Archive for the 'Real Estate News' Category
Do People Read What They Sign? - The Mortgage Bailout
July 10th, 2008 categories: Real Estate Market, Real Estate News
There is a lot of talk on Washington and some states about enacting legislation to help home-owners that can no longer make their mortgage payments. This is typical feel good nonsense from the politicians. Yes, the real estate market is in a mess, people are struggling, homes values are dropping. But, I have one question. Did these home buyers read what they signed at closing? At every closing I’ve had, the terms and conditions are very clearly spelled out for the buyers. As well as what happens when things take a turn for the worse. It is all there in black and white. There is no gray area.
Now these people are screaming for the politicians to do something. And politicians, being what they are, are more than willing to help out. I have a suggestion. Tell these home buyers to deal with it. They made the choice to get that mortgage and buy that home. Millions of home buyers were very happy riding the real estate bubble. Now that the bubble has burst they are not so happy. Let the market do what it does best. It will correct the problem on its own. It won’t be pretty, but it works. The only thing politicians can do is mess it up.
These people signed a legitimate contract. It is their problem, not anyone elses’. It is called tough love. People need to start reading what they sign and deal with the consequences if they can’t live up to the terms of the contract. They should NOT be bailed out by the rest of the taxpayers. We have problems enough of our own.
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Why No Newspaper Advertising?
June 24th, 2008 categories: Home Buying Advice, Home Selling Advice, Real Estate News
I don’t advertise my listings in newspapers or magazines anymore. I did early on in my real estate career because that was what everyone else did. And, frankly, the sellers demanded it. They wanted to see their house in the paper! I followed everyone else for several years and never got a single lead on a listing off of ANY ad. Even the larger companies will sometimes admit that newspaper or magazine ads don’t sell a particular house. What they do is drive possible buyers to that company. Which is wonderful for that company, but a waste in advertising a single house, and it really doesn’t help the seller.
Think about when you look at the house ads. Kind of makes your eyes blur with all that clutter, doesn’t it? The VAST majority of buyers go to the internet to find a home. THAT is where your house needs to be.
So, when I went off on my own I decided to stop doing stuff that doesn’t help my buyer or seller. Now I do only internet and targeted direct mailings. This is not necessarily cheaper for me, but it works. Newspaper ads are “old news”. On-line is the place to be.
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Springcrest Neighborhood Update
May 30th, 2008 categories: Neighborhoods, Real Estate Market, Real Estate News
Time for some updated numbers on Springcrest. Springcrest is located on the east side of Erwin Road just north of the Sage Rd. intersection. It is convenient to everything, and is within walking distance of East Chapel Hill High School. (OK, it is a long walk, but high school kids can use the exercise.) It is just a short hop to 15-501, Duke, UNC, shopping and other area services.
The chart shows the number and stats of the active homes in Springcrest, as well as the houses that have closed in the past six months. Activity has picked up since February, which is usual. But take a look at the average asking price/sf vs. the average selling price/sf. This could be a reason the Days on Market has crept up. Today’s market is not the same as two years ago. Asking prices need to take this into account. Even so, Springcrest is a very nice neighborhood and worth the look. So, if you are looking for a nice home, convenient to everything, and in the East Chapel Hill High School district, give Springcrest a shot.
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Transfer Tax Down In Flames
May 14th, 2008 categories: Around Town, Real Estate Market, Real Estate News
The residents of Orange County soundly defeated the County’s attempt to institute a transfer tax on the sale of homes in Orange County. Excellent! In a time of rising gas prices, rising food prices, rising prices for darn near everything, the last thing we need is local government sticking us for more taxes. In my opinion, they already have plenty of tax revenue for everything they really need to do,
The transfer tax would have been passed along to buyers and sellers, thereby raising the price of buying a home.
Well done voters of Orange County!
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Stoneridge-Sedgefield Market Update
May 7th, 2008 categories: Neighborhoods, Real Estate Market, Real Estate News
Time for an update on the statistics in the Stoneridge/Sedgefield neighborhood. It is located along Whitfield Road about one mile east of 86. It is in the area that is in the Chapel Hill School District, but not in the city limits. So, great schools, but no city tax. (There is a special school tax, but it is worth it!) Most of the homes in this neighborhood were built in the early to mid eighties, with at least an acre of land.
The chart shows the number and stats of the active homes in Stoneridge/Sedgefield as well as the houses that have closed in the past six months. These figures are a pretty good indicator of the average price in this neighborhood. You occasionally get houses priced much higher, but those are BIG houses on BIG lots!
So, if you want to be close to everything, but still have your “space”, check out Stoneridge/Sedgefield. Email me, or give me a call at 919-417-9753 if you want more info.
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Do Gas Prices Impact Home Prices?
April 29th, 2008 categories: Home Buying Advice, Home Selling Advice, Real Estate Market, Real Estate News
OK. The price of gas is soaring with no end in sight. It is impacting food prices, delivery prices, you name it. It seems to negatively touch every part of your life. But does it impact the sale of your house? In a word, yes.
Think about it. You have two houses similar in size, yard, schools, etc. The only difference is one of them is 15 miles from everything. The other is 1 mile. Which do you think will sell? At $1 or even $2 a gallon, maybe no big deal. But with gas in sight of $5 a gallon you better believe buyers will take it into account.
So, what do you do? If you are the house close to everything, rejoice and play up that aspect! If you are out in the wilderness, don’t necessarily despair. There are buyers who will WANT to be far from everything. Play up the privacy, solitude, close-to-nature aspects of your home. It may take longer to find that particular buyer, but they are out there.
Commute time has always been important to buyers. Now add the COST OF COMMUTE to the list!
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Why I Don’t Practice Dual Agency
April 21st, 2008 categories: Home Buying Advice, Home Selling Advice, Real Estate News
As a buyer or seller you may run into the concept of dual agency. That is basically where an agent “represents” both sides of a real estate transaction. Say my company has a listing. I also have a buyer under a Buyer Agency Agreement. My buyer likes the house I have listed. Uh oh. No problem. Under Dual Agency I can say to my buyer and seller, “Don’t worry, I’ll represent both of you”. Riiiiight.
In a nutshell, I do NOT practice dual agency because I believe in keeping my promises. When I get a listing I promise to represent that seller throughout the entire process, from listing to closing. It would be wrong of me to go back to my seller and tell him I can no longer represent just him because now I have a buyer and can get both sides of the deal. Same with a buyer.
Now, dual agency can get pretty confusing with “designated agency, who is representing whom, who can and cannot be a designated agent. It just isn’t worth the liability. So, I keep it simple. If you are my buyer or seller I represent ONLY you throughout the ENTIRE transaction. Ask your “big company” agent is they can make the same claim.
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6012 Turkey Farm Road - Stoneridge, Chapel Hill
April 1st, 2008 categories: Neighborhoods, Real Estate Market, Real Estate News
There is a new listing on the market! The home is located at 6012 Turkey Farm Road, Chapel Hill, NC. It is in the highly desirable Stoneridge/Sedgefield neighborhood. Situated on four acres, this home overlooks the Johnston Mill Nature Preserve. After wandering through your own four acres you can go across the street and spend hours in the preserve. Great privacy, yet you are close to everything! You also get the great Chapel Hill schools, without the city taxes. (There is a small school tax on top of the county tax, but it is well worth it!)
The house has three bedrooms and three full baths. There are also two additional rooms that could be used as offices, media rooms, exercise rooms - you decide how to use them! Great attached garage workshop, as well as a large outside storage shed. Great kitchen, breakfast area, family room to spend a lot of quality hours. Or get away to the comfortable living room for some quiet. There is a large back deck to relax and enjoy nature.
CLICK HERE for a VisualTour of this listing.
For more information on this wonderful home, give me a call at 919-417-9753, or email me at jjod3@earthlink.net.
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Stoneridge-Sedgefield Market Update
March 27th, 2008 categories: Neighborhoods, Real Estate Market, Real Estate News
The next neighborhood I picked for some statistics is the Stoneridge/Sedgefield neighborhood. It is located along Whitfield Road about one mile east of 86. It is in the area that is in the Chapel Hill School District, but not in the city limits. So, great schools, but no city tax. (There is a special school tax, but it is worth it!) Most of the homes in this neighborhood were built in the early to mid eighties, with at least an acre of land.
The chart shows the number and stats of the active homes in Stoneridge/Sedgefield as well as the houses that have closed in the past six months. These figures are a pretty good indicator of the average price in this neighborhood. You occassionally get houses priced much higher, but those are BIG houses on BIG lots!
So, if you want to be close to everything, but still have your “space”, check out Stoneridge/Sedgefield. Email me, or give me a call at 919-417-9753 if you want more info.
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Who Will Sell Your Home
March 13th, 2008 categories: Home Selling Advice, Real Estate News
When the time comes to sell your home there is a lot you need to consider. The biggest decision is: who are you going to use to sell your house? Sell it yourself? You can try, but it is not nearly as easy as you might think. You cannot just post a sign in your yard, put an ad in the paper and hope people will flock to your castle. Doesn’t work that way. You simply must get your home in the local Multiple Listing Service (MLS). This is where virtually everyone gets their information. If you are not in the MLS, you are missing out on the vast majority of buyers. Not smart!
To get in the MLS you can use a high-priced firm, a “discount” firm, or an entry-only firm. All have their plusses and minuses.
You can go with a high-priced national firm. They will tell you they have hundreds of agents that will make your house a priority. Right. Or they have fancy relocation affiliations that will pull in so many buyers you will have to beat them off. Right. Don’t get me wrong. They ARE good firms with good agents. They just over-charge for what they do.
A full service discount firm (that would be me!) does everything a high-priced firm does, just for less.
An entry only firm will simply put your listing in the MLS with maybe a sign in the yard. Other than that you are on your own. For some people that is a great option.
What to do! Obviously, I think you should use ME! I looked at all the options and decided to do it MY way. I provide full service at a reduced fee. (See my Fee Structure button for how and why I charge what I do.) I don’t have a fancy relocation department, but so what. A buyer coming into town is going to see your house in the MLS with or without a relocation department. Why pay extra for a useless perk?
Give me a call at 919-417-9753 and see what I can do for you.
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