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Short Supply of Homes, Townhome for Sale, Overlook

Short Supply of Homes for Sale in Chapel Hill NC and Durham NC

Housing costs are expected to rise above 3 % , According to NAR Chief Economist, Laurence Yun, because of a  housing shortage two-thirds of the country is experiencing. Chapel Hill, NC  Real Estate, Durham, NC real estate and Hillsborough, NC real estate are following suit and could possibly realize a greater  percentage of increase! Short-Supply is the word of the day!

The 'Triangle Region" decreased 7.8 % in new home starts, but contracts were up 2.8 %. The most amazing figure of all is that  'inventory' fell 14.8 %! Condos and Townhomes lost the least amount of inventory - 8.1 %, but they are have the smallest supply on the market at 1.4 months supply. That means its a crazy seller market in this area!

I am certainly in agreement with this figure. We recently listed two townhomes- 71 Fernwood Lane & 13 Quintin Place and both sold within the first 48 hours with multiple offers respectively!

Contracts were up in the Triangle 2.9 % as an area and the median price rose 9.3 % to $264,995. Day on market for the area was down 18.5 % to 2.2 months indicating a strong seller market and likelihood of multiple offers given inventory levels. Check out what Stacey Andfidsen from our local MLS had to say about activity in February and what his expectations are for the Spring market!

Market-wide inventory levels are down 14.8 %. Interested to know what local inventory looks like for March  2018? Here are some amazing stats!

Durham Inventory- South West Durham saw inventory decrease by 9.7 % in March of 2018 and a rise in the median sale price of 14.9 %but Central Durham remains the HOT TICKET! 48.8 % rise in the median sale price, decreasing  inventory of 6.1 % means homes won’t last and if you’re wanting to buy a home in Durham having someone on the lookout for the perfect property is crucial.

Chapel Hill and Carrboro are equally H-O-T, HOT!- New listing are down 13.8 % meaning that there are many buyers for any potential home and multiple offers is a definite possibility for your well maintained- updated, and priced right home! Im seeing homes sell for AT LEAST 99.3 % of asking price if not more! Avg sale price is up in Chapel Hill to $406,398. and we have had an increase in closed home sales  of 24 % - which means that the snow didn't slow Chapel Hill home buyers much!

Hillsborough NC Homes for Sale also had a lively market in March. New inventory was actually up 11.9 %and asking price retention of 97% list to sale ratio is rather high for this historic enclave town and "County Seat".

Here are some other interesting facts if you happen to be a homeowner and are considering selling your home in Durham  Chapel Hill / Carrboro or Hillsborough:

-Price ranges with the strongest sales were those  homes $309,000 or higher

-Houses with the strongest sales had 4 bedrooms or more

-Properties with the strongest sales were Town homes and Condos

The Federal Reserve raised interest rates by .25% in March citing concerns about inflation. Two more increases are expected this year which means borrowing money will be more expensive but with unemployment rates at 4.1% it seems the economy is prepared for this. What does this mean for home buyers? It could mean $60 dollars more per month for the avg priced home or $300 more per month for luxury properties.

Village West Townhome For Sale!

Overlooked Storage Spaces

Between family, pets, and a job, clutter can seem unavoidable and uncontainable. Check out these creative yet practical storage spots to keep clutter from taking over your home. You just might discover your home can hold more than you thought!

Under the Bed

Don’t let this valuable space become a spot for clutter! The area under your bed offers a sizable amount of untapped storage potential that’s easily concealable with a simple bedskirt. Keep extra blankets, off-season clothes, and hobby items out of sight by investing in a few containers. With the ability to roll out and lids that protect from dust and pests, wheeled boxes are a great under-the-bed storage option. For more ways to utilize this convenient space check out this helpful article.

Behind Doors

Whether it’s the door to your closet or your kitchen cabinet, storing items behind doors will significantly optimize your space. Over-the-door pocket holders are often designed for closets to hold shoes, but they have the potential to be used on nearly any door in your home. From the laundry room for cleaning supplies to the pantry for snacks and water bottles, compartmentalized storage containers are extremely versatile and have a short installation time. Also, consider using a combination of hooks and rods to keep your items organized and off the floor.

Furniture with Hidden Spaces

Furniture with hidden spaces like under-the-bed drawers, storage coffee tables and ottomans, or even the space behind framed art, instantly increase storage in any room. These spaces not only hide your magazines, children’s toys and clothing like hats and gloves, they can also serve as attractive and chic pieces that will add sophistication to any room. Don’t forget that adding storage can be decorative and stylish too!

Think Vertically

From the space above your toilet to the ceiling in your garage, wall and ceiling space are often underutilized despite the abundance of storage potential. Mounting over-the-toilet shelving for towels and toiletries or racks to a garage ceiling for storing bikes and other heavy storage are a practical way to declutter. Also, take advantage of empty corners by using floating triangular or wrap-around shelving to make these awkward spaces more functional.

Look Below

Think you’ve exhausted all your storage spaces? Well, think again! Consider elevating your washer and dryer to create more space beneath. Washers and dryers can be mounted onto laundry pedestals to store dirty laundry and laundry products. Here is a helpful article on how to build one yourself. Additionally, if you are searching for more storage in your kitchen, look no further than the baseboards of your cabinets to hold slim drawers. Toe-kick drawers won’t fit bulky or unusually-shaped items, but they are perfect for things like cookie sheets, baking tins, serving platters, and utensils.

Reclaim your spaces by putting these storage ideas to use today!


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Contact Information

Photo of Masha Halpern - Boutique Real Estate Real Estate
Masha Halpern - Boutique Real Estate
Keller Williams Realty
101 Cosgrove Avenue, Suite 200
Chapel Hill NC 27514
Direct 919-951-1780
Toll Free 877-478-4669
Fax: 919-928-9030

Masha Halpern of Keller Williams Realty provides real estate services in the Chapel Hill, Carrboro and Durham, North Carolina area including real estate services for buyer, sellers and those relocating to the surrounding areas of Apex, Bahama,Cary, Efland, Hillsborough, Holly Springs, Mebane, Raleigh, and Wake Forest. Search for homes in Chapel Hill, Carrboro, Durham or the surrounding communities.  Request a market analysis for your North Carolina property.  I list and sell residential real estate, investment property, vacant land, lots for sale in Chapel Hill, Carrboro and Durham, North Carolina area.

Chapel Hill, Carrboro and Durham, North Carolina real estate and homes for sale in North Carolina - Masha Halpern & The Smart Move Team