COMING SOON: Meticulous Ranch in Cary!!

Coming Soon:  301 Wax Myrtle Court, Cary, 27513

If you are looking for a well-maintained ranch style home in Cary this might be the one!  Located just off SW Cary Parkway, this home offers 3 bedrooms,  2 baths in an open floor plan.  Convenient to everything that Cary has to offer including shopping, restaurants & great recreational activities.

Check out our Video Tour!

Stop by our open house on Saturday, July 20th from 11:00 AM to 1:00 PM.

This one is not to be missed!

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Contact Us

Phone:  919.589.3576
Email:  inquiries@logpondrealty.com 

The Simple Truths of Real Estate: Part 1

There are certain things in life that are always true. It always rains the day that you forget your umbrella. The sun rises in the east and sets in the west. Every day. The New England Patriots win the AFC East every year. Sorry New York Jets fans.

Just like in life, there are some things in real estate that are always true; no matter the geography or the market condition. Beginning this week, we will look at a few simple truths of real estate.

It doesn’t matter what the neighbors’ home sold for in the past

Home values are dynamic. They rise and fall with market conditions, just like a company stock on an exchange. What a house was worth five years ago, last month or even last week has no bearing on the value of a house today. This can be a difficult pill to swallow.

If you didn’t sell your home two years ago or even last year when the market was at it’s highest, there is nothing that you can do about it now. Thinking, “I shoulda sold last year” or “I coulda gotten more money for my house” is a waste of energy. As I always say to my kids, “with a woulda, a coulda and a shoulda and a dollar, you still can’t buy a cup of coffee at Starbucks!

Or more simply put, “you can’t go back in time, so stop worrying about it.”

 

Home Prices are Dynamic

How to Maximize the Value of Your Home

Even if you didn’t sell when the market was at it’s highest, there are some things that you can do today to maximize the value of your home. Here are some simple steps:

  1. Catch up on any deferred maintenance around the house. Guys, its time to pull out that “honey do” list and get caught up on some of those projects you’ve been delaying around the house.
  2. Make sure the major systems; HVAC, electrical, plumbing, etc. are in good working order.
  3. Curb appeal counts. Keep things clean and tidy.  Plant some flowers in the front years. Cut back the hedges. Rake up the yard. Remember, you don’t have a second chance to make a first impression.
  4. If your house is living in the ’90s, it may be time for an update. Focus on your kitchens & baths: These are the areas of your home that will generate the most return. You can always change a kitchen, but you can’t pick up a property and move it.
  5. Work with an agent that understands your neighborhood to determine the best way to market your home.

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Phone – 919.589.3576
Email – inquiries@logpondrealty.com 

Why Are There So Few Houses for Sale?

Homebuyer demand is near an all-time high, but why are there so few houses for sale?

The answer could be that we are in the “homebody era”.

What is the “Homebody Era”?

Homeowners are reluctant to sell, preferring to live in their current home rather than looking to either “step-up” or “downsize”.  This means that there are fewer homes for sale and could result in a housing shortage for years to come. Historically, the average American lived in their home for an average of five years.  In 2008 & 2009, during the height of the mortgage crisis, that number had increased to an average of seven years.  By May of this year, that number had increased to 11.3 years!

Why Aren’t Homeowners Selling?

Two powerful forces are likely to crimp housing supply in the years ahead, according to a recent article in Business Wire. The first is the reluctance of many homeowners to trade historically cheap mortgages for pricier ones when they move. And the second is the tendency for more seniors to age in place.

Interest Rates

Mortgage interest rates still remain highly affordable, and even showed a recent dip. The average rate on a 30-year fixed-rate mortgage fell to 4.07 for May, down from 4.59 a year earlier.  But that’s still higher than lows seen during the housing slump and recovery. The average annual rate hit a trough of 3.65 in 2016, barely beating a previous record of 3.66 set in 2012. This suggests homeowners will feel even more pressure to hang onto their homes in the years ahead, rather than sell and buy a new one using a mortgage with higher rates.

I’m Just Going to Stay Here

The growing tendency of seniors to choose to age in place is a second force that is likely to curtail inventory in the years ahead.  Improvements in health care and technology have made aging in place easier which means fewer homes on the market.

What Can Be Done?

Many industry experts are calling for more home construction and changes to zoning laws to allow more homes to be built and allow for multi-family homes to be constructed.  This has prompted concerns that builders will focus more on luxury or higher-priced communities rather than on affordable housing options. This is already the case in the Triangle.  Many builders are constructing “zero lot line” communities with larger homes on smaller lots.  In downtown Raleigh and Durham, there has been an explosion of high-end condo projects.

 

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Phone 919.589.3576 | Email at inquiries@logpondrealty.com 

Business Wire, June 20, 2019.

Triangle Market Stats Q1 2019

Triangle Market Report Q1 2019

Q1 2019 is in the books but the real estate market in the Triangle NC region is looking like a repeat of 2018. Many of the trends in Q1 mimicked those from the same period last year. 

What increased? Inventory growth, sale prices & days on market, while inventory within the resale market < $300,000 decreased. Historically March is the hottest month of the year in the resale market and this was true in 2019 in the below $300,000 market. 

While new home construction has helped relieve the lack of inventory in other submarkets, due to the cost of land and development costs, there are very few new construction options in the $300,000 and under market across the Triangle. 

Quarter1 also saw a welcome decrease in mortgage rates. Current buyers have a stable mortgage rate environment and this is projected to continue throughout 2019.

Spring Home Checklist

Spring arrives on March 20th and will last for 92 days, 17 hours and 55 minutes…so, what are you waiting for? Let the home projects begin.

~Tori Toth

You may not have noticed but spring has arrived!  The days are definitely getting longer and as I write this article the temperature here in Raleigh is 80 degrees!  If you haven’t already done so, now is a great time to plan your spring home projects.   

Many homeowners believe spring maintenance is all about the cleaning. Certainly, a good cleaning of the exterior and interior of the home is a good idea, but maintaining the systems, appliances and home structure is a must!  Here are some spring maintenance checklist items.  

Now is the Time for Spring Home Projects

Outdoor Home Projects

  • Clean gutters and downspouts.   
  • Siding: Clean siding with a pressure washer to keep mold from growing. Check all wood surfaces for weathering and paint failure. If the wood is showing through, and the immediate area and apply a primer coat before painting. If the paint is peeling, scrape loose paint and sand smooth before painting.
  • Roof: Inspect roof surface flashing, eaves, and soffits. Perform a thorough cleaning. Check flashings around all surface projections and sidewalls. 
  • Inspect driveways and paths.  
  • Air Conditioning. Just as you readied your furnace for fall, now is the time to make sure that air conditioning units are in good working order for the warmer months ahead. 
  • Check sprinkler and irrigation systems.  
  • Fertilize/Seed Lawn 
  • Mulch Beds 
  • Plant Spring Flowers in Pots (Front Entry/Entertaining Area) 
  • Organize Garage 
  • Clean Patio Furniture 
  • Clean Grill 

Indoor Home Projects 

Here are some ideas to refresh the inside of your home:   

  • Clean Light Fixtures 
  • Touch Up Paint + Baseboards 
  • Wash Windows/Blinds 
  • Wash/Maintain All Appliances 
  • Clean Out Closets (Seasonal Clothes) 
  • Clean Behind & Underneath ALL Furniture 
  • Add Seasonal Décor 
  • Remove Christmas Decorations:  Just noticed that we still have a couple of Christmas decoration scattered around the house!   
Taking Care of Your Home

How to Decide?

It can be difficult to prioritize your home projects.  After all, the list above is pretty extensive and spring is a great time to spend time with the family and check out all of the great things to do around the Triangle area!  Here are a couple suggestions to assist you with your spring home projects.  Start by handling any projects that can cause major damage like a leaky roof, or projects that could affect your safety in the home. Look to upgrade items that can help you save money, like replacing windows. Complete low-cost projects that make an impact, for instance, new paint before tackling the bigger projects.

Home Sweet Home

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Sources

Family Handyman Home Checklist 

Tori Toth Spring Home Goals 

Bob Vila Spring Home Checklist 

Home Advisor Home Checklist   

Wake County Real Estate Update – February 2019

The February real estate numbers are in for Wake County. January and February started off very slowly and most real estate followers feared the coming of a real estate slowdown.

How did we do in February? Find out here!

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

What is a Home Inspection?

Congratulations!!  You found the perfect home!!  Is it?  Is there mold?  Could the HVAC be on its last legs?  What about the foundation?  Roof leaks?  

No home is perfect, not even new construction.  To make sure that your new home is NOT a money pit, you need a professional home inspection to verify that the major systems are in good working order.

Over the past couple of months, Kelly and I have had several questions from both buyers and sellers regarding the home inspection process. What is inspected?  If the inspector finds something, what next?  How to negotiate the repair request?  Do we ask the seller to fix it?  Who fixes it?

These are just some of the questions that we are asked and this article will highlight some of the ins and outs of the home inspection process.

What is a Home Inspection?

Home Inspection

Before we talk about how to handle a repair request, let’s first talk about the home inspection.  What is a home inspection?  A home inspection is an evaluation of the visible and accessible systems and components of a home; e.g. plumbing, roof, HVAC, and is intended to give the client an understanding of their condition.

Once the home inspection has been completed, the inspector will provide a detailed report of his/her findings.  The report can be a few pages to many pages, depending on the number of items.  As a home buyer, you may be tempted to ask your agent to send the entire report to the home seller with a giant stamp on the front that says.

“Fix Everything!!”

Don’t!!!

My Buyer Wanted Everything Fixed!!!

While it may be tempting to request that everything on the repair report to be fixed, so that your new home can be as perfect as possible when you move in, that’s just not realistic.

We recently listed an older home in an established neighborhood east of Raleigh.  The home was reasonably maintained and updated.  The buyers’ agent provided us with a ten-page, single-spaced list of repair items that his client was requesting! Replace all of the electrical faceplates…yup.  Broken latch to the crawl space…that one was in there, also.  Burnt out lightbulb in the master bath vanity…That one was there too!!!  Many of the items were under $10.00 per item!

Pick Your Battles

Concentrate your request on the major, structural issues, rather than on the cosmetic issues.  Here some examples of items that you should request:

  • Leaking pipes in the basement, crawlspace or in the living area.
  • Damaged or broken roof shingles.
  • Major electrical defects that cause safety issues.
  • Significant plumbing problems that interfere with the use of the home.
  • Leaking water from the roof.
  • Water penetration in the crawl space or basement
  • Mold problems
  • Elevated Radon levels above EPA suggested levels.
  • Pest infestations
  • Septic issues
  • etc

The above items are a condensed list of possible issues worth asking a seller to address. There certainly could be others but these are without question reasonable repair requests that any buyer would have. Depending on the mortgage loan program; e.g. FHA, VA, etc. your mortgage lender may require that certain repairs be completed for your loan request to be approved.

Credit or Seller Repair

This is an important consideration when requesting repairs.  Depending on a number of factors; e.g. extent of repair, timing needed to make the repair, etc. you may request that the seller complete the repair prior to closing and/or you may request a credit from the seller for the repair.

Since the seller has no vested interest in the home once it is sold, they may not hire the most qualified contractor, or the contractor may not complete in the most workmanlike manner.  By requesting a credit, you have the ability to select your preferred contractor and to confirm that the work is completed satisfactorily.  Before asking for a cash credit, your agent should check with your lender to determine if a cash credit is allowed and the amount that is allowed.

How About a Home Warranty?

Offering a home warranty may be acceptable to both parties in a situation where a system; e.g. HVAC, appliances, etc. may require repair or replacement in the future.  Home warranties cover major defects for a year and provide a buyer with peace of mind. One caution, a home warranty will not cover a system that is broken prior to closing.

Closing Tips

I often tell my buyers and my sellers that negotiating repairs is the 2nd round of negotiation in the home selling process.  The first, obviously, is the negotiation of the initial offer.  The home inspection should be a give and take between the buyer and seller. It should have a reasonable conclusion where both parties are satisfied with the results.

If you are purchasing a home in a seller’s market, it is even more important to be reasonable in requesting repairs to the seller.  As a buyer, you could find yourself on the outside looking in if you anger the seller to the point, they want to have

Purchasing a New Home

nothing to do with you.  Our seller that received the ten-page, single-spaced repair request went ballistic!!  We did close, but the entire tone of the transaction changed from then on.

When working with sellers we often explain to them that a test to determine if a repair request is reasonable is whether or not another buyer coming along would have the same inspection concerns. If the answer is YES then the owner should fix what the buyer is requesting.

Sellers will often ask should I get a pre-listing home inspection? If you have an older home and know you have some defects needing attention, it might be worth the money! Anytime you can prevent a home inspection from causing your sale to go down the tubes is a good thing.

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

SOURCES

https://www.thebalance.com/repair-requests-on-home-buying-and-selling-1798680

https://www.realtor.com/advice/buy/home-repair-requests-home-buyers/

https://www.maxrealestateexposure.com/home-inspection-repair-requests/

https://www.maxrealestateexposure.com/negotiate-issues-home-inspection/

Real Estate Market Update – January 2019

 

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

A New Beer on the Raleigh Beer Trail:  Cotton House Craft Brewers

Over the past several years, the Raleigh-Durham-Chapel Hill area has become a mecca for local breweries.  Across the Triangle area, there are 25+ breweries with open barstools waiting to be checked out!  From IPAs, Stouts, Porters to Pilsners here are plenty of great options. 

A New Brew in Cary

This week, Kelly and I decided to check out a new brewery in the heart of downtown Cary, the Cotton House Craft Brewers.  Downtown Cary is a vibrant destination featuring the Mayton Inn, the Downtown Park, the Cary Arts Center and the soon to be renovated Cary Community Library.  The Cotton House is one of the newest businesses to call downtown Cary home.

Welcome to the Cotton House

The Venue

The Cotton House has a different look and feel than most breweries in the Triangle.  The taproom is located in a historic house, The Pasmore House, a registered National Historic Site built in 1900.  The house features an expansive front porch with high back rocking chairs perfect for sipping a finely crafted beer while greeting the passers-by on Academy Street.

Inside, there is a room that resembles a turn of the century formal parlor.  This room features period style furniture with an original brick fireplace.  This room is a great place to relax and enjoy conversation with your friends.  The taproom includes a 25-foot prohibition-era style bar with a stunning Italian marble top.  There is also a large back deck with views of the Cary downtown fountain and the new library complex.

The Tap Room

The Beers & the Bar Menu

The Cotton House focus is on a limited release of beers.  Kelly and I both sampled the Hazy Days IPA, while I opted for my second round to go dark with the Houndstooth Stout.  Both were delicious!  The stout, while dark, was not overly heavy and the IPA is sure to get my taste again on a future visit.

One of the unique features of the Cotton House that separates itself from other taprooms around the Triangle is that the bar menu features selections from Mayton Inn next door.  The owners also plan to offer a selection of rotating food trucks.

The Cotton House is a great addition to the Raleigh, Durham & Chapel Hill beer scene and if your travels find you in downtown Cary, the Cotton House is definitely a tap house that you should check out.  I know that I will definitely be back again!

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

 

Real Estate Market Update – December 2018

 

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.