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Our Market in Chapel Hill, Pittsboro, Durham

By
Real Estate Agent with Fathom Realty

Listening to the national economic news is just depressing, however keep in mind real estate is a LOCAL commodity.  Our local real estate market is still one of the best in the country.  It HAS changed in the last year.  There IS more inventory, but not at all price points.  Homes do stay on the market longer, about twice as long, but again, not at all price points.  There is still the occasional multi offer situation on a home and back up offers on homes under-contract are not unusual.  These occur most often on properties in ideal locations, with lower price points or unique, fine crafted homes.

    The increased inventory means there is up to a 10 month supply of homes for buyers to choose from.  That translates to a BUYERS MARKET.  There has not been such a great time to buy a house here in the last decade. Good supply, still reasonable interest rates and sellers who will probably be flexible with negotiations and terms create a very buyer friendly atmosphere. For buyers with good credit, having this kind of choice (in a market that is still appreciating, even in this sluggish economy) is a  rare opportunity indeed!

    Sellers don't have to give their house away, but they do need to be prepared to have the house on the market six months or so.  This is tough.  Keeping the house in showing condition (clean, de-clutterd, odor free,  staged, neutral) is exhausting, but critical to selling the house for the most amount of money. You may also want to consider (or will be asked )to provide a home warranty policy and/or  pay for some closing costs. Buyers are going to be more persistent in their demands for repairs.  Keep these costs in mind when you price the house and/or accept an offer.

    The new Offer to Purchase contract suggests the seller get a home inspection before they put the house on the market.  I have mixed feelings about this, as it seems like an onerous demand for the seller.  Call me if you would like to discuss the pros and cons of a pre-listing inspection.  Buyers may come to expect it, especially in an older home.

    Speaking of an older home, if  you are considering putting your home on the market, think green.  You have to have been under a rock for the last year if you haven't noticed how ‘green' is being marketed to sell everything from diapers to homes.  If you have a home already built...you have the greenest home of all!  See my blog posts on June 17th about this point.

     Sellers may also consider becoming landlords. Some buyers are having difficulties obtaining financing, not because of income requirements, but because down payments have increased, credit scores need to be higher and reserves are now often required.  This has increased the renter pool.  One additional factor in some of our areas is the grad or med student population.  Many of these folks bought and sold in a few short years.  They are much more reticent to buy these days, but they make great renters.

      One area that remains strong and is enjoying tremendous appreciation is land.  Land has appreciated in the Triangle area 40% in just the last six years.  Land in a great location, or with an in demand feature like waterfront  is still selling briskly.  If you find land at a good price, it is a great investment.

       The Triangle's housing market remains stronger than most because of our stoked demand from people moving here, diversity in employment, strong job market and because we never saw the kind of speculative building that's led to crashing home prices in Nevada, Florida and California. We continued to be sited as a great place to live by magazines, web authors and relatives or friends!

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