About Durham County, NC

To everyone who wasn't in a position to take advantage of the First Time Home Buyer Tax Credit, you get another chance!

Which means you can buy a home, furnish it and put a little money away for a rainy day!

Other good news; the credit has been expanded to include current owners who are looking to purchase a second home or are looking to move into another home.

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence

First-Time Homebuyers: First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

How Much are First-Time Homebuyers Eligible to Receive? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000

Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

How Much are Current Home Owners Eligible to Receive? The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

According to the IRS, factors that would demonstrate the ownership of the property would include: 1. Right of possession, 
2. Right to obtain legal title upon full payment of the purchase price, 
3. Right to construct improvements, 
4. Obligation to pay property taxes, 
5. Risk of loss, 
6. Responsibility to insure the property, and 
7. Duty to maintain the property.

More info available at: http://www.federalhousingtaxcredit.com/

Some information Courtesy of:
Jeffrey B. Schneider, CFM
Sr. Mortgage Specialist
P: 919-361-6168
F: 866-527-6654
www.SunTrustMortgage.com/ADSGroup

Nogui Aramburo
REALTOR and Marketing Coordinator
Coldwell Banker HPW

www.blog.bullcityrealtor.com
Cell: 919.771.3609
Email: aramburon@hpw.com
Follow me on Twitter
twitter.com/nogui

Home sales for 2009 in the Research Triangle Park area of NC through September still trail prior year sales, but the level of decline is lessening, offering some hope that the local market is coming out of a two year period of negative period over period sales. In the third quarter, sales in Wake, Durham, and Orange counties, the three main counties making up the Triangle were down 9.3% when compared to 2008.

Compared to previous quarters this is a significant improvement. September sales in the Triangle area declined only 7.5% versus September 2008, actually showing a month over same month 2008 improvement in Orange County (Chapel Hill). YTD through three quarters sales are still down over 20%, however. Durham County was holding up the best through 3 quarters with closings for the year down 16.5%. Wake County (Raleigh, Cary, Apex) was down 22.8% and Orange County (Chapel Hill) was down 21.2% .

Despite the slowdown in sales, the average price of homes sold had held up reasonably well in contrast to some other areas of the country. With the continued slowdown, however, home prices are showing some strain (see chart below) particularly in Wake County. (Source-Triangle Multiple Listing Service)

2009 Average Sold Home prices by County (City) through September compared to 1st nine months 2008

Durham (Durham)- $199,009 up 0.3%
Wake (Raleigh/Cary)- $244,227 down 7.8%
Orange (Chapel Hill)- $322,836 down 0.8%

2008 Calendar Year Average prices for homes sold

Durham (Durham)- $196,259
Wake (Raleigh/Cary)- $264,976
Orange (Chapel Hill)- $322,477

Compare to average prices of homes sold in each county in 2007

Durham (Durham)- $198,452
Wake (Raleigh,Cary) $263,342
Orange (Chapel Hill) $342,740

For more information on on the status of the real estate market in areas surrounding Research Triangle Park, including Durham, Chapel Hill, Raleigh, Cary, Apex, Hillsborough and Pittsboro, please contact Larry Pulley at 919-604-0189 or email larry@larrypulley.com.

Woodcroft Neighborhood Update
November 3, 2009

For the recent Active, Pending and Closed real estate transactions for Durham's Woodcroft neighborhood, click here: Woodcroft.

If you have any questions about any of these homes, please call or email The Rogers Team.

Home Search: To set up an automated search for the home of your dreams, click Triangle Home Search and enter your dreams!

Your Home's Value: If you are planning on selling your home, it would be our pleasure to provide a no-obligation valuation of your home. Click Your Home's Value and enter the requested information.

Neighborhood Update: If you would like to receive email notification of real estate transactions in your neighborhood or other neighborhoods, click Neighborhood Updates and we will add you to the system. You may select as many neighborhoods as you wish.

Market data derived from Triangle MLS and believed to be accurate but not warranted by RE/MAX Winning Edge or The Rogers Team.

The Rogers Team @ RE/MAX Winning Edge serving Chapel Hill, Durham, Raleigh, Cary, Chatham County and Research Triangle Park

Today I want to expand on the wonderful amenities and social opportunities in the great southwest Durham, NC neighborhood of Woodcroft. Anyone looking at real estate in the Triangle area should take note.

In addition to a beautifully maintained parkway running through the heart of Woodcroft, the 6 miles of walking trails are a primary attraction for many buyers looking to purchase a home in Durham near Research Triangle Park, Duke or UNC-Chapel Hill. These trails meander throughout the neighborhood, sometimes parallel to Woodcroft Parkway and at other times over the rolling hills and through the woods. The walking trails are easily accessible from just about any residence within the community often as close as the edge of the lot. At any time during daylight hours you will find dozens of people taking advantage of the trails to walk their dogs, get in a fun run or just enjoy the tranquility of the woods.

Another popular amenity in Woodcroft is the Woodcroft Swim and Tennis Club. While membership in this club is separate from the neighborhood dues of $189 per year, the prices for full membership are reasonable, ranging from $888/year for a family, $555/year for a single, to $339 for a Golden Couple over 60 years of age. Full membership includes both the pool and the social activities frequently conducted at the cluhouse. Reduced fees are available for a Social only membership.

The large 330,000 gallon pool features a toddler pool, 98 foot waterslide, 8 competitive lanes for competitive or lap swimming, a deep end with both 1 and 3 meter diving boards, a large pool deck for relaxing or sunbathing, and a seasonal snack bar. The Woodcroft Swim Team competes with other neighborhood teams for local bragging rights. The club also has 4 year round tennis courts, a playrgound, and large recreation areas frequently used as youth soccer fields. Inside the spacious clubhouse is a 24 hour fitness room.

When summer is over, there are still social activities available for both kids and adults at the Woodcroft Swim and Tennis Club. For the kids there are planned parent's morning out sessions, cooking classes, and fun trips planned for the entire family. Adult events include wine tastings, book clubs, poker night, holiday events and more. Something for everyone.

For more information about the Woodcroft community in southwest Durham and its many special features or any other questions about real estate in Durham or Chapel Hill, NC, please contact the SW Durham and Chapel Hill real estate specialist, Larry Pulley at 919-604-0189 or email larry@larrypulley.com.

More Jobs Coming To The Triangle Of North Carolina, with the announcement on Friday By Cree that it would be adding 575 new jobs to its operations in Durham.

Good

Cree makes the tiny chips used in LED lighting and the company has had to move quickly to meet the demand from China for use in streetlights and other products.

Cree has already begun hiring and hopes to add 200 workers over the next couple of months and the rest by 2012. Cree's revenue has jumped 15% since last year and it's stock has more than doubled in the last year.

Better

The company will hire production workers, engineers, accountants.

Durham is part of the Triangle with Raleigh and Chapel Hill, but these days there are many towns that are part of the Triangle.