Chapel Hill, NC

You need to sell your Chapel Hill or Carrboro home and you've been interviewing Realtors. Let me stick my neck out a bit and say you aren't exactly hearing what you'd like to hear...maybe it's what you expected to hear on some level but there was always that little glimmer of hope, right? Maybe, just maybe, you could hold out for a bit higher selling price than what you’re being told. After all we live in a wonderful, vibrant part of the country and of North Carolina. We have an enviable quality of life and some of the best schools in the state. We never saw the outrageous appreciation that some states saw so we couldn’t possibly be seeing the depreciation they keep reporting in the news. Surely there are folks looking to move here who understand this and will open up those pocketbooks a tad wider to accommodate the price you know your home is worth.

“What harm is there in trying it just for a while?” you ask. “Besides, don’t we need some negotiating room built in to the price? A little something to make the buyer feel like they got a good deal?”

You need to hear me say this: You are talking about over pricing and it is a very, very bad strategy. Here are the facts.

The red bars show the percentage of the original list price which was achieved at closing when the original listing price was the same as the final listing price at the time of sale for Orange County, NC homes. In other words, the listing agent and seller PRICED THE HOME CORRECTLY and did NOT have to lower the original asking price before accepting an offer.

The yellow bars show how much LESS homes in Orange County, NC sold for when the listing agent and seller OVER PRICED THE HOME TO START and were forced to LOWER the asking price before getting an accepted offer. The percentage achieved at closing was negotiated off the final list price, NOT the original list price.

The red bars show the average Days On Market for an Orange County, NC home when the original listing price was the same as the final listing price at the time of sale. In other words, the listing agent and seller PRICED THE HOME CORRECTLY, did NOT have to lower the original asking price before accepting an offer and the home sold significantly faster.

The yellow bars show how much longer it took to sell homes in Orange County, NC when the listing agent and seller OVER PRICED THE HOME TO START and were forced to LOWER the asking price before getting an accepted offer. The average Days On Market is significantly longer. Time is money and sellers who over price undoubtedly paid a few more mortgage payments than those who do not over price.

You can see that over pricing, as a strategy, has never been a good idea but in an unforgiving market like we are experiencing now it can mean the difference between the seller bringing money to the table or not.

The value of significant real estate experience can not be overstated in 2010. If you are serious about accomplishing your real estate goals, give me a call. I'll give you all the facts you need to make the right pricing decision.

~These charts reflect the latest data available from the T.A.R.R. Report. A subscription publication for Triangle real estate practitioners~

The Morehead Planetarium at UNC Chapel Hill is set to go fully digital! As a result of a $1.5 M grant from GlaxoSmithKline, the planetarium will reopen on February 5th with a state-of-the art system that, according to the UNC folks, "puts Morehead in the same class as the National Museum of Air and Space and the American Museum of Natural History." The digital system features super high definition 4000 x 4000 pixel resolution, a 5.1 channel digital surround system, and reconfigured seating for better sight lines. The new system, called fulldome digital video technology, will create an "immersive environment" in which each visitor is surrounded by the sights and sounds of the planetarium show. To learn more, visit the Morehead Planetarium's site at http://www.moreheadplanetarium.org/

Raleigh Relocation Information

Movie Theatres - Cary, Apex, Chapel Hill Area

Around and about Raleigh, North Carolina, there are dozens of theatres to enjoy. Most have accomodations for the disabled, including listening devices. Some offer rockers and reclining chairs. There are art theatres, classic theatres, and much more. Check out these local theatres, to see when your favorite movies are playing.

Apex Movie Theatres

Regal Beaver Creek Stadium 12

1441 Beaver Creek Commons Drive
Apex NC 27502
919.676.3456

Cary Movie Theatres

Galaxy Cinema - offers documentaries, independent films, live performances, standard films, and ethnic concession snacks.

770 Cary Towne Boulevard
Cary NC 27511
919.463.9989

Regal Crossroads 20

501 Caitboo Avenue
Cary NC 27511
919.676.FILM
Seating: Stadium

Chapel Hill Movie Theatres

Chelsea Theatre - three screens, carefully selected foreign and independent movies, gourmet snacks, beer and wine, coffee shop next door. Credit/debit cards not accepted.

1129 Weaver Dairy Road
Chapel Hill NC 27514
919.968.3005

Lumina Theatre - Southern Village, five screens, first run films, summer outdoor showings.

620 Market Street
Chapel Hill NC 27516
919.856.0111
Seating: Stadium

Regal Timberlyne 6

120 Banks Drive
Chapel Hill NC 27515
919.933.8600

• Adult $8.50
• Matinee/Economy (All Shows Before 6pm) $6.50
• Child $6.00
• Senior $6.00
• Student (Sun - Thurs Only) $7.00
• Military $7.00

University of North Carolina - Carolina Union

Student Union Building - UNC Campus
Chapel Hill NC 27514
919.962.2285

Varsity Theatre - classic films, two screens, special events

123 E. Franklin St
Chapel Hill NC 27514
919.967.8665
Accommodations for the disabled

All Tickets are $3

Morrisville Movie Theatres

Carmike Park Place 16

9525 Chapel Hill Road
Morrisville NC 27560 map
919.481.968

Adult $9.75

*All ticket prices current at posting date. Prices may change. Check with theatre for most recent information.

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Market Report - Chapel Hill New Homes

Chapel Hill/Carrboro New Home Listings DOWN 32%

Chapel Hill Offers Fewer New Homes

Looking for a new home in Chapel Hill? Thinking the choices have gotten a little thinner? You're right....

New Home inventory in Chapel Hill/Carrboro was down 32% in November 2009 versus November 2008. Chapel Hill has long been one of the most coveted places to live in the Triangle area.

Chapel Hill new home inventory prices will also be affected by the recent increases in impact fees. The impact fees for a home built in Chapel Hill or Carrboro school districts just increased to $7616. And it will go up further, to $9,520, for any home beginning construction after Jan 1, 2011. This is the highest impact fee by far for any location in the Triangle.

New Home Listings by Price Point Chapel Hill NC

There were fewer new home listings in Chapel Hill/Carrboro in nearly every price point.

• Under $300K Chapel Hill new home inventory showed only 4 homes available.
• $300-399K Chapel Hill new home inventory reduced from 13 homes to only 4 homes.
• $400-499K Chapel Hill new home inventory increased from 5 homes to 11 homes.
• $500-599K Chapel Hill new home inventory decreased from 11 homes to 6 homes.
• Townhomes and condos are the most common kind of new construction in Chapel Hill.

There are fewer "affordable" homes in Chapel Hill than in any other area. Homebuyers who work in Chapel Hill often consider Chatham County, Hillsborough, or Durham for their new home.

Overall New Home Listings Chapel Hill November 2009

On December 1 2008, there were 181 new homes listed in Chapel Hill/Carrboro.

On December 1 2009, there were only 123 new homes listed in Chapel Hill/Carrboro.

Of those 123 new homes, 73, or 62%, were condos or townhomes. This area has the highest percentage of townhomes and condos for available new homes. Raleigh inside the beltline has the second highest at 54%, and Durham County has the third highest percentage, at 44%.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications).

What Price Points are getting the most showings Inside the Beltline?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular inside the beltline?

• Chapel Hill homes in the $1 million+ range saw the most showings in November 2009.
• Chapel Hill new homes in the $600-799K range saw the most showings PER HOME.
• Condos inside the beltline saw the least showings per home.

How does the new home market in Chapel Hill compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009

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