Durham 2019 Property Tax Revaluation

Property Tax Revaluation

Durham is conducting a property tax revaluation in 2019.  In North Carolina, all homes must be appraised for tax purposes at least every 8 years.  Historically, counties throughout the Triangle have reassessed property values either every 4 years or 8 years.  Durham County has decided to undertake a new property tax revaluation on a 3-year cycle.

  • On January 1, 2019 the new property tax values will be effective.
  • On January 30, 2019, the County will mail all Durham County property owners with their new property tax values.
  • If a home owner disagrees with their new property tax revaluation, the Appeals Board Process begins. Appeals must be submitted no later than May 3, 2019.
  • In June Durham County and City will set their tax rates for the year. This is when homeowners will know their actual tax bills for 2019.
  • Durham will not reassess properties for tax purposes until 2023.

See below for detailed information about Durham Counties revaluation process and how to appeal Durham’s 2019 property tax values.Why Is Durham County Reappraising Property Values?

Q.  Why Is Durham County Reappraising Property Values?

A.   North Carolina (via General Statue 105-286) requires all counties to a reappraisal at least once every eight years. Durham County’s last reappraisal was performed in 2016.  The goal of reappraisal is to help ensure the county’s tax burden is distributed equitably based on current property values.

Q.  When Will The Reappraisal Take Effect?

A.  The Effective Date for the reappraisal is January 1, 2019.

  • A notice of the change of value will be mailed to homeowners on January 30, 2019.
  • The new values will be used to calculate the tax bills.
  • Your new tax bill will not be known until the taxing jurisdiction sets the budge in June 2019.
  • The new tax value will remain in place until the next reappraisal which is set for 2023.

Q.  What is Reappraisal?

A.  Reappraisal (also known as revaluation) is a process that resets the taxable value of all real property to its current market value. This includes vacant and improved land, whether residential, commercial, agricultural or industrial.

Q.  What is Market Value?

A.  Market value is the most probable price a property would bring in an open and competitive market. The Durham County Tax Administration Office analyzes the patterns and trends of the local real estate market and use the information to estimate market values for all properties.

Q.  Why is Durham shortening the reappraisal cycle from eight years to three years?

A.  Durham felt that if they waited for eight years to revalue properties, there would be more inequities and in the long run would lead to larger changes in tax values. A shorter cycle reduces the chances of this happening and helps make property taxes “more equitable, predictable and manageable.

Q.  Is There A Circumstance In Which Values Would Change Before A Tax Revaluation?

A.  There are a few important circumstances where a tax value would change before a reappraisal. These include new construction or a change in zoning.  When either of these occurs to an individual property, its market value is adjusted using the rates developed for the most recent reappraisal year.  For example, if a house is built in 2020 on a lot that was vacant in 2019, the new house and lot will be appraised using January 1, 2019 market values.

Q.  How Can You View The Information You Have On File For My Property?

A.  Visit http://www.dconc.gov/taxhelp. Type in your parcel number and click “Submit to Review & Compare.”

  • Go to Step 1 where you can review the information the County has on file. If any of the information is incorrect, request that the county change the inaccurate information.
  • You request changes by clicking on the “I would like to request Changes” button and provide the County with the accurate information about your property. DON’T FORGET TO PROVIDE YOUR CONTACT INFORMMATION.
  • Or, call 919-560-0300, to talk to County staff and provide them with the information.

Q.  How Do You Know If You Should Appeal?

A.  The County is revaluing properties BASED ON THEIR MARKET VALUE AS OF JANUARY 1, 2019. If you think the 2019 appraised values is too high, you should:

  • Contact your Realtor and have them run comparable sales and evaluate the new property value.
  • If the new County tax value is above the market value, you have grounds to appeal.

IF YOU THINK YOU WANT TO APPEAL YOUR TAX VALUE, YOU CAN RESEARCH THE COMPARABLE SALES USED BY THE COUNTY.  CHECK THESE OUT TO SEE IF YOU THINK THESE ARE UNREASONABLE.

  • Go to http://www.dconc.gov/taxhelp and type in your parcel number. Click “Submit to Review & Compare.”
  • STEP 1: Click on the RED button under the map labeled “Find Similar Sales.” OR
    • Go back to the “Tax Help” page and click on STEP 2 to compare
  • Once at the “Compare” page, you can refine the results by clicking on the buttons across the top of the map.

YOU SHOULD APPEAL YOUR TAX VALUE IF THE INFORMATION ABOUT YOUR PROPERTY IS INACCURATE CAUSING AN INACCURATE VALUE OR IF THE COMPARABLE SALES SHOW THAT THE COUNTY’S VALUE IS TOO HIGH.

Q.  How Can You Appeal?

A.  Before you appeal, the County wants you to do the research outlined above to have a true basis for the appeal. If you think the new tax value is incorrect:

  • Submit your update on line or call at 919-560-0300.
  • APPEALS MUST BE SUBMITTED NO LATER THAN MAY 3, 2019!!!!!! 
  • Appeals will be sent to the Board of Equalization and Review which is scheduled to begin meeting in April 2019. After the Board hears your appeal, they will send you written notification of their answer.  If you disagree with the Board’s decision, you will have 30 days to file another appeal with the NC Property Tax Commission in Raleigh.  Instructions for how to appeal to the NC Property Tax Commission will be provided in the letter from the Board of Equalization.

 Q.  Do You Need To Attend The Appeal Hearing?

A.    You can appear in person before the Board of Equalization and Review but it is not required. If you are unable to attend, the case will not be rescheduled, it will be heard on the scheduled date.  They will evaluate the information submitted and mail you the decision.

Q.  How Long Does The Appeal Review Process Take?

A.  Appeal reviews take between 30-120 days and largely depends on how many appeals are filed in a given neighborhood. If there is a large number of appeals within a specific neighborhood, then the process may take longer.

Q.  Will My Tax Bill Change?

A.  Not Necessarily. The annual tax bill for a property is based on the tax value AND the tax rate determined by the County.  The tax rate is determined by the taxing jurisdiction in June each year.  Some tax values will rise and some may decrease, it depends on the rate for your area in combination with the tax value.

Q.  Are There Any Property Tax Exemptions?

A.  There are some property tax exemptions in Durham. To see if you are eligible for any of the exemptions:

  • Choose “Property Tax Relief Programs”. The programs are:

Real Estate ExpertsFor more information or to ask questions about your home value, please contact Real Estate Experts at info@realestateexperts.net or call Jodi Bakst at 919-928-5131.

Nearly Half of U.S. Renters Are Burdened by Housing Costs

Over the past ten years, the American economy has been on a rapid rise, yet more and more people are struggling to afford rent. According to the new report published by Apartment List, almost half of American renter households can be classified as cost-burdened, spending more than the recommended 30% of their incomes on rent.

Share of cost burdened renters

Essentially half of renter households are still spending more than the recommended amount on their housing costs, while nearly one in four spends at least half of their household income on rent. The number of cost-burdened households reached an all-time high in 2014, even though the cost burden rate was improving. Luckily, the number of rent-burdened households has started to fall and is currently lower than the 2014 peak by 774,000 households. Importantly, 2017 was the first year since 2010 that the number of unburdened renter households decreased, indicating that this year’s improvement in the cost burden rate reflects genuine improvement rather than compositional change. That said, the total number of rent-burdened households remains higher than the 2007 level by 3.1 million households.

In North Carolina, the overall cost burden rate fell from 46.9% to 46.4%. This is well below the national average than the national average of 49.5%.

Rental Housing Cost burden rate is decreasing in the Durham metro area.

According to Apartment List’s report, Durham has the nation’s #41 highest cost burden rate. The cost burden rate decreased from 51.2% in 2016 to 49.4% in 2017. This in turn makes Durham the #41 highest cost burden rate of the nation’s 100 largest metros. 25.0% of renter households in Durham are severely cost-burdened, while 24.4% are moderately burdened. The of cost-burdened renter households in Durham has increased by 9,573 since 2007.

In contrast, the rental Housing cost burden rate is increasing in the Raleigh metro area.

Raleigh has the nation’s #8 lowest cost burden rate.  Yet, the cost burden rate in Raleigh increased from 42.1% in 2016 to 42.5% in 2017. Raleigh has the #8 lowest cost burden rate of that nation’s 100 largest metros. 17.7% of renter households in Raleigh are severely cost-burdened, while 24.8% are moderately burdened. The number of cost-burdened renter households in Raleigh has increased by 13,787 since 2007.

Cost burden rates tend to be highest in coastal areas with high housing costs.

Miami has a cost burden rate of 62.7 percent, the highest of the nation’s 100 largest metros. Nearly one in three cost-burdened renters (30.8 percent) lives in California, New York or Florida. In 20 of the 25 largest metros, a household earning the median renter income would be cost-burdened by the median rent.

Rental Trends: Raleigh vs National Comparisons

Luckily, the number of rent-burdened households has started to fall and is currently lower than the 2014 peak by 774,000 households. That said, the total number of rent-burdened households remains higher than the 2007 level by 3.1 million households.

Signs of improvement can also be seen when we compare growth in the median renter income to growth in the median rent. The chart below shows that the median renter income grew faster than the median rent for the sixth straight year.

rental income gap closing with rent growth

At last, Apartment List explored the relationship between income growth and cost-burden increase. Below is a chart that demonstrates that when income growth outpaces rent growth, cost burden rates will tend to fall. In the Triangle, income has been growing faster than rents, due to the booming job market in the area, which in turn affects the cost burden rate in the Triangle. Large technology companies and vast job opportunities in science and academia make the Research Triangle surrounding Raleigh appealing to new Science, Technology, Engineering and Mathematics (STEM) grads. Combined with relatively low housing prices, the Triangle is the next go-to destination for tech workers around the nation. Despite rapidly increasing rent prices, Raleigh, Durham and Chapel Hill are still more affordable than most tech centers.

Cost burden increases when rent grows faster than income

A lack of affordable housing in areas of economic opportunity remains one of the most pressing issues. Households that struggle to pay rent oftentimes have to cut back other basic necessities, which can result in adverse and long-lasting consequences. While the data do show some improvement, there is still much left to accomplish to ensure that everyone can comfortably afford a place to rest their head.

Real Estate Experts Property Management Company

It’s important to understand what is involved in renting your home, especially if you haven’t done it before. Don’t let that deter you, or intimidate you!  A great property management company is an important part of

the equation, and Real Estate Experts has the knowledge and expertise to help you handle all of the details.

Related Posts: Property Managers Can Make You Money…;Rental Property ManagementAre you thinking of renting out your property?

Trend of Low Inventories

low-inventoryWhen you are saying that the Cary North Carolina market has a low inventory it depends on what you are comparing it too.  Are you comparing it to the number of homes on the market last year at the same time?  Are you comparing it to homes in a price range? Or even homes in a certain area?

According to Reuters, “U.S. home sales fell more than expected in December as the supply of houses on the market dropped to a record low, pushing up prices and sidelining some potential first-time buyers”.  They also said, A shortage of affordable homes for sale will frustrate the ambitions of many first-time buyers.  First-time home buyers are forced to stay in rental market longer than planned.  This information was provided by Matthew Pointon, property economist at Capital Economics in New York.

“We expect little growth in sales in 2018, given tight inventories,” said Gregory Daco, chief U.S. economist at Oxford Economics in New York.  Affordability is crimped by rising mortgage rates, posing an additional headwind to sales.

The Cary North Carolina market will fluctuate depending on price and area of the property.   A 6 month supply of property often considered to be a balance market by that National Association of REALTORS®.   When homes sell faster than 6 months it is considered to be a seller’s market.  Likewise, when homes take longer than 6 months to sell that is considered a buyers’ market.

Everyone knows that supply and demand affect price.  When the so called “Housing Bubble”, the demand decreased so much that the supply increased to 4 million houses or more.  The prices of homes took a beating.    Also, the increased inventories of foreclosures, short sales, bank refusing to loan and the home building industries lack on new housing starts all contributed to very low home prices.

“New construction has showed signs of perking up, but remains well below estimates of demand,” said Aaron Terrazas, as senior economist at Zillow. “More importantly, builders face rising labor, materials and land costs making it difficult to build at a price point attractive to entry-level buyers”.

Since that time the economy has improved, and banks have started to lower requirements, interest rates have stayed low and foreclosures have slowed.  Inventory nationwide is reduced to approximately 2 million homes.  When demand is at a constant level and inventory is reduced, home prices trend upwards.   This is because there are the same number of buyers trying to buy less number of homes.

Mortgage rates are now climbing each week in 2018 and consumer confidence level is going up.  This means that Cary North Carolina market is having an increase in demand.   Buyers are now noticing that home prices are increasing.

Spring is almost here and that is the normal busy time of year.  Home prices are going up and inventory is dropping.  So it is time to decide what you want to do before it is too late.

Check Out The Current Market Updates For Our Area

If you’re curious to know what inventory conditions are for your specific market, contact us with the price range and area and I’ll send you a report.

Real Estate Market Update – Cary, Durham, Chapel Hill – January 2018

Real Estate Market Update: Median Sales Prices Chapel Hill, Durham and Cary North CarolinaReal Estate Market Update:  Sales prices in Chapel Hill, Durham and Cary are on the rise. The three-year trend is excellent with median prices in  Chapel Hill and Cary around the $400,000 mark. Houses in much of the rest of the Triangle, including Durham, are more affordable. Median prices in Durham, NC are about $250,000.  Nationally, housing affordability remained flat for 2017.

To view homes for sale in Chapel Hill NC, visit Real Estate Experts web site.

Real Estate Market Update: Median Days on Market Chapel Hill, Durham and Cary North CarolinaReal Estate Market Update:  Days on Market (DOM) have been are still are amazingly low.  This means that overall houses are selling fast.  In January, however, DOM have increased a bit.  I think this is primarily due to a slightly slower start to the season and the weather.  To be specific; in July 2017 Average DOM were 13 in Chapel Hill, 5 in Durham and 6 in Cary.  In November 2017 this increased a bit to 33 in Chapel Hill, 8 in Durham and 10 in Cary.

In January, this has stretched out a bit more to 36 in Chapel Hill, 10 in Durham and 14 in Cary.  I expect to see these numbers come down as the season heats up.

If you are looking for homes for sale in Durham NC, visit Real Estate Experts web site.

 

Real Estate Market Update: Months Supply of homes for sale in Chapel Hill, Durham and Cary North CarolinaReal Estate Market Update:  The supply of inventory is incredibly low.  I don’t remember a time when inventory was this low.  In Chapel Hill there is less than 3 months of inventory and in Durham and Cary there is less than 2 months of inventory.  This is truly an excellent time to sell.  If you have been sitting on the fence, with inventory low, it is a sellers market.  Prices are rising.  With interest rates still low, buyers are moving on the opportunity before prices rise further.

If you are looking for homes for sale in Cary NC, visit Real Estate Experts web site.

Real Estate ExpertsReal Estate Experts is a full service real estate firm.  We represent buyers and sellers in the purchase and sale of residential homes.  We pride ourselves in our honesty and integrity, our knowledge of the home purchase and sale processes and our level of communication and responsiveness. We also have a residential property management company where we work with homeowners that want to rent their homes and we work with investors to get them the best Return on Investment (ROI) when purchasing investment property.  If you would like our help with any of these services, please contact us at 919-928-5131 or info@realestateexperts.net.

Related Posts:

Does Your Property Management Company Inspect Your Investment Monthly?Price My Home to Home ValueReady to Sell Your House? Consider The Best Home Improvements For Resale

Real Estate Experts Teams Up With Habitat for Humanity

Welcome back to our blog page here at Real Estate Experts! Helping people in our community is what we’re passionate about and whether that means guiding young couples through the purchase of their first home, aiding retirees in buying their dream home, or staying involved with volunteer opportunities in our community. Getting people into homes is what we do, and we wouldn’t have it any other way. There is no feeling like the one that we get when reading our client reviews and testimonials; we’re here to make a difference and that’s all that we’re about.

Ways We Give Back

One exciting way that we make a difference in our Durham/Chapel Hill communities is by partnering with organizations that also feel strongly about helping people in need. Real Estate Experts is so incredibly excited about our community event coming up on March 10th. We will be sponsoring a Habitat for Humanity build team. Real Estate Experts is committed to making a difference in our community and we are looking forward to getting our hands dirty. We are honored to work with an organization like Habitat for Humanity and we absolutely love the work that they do. Let’s discuss a little bit about Habitat for Humanity.

 

Habitat for HumanityWhat is Habitat for Humanity?

Habitat for Humanity is a nonprofit housing organization that helps people in need all over the world. The vision of this company is to have a world in which everyone has a decent place to live and Habitat for Humanity works hard to try and make that dream a reality. Partnering with volunteers, businesses, and families, the organization builds homes for folks who either don’t have a place to live or are living in a dwelling that’s not safe or comfortable. Through the donations of good people, the help of many hard-working volunteers, and families who are willing to be vulnerable, Habitat for Humanity has built over 800,000 homes for people in need!

Habitat’s Beginnings

For most of us, Habitat for Humanity has become a household name, but like all non-profit organizations, it has a unique history that is all its own. The idea for Habitat came from a young farmer in the 1970s named Clarence Jordan who shared his thoughts with eventual founders Millard and Linda Fuller and thus, the idea for “partnership housing” was born. This concept is as simple as it sounds; with the help of volunteers, people in difficult circumstances could build a house free of charge, in a not-for-profit capacity. As the years progressed, Habitat for Humanity grew and developed into what it is today. Currently, they work in 1,400 communities across the U.S and approximately 70 countries. Over the years, Habitat for Humanity is proud to have helped 9.8 million people achieve strength, stability, and independence through well-built, safe, and affordable housing.

Real Estate ExpertsJoin Us on March 10th!

Real Estate Experts is so excited for this chance to partner with Habitat for Humanity to make a difference in our community. Want to get involved? Sign up here.

There are two build teams, one from 8:15 – 12:00 pm and a second from 1-4:30 pm.

If you don’t have time to volunteer and help build, then think about making a donation Habitat for Humanity. Your donation can make a real difference in someone’s life! And if you’re curious about real estate here in Durham, Chapel Hill, Hillsborough or Cary/Apex/Morrisville, consider working with the best real estate agency!

Here at Real Estate Experts, we make it our business to see good people get into homes they love! If you’re looking for a great realtor in Durham or Chapel Hill, make sure you give us a call; we’d love to get you into your new townhome, condo, or dream house. Contact us to learn more!

Does Your Property Management Company Inspect Your Investment Monthly?

We have two key foundations of our business model.  Real Estate Experts’ property managers inspect the outside of the properties we manage monthly and we inspect the inside quarterly.  The driver behind our business is that no properties under our management will get beat up on our watch.

Do you own a rental or investment property?  Do you use a property management company? How many property management companies did you interview before deciding who to hire to protect your investment?

I was with clients the other day looking at their rental property that they are going to put on the market to sell.  This property is managed by a local property management company.  It is not managed by us, Real Estate Experts.

We found this crack in the foundation while doing a visual inspection of the property.  What would you do if you saw something like this and you were paying a property management company to take care of your investment?

Property Management

 

These home owners had a tree go down over a year ago.  The tree was removed but no one told the owners about this crack nor suggested that it be repaired.  If Real Estate Experts was the property management company for this home, this never would have happened.

Why?

Under our business model, we would have caught this problem immediately.  Real Estate Experts’ property managers inspect the outside of the properties we manage monthly and we inspect the inside quarterly.  We also respond immediately to things like trees going down.  We would not just have a tree company remove the tree, we would go to the house and inspect it to make absolutely sure there was no damage done to the home or other trees.

What other property management company inspect the inside and outside of the properties under their management on a regular basis.  None that I know of.  This is just one thing that sets Real Estate Experts apart from the pack.  At Real Estate Experts, we go the distance to protect your investment.  The #1 requirement is that no property under our management will get beat up on our watch and certainly if there is storm damage we are going to find it and have it repaired.  This is why we visit the properties we manage on a monthly and quarterly basis.

We would have seen a crack like this when it happened.  We would have gone to the house to inspect the property.  If by chance it happened later, we still would have caught it at one of our monthly inspections.  We would notify the property owner and the repair would have happened next.

I am glad that we found it now so it will be repaired properly before putting the  house on the market for sale.

ADDENDUM TO THIS POST –  A few days later I returned to the property with a general contractor to evaluate the needed repair.  This is what we saw this time.

property management

Like I said, this problem would NEVER get this far on our watch!

 

Real Estate Experts Property Management Company

It’s important to understand what is involved in renting your home, especially if you haven’t done it before. Don’t let that deter you, or intimidate you!  A great property management company is an important part of the equation, and Real Estate Experts has the knowledge and expertise to help you handle all of the details.

Related Posts: Property Managers Can Make You Money…;Rental Property ManagementAre you thinking of renting out your property?

 

2018 FHA Loan Limits and Conventional Loan Limits Increase in The Raleigh-Durham-Chapel Hill Metro Area

FHA Loan Limits

FHA Loan Limits

FHA loan limits  and conventional loan limits have increased for 2018. The new loan limits take effect on January 1, 2018.  FHA loan limits vary by county. These limits are determined by the Department of Housing and Urban Development (HUD).

In the Raleigh-Durham-Chapel Hill metro area, the 2018 loan limits increased significantly.  In 2017 the limits increased by 2.6% in Durham, Orange and Chatham Counties and 4.4% in Wake County.

The FHA loan limits for 2018 increased 8.2% in Durham, Orange and Chatham Counties and 3.12% in Wake County. 

These caps increase based on the size of the property, or specifically the number of units.  For instance, higher limits are usually allowed for two-family duplex homes as compared with single-family properties.

The FHA program can be used for single-family or multi-family properties with up to four units. Anything more than four units is generally considered to be commercial real estate.

2017 vs 2018 FHA Loan Limits

 

County

2017

1 Unit

2017

2 Units

2017

3 units

2017

4 Units

Orange

$350,750 $449,000 $542,750

$674,500

Durham

$350,750 $449,000 $542,750

$674,500

Chatham

$350,750 $449,000 $542,750

$674,500

Wake $300,150 $384,250 $464,450

$557,200

 

County

2018

1 Unit

2018

2 Units

2018

3 Units

2018

4 Units

Orange

$379,500 $485,800 $587,250

$729,800

Durham

$379,500 $485,800 $587,250

$729,800

Chatham $379,500 $485,800 $587,250

$729,800

Wake $318,550 $407,800 $$92,950 $612,600

Source: Housing Wire, December 2017

The National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages, or Reverse Mortgages, will also increase from $636,150 to $679,650.

If you are looking to buy a single-family home or a multi-unit property, it is important to know that the FHA and conventional loan limits have increased.  This gives you – the buyer – more buying power!

As a quick reminder, the benefits of getting an FHA loan over a conventional loan is that an FHA loan has lower down payment requirements and less stringent credit score requirements.

Conventional loans have advantages. If you make at least a 20 percent down payment for your home, you will not have to pay private mortgage insurance (PMI). An FHA loan-– no matter the amount of down payment — requires an upfront premium and also a monthly premium for the life of the loan.

Don’t forget that the upfront premium can be paid for by the seller!  All you need is a great buyer’s agent who will negotiate this for you in the contract.  This is exactly what we at Real Estate Experts are here for.

Remember, FHA mortgage insurance is not cancelable.  Conventional mortgage insurance is cancelable once the home has 20% equity.

Conventional Loan Limits

For those of you that want a conventional loan, the 2018 limits are 6.8% higher than the 2017 limits.

2017 vs 2018 Conventional Loan Limits

Units

2017 2018

Single Family

$424,100

$453,100

2 Units

$543,000

$580,150

3 Units $656,350

$701,250

4 Units

$815,650

$871,450

Source: Academy Mortgage

The higher conventional loan limits mean that the loan can be higher, e.g., up to $453,100 for a single-family home, and not require a jumbo rate.  This is very significant because jumbo loan rates are higher than non-jumbo rates.  The higher loan amounts coupled with the lower rate give you the buyer more buying power at a lower cost.

If you are in the market to buy, we at Real Estate Experts are happy to guide you through the process.  We partner with fantastic, experienced lenders who know how to distill the complexities of getting a loan.

Our skilled buyer agents also know how to guide you through the home buying process so that you understand everything along the way.  We do everything we can to ensure a smooth home buying process.

Chatham Park

Chatham ParkAfter 13 years of land acquisition and planning, Preston Development is about to unleash Pittsboro’s “800-pound gorilla” known as Chatham Park. Preston Development is known locally for their high-end residential communities of Preston and the Prestonwood Country Club, MacGregor West, Wessex, Weston Estates, Camden Forest, Magnolia Woods and Stanton Place.

Chatham Park is a 7,000+ acre technological Live-Work-Play community bounded by the Haw River on the North and East, Highway 15-501 and the town of Pittsboro (pop. 5,000) on the West, and Rte. 1 and Sanford to the South. Think of it as a more integrated and “suburb-urb” version of Cary combined with RTP.

The theme is integration and harmony of work, home, and social life.  Clusters of multi-use structures offer the convenience of residential living (22,000 homes) in close proximity to retail, restaurants and other amenities.  The development will be broken up into four or five villages that are made up of neighborhoods.  A new bridge over US Hwy 64 Bypass connects the North Village Phases now under construction.

Thale’s Academy, a K-12 private school emphasizing strong character in its students, and with campuses in Raleigh and Apex, is now under construction.  Swimming pools and fitness facilities will also be in the mix. Green features include Smart-meters (for electrical-use monitoring), purple pipe for recycled water, car charging stations, and park-like open spaces. Build-out is planned over the next 12-14 years.

The Vineyard is the first residential area of North Village beginning sometime in 2018 with approximately 650 single-family detached homes and townhomes. Among those first offerings will be 25 traditional single-family homes with prices starting at $375,000, along with 31 cottages (850– 1,250 square feet) starting at $225,000. To date, only the cottages have been officially approved by Pittsboro for construction and builders have yet to be designated. This enclave of homes comprises the heart of the Park, and is walkable to downtown Pittsboro. (See Map)

Eco Group, a joint venture of John Fugo of Montgomery and Kirk Bradley of Lee-Moore Capital Company, is developing MOSAIC, the commercial phase of Chatham Park. The master plan for MOSAIC will encompass an $800 million, 350-acre mixed-use development featuring restaurants, grocery store plus other retailers, banks, a movie theater and a 120-room Hampton Inn.

It will also have 320 apartments, 120 of which will be for residents 55 and older.  Construction will take about 3 years for this commercial phase. Fritsch Milling and Sizing, a German tech/manufacturing company, has chosen Chatham Park as the home of their new United States office and represents the first technology business to commit to the Park.

Preston has already constructed a 25,000-ft. office building on Grant Street, housing several tenants, including Chatham Park, R. B. Fitch, MHAworks Architecture, and WithersRavenel Engineering. UNC Heatlhcare has also constructed a building near the northern entrance to the Community in cooperation with Chatham Hospital and UNC Hospice.

Penguin Place at Chatham ParkPenguin Place, developed by Ron Strom of Chapel Hill, will open soon near the intersection of Hwy 15-501 and Hwy 64 Bypass, across from the entrance to Northwood High School. Penguin Place consists of over 14,000 square feet of retail and restaurant space, including The Root Cellar Restaurant’s second location.

Some Chatham County residents say they are still worried about all the changes happening around them, including the effects on water, open space and traffic. A group called Pittsboro Matters raised about $100,000 to sue the town of Pittsboro over Chatham Park, but a judge dismissed the case. Elaine Chiosso, Haw Riverkeeper, and member of the Haw River Assembly, is still sharing her concerns about the loss of thousands of acres of forested land. “It’s an enormous impact on the Haw River and Jordan Lake to have a new city built on the watershed and this close to the Haw River and Jordan Lake.”   (Kay Trogdon – N&O – 7/17)

A professional realtor is your best ally in buying or selling a home, no matter what the season. When it comes to the real estate market, we stay on top of the numbers and we want you to be knowledgeable too.  Check out the update to date market stats on Chapel Hill, Carrboro, Hillsborough, Durham, Pittsboro, Raleigh, Wake Forest and Cary, Apex and Morrisville

 

If you are interested in learning about available properties in the greater Triangle area, visit us online.  Call us today at 919-928-5131 or e-mail us at  info@realestateexperts.net for additional information.

2017 Third Quarter Real Estate Market Update

Real Estate Market Update — The National Association of Realtors Chief Economist Lawrence Yun says that “the national housing market is nearly stalled due to a lack of supply.”  This theme resonates in our Triangle real estate market, although we are experiencing fairly robust activity, despite inventory challenges.

  •  North Carolina is now the 9th most populous state with 4 Triangle Counties among the fastest growing in NC since 2010: Wake (+16%), Chatham (+14%), Durham (+13%), and Johnston (+13%). The Raleigh-Cary Metro area population grew by 2.5% in 2016 alone, and is the 14th fastest growing region in the US. The Durham-Chapel Hill Area grew by about 1.5% in 2016.
  • Fueling this growth is the general migration pattern in the US from North to South. Newcomers are attracted to our climate, employment opportunities, affordable housing, quality of life, healthcare, and by their adult children who moved here over the past 15-20 years – “trailing grandparents”.
  • Immigrants and investors have also contributed to growth in our area, including sizeable Mexican, Asian, and Indian populations. One less obvious factor influencing the market, especially at the entry level, are the increasing number of investors who are flipping homes, and who now account for nearly 6% of purchases nationwide.
  • All of these factors are driving the robust demand and appreciation impacting our real estate market, so let’s look at an overview of the trends and statistics of the Triangle, and then try to unpack some of this data for several of our submarkets such as Chapel Hill-Carrboro, Durham, Chatham, and Cary-Apex.

Triangle Real Estate Market Update

  • We are now in a strong “Seller’s Market” in the Triangle due to increasing demand for housing, decreasing inventory of homes, and historically low interest rates. The average “Days on Market” is now under 2 months, with about 2.5 months of inventory in pre-owned homes.  New construction inventory is 3.5 months, with 1.5 months of inventory for townhomes and condos.

Real Estate Market Update - Months Supply of Inventory

  • With strong demand for housing coupled with low inventory, appreciation is gaining ground in the Triangle, ranging from a low of 4.2% in Chatham County to 15% in Durham, with 5-6% per year appreciation for most of the remaining Triangle regions.

Real Estate Market Update - House Appreciation

  • Average median sales price is up 6.5% over the past year (Sept 16- Sept 17) to $264,000, and overall sales were up 4.5% for the same period. The strongest sales volume has been for 4+ bedroom detached homes over $300,000. However, the fastest pace of sales has been for homes under $200,000, selling in just under 30 days.

Real Estate Market Update - Median Sales Price

  • Nationally, new homes are being built at only half the rate needed to keep up with demand. Rentals and apartments are a major focus of the
    national new construction boom.
  • “Metrostudy’s New Construction Survey” of the Triangle housing market shows that 2,547 new homes were started in the first quarter of 2017, up 4.3% from 1Q16. Annual housing starts through the end of 1Q17 were 8.5% higher than for the same period in 2016, and annual closings for new construction were up 11.5%.
  • The average sale price of a new home was up 15% with the most popular price point in the $300K – $399K range. Lot sales increased by 23% to 12,050 units for the year ending 1Q17.

Chapel Hill – Carrboro Real Estate Market Update

Year to date (Sept 2017), listings and closings are down 4% an 1% respectively, compared with the same period in 2016.  There are 3.7 months of inventory now, and the average Days on Market is 54. Median sale price is up 0.6% to $360,000 with sellers seeing 97.4 % of their original asking price.  There seems to be downward pressure on prices from new construction and affordable alternatives in neighboring areas such as Chatham, Hillsborough, and Southwest Durham.

Chapel Hill real estate market update - closed sales
Chapel Hill real estate market update - supply of inventory
Southwest Durham (Southpoint Area) Real Estate Market Update

There were 5.7% fewer listings in 2017 and 2% fewer sales, but the median price increased by 6.7% to $240,000, and homes sold for 99.2% of asking price.  There is only about a month of inventory available, so the pace is quick for sales in Southwest Durham, especially in “tried and true” subdivisions such as Woodcroft, Twelve Oaks, and Hope Valley Farms.  Some higher end homes such as those in Colvard Farms have longer market times and more price concessions to reach a sale. Drees, Toll Brothers, Terramoor, and Pulte all have new home communities active in this market.

Durham (Overall) Real Estate Markete Update

Again, inventory is down to 2 months supply with fewer new listings coming online, and 4% more closings over the same period last year, so demand is there.  Prices reflect this tight supply of homes and are up 9% over the past year, with the median home price at $229,000.  Days on market is down to about a month.  The most active price point is under $399K.  Entry level homes within walking/biking range of downtown are often under contract within days and with multiple offers due to the rejuvenation of downtown Durham.

Durham real estate market update - Closed Sales
Durham real estate market update - supply of inventory
 Cary-Apex-Morrisville Real Estate Market Update

This region has been very active with high demand and increasing prices, with new construction balancing out some of that demand.  Bella Casa subdivision in Apex has closed 33 new homes averaging $509K just in the third quarter of 2017.  Lochmere, Cary Park, and Kitts Creek had strong resales of over 20 homes each in the third quarter of 2017 with an average home price close to $400K.   4,100 of the 5,400 homes listed this year to date have been absorbed with an average of 31 days on market.  Cary and the Apex-Holly Springs Area continue as popular destinations for transplants seeking affordable, newer home options that are close to Raleigh and RTP.

Cary real estate market update - closed sales
Cary real estate market update - supply of inventory
Chatham County Real Estate Market Update

14% more homes closed in Chatham County this year to date (Sept ‘17) compared with the same period in 2016, with the median sales price up 4.5% to $365,000.  There are over 450 homes currently for sale in Chatham with an inventory of about 4 months and “Days on Market” of 2 months.  Much of this inventory is new construction such as Briar Chapel (about 2 yrs. inventory left), Chapel Ridge, Westfall, Legacy at Jordan Lake, and so on.  Prices have rebounded significantly, but not completely, from lows in the 2008-2010 years.

Chatham is still an affordable alternative compared with some other regions of the Triangle, and remains a desirable destination for “tax refugees” and “downsizers” from Chapel Hill-Carrboro, Cary, and Durham.  Retirees and transplants also abound, as in Fearrington Village and Briar Chapel.

Chatham Park is the “800-pound gorilla” in this room with 7,100 acres of mixed use community, and 60,000 potential new residents in 22,000 homes.  Construction of homes will reportedly begin in North Village near Bynum by early 2018. 

Chatham County real estate market update - closed sales
Chatham County real estate market update - supply of inventory

A professional realtor is your best ally in buying or selling a home, no matter what the season. When it comes to the real estate market, we stay on top of the numbers and we want you to be knowledgeable too.  Check out the update to date market stats on Chapel Hill, Carrboro, Hillsborough, Durham, Pittsboro, Raleigh, Wake Forest and Cary, Apex and Morrisville

 

If you are interested in learning about available properties in the greater Triangle area, visit us online.  Call us today at 919-928-5131 or e-mail us at  info@realestateexperts.net for additional information.

Selling your house in Fall or Winter?

When the weather gets cooler, typically the real estate market slows down. Spring, after all, is the best time to buy and sell a house. However, fall the second best season to list your home.  Selling your house in fall or winter is not necessarily bad timing.  While we are half-way through fall, there’s still time! Even though fall and winter are slower times in the real estate world, listing your home during this time of year means less competition on the market. Homes can even sell faster during the winter, for some reason. Besides, there’s less of a need for landscaping at this time of year!

Are You Considering Selling Your House in Fall or Winter?

If you’re selling your home during these seasons, here’s what you need to know.

  • Still be wary of seasonal decor or too many personalized decorations however do embrace fall
  • Highlight seasonal positives (if you have a nice fireplace, etc)
  • Regardless of whether there’s less of a need for landscaping or not, keep up the curb appeal (blow leaves, etc)
  • Basically, turn on every light ever for all showings
  • Prepare your home for showings  (fall smells are wonderful, don’t burn candles, this may not be safe when you leave your home but a fall potpurri can add just the right touch.  If you are lucky and you get a second or third showing, pull out all the stops and bake chocolate chip cookies.  That is a lovely touch!

Find Your Real Estate Listing Expert

A professional realtor is your best ally in buying or selling a home, no matter what the season. The marketing materials on your house are more important now than ever, thanks to mobile technology that allows buyers to search homes on their phones or tablets. Using professional photos, a virtual tour and using a fantastic description boosts the chances of your home selling. At Real Estate Experts, we’re ready to give your house marketing something extra.

As a buyer, having a trusted real estate professional (agent or buyer’s agent) will increase your chances of winning a bidding war. With low inventory on the market, bidding wars are commonplace. Buyers agents are a buyer’s best friend in a market like this because they have sole responsibility to the buyer and can provide the ultimate amount of information.

If you are interested in learning about available properties in the greater Triangle area, visit us online.  Call us today at 919-813-6449 or e-mail us at  info@realestateexperts.net for additional information.