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Chapel Hill and Durham Real Estate Blog

Chapel Hill - Durham Real Estate Blog

Jodi Bakst

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When buying a house most people assume the 30 year fixed mortgage rate is the correct financing decision. In fact, when you hear others talking about mortgage rates most of the time they are referring to the current interest rate of a 30 year fixed mortgage. On TV, when you hear mortgage rates are at 4% they are likely discussing 30 year fixed mortgage rates. Please understand that you do not have to lock in to a 30 year fixed home loan. In fact, it you want the lowest possible mortgage interest rates you will want to look at adjustable rate mortgages. Generally speaking, the 5/1 ARM is three quarters of a percent (.75%) lower than the 30 year fixed mortgage. You can find current mortgage rates here

If you are willing to accept the fact that your mortgage rate can adjust after the initial five year rate period you can get lower interest rates. In May 2015 the 5/1 ARM is at 3% with 30 year fixed mortgage rates are at 3.75%. When crunching the numbers and looking at the monthly payments as well as the unpaid balance left you will find that you can save a significant amount of money. Below is a graphic that shows how much you can save by taking out a 5/1 ARM loan compared to a 30 year fixed mortgage.

If you want to know more about refinancing your current home or purchasing a new home at low interest rates please feel free to give Real Estate Experts a call. We have real estate agents and professionals that can help you better understand what decision is correct for you. Do not feel as if you have to do what everyone else is doing in terms of financing a home loan in 2015.

March 2015 Chatham County Housing Market Data

by Jodi Bakst

Find historical Chatham County Housing Market Data here.

Below you will find a chart that shows the housing market data for Pittsboro and Chatham County for the month of March 2015:

Similar to many other areas of the Triangle, Chatham County saw an uptick in closed sales. Closed sales increased 7.8% when compared to March 2014. Even with that being the case, total closed sales for the year are actually down in Chatham County; this is definitely a laggard for the central part of North Carolina. Most towns and cities are seeing an increase in closed sales. That said, the media sales price for Chatham County homes is up quite a bit in both March 2015 and year to date. When looking at a historical chart of home prices in Chatham County it is clear to see these prices are at an all time high. Home prices in Chatham County bottomed in the early part of 2010 and are now at the highest levels we have ever seen. You can see that in the chart below:

If you are looking to buy or sell a house in Chatham County, North Carolina reach out to Real Estate Experts today!

March 2015 Durham, NC Housing Market Data

by Jodi Bakst

Find Historical Durham, NC Housing Market Data here

Below you will find a chart that shows the housing market data for Durham, NC in the moth of March 2015:

In a similiar fashion to Chapel Hill, Durham, NC saw a jumped in closed sales. Durham increased to 328 closed sales compared to 274 during the same month in 2014. This brough total closed sales up to 724 for the year which is a 4.9% increase compared to the same time period in 2014. This has been common across many of the town and cities in central North Carolina. The median sales price for a home in Durham, NC increased to $185,000 in March 2015 which is up 8.8% from a year ago. When looking at historical charts of the median sales price for a home in Durham, NC we are not in all time high territories. The median sales price in Durham is up to $215,205. In the early part of 2012 home prices bottomed in Durham but have since been on a steady uptrend. You will see that in the chart below:

If you are looking to buy or sell a home in Durham, North Carolina please reach out to Real Estate Experts today. We have a professional staff that can help you find the home you are looking for or sell your home at the correct price. 

March 2015 Chapel Hill Housing Market Data

by Jodi Bakst

Find historical Chapel Hill Housing Market data here.

Below find a Real Estate Experts chart that shows the housing market data for Chapel Hill and Carrboro, North Carolina

March was a very good month for closed sales in the Chapel Hill and Carrboro area of North Carolina. Closed sales jumped 24.8% to 136. This brought the total for the year to 299 which is up 8.3% compared to 2014. Months supply of inventory dropped to 7.2 months but that is still high compared to some of the other areas in the Triangle such as Cary and Apex. The average sales price increased 3.4% to $369,279. This pushed the year to date average sales price over $365,000. When looking at historical charts of home prices in Chapel Hill we are slowly getting back to that all time high that was set in the early part of 2011. 

If you are looking to buy or sell a house in Chapel Hill or Carroboro, North Carolina please reach out to Real Estate Experts today. We have a group of professional real estate agents that can help you find exactly what you are looking for. 

Real Estate Experts Lists 505 Rockgarden Road in Carrboro

by Jodi Bakst

Home in pristine condition in the McDougle schools walk-zone.  Open, light & bright floor plan.  Hardwoods throughout first floor.  Lovely living room with vaulted ceilings and view to private, wooded back yard.  Kitchen with custom cabinets, granite CC and SS appliances.  Large first floor master bedroom with excellent walk in closet.  Excellent size bedrooms and good bonus on second. Cool light fixtures thruout.  Private back yard and large side yard.  New exterior paint and carpet.  Homes backs to HOA green space.

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Contact Real Estate Experts for more information or to see this home or click here to search for homes for sale in Carrboro NC.

Wonderful designer owned and decorated home in Durham’s sought after Trenton neighborhood with upgrades galore.  Fantastic open floor plan with living dining room combination which is perfect for entertaining. The kitchen has custom maple cabinets, a custom backsplash, upgraded appliances, a great pantry and more.  The master bedroom is warm and sophisticated with its vaulted ceiling and sitting room.  Enjoy the screened porch and large back yard that backs to green space. Don’t miss the many upgrades including the large unfinished walk-up attic with rough plumbing, the full irrigation system with two water meters, the wiring for a generator, the plantation shutters and so much more. 

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Contact Real Estate Experts For A Showing or visit us on line to search for homes for sale in Durham NC.

Walk to Downtown Mebane!

by Karyn Cho

Wonderful ranch home minutes from downtown Mebane's shops & restaurants! Main living area is bright & open, great for gatherings, with vaulted ceilings, gas fireplace, laminate floors & window treatments. Kitchen with island is well appointed for the cook & the heart of the home! Master suite just off main living area with walk-in closet, relaxing bath has dual vanity, skylight & jetted tub. Two bedrooms & bath on other side of living area give guests or kids their privacy. Fully-fenced backyard is seeded, has storage building, dog pen, seeded & garden bed. Location is perfect...short drive to UNC, Duke, Elon, Tanger Outlets.

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For your private showing, contact Karyn Cho!

Real Estate Experts Lists 836 Shadylawn Road in Chapel Hill

by Jodi Bakst

Enjoy your tree house in the woods near Lake Forest.  Three bedrooms and a fantastic, fully equipped apartment with a separate entrance and patio.  The house has beautiful hardwood floors, loads of windows and an expansive deck overlooking Falling Creek.  Don’t miss the third floor bonus space with access to the roof top terrace for an office or exercise room. Delight in this peaceful spot so close to town.

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Contact Real Estate Experts to view this listing or to search for homes in the area.

Do You Have Mortgage Related Questions?

by Jodi Bakst

Many home buyers struggle with some of the financial terms used when completing the transaction. What exactly is PMI? How much of a down payment do I need before starting the home search process? Why are mortgage rates higher in some states than others? Do I use a bank to get a mortgage or a broker? These are all important questions that must be answered before buying your first home or your fifteenth home. Unfortunately, many buyers and sellers are not aware of the new rules, regulations and laws related to the mortgage industry.

Recently, Realtor.com offered advice on mortgage related questions. You can read the blog post here. If you are willing to do your research you could save quite a bit of money by locking in to lower mortgage rates and avoiding some of the extra costs by not having enough money to put down. There is too much great information available on the Internet to remain in the dark when it comes to the mortgage vocabulary. We would also suggest using the website HUD.gov to get more information related to government programs and regulations.

You may find that you can get tax incentives or reductions when making a home purchase. While the first time home buyer tax credit has expired there are still other tax credits that can help you reduce the total cost of your home purchase. If you have any questions related to a mortgage payment or the process of getting a home mortgage please reach out to Real Estate Experts today. 

Post Title

by Jodi Bakst

Well maintained one level home with a fantastic location close to Chapel Hill, Hillsborough and I-40. Upgraded kitchen with granite countertop, stainless steel appliances and a built in dishwasher was added as well.  New Pergo floor in living room, dining area, kitchen and hallway make the space look large.  Light and bright family room with masonry fireplace.   Good size bedrooms and a very nice front and back yard.  Low Orange County Taxes.  Priced at $175,000.

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Search homes for sale in Chapel Hill NC or contact us at www.realestateexperts.net/contact.

Displaying blog entries 1-10 of 460

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Real Estate Experts
Team Jodi
501 Eastowne Drive, Suite 140
Chapel Hill NC 27514
919-697-5014
Fax: 1-877-206-5036