Jerry O'Donnell's Blog

Chart On Housing Starts Over The Decades - It Ain't Good Right Now

Jerry O'Donnell (JOD Realty, LLC) — Thu, 17 Dec 2009 06:41:16 -0800

Whoohoo! If I listen to the NAR we we are in a recovery! Green shoots everywhere!

Hmmm, maybe not.

Saw this chart while surfing today:

Let us see. Real unemployment over 20%, foreclosures galore, jobs heading overseas, unsustainable government debt, massive entitlement spending increasing with NO way to pay for it, taxes going up everywhere.

Hey, what could go wrong?

The "Powers That Be" in the real estate industry need to stop the Pollyanna crud and start dealing with reality. Start fighting for a return to free markets, lower taxes and LESS government regulation. Let the free market work like it always does, if allowed to.

Furnished Or Empty - Selling A Vacant Home

Jerry O'Donnell (JOD Realty, LLC) — Tue, 15 Dec 2009 06:26:12 -0800

If you have to sell a home that is unoccupied, due to death of owners, divorce, a move, whatever, one of the big questions is should you sell it with the furniture still in the house or move the furniture out? Long ago, before I got into real estate, I had agents tell me to get everything out so potential buyers could see themselves and their furniture in the house. Bad idea. After I got in the business I realized what a big mistake that was! You want the house to be furnished. If it is empty, people see an empty house. If it is well furnished, they see a home. Big difference. It is also amazing how ALL the little scratches, chips and dirt are MUCH more evident in an empty house.

A big advantage of selling an empty house is that you have the opportunity to really stage the house. A staged home can look beautiful, but it can be a pain to live in. So grab the chance and get rid of all clutter, clean like a demon, and arrange the furniture to maximize space and views. Get rid of big clunky, furniture. Set the table as if for a feast. There are lots of things to do since no-one is living in the house. Make that potential buyer see the possibilities in your home!

And don’t think you can set it and forget it. Every few days you need to go in and make sure the house still smells OK. A vacant home can get that “vacant smell”. Hard to describe, but you know it when you smell it. So open windows, change the air filters, walk around a bit and take the time to see if anything needs to be adjusted. You will be glad you did.

Clean, Clean, Clean

Jerry O'Donnell (JOD Realty, LLC) — Mon, 14 Dec 2009 06:41:28 -0800

When it comes time to put your house on the market you have to learn a new level of clean! And I’m not talking just making sure everything is picked up and tidy. I mean it has to be cleaner than you thought possible. When serious buyers comes into your house they are not just browsing. They are inspecting. Floors, walls, closets, inside cabinets - everything is fair game. Anything that is unpleasant or detracts from their experience lessens the chance they will pick your house.

If they are taking the time to actually visit your house, it means they are favorably inclined to it. You DON’T want anything to turn them off from your house now that they are in it. By the way, this also includes the outside of your house, and your yard. From the moment they approach your house in their car you are “on stage”. All sights, sounds and SMELLS are important.

Whether you hire a cleaning service, or do it yourself, you must clean areas you probably have never cleaned before, to a level you might think is ridiculous. Is it worth it? Absolutely! You get tremendous bang for your buck when cleaning.

Why There Will Not Be A Housing Recovery

Jerry O'Donnell (JOD Realty, LLC) — Sat, 12 Dec 2009 07:37:32 -0800

This is my opinion based on nothing more than what I read every day. No fancy graphs. No surveys or studies. Just common sense.

I believe there will not be a sustained housing recovery in the USA for a long time. If we are extremely lucky, there may be some temporary bumps in economic activity. But that will be all.

Why?

The answer is simple - debt. Federal, state, local and personal debt. The personal debt bomb exploded when housing crashed. The others are now set to go off, as well. Dozens of states are on the edge of bankruptcy. Local governments are in just as bad shape.

Than there is the federal government. This is the "biggie". They are so deep in debt, both current and promised, that there is absolutely NO WAY they can service this debt, EVER! It will take either a default or hyperinflation to do so. Both destroy the economy.

I don't even need to start on the disastrous government policies that brought us this situation. Or even cry about how they are continuing to add debt and more horrific policies every day. It is too late. The day of reckoning is down the road and cannot be avoided.

So, whenever you hear a government official or network economic "expert", just think about our debts.

Oh, and by the way, here is the link to the latest "Debt Clock" info:

USDebtClock.org

Depressing? You bet! But the real estate industry, particularly the NAR or those rah-rah industry magazines, is not facing up to the facts. In some cases they are endorsing the bad policies!

Anyway, that is my opinion.

The Cheapest Way To Improve Your Home For Sale

Jerry O'Donnell (JOD Realty, LLC) — Fri, 11 Dec 2009 06:43:44 -0800

In a word - paint. At $20 a gallon it is an incredibly cheap way to spruce up your house and prepare it for market. By all means, let your kids paint their room whatever color they want while you live there. BUT, when it comes time to sell, buyers may not like the flat black or bright pink walls. This is one project that is easy to do yourself. Some very simple tools, prep work, and a few hours can add thousands of dollars to your selling price and reduce time on the market.

Even if you hire someone to paint, it is still worthwhile! Just think back to when you were house hunting. Dirty walls, chipped trim paint. I’m sure that did not make you feel good about the house.

So, invest some time and money in paint when it comes time to sell. You will not regret it!

What Is It With These Real Estate Columnists, the NAR, And “Green Shoots”?

Jerry O'Donnell (JOD Realty, LLC) — Thu, 10 Dec 2009 13:28:30 -0800

Lately, whenever I read articles by most real estate columnists, or read stuff put out by the National Association of Realtors I sometimes wonder what planet they are living on. The slightest bit of “this month is not as bad as last month” news and they are trumpeting the market bottom. Or “now is a great time to buy”! I can understand a little bit of cheerleading, but, come on! How about a little bit of objectivity?

The fundamentals stink right now. People are still losing their jobs. Companies are not expanding. Food stamp usage is at an all time high. The governments -federal, state and local - are suffering massive tax receipt reductions. Industries are permanently relocating overseas. Shall I go on, because I could.

For the past eight years I have been reading this stuff by the NAR and “expert” real estate columnists, and it seems it is ALWAYS the best time to buy. Or “we can only go up from here”.

Enough! How about a little honesty. If things are good, great! Talk about it. If things are bad, talk about it, too. If you keep preaching that things are always getting better, in the face of horrible economic news, you will lose all credibility when things actually do turn around.

My stance for now is to ignore anything from the NAR and the green shoot crowds. When they start discussing real world events for a few months I might take them seriously again.

Gutter Time Again!!!

Jerry O'Donnell (JOD Realty, LLC) — Tue, 08 Dec 2009 16:54:58 -0800

Once again the leaves have done their job and are now all over everything, including your roof! Having been to my share of Chapel Hill home inspections, there is a common item that I have heard from just about every inspector. The best way to protect your house is to clean your gutters! No rocket science here.

A clogged gutter leads to water seeping up under your roof and causing a whole lot of trouble, possibly VERY expensive trouble. The same for a clogged downspout.

Go on out and check your own gutters. Would you pass inspection? Now that all the leaves are down, it is a great time to clean those gutters. Then you’ll be set for months! If you live in a single level house, like I do, consider yourself lucky. About 30 minutes on the ladder and you’re done. If you house roof has a gentle slope you might want to take your leaf blower up there and get the job done in a few minutes. (Just don’t be stupid and fall off.) It’s messy, but rewarding.

If you have a two or three level house, it might be worth the cost to have someone else do it. The important thing is to not ignore it! It won’t go away.

For the taller houses, you may want to investigate the gutter covers. Never had one, so I can’t recommend any. I know they can be expensive, but you may not need them everywhere. Just where it isn’t safe or convenient to clean your gutters yourself.

So, when you’re planning on home improvement projects, put the gutter at the top of the list.

How Can I Do A Neighborhood Update When Nothing Is Happening?

Jerry O'Donnell (JOD Realty, LLC) — Tue, 01 Dec 2009 08:37:49 -0800

I was going to do an update on the Stoneridge/Sedgefield neighborhood in Chapel Hill. (Conveniently located in the Chapel Hill School District, but NOT in the city limits. Thus no city taxes, but great schools.) It also happens to be MY neighborhood, so I keep an extra close eye on it. However, there is currently only one house on the maket and in the past year exactly ONE house has closed. (There have been a few that came on, sat for a while, and were withdrawn.)

The current house on the market has been on for a while and has had two price reductions. No takers so far. The house that did sell several months ago had been on the market for over a year, though it finally went at a decent price. It was one of the smallest and lowest priced in the neighborhood and sold just before things got really bad. Lucky for them.

This makes it difficult to come up with comps for this “new” market we are in. It also makes for a boring update.

Best advice? If you must sell, do so aggressively in price and staging, inside and out.

So, What Is Your House Worth?

Jerry O'Donnell (JOD Realty, LLC) — Mon, 30 Nov 2009 09:03:57 -0800

Just for fun I went to Zillow.com to see what they said my house was worth. OUCH!!!!

According to Zillow, from the high two years ago my house has now dropped 22% in value, most of that drop coming in the last ten months. This puts me very close to the “under water” mark. (You know, where you owe more on your house than it is worth!)

Honestly, I think it is worth a bit more than Zillow estimates, but then, I know the market since I live here. Still, it is interesting to see what Zillow thinks.

Then I checked Yahoo’s site. Yep, worth about the some, according to them.

The point? If you want a quick and dirty value on your house, check these sites out. No hassle or pressure.

Just remember, even though your house may be way down in value, so is everyone elses’!

Repairs - And How I’ll Deal With Them When I Sell My House, I Think

Jerry O'Donnell (JOD Realty, LLC) — Fri, 28 Aug 2009 08:23:09 -0700

I think the saying “You sell your house twice” is VERY true. Once, to get it under contract. Twice, to negotiate repairs after the inspection. Repairs can be a major roadblock to a successful close. You spend all that time and effort to market the house and get it under contract, and then you have to sweat the inspection. And you know they ALWAYS find something! And have you noticed that each year the inspectors seem to focus on a “new” issue. One year it was wobbly fans, then mold in crawl spaces, then broken seals on windows. It just grows and grows.

After dealing with the repair issues on a lot of listings, I think I am going to tackle my repairs somewhat differently. As I mention in my post “Get Top Dollar For Your House”, you should have an inspection done BEFORE you put your house on the market. I will do this, make any major repairs that are necessary, and then sell the house “AS IS”! No more repairs will be done! You want the house, you deal with the minor issues. I will give them the inspection report and let them have their own done, too. But they will have to do it before they put in the offer, cause I ain’t dealing with repairs when I sell! They can adjust the original offer to take any repairs into account, if necessary.

I plan to sell my house ONCE.

(Of course you should be keeping your house in great shape anyway. It is probably still your largest asset.)

No Magic Lamps

Jerry O'Donnell (JOD Realty, LLC) — Tue, 06 Jan 2009 08:16:23 -0800

The real estate market of today is a great example of a classic bubble. Like the Tulip mania hundreds of years ago, people got caught up in the excitement of ever rising prices. Flip a house, make a fortune over night! A lot of people made a lot of money. Lasted a good many years, too. Then reality comes crashing down on the party. Nothing rises forever. Now, a lot of people have lost a lot of money. A lot are just treading water.

There is no magic lamp when it comes to fixing this problem. The only thing that will work is time. Excess inventory needs to be sold. It will be, eventually. And reality needs to return to the mortgage market. Frankly, a LOT of people bought houses that should not have. No money down, no income verification loans should never have been offered. A lot of the blame is on the federal government and the horrible Community Reinvestment Act. But most of the blame is on us. No one forced us to buy beyond our means. We did it willingly, and now we suffer the consequences.

Maybe, in the long run, this will be a good thing. Some of us will learn from this. We will start to save again. Start to live within a budget. Good things, all.

In A Nutshell

Jerry O'Donnell (JOD Realty, LLC) — Tue, 07 Oct 2008 08:59:34 -0700

With the way things are going in the economy, and with housing in particular, a lot of people are probably wondering how it impacts them as a buyer or a seller. Well, here is my take on it, in a nutshell.

For buyers: If you have a good job, a good credit score and cash in the bank, you are just fine. Mortgage banks have tightened up their standards. This is a good thing. But you can still find a wide range of mortgage products to suit your needs; however, you have to actually qualify for them. So, if you qualify for a mortgage you are in the strong position as a buyer right now. Stick with a house you can afford and you will do very well.

For seller: OK, it could be worse. You are selling to a much smaller pool of potential buyers right now. You need to make sure your house is the cream of the crop. Get your house in PERFECT shape. You want buyers to be blown away when they first approach your house in their car, and continue to be blown away when they get inside.

That is it, in a nutshell. Want more info, give me a call. 919-417-9753

Get Top Dollar For Your House

Jerry O'Donnell (JOD Realty, LLC) — Tue, 19 Aug 2008 08:00:22 -0700

If the time has come to sell your house, you will surely want to get the highest price possible for it. Below are some suggestions, based on years of experience, that will help you get the most for your home, whatever the current market is like. Yes, you will have to spend some money up front. But better to spend it now than rush around in the weeks before closing trying to get a good plumber, electrician, etc. You will also be prepared for the buyer’s inspection.

So here goes (not in any particular order):

1. Get a home inspection. Yes, pay $500 bucks or so to get a full home inspection. This will tell you all you need to know about your house. Generally I recommend you fix everything. Some will be super simple and you can do it yourself if you are handy. Some, like plumbing and electrical, will require a professional. Get a pro and keep the receipts. This might costs hundreds, or even thousands of dollars, but you will reap the rewards at closing. Advertise as pre-inspected and make the inspection available to buyers. Trying to hide problems never works.

2. Mold inspection. Get one if the home inspection recommends it or if you know there is visible mold in the crawl space. This is the new “red button” for buyers. The mere mention of mold, which is in EVERY house in the world, strikes terror in the buyer’s mind. A mold inspection by an independent inspector will cost about $300, depending on the size of the house. Fix as suggested. Yes, more money spent.

3. Clean!!!!!!Clean like never before! It is easy to become comfortable with a certain level of “mess” in our houses. Buyers want their own mess, not yours. Either break out the rubber gloves and cleaner or call in the pros and tell them you want the deepest cleaning they have. This will really help sell your house. The hard part is keeping it clean as time drags on. Don’t falter. It’s not fun but it IS necessary to keep it clean and smelling fresh. (Change your air filters a lot.) This includes the garage, decks, and any sheds!

4. Remove collections. Your frog collection is wonderful, but it is time to pack it away. You will be moving everything anyway, so get a headstart and pack up all your collections. Plus, do you want your expensive items out where children of buyers can get at them?

5. Reduce furniture. It is amazing how much can get packed into a house over the years. Now is the time to sell, store or donate some of it. You want to open up the house and let buyers see how big the rooms are. Stage furniture for maximum impact.

6. The dump is your friend. Get rid of all the garbage, broken items, etc. Be brutal. Take it to the dump and be rid of it. If it is in good shape, donate it and get the tax deduction. Or sell it and get the cash.

7. Paint. Do it yourself or hire someone, but do it. It is easy, quick and cheap. Inside and out. And it has a tremendous impact on the curb appeal of your house. This one task probably has the greatest return on time spent. Keep colors neutral.

8. Clean your yard. Mow, mulch, get rid of “yard art”. Your yard will be the first thing a buyer sees. You want it to shine. Drive around your neighborhood and see what houses stand out to you. Copy them. Power-wash your sidewalks, decks and driveway.

9. Hire me as your listing agent.

Does everyone do these things? No. Most don’t. They are reluctant to spend the money up front. They think they will just take a few bucks off the asking price if the buyers wants stuff fixed. Big mistake. The buyer will invariably demand WAY over the actual cost on any item. And you will be scrambling to fix items between the inspection and closing. Not a good thing.

The question is: Do you really want to sell your house? If so, then you should do everything possible to get it in prime condition. The above suggestion will go a long way in helping you do that. Give me a call if you want more in-depth advice.

http://www.jodrealty.com/2008/07/10/contractmortgagebailout/

Jerry O'Donnell (JOD Realty, LLC) — Thu, 10 Jul 2008 10:48:17 -0700

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.

The American Dream

Jerry O'Donnell (JOD Realty, LLC) — Mon, 30 Jun 2008 12:51:11 -0700

This isn’t directly related to real estate, but I don’t care. It’s my blog and I can write what I want.

I heard on the radio today that only 40% of the U.S. population still believes in the American Dream. Think about that! Sixty percent of the population no longer believes you can get ahead by hard work and make a better life for you and your family. I find that alarming. And it is also absolute nonsense! You can still be anything you want to be in this country if you are willing to work for it. You are blessed to live in the greatest country this world has EVER seen.

As I thought about the sixty percent I figured I shouldn’t be too surprised. The government and socialists in this country have spent the past 50+ years telling people that they can’t get ahead on their own. They kept telling everyone you can only get ahead with the help of government. That is a tragedy. I would say to that 60%, ignore the people who tell you you can’t do something. There are always those who will tell you to give up, it’s too hard, it’s not your fault. Ignore them! Take responsibility for your life and your actions.

To the government I would say get back to doing what the Constitution tells you to do and stay out of our way. To the socialists I would say shut up. You have preached failure and defeat long enough. You are free to dwell in your shrinking piece of your pie, but don’t drag me down with you. To me the future is without limits. And, for now, there is still a 40% chunk of Americans who agree with me.

Why No Newspaper Advertising?

Jerry O'Donnell (JOD Realty, LLC) — Tue, 24 Jun 2008 09:53:05 -0700

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.

Trees - Should A Buyer Care?

Jerry O'Donnell (JOD Realty, LLC) — Thu, 05 Jun 2008 12:06:22 -0700

With the temperature well over 90 degrees, I am realizing how much I love our trees in our yard. Our prior house had almost no tree coverage. When the sun was out, the house would sit there and bake. Our A/C units would run like mad to try and keep up. The bill the next month would be a disaster! Great choice, sweat in our house or sweat at bill-time.

Our current house is surrounded by huge maples and oaks. When the sun is out out our wonderful trees provide shade coverage for almost the whole day. Our A/C easily maintains our house at a very comfortable temperature. And the bill the next month puts a smile on our faces.

Plus, we can now actually use our back deck! The oaks make it a great place to sit and read a book, as well as watch our three dogs play in the back yard without fear of heatstroke.

So, when you are looking at what house to buy do not neglect the landscaping. It can come back to bite you or put that smile on your face!

Springcrest Neighborhood Update

Jerry O'Donnell (JOD Realty, LLC) — Fri, 30 May 2008 09:42:42 -0700

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.

Stoneridge-Sedgefield Market Update

Jerry O'Donnell (JOD Realty, LLC) — Wed, 07 May 2008 09:29:12 -0700

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.

Do Gas Prices Impact Home Prices?

Jerry O'Donnell (JOD Realty, LLC) — Tue, 29 Apr 2008 09:32:45 -0700

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!

Why I Don’t Practice Dual Agency

Jerry O'Donnell (JOD Realty, LLC) — Mon, 21 Apr 2008 10:35:33 -0700

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.

6012 Turkey Farm Road - Stoneridge, Chapel Hill

Jerry O'Donnell (JOD Realty, LLC) — Tue, 01 Apr 2008 10:08:48 -0700

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.

Stoneridge-Sedgefield Market Update

Jerry O'Donnell (JOD Realty, LLC) — Thu, 27 Mar 2008 09:27:25 -0700

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.

East Chapel Hill HS Market Update-Townhomes

Jerry O'Donnell (JOD Realty, LLC) — Mon, 24 Mar 2008 15:19:30 -0700

This month I figured I would give you a snapshot of the market for townhomes in the East Chapel Hill High School district. The market consists overall of a great selection of single family homes, townhomes and condos. This chart is a summary of the market conditions for townhomes in the district. It represents the townhouses which closed from 2/24/2008 to 3/24/2008, as well as those active on the market. As you can see there are 34 townhomes shown as active on the Triangle Multiple Listing Service. There were only 4 homes which closed in that same period. This means an absorption rate of 4 homes per month for a 9 month supply. Of course, it would vary depending on the price of the house, but you get the idea.

The averages are also impacted by some really expensive townhomes in Meadowmont. They increased the averages a LOT! So, don’t be scared off by some high looking numbers. There are actually many very affordable townhomes in the East Chapel Hill High School district.

If you’re in the market for a home, but don’t want the required chores that come with a single family house, give townhouses a look. You may be very glad you did.

Pre-Listing Inspection

Jerry O'Donnell (JOD Realty, LLC) — Tue, 18 Mar 2008 08:59:38 -0700

Something to think about when it comes time to sell your house is paying to have a professional home inspection done. For around $450, depending on the size of the house, you can have a home inspector come out and give you advance notice of anything wrong with your house. This will give you time to decide what you want to fix AND give you the time to get quotes without having the pressure of a deadline hanging over your head. This is much preferable to having only a few days to find a contractor and get them out to do the work after the buyer asks for an item to be fixed.

You can also then market your house as a pre-inspected home. This will give potential buyers more confidence in the condition of your home.

Face it. If there is something wrong with your house the buyer’s inspector will most likely find it. Of course, even if you fixed everything, the new inspector will find “something”. But wouldn’t you want it to be something really minor?

The only possible downside to a pre-inspection is that the results of the inspection become a “material fact” that must be disclosed to potential buyers. But even this downside is preferable to any nasty surprises just a short time before closing. So think about it. It could be money well spent.