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.

Spring has finally Sprung!

The sun is shining! The birds are singing! The flowers are blooming! Get out there and enjoy it! There are so many Spring festivals and events all around the Triangle that we can not list them all. Support your local community and enjoy beautiful arts and crafts and delicious food and drinks at these favorites:

Southern Women’s Show

https://southernshows.com/wra
April 12 – 14 ~ North Carolina State Fairgrounds
Shop, sample and share the fun at the Triangle’s favorite event for women. Discover hundreds of boutiques filled with the latest fashions, trendy jewelry, gourmet treats, health and beauty, and so much more. Enjoy fashion shows, top chefs, and celebrity guests.

Spring Daze Arts and Crafts Festival

https://www.townofcary.org/recreation-enjoyment/events/festivals/spring-daze-arts-and-crafts-festival
April 27 ~ Fred G Bond Metro Park
Over 170 North Carolina artists, entertainment on four stages, delicious festival food, and Cary’s annual Earth Day Celebration.

Spring Daze

Brewgaloo

https://shoplocalraleigh.org/brewgaloo/

April 26-27 City Plaza, Downtown Raleigh
North Carolina’s largest craft beer festival, featuring 100 breweries, 50 food trucks and drawing 30,000 people. It was nominated as one of the top 10 beer festivals in America!

Peakfest

https://apexpeakfest.com/
May 4 ~ Historic Downtown Apex
Celebrate the Peak of Good Living with live music all day, artists of every kind (jewelry, pottery, watercolor and acrylic), entertainment for the kids, food that you would find at the fair, and so much more!

But Wait! There is more!

In addition to these annual events, we’re lucky enough to have so many other places to enjoy this beautiful season!

Take a picnic and enjoy the beauty of Sarah P. Duke Gardens https://gardens.duke.edu/

Grab some friends and enjoy an exciting baseball game at the Durham Bulls Park https://www.milb.com/durham/

Get out and explore the numerous parks, greenways, gardens, baseball and soccer fields! Please share your favorites with us at https://www.facebook.com/LogPondRealty/

Duke Cardens

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.

 

The Mayton Inn

I enjoy exploring when I’m out of town but typically resort to the “same old places” when I’m home. However, a recent conversation led me to step outside of my usual #itp favorites and I’m so happy that I did! Please do yourself a favor and make plans now to stop by the Mayton Inn. Whether you go for a drink, a meal or a weekend staycation, you will fall in LOVE!

Mayton Inn Room

After enjoying a delicious dinner with friends at The Mayton Inn, I had the privilege of meeting the owner, Deanna Crossman and her adorable sons. She is charming, passionate and focused on creating a memorable experience. She currently owns two other hotels but you can tell The Mayton Inn and downtown Cary hold a special place in her heart.

Dining Area

The Mayton Inn is a 45-room boutique hotel in the heart of downtown Cary. The Georgian-style hotel has something for everyone and boasts a lounge, full bar & restaurant, event spaces, and an outdoor terrace. There is also a high tech gym facility and spa rooms for guests. We were introduced to several members of the staff and they were all welcoming and helpful.

This inn is the PERFECT setting for a wedding, corporate event, gala or even just a night on the town! The hotel was designed to allow for many uses and offers beautifully appointed spaces both inside and out. Walking through the curated rooms and suites, it’s hard to tell if the Mayton is a stunning, historical building or gorgeous new construction. It has a sense of timelessness that adds to the experience.

Carolina blue skies over the newest boutique hotel in town!

The attention to detail is phenomenal and can be seen in the way the colors, the fabrics and the lighting all come together to set a specific mood. The oversized terrace is ideal for enjoying our wonderful North Carolina weather and catching up with friends. They hold various events throughout the year to attract various guests and establish themselves as a destination and I can’t wait to see what’s next!

Whether you’re planning a special event, looking to impress out-of-town guests or just want a unique experience close to home, you MUST stop by The Mayton Inn. You will NOT be disappointed!

Visit their website for more information

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.

New Year’s Resolutions for Home Sellers

Happy New Year!  With the New Year, it is time to dust off the old year and make plans for the coming year.  Maybe you want to exercise more, read more or spend more time with friends and family?

If selling a home is one of your New Year’s resolutions, here are some quick tips:  

Resolutions for Home Sellers

Thinking about selling your home this year or in the future?  Regardless of the season or market conditions, remember that you only have one chance to make a first impression.  Make your home memorable to potential buyers.  Before listing your home, commit to these quick Home Seller New Year’s Resolutions to help ensure the quickest sale for the highest price.

Home Seller Resolution #1:  Plan Ahead

Do you truly want to sell your home? This is not the time to “see what happens” or “I’ll list it to see if it sells.” This wastes your time and the time of potential buyers and agents.  The 2019 housing market here in the Triangle is likely to become harder for home sellers.  Buyer demand has slowed and there is lots of competition, especially from new home communities.

Once you commit to selling your home, go all the way.  Remember, you only get one chance to make a first impression and most home buyers decide whether or not to schedule a showing in the first 10 seconds while viewing pictures online!

Selling your home is a BIG deal and it takes lots of planning.  You need a team of experts including; real estate agent, contractors to assist with possible home repairs, movers, etc.  This is especially true if you are planning to buy a home at the same time.

Resolution:  Plan Ahead!  Contact a real estate professional early on to discuss your options and to commit to selling your home!

Planning Ahead is Key

Home Seller Resolution #2:  Repair & Replace

Stained carpet in the bonus room?  Leaky faucet in the kid’s bathroom?  Wallpaper in the living room?

Today’s buyers are, for the most part, looking for move-in ready homes. They do not want to dedicate all of their free time and funds to work on the house they live in.  All of those deferred maintenance projects should be addressed.  They will come up on the buyers home inspection.

Also, if your house is still living in the 1980s, it might be time for an upgrade.  There are many simple fixes; e.g. updated paint, lighting, and fixtures that will make your home more attractive to potential buyers.

Resolution:  Repair any deferred maintenance items and bring you home into 2019.

Home Buyers Want Move In Ready

Home Seller Resolution #3:  Cut the Clutter

Boxes piled high in the garage?  Can’t see the floor in the bonus room?  Afraid to open the hall closet door?

A cluttered house can suggest a lack of space, which can impact offers.  Potential buyers want to envision their furniture in your home.  Depending on lifestyle and length of time in the home, cleaning out the clutter can be a BIG project.

Take it step by step, room by room!  Be honest about what you need, want and what you can live without.  The bonus?  You won’t have to pack, move and clutter your new home with stuff you don’t want.

Lastly, when it’s time to list your home, stage it to show in the best possible light.  Your real estate agent may offer home staging as part of their suite of services to take your home to the next level.

Resolution:  Get rid of unwanted items in closets, the garage, and other rooms.

Home Staging is Key

Wrapping Up

Whether you are thinking about buying a home, selling a home or both in 2019, now is the time to commit to your resolutions.  By starting now, 2019 may be the year that you find your self in a new home!

If buying or selling a home is a goal for you next year, please don’t hesitate to contact us.

Whatever your plans are for 2019, we hope you have a very happy and prosperous New Year!

 

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 email at inquiries@logpondrealty.com or by phone at 919.589.3576.

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

New Year’s Resolutions for Home Buyers

A new year brings much excitement and anticipation, but could 2019 be the year for a new home?  Here are some quick New Year’s Resolutions to help you buy a home in 2019.

Resolution #1:  Boost Your Savings

Instead of just thinking about saving, why not start the new year off right with a resolution to jump-start your savings and start putting away more for your down payment on your first home?

If you’re worried that the traditional 20% down payment may be too difficult to save in a year, there may be additional mortgage options that don’t require that amount.

Resolution:  Ditch the daily Starbucks run and boost your savings!

Resolution #2:  Check Your Credit

Have you checked your credit report? If not, you should do that right away. Many credit reports contain errors and you will need time to have those mistakes removed.

Your credit score is a very important variable that lenders consider when deciding on your mortgage loan. To make sure you get the best possible rates, it is never too early to start improving your credit!

Resolution:  Check your credit score!

Resolution #3:  Pay Down Your Debt

Your debt-to-income ratio is an important factor for lenders. To help you achieve a favorable rate, focus on paying down your existing debt as much as possible. This new year commit to paying more toward credit card debt, student loans, medical debt, and other debt streams. With fewer dollars owed, you will be in a better position to afford a mortgage once you buy a home!

Resolution:  Brown bag your lunch and put the savings toward your debt.

Resolution #4:  Start Building Your Home Purchase Team

Buying a home on your own is no easy task, which is why most home buyers opt to utilize the talents of many professionals along the way. The new year is the perfect time to start thinking about building the home buying dream team that can help you find your home and pay for it too!

Your team should include an experienced real estate agent that can guide you through the process and a licensed loan officer that can assist you with all of the intricacies of the mortgage process.  Your real estate agent can also assist you with home inspectors, general contractors and a real estate attorney that can assist with repair negotiations and with your home closing.

Resolution:  Commit to finding an experienced real estate agent and lender that can guide you to finding your new home!

Wrapping Up

If you are planning to buy a home in 2019, now is the time to commit to your home purchase!  With a few simple resolutions, you could be living in your dream home this year!

We hope you have a very happy and prosperous New Year!

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 email at inquiries@logpondrealty.com or by phone at 919.589.3576.

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

Why You Should Consider Buying a Home During the Holidays

Christmas is right around the corner.  Time to prepare those Christmas gift lists! To quote one of the lines from one of my favorite TV Christmas specials, Rudolph the Red Nose Reindeer:

A scooter for Jimmy
A dolly for Sue
The kind that will even say, “How do you do?”
When Christmas Day is here
The most wonderful day of the year.

Is it time to put a house on the holiday Christmas gift list?

Why You Should Consider Buying this Holiday Season

Turkeys and tinsel, dreidels and pumpkin pie. Yes, friends, the holidays are here again, and it’s the perfect time for … house hunting? OK, we know you’re busy enough planning family feasts and much-needed vacations while dealing with blustery weather, but hear us out. While it might seem counterintuitive to put a big-ticket item like a home on your holiday shopping list, it really does make sense.

Don’t believe us? Check out these surprisingly smart reasons to let everyone else hit the mall to buy half-off sweaters while you make the purchase of a lifetime: a new house to ring in the New Year.

Reason #1:  Less Competition

There’s typically less competition during the offseason, which means buyers can get more bang for their buck. About 40 percent of homes on average are sold in May, June, July, and August, according to The Housing Wire. The four months with the lightest sales are November through February, which means less competition as well.

Research from Zillow shows that those who buy a home during the peak selling point usually pay an average premium of $1,500, but those who purchase homes in, say, December paid $3,100 less than average.

Reason #2: Sellers are serious (or worn out)

Whether a house has been on the market for months or the “for sale” sign has recently appeared in the yard, sellers tend to be serious during the offseason. They are usually ready to make a deal, which means that buyers have more room for negotiation and throwing out a lower offer.

Most sellers have a compelling reason for putting their house on the market during the holidays. (Let’s face it: It’s no holiday party for them to have strangers wandering through their house.) They might be facing a relocation and want to get their kids settled before the new term. Or they might just be feeling some stress if they listed their home in the fall and it’s still languishing post–Turkey Day, making them just a little more desperate and anxious to deal

Dreaming of a New Home?

Topic #3: Tax Advantages

Yes, I said it! Taxes. Right after the holiday season comes Tax Season! In case you weren’t aware, buying before January 1 can help you save in April and beyond. Homeownership can bring numerous tax perks, from deducting mortgage interest to property taxes.

Also, many closing fees are tax-deductible if you itemize—although you should always double-check with your accountant about any tax questions.

Reason #4: You might become the center of attention

• During the warmer months, real estate agents, mortgage lenders, title companies and other professionals tend to be swamped, which means that clients might not always get the attention they need or want.
• Once the summertime sales are made, buyers may receive more attention from the experts and experience fewer delays and service issues.

Home for the Holidays

Reason #5: You can catch some great sales

Need new furniture or other items for your new home? Plenty of seasonal clearance sales will be available to help you apply a personal touch – but be careful not to spend yourself into unrecoverable debt.

Obviously, you should never rush into a major purchase just to save a couple of dollars; and please remember to make any large purchases AFTER you close on your home.

Give Yourself a Little Gift this Holiday

About Log Pond Realty 

Home is where your story begins. A 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 email at inquiries@logpondrealty.com or by phone at 919.589.3576.

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