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Chapel Hill and Durham Real Estate Blog

Chapel Hill - Durham Real Estate Blog

Jodi Bakst

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Displaying blog entries 231-240 of 481

Wonderful all Brick Cape Cod Home

by Jodi Bakst

Team Jodi just listed a home at 2618 Nation Avenue, Durham, NC 27707


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Cul-de-Sac Home on Large Lot in Chapel Hill

by Jodi Bakst

Team Jodi just listed a cul-de-sac Home on Large Lot in Chapel Hill at
103 Marigold Court, Chapel Hill, NC 27516


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Excellent Parkside Home Surrounded by Green and Open Space

by Jodi Bakst

Team Jodi has just listed an excellent Parkside home surrounded by green and open Space
at 432 New Parkside Drive, Chapel Hill, NC 27516 - MLS# 1751139


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Well appointed home in excellent SW Durham location

by Jodi Bakst

Team Jodi has just listed a home in SW Durham location
at 8418 Eagle View Drive, Durham, NC 27713 - MLS# 1749498


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Click here to view Team Jodi's Chapel Hill Real Estate and Durham Homes for Sale

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2.875% on 5-1 ARMs -- UNBELIEVEABLE INTERST RATES

by Jodi Bakst

I just learned from Laura Hall with Corporate Investors that 5-1 Arms are under 3%.  I could not believe it.  Here are the most update rates:

                        Weekly Interest Rate Update

 Financing Progam

Rates

Fixed 30-Year to $417K

3.875%

Fixed 30-Year Jumbo

4.875%

Fixed 30-Year FHA

4.0%

Fixed 15-Year to $417K

3.375%

5/1 ARM to $417K

2.875%

5/1 ARM Jumbo

3.25%

 

 

 

 

 

 

 

30 year rates are holding steady at under 4% which is also tremendous.  This is a great time to buy.  Inventory is excellent and interest rates could not be better.

Here is our local market update:

Chapel Hill

  • Closed sales are up 14% over 2009.
  • The median sales price is up 2.3%.
  • The average sales price is down 2.5%.
  • The list to sales price ratio is 96.6%.
  • The average days on market have increased 12.9%, from 97 to 110 days.

Durham

  • Closed sales are on par with last year, they are neither up or down.
  • The median sales prie is down 2.3%.
  • Average prices are down 4.5%.
  • The list to sales price ratio is 96.5%
  • Average days on market are the same at 87 days.

Click here to learn more about Team Jodi.

Click here to view Team Jodi's Chapel Hill Real Estate and Durham Homes for Sale.

Click here to Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area.

Interest Rates, Sales & Housing Affordability

by Jodi Bakst

It is time for Team Jodi’s weekly market update.  I first want to give you today’s interest rates – which are still at all time lows.

Last week I talked about how although year to date sales are up over last year, the market has slowed since the end of the home buyer tax credit.  I am glad to report two important facts.  First, showing activity picked up substantially over June and July and I am getting many more showings on my listings and seeing properties going under contract.  

 

Second, housing affordability is at or near an all time high.  This has been created by lower home prices and incredibly low mortgage rates.  Right now, 72.3 percent of median-income families nationally can now afford to buy the median-priced house. Historically that number has stayed in the low 60 percent range, and it has in the past slipped below 50 percent.  

In the Raleigh-Durham-Chapel Hill area, housing affordability has increased 2% since last year and 19.3% since 2008!

The other great news is that employment numbers improved.  The unemployment rate in the Triangle dropped to 7.5% in July from 7.6% in June.  The Triangle region is the healthiest job market in North Carolina.  By comparison, the jobless rate in Charlotte is 10.6% and the rate for the State is 9.8%. 

These are all great indicators.  Let’s just hope that things continue on this path and keep improving. 

July Market Stats for Chapel Hill and Durham

by Jodi Bakst

Well, the July numbers are out and they are not surprising.  I kept saying that that the market was slowing down and the numbers support this statement.  So, here are the stats for Chapel Hill and Durham.

Chapel Hill 

  • Listings are up 16.5% from July last year.
  • Sales are down 14.9% from July last year BUT year-to-date, sales are UP 18.4% -- this is in large part due to the activity generated by the home buyer tax credit. 
  • Median sales prices are up 1.5%. 
  • Average prices are down 2.7%. 
  • The list to sales price ratio is way down at 96.5% when a few years ago at this time of the year we were at 98 to 99%. 
  • The average days on market is also up 7.6% to 106 days.

 

Durham 

  • Listings are up 9.3% from July last year.
  • July sales in Durham are down 33.7% which is much more than Chapel Hill.  The trend continues, however, because year to date sales are up by 4%. 
  • Median sales prices are down by 2.3%. 
  • Average prices are down 4.9%. 
  • Homes in Durham are also selling for about 96% of their list price.   
  • The good news in Durham is that, on average, houses are selling a bit faster with the days on market at 85 days. 

 

 

 

 

 

 

 

August is typically a closing month.  The showing activity has picked up since July and things are starting to move. Interest rates are still at an all time low and the inventory is better than ever.  This still makes it a great time to buy.  The conditions truly could not be better.

Interested in knowing your homes value or getting a snapshot of the market?  Visit www.TriangleHomeValue.com.

Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest. 

 

Is it a Buyers or Sellers Market in Durham?

by Jodi Bakst

Last week I posted the chart below to show that interest rates are truly at an all time low.  With rates as low as they are, this is the time to take advantage by either refinancing your home or purchasing a new home. 

Please note that if you can reduce the rate on your mortgage by a full point, it is really worth considering refinancing. 

Mortgage Rates – A 10 Year History

Here are todays updated mortgage rates:

 CONFORMING                                                        JUMBO (Over $417 Loan Amt)

30 Yr Fixed    4.25%                                                  30 Yr Fixed   5.375%

15 Yr Fixed    3.75%                                                  15 Yr Fixed   4.875%

30 Yr Fixed (FHA)     4.25%                                     7/1 Arm         4.75%

7/1 Arm           3.5%                                                   3/1 Arm         4.375%

5/1 Arm           3.25% 

Last week I reported on the inventory in Chapel Hill which showed the existence of quite a buyers market.  This week I want to show you what is going on in Durham. 

In Durham, there is about 7 months of inventory on the market for houses priced between $100,000 to $400,000.  This is a balanced inventory but I truly think that more than 5 months of inventory is starting to tip the scales in favor of the buyer.

There is 10-12 months of inventory for houses priced between $400,000 to $600,000. 

There is more than 12 months of inventory in Durham for homes priced above $600,000.  Houses price above $600,000 are in the extreme buyers market category. 

If you look at the numbers below, there is far more inventory in Durham priced below $400,000 than above.  Overall, the market is balance in Durham.  

Given that mortgage rates are so good right now and there is still great inventory on the market, it is worth evaluating your options to buy. 

Durham July 2010 Single Family Home Sales By Price Range

If you would like loan information or to talk about the market and your options, give me a call at 919-697-5014 or toll free at 1-88-TeamJodi (888-326-5634).

Interested in knowing your homes value or getting a snapshot of the market?  Visit www.TriangleHomeValue.com.

Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest. 

These are great tools for tracking the real estate market!

Team Jodi has just listed a home in the Chapel Hill school district in a quiet cul-de-sac
at 7112 Crescent Ridge Drive, Chapel Hill, NC 27516 - MLS# 1741654


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Click here to learn more about Team Jodi

Click here to view Team Jodi's Chapel Hill Real Estate and Durham Homes for Sale

Click here to Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area

Team Jodi has just listed a home on 1+ acre in Falls of New Hope
5827 Brisbane Drive, Chapel Hill, NC 27514


5827 Brisbane Drive

Click here to learn more about Team Jodi

Click here to view Team Jodi's Chapel Hill Real Estate and Durham Homes for Sale

Click here to Search homes for sale in Chapel Hill and Durham and the surrounding Triangle NC area

Displaying blog entries 231-240 of 481

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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