cards, any other debt payments)
• Add your gross income (before taxes), bonuses, alimony, or any other outside income and divide by 12
• Then divide the total number in (1) by the final number in (2)
• The result is your DTI ratio

If you are either ready to buy a Durham home or are just interested in  your financial health, it is a great idea to know your DTI and understand the steps to lower it and become as close to debt-free as possible!

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Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, and it's definitely a challenging one we're navigating now, but a savvy real estate professional will tell you that many times, a slow sale is often attributed to the listing price.

If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.

The secret is perfecting a technique that’s as American as apple pie: comparative shopping!

Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.

A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Market Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, it is a realistic price range that will ensure you top dollar and a reasonably quick sale.

However, factors such as the amount of time needed to sell your home can affect the agent's price recommendation dramatically.

Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.

The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer, and other factors, such as the economy, could cloud your view of how much your home is really worth.

Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to share with you.

A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.

Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help your agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale with the right real estate professional.

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You may be hesitant to buy because of all the talk of a poor economy, but now is actually the best time to buy! For many North Carolina residents, it can actually be more cost effective to own than to rent!

Here are ten great reasons that NOW is the time to buy!

10. You'll get a better home. In different parts of the country, it's hard to find a good rental.

9. The National Association of Realtors puts the current inventory at around 4 million homes. That's enough for a years worth of sales. That means a lot of choices as well as great prices.

8. Sooner of later, the market will improve. There will be more demand than supply. The population is supposed to grow by more than 100 million people over the next 40 years. That means a lot of people will be looking for new homes in the future.

7. Your home isn't the stock market and it shouldn't be viewed as a way to get rich. Real Estate prices will go up again. Equity in your home is another way of investing in your future.

6. If offers some inflation protection, especially if you are young and raising a family.

5. It will be yours. You can have the kitchen and bathrooms you want, you can move walls or build an extension. You can even paint your home bright red. Few landlords will allow you to do that.

4. It's a buyer's market. We all like a good deal, we feel a sense of satisfaction after negotiating.

3. It's forced savings.  If you rent an apartment for $2000/month instead of buying one for $2400/month, renting seems like a good idea but will you save the $400 for the future? Most people won't and since part of that monthly payment as an owner is tax deductible, you do the math.  You are just paying yourself by building equity in your home.

2. You'll save on taxes. You can deduct mortgage interest and real estate taxes from your income taxes.

1. Mortgages are cheap. Interest rates are at historic lows. Two years ago they were around 6.3%. Now they are around 4.3% for a 30 year fixed loan. That's a big difference in your monthly payment.  When inflation goes up, interest rates will go up.

Questions and not sure who to ask? Need help finding your dream home? This market we are facing poses challenges but also opportunities.  Contact us to help you find the best home in this buyers' market for your family!

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Its really nice to get good  MONDAY MORNING news about our local public schools! I found this article on the Chapel Hill Carrboro main school system web site and think its worth posting! Its about Chapel Hill Schools recognized for highest graduation rate. That is GREAT news! Here is the link. click the highlighed word links if you would like more information on our local school system or our area. Im happy to answer any questions about our local housing market - if you are buying, or selling.

If considering a move to North Carolina, there are many things that need to be planned. If you have pets, it is important to not forget about their needs and it is a good idea to formulate a plan to make the move a smooth transition. Below are some tips that can help you to get organized and make your move a calm transition for your furry members of your family.

• As part of your plan, appoint one person in the family that will be in charge of the pet. This will eliminate any confusion as to who has responsibility and will help for a smoother move.
• Schedule an appointment with your veterinarian a few weeks before your move for a check up. Be sure to attain your pet's veterinary records so that they can be forwarded to your new veterinarian. Certain localities may have stringent requirements or restrictions regarding pet ownership. You may need permits or registrations.
• Prep your new home for pets. Pets may be frightened and confused in new surroundings. Choose a room that you can set up for them with all their familiar items such as toys, foods, bedding, etc. Pack these items in a handy spot so they can be unpacked right away.  
• If you are moving your pets by car be sure to plan for several stops along the way. Pets may find car travel extremely distressing and stopping for fresh air and breaks can help. Don't forget any medications your pet might need as well as a leash.
• If you are traveling long distance and plan on staying overnight at a hotel, be sure to call in advance to make sure that pets are accepted.
  If you are moving your fish, be sure to check with your local Aquarium or Pet Store ahead of time on the best way to safely transport your fish.
• If your pets are not micro-chipped be sure to get a new pet ID tag with your new address and contact phone numbers and if they are micro-chipped be sure to update the info with your microchip company.  

Your pets are a part of your family, these tips will make it easier on them (and you!) when moving into your new home!

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It’s that wonderful time of year again! Fall is offically here and that means that home sellers need to go about selling their home a little differently than they would if it were still summer. Here are a few tips to sell your Chapel Hill home in the fall:

Be competitive-price your North Carolina home 5-15% below comparable homes on the market.  In this tough economic climate, you want your home to stand out in some way. 

Fall is a hard time of year to maintain your home but it's also a beautiful time of year. Make sure your yard is clear of leaves, clean out your gutters, and touch up paint.  A few simple maintenance tips can go a long way.

Buyers like a bargain, so don't be discouraged by low-ball offers. Look at it as an opportunity to negotiate. Live by the quote: "Don't take anything personally." If you don't want to come down on price, offer to pay for closing costs or repairs.

Most of all, be patient. Your house will sell, it just may take more time.

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Investing in a well-landscaped yard is definitely something to consider for your North Carolina home. It creates curb appeal and helps your property retain maximum value when you choose to sell it.

A beautiful yard is a head-turner, no doubt about it. The good news is that even if you can’t tell a tulip from a turnip at the garden center, you can still create eye-catching curb appeal by paying attention to the basics of good landscaping. Ignoring your yard—or doing something that’s out of character with the neighborhood—can jeopardize the assessed value of your home. Poorly maintained landscaping can be as much as a 5 or 10% deduction in its value.

Appraisers are quick to praise the allure of a well-tended lawn and good-looking landscaping when it comes time to sell your home, but most do not assign any specific increase in monetary value for upkeep.
 
Nevertheless, most professionals agree that curb appeal and a well-maintained appearance prevent your property from losing value. Here are the top suggestions from real estate agents, appraisers, and landscape designers for boosting the curb appeal of your yard:

Green up the grass

If your house has a front yard, make sure it‘s neat and green. You don’t want bare spots, sprawling weeds, or an untrimmed appearance.

It’s very simple to go to Home Depot, buy fertilizer, apply it every six weeks, and water it. This easy maintenance will keep your yard looking green and beautiful.

If the yard looks really scruffy, you may decide to invest in some sod. According to the National Gardening Association, the average cost of sod is 15 to 35 cents per sq. ft. If you hire a landscaper to sod your yard for you, labor will add 30% to 50% to the total cost of the project. 

Another alternative is to plant low-maintenance turf grasses. Turf grasses are durable and drought-resistant. Expect to pay $18 to $30 for enough turf grass seed to plant 1,000 sq. ft. of lawn area.

Add colorful planting beds

Flower beds add color and help enliven otherwise plain areas, such as along driveways and the edges of walkways. In general, annual flowers are a bit cheaper but must be replaced every year. Perennials cost a bit more but come back annually and usually get larger or spread with each growing season.

If you’re not sure what to plant, inquire at your local garden center. Often, they’ll have a display of bedding plants chosen for their adaptability to your area. Also, they‘ll be inexpensive because they’re in season. Pansies are good in the summer, and asters and mums in the fall add vibrant color.

Add landscape lighting

For homeowners who have made a sizeable investment in landscaping, it makes sense to think about adding another 10% to 15% to the bill for professional lighting. You can’t see landscaping after dark, and buyers are not always looking at houses on a Saturday afternoon.

The cost of a system runs from $200 for a DIY installation to more than $4,000 for a professional job. If you‘re doing it on your own, the key is to light what you want people to see, such as mature trees and flowering shrubs. 

Plant a tree

The value of mature trees is particularly difficult to determine. Mature trees contribute as much as 10% of a $100,000 property’s overall value. In addition, a properly placed shade tree can shave as much as $32 a year on your energy bills. Expect to pay $50 to $100 for a young, 6- to 7-foot deciduous tree.

You can make your own initial assessment of the value of your property’s trees by visiting the National Tree Benefit Calculator. For example, a mature Southern red oak tree with a diameter of 36 inches in the front yard of a house in Augusta, Ga., would add $70 to the property value this year, according to the calculator.

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